Bumble hit markets on Thursday with considerable buzz, and markets validated that love, with company shares opening a mind-boggling $33 above its already-increased offering price. ...more
Uber reported another quarter of billion+ dollar losses, but as so many things on Wall Street & Silicon Valley tend to go, the news wasn’t all bad because those numbers were far better than the $5.2 billion it lost in Q2....more
WeWork’s drama in past weeks—which includes a planned and postponed public offering thanks to rough financials and dicey corporate governance—is prompting the company to consider swapping out founder Adam Neumann as CEO to...more
A drone attack on Saudi Aramco oilfields this weekend affected 5% of global production and sent “energy prices substantially higher” late Sunday and early today. Analysts don’t anticipate a “severe shock to energy markets and...more
Massive pharma news to start the day, with AbbVie announcing that it’s reached a deal to buy Allergan for roughly $63 billion. The tie-up is seen as giving AbbVie a “dominant position in the $8 billion-plus market for Botox...more
Elon Musk and the SEC have reached an agreement to revise their earlier agreement to settle the latest round of issues caused by Musk’s Twitter habit. Under its terms, a Tesla securities attorney must now “preapprove any of...more
More fun for Facebook, just a day after it revealed a coming FTC fine, with the news on Thursday that Canadian privacy commissioners “violated national and local laws in allowing third parties access to private user...more
Facebook revealed yesterday that “millions of user account passwords had been stored insecurely, potentially allowing employees to gain access to people’s accounts without their knowledge.” The company said it “had found no...more
Quite a start to the week for consulting powerhouse McKinsey & Co., with a Times expose on the questionable relationship between McKinsey’s clients and the investments its hedge fund has made in those same clients, not to...more
In order to comply with European antitrust rulings against it earlier this year, Google announced that for the first time it will begin charging telephone handset manufacturers to install Gmail, Google Maps, and other popular...more
Markets are joining the American mid-Atlantic and East Coast in bracing for Hurricane Florence and the estimated $27 billion in damages it could bring with it....more
A day of massive lows (opening bell) and impressive rallies (with the dow up 230 by the end of the day) marked a wild Wednesday on Wall Street....more
The Journal dropped something of a bomb on Friday with news that Goldman Sachs’ CEO Lloyd Blankfein is heading out the door as soon as the end of the year. If true, Goldman will likely look for his replacement within its...more
On Monday, UPS revealed that in December it sued European antitrust regulators over a 5-year-old decision that blocked the delivery company’s takeover of the Netherlands’ TNT Express. UPS is seeking more than $2 billion in...more
With Davos 2018 in the rear view mirror, some analysts are pegging the “geopolitical momentum” as China’s to claim, thanks in no small part to its expansive and ongoing “Belt and Road” initiative....more
Despite a stronger global economic outlook than we’ve seen in years, the world’s central bankers appear loath to let go of stimulus measures while lower-than-expected inflation bedevils them....more
Food and consumer products conglomerate Unilever’s making a big play for the Asian market with its $2.7 billion deal to buy Carver Korea, a South Korean-based skin care specialist....more
So much for the quiet off-ramping for SoFi’s Mike Cagney. The fintech company’s board announced on Friday that Cagney is out immediately as CEO, not at the end of the year as Cagney had announced earlier in the week....more
Vanguard CEO William McNabb announced plans yesterday to step down, a big announcement for the mutual fund giant that finds itself “in the middle of one of the biggest growth spurts ever experienced by a large asset...more
Here’s the other shoe for that news that all the big banks passed their Fed stress tests the other day: are the “bad old days of enormous leverage and freewheeling deals” and the risk inherent in them back, too?....more
We covered the move by Exxon shareholders to push the company for greater climate-change accounting last week. Now we’re learning that the NY AG believes that Exxon’s been “misleading” its shareholders about the impact that...more
The Journal reported yesterday that more than 6,000 Wells Fargo branches were routinely tipped off to inspections by internal risk monitors, a practice that allowed the bank’s sham-account scandal to go undetected for years....more
On the heels of Deutsche Bank’s $7.2 billion deal, Credit Suisse has finalized the terms of its own MBS-related settlement. The Swiss bank will pay $5.3 billion to resolve claims that it misled investors about the standards...more
All those traders excited about a burgeoning US economy ahead may want to keep an eye on the commercial real estate market, which is seeing a rise in defaults and delinquencies as pre-crisis 10-year loans come due....more
Italy’s struggling lender Monte Dei Paschi is cutting jobs and closing branches in an effort to revive the world’s oldest bank (and maybe save Siena in the process)....more