Amazon wiped out $17.5 billion from eight companies’ market values Thursday with just two announcements. The e-commerce giant has become a force on Wall Street. Even a hint it might take on a new industry can send investors running and stocks tumbling. That was evident Thursday. Amazon said it would recruit entrepreneurs to run local […]
Read moreThe biggest U.S. banks announced plans to buy back tens of billions of dollars in stock and hike their quarterly dividends after passing an annual stress test by the Federal Reserve. Bank shares rose broadly on the news, with Bank of America, Citigroup and J.P. Morgan Chase trading at least 1 percent higher before the […]
Read moreGoldman Sachs and Morgan Stanley were forced to leave shareholder pay-outs at roughly last year’s level after fumbling a crucial part of the Federal Reserve’s annual stress test, while competitors from JPMorgan Chase to Citigroup were allowed to boost distributions. The New York-based investment banks were ensnared by the administration’s tax cut, which resulted in […]
Read moreInvestors don’t seem to have much confidence in Walgreens Boots Alliance, and the drugstore chain hasn’t said much to ease their concerns. Walgreens is testing new concepts, including adding optical and vision services to some stores. It’s also partnering with health-care companies, such as insurer Humana to open two senior-centric stores and LabCorp to offer […]
Read moreTesla is sending out e-mails to all Model 3 reservation holders in North America this week informing them that their electric sedans are ready to order and asking for an additional $2,500 to fulfill their orders. The move could help Tesla in its drive toward profitability this year. CEO and chairman Elon Musk has promised […]
Read moreInstagram Stories now has double the number of daily active users as competitor Snapchat, according to Instagram. The Stories feature, which allows users to share ephemeral photos with their followers, is up to 400 million daily users, Instagram said on Thursday. Snapchat pioneered the photo stories model and reported 191 million daily active users for […]
Read moreChina Thursday eased restrictions on foreign investment in sectors ranging from agriculture to banking, as Beijing and Washington continue to spar over a growing trade dispute. But the move is seen as only a small step that’s unlikely to resolve the wider Trump administration assault on what the White House has characterized as China’s “unfair” […]
Read moreAmazon’s acquisition of online pharmacy PillPack is a “shot across the bow” for retail pharmacy chains, said Anthony Chukumba, managing director of Loop Capital markets. On Wednesday, a day before Amazon announced the deal, Loop Capital raised its price target for Amazon to $1,900 from $1,800. Chukumba told CNBC’s Power Lunch on Thursday that PillPack […]
Read moreTwitter CEO Jack Dorsey announced some major executive restructuring at the social media network on Thursday, just as Ed Ho, its vice president of product and engineering, announced he would step down into a part-time position. Kayvon Beykpour, general manager of video and former Periscope CEO, will take over for Ho on the product end, […]
Read moreBusiness social network and recruiting tool LinkedIn is increasingly relying on technology from its parent company, Microsoft. On Thursday LinkedIn said it’s tapping a service running in Microsoft’s cloud data centers to translate the text of its users’ posts into different languages. The decision suggests that LinkedIn is becoming more integrated into Microsoft’s own systems, […]
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