Biotech MiMedx Group said on Thursday it had replaced its chief financial officer and would restate financial statements following an internal investigation into its sales and distribution practices, sending shares more than 25 percent lower. The announcement is the latest sign of trouble at the Marietta, Georgia-based company, which has delayed making previous financial filings […]
Read moreShares of Thor Industries, the largest manufacturer of recreational vehicles (RVs), dropped more than 8.5 percent in the premarket Thursday after the company raised concerns about the steel and aluminum tariffs implemented by the Trump administration. Bob Martin, the company’s CEO, said in a statement Wednesday that while labor costs during the fiscal third quarter […]
Read morePNC Financial is souring on small caps’ record run. In an interview on CNBC’s “Trading Nation,” the firm’s co-chief investment strategist questioned the rally’s sustainability. “We would tend not to chase the small-cap run,” Amanda Agati said Wednesday. “It’s really hard to say ‘back up the truck here, and put new capital to work in […]
Read moreCheck out the companies making headlines before the bell: J.M. Smucker – The food company missed estimates by 25 cents a share, with adjusted quarterly profit of $1.93 per share. Revenue also missed forecasts on weakness in the oils, peanut butter, and baking categories. Smucker also gave a weaker-than-expected full-year forecast. Thor Industries – Thor […]
Read moreCommerce Secretary Wilbur Ross told CNBC on Thursday the U.S. has struck a deal with Chinese telecom giant ZTE to end crippling American sanctions. Commerce said the deal includes a $1 billion penalty against ZTE and a U.S.-chosen compliance team to be embedded at ZTE. “We are literally embedding a compliance department of our choosing […]
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Berkshire Hathaway chairman Warren Buffett and J.P. Morgan Chase chief executive Jamie Dimon told CNBC the U.S. economy is in rare form and could continue to prove strong for years to come. In an exclusive joint interview with CNBC’s Becky Quick, Dimon and Buffett cited several aspects of the economy as reasons for optimism. “Right […]
Read moreGaming service Steam has changed its content policy to allow publishers to add anything to its store — but with some exceptions. Valve Corporation, the parent company of the games distributor, said in a blog post Wednesday that it would “allow everything” on the Steam Store, apart from games that it described as “illegal, or […]
Read moreAfghan President Ashraf Ghani for the first time announced an unconditional ceasefire with the Taliban on Thursday, coinciding with the end of the Muslim fasting month, but excluded other militant groups such as Islamic State. The decision came after a meeting of Islamic clerics from across the country this week who declared a fatwa, or […]
Read moreCooler heads will prevail despite the steady ramp-up of rhetoric on trade tariffs, the founder of New York-based consultancy High Frequency Economics believes. Finance ministers of the world’s wealthiest nations will meet at the G-7 summit Friday in Quebec, and it is likely to be rife with awkwardness. In addition to the U.S., the G-7, […]
Read morePressures on AT&T’s entertainment business will impact the company’s profits, according to Jefferies, which downgraded the telecommunications giant on Thursday. “We are downgrading the stock from Buy to Hold largely on concerns related to the entertainment segment as cord shaving and spin downs continue to pressure margins,” analyst John Janedis wrote in a note to […]
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