JMP Securities downgraded shares of Snap, citing sluggish user growth and potential risks from its app redesign. The social media company reported worse-than-expected results last Tuesday. Both sales and daily active users — a key metric for Snap — fell short of consensus expectations. “We downgrade shares of Snap Inc. to market perform from market […]
Read moreU.S. buyout fund Cerberus has taken a 3 percent stake in Deutsche Bank, Germany’s flagship lender said on Wednesday. The investment makes Cerberus the fourth-largest shareholder after China’s HNA group, Qatar and money manager Blackrock . The move comes after the investor built a 5 percent stake in the country’s second-largest listed bank, Commerzbank, in […]
Read moreAmazon.com has scrapped plans to launch an online streaming service bundling popular U.S. broadcast and cable networks because it believes it cannot make enough money on such a service, people familiar with the matter told Reuters. The world’s largest online retailer has also been unable to convince key broadcast and basic cable networks to break […]
Read moreAlphabet’s Google reclaimed on Tuesday its spot as the default search engine on Mozilla’s Firefox internet browser in the United States and other regions as the browser maker stunned Verizon Communications‘ Yahoo by canceling their deal. Google confirmed the move but declined, along with Mozilla, to disclose revenue-sharing terms of the multiyear agreement. Google’s growing […]
Read moreHomeowners took advantage of a pullback in interest rates at the beginning of last week, hoping to refinance before the next rise. That pushed total mortgage application volume higher by 3.1 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume remains 8.5 percent below a one year ago, when rates […]
Read moreRussia and Venezuela have signed a debt restructuring deal under which Caracas will pay Moscow back $3.15 billion over a 10-year period, Russia’s Finance Ministry said on Wednesday. Debt repayments would be minimal in the first six years, the ministry said. Venezuela borrowed from Russia in late 2011, but failed to keep up withpayments on […]
Read moreForget robots. The real transformation taking place in nearly every workplace is the invasion of digital tools. The use of digital tools has increased, often dramatically, in 517 of 545 occupations since 2002, with a striking uptick in many lower-skilled occupations, according to a study released Wednesday by the Brookings Institution, a Washington think tank. […]
Read moreSquare is allowing some people to test a feature on its money transfer app Cash that enables them to buy and sell bitcoin. A number of Cash users noticed the new feature, and took to Twitter to voice their surprise. Tweet Users were able to swipe right from their Cash Card page to buy bitcoin. […]
Read moreThe day after Munjal Shah sold his company to Google in 2010, he was running when he experienced sharp chest pains. He ended up in the emergency room. He was 37 years old at the time, but hadn’t quite kicked an indulgence in sugary treats, like frosted flakes, Pop Tarts and cinnamon rolls. “Honestly, what […]
Read moreGeorge Soros’ investment fund dumped its stock holdings in Apple and Snap in the last quarter while reducing stakes in other major tech giants including Facebook and Twitter, regulatory filings show. The billionaire investor’s hedge fund, Soros Fund Management, sold 1,700 shares of Apple, and 1.55 million of Snap stock in the September quarter. This […]
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