Thursday delivered some welcome good news in the slow push for a labor market recovery. The Labor Department reported that new jobless benefits claims “fell to their lowest weekly level in the last year, a sign that the...more
Ousted eccentric WeWork co-founder and CEO Adam Neumann is reportedly closing in on a deal with SoftBank that would shave about $500 million (roughly half) off the total Masa Son would pay to buy Neumann’s shares. ...more
If not immune to surprise at this point in 2020, that might be the appropriate feeling at the apparent emergence of late-stage suitor Oracle as the winner of the TikTok sweepstakes. Though terms between ByteDance and Oracle...more
Google cut costs by rescinding offers to more than 2,000 contract workers due to the strains of the pandemic....more
Optimism over promising results for a coronavirus vaccine from Moderna helped drive stocks up on Monday after a rough go of it last week....more
The U.S. Jobs Report Will Be Ugly: The March jobs report will likely show the worst numbers in the “post-World War II era,” and “it is playing out in a matter of weeks,” not years. One study suggests the U.S. has lost 27.9...more
Wells Fargo & Co. agreed to pay a total of $3 billion to resolve criminal and civil investigations by the DOJ and SEC. Wells Fargo admitted “that it took millions in wrongful fees and interest, misused customer information...more
Dean Foods, the largest milk company in the U.S., has filed for bankruptcy protection, a “fresh setback to a U.S. dairy industry struggling against declining U.S. milk consumption and rising competition.” Industry experts...more
Paul Singer’s Elliott Management hedge fund revealed a $3.2 billion stake in AT&T and, along with it, a healthy-skepticism of the company’s 2018 purchase of Time Warner and general calls to divest as part of a 24-page letter...more
Disney will take total control of the TV and movie streaming service Hulu after forking over at least $5.8 billion to buy out last remaining partner, Comcast. That price won’t be determined for a while, though, as the sale...more
The Federal Reserve, as long forecast, raised its benchmark interest rate a quarter point on Wednesday. Chair Powell noted that a downturn in financial markets and weakened financial growth “may signal some softening relative...more
Markets took a beating yesterday, with investors apparently put off by tech stocks, tensions with China, a recent jump in interest rates and government bond yields, and a tightening Fed monetary policy....more
Dealbook gives us this uncomfortable take on China’s “nuclear option” in the trade war with the United States—its holdings of more than $1 trillion in US foreign debt and the possibility of stepping back from buying (or even...more
Facebook may have had a difficult day on the Hill. But a 79% rise in Q3 profit—driven, ironically enough, by online ads—should help soften the blow....more