Uber Technologies Inc. is aiming for a valuation of about $80 billion to $90 billion in its initial public offering, an amount just above Uber's last private funding round but below earlier targets, according to people familiar with the matter.

The ride-hailing company is planning to start marketing...

Author: Olivia Zaleski and Eric Newcomer
Posted: April 26, 2019, 1:35 am

Elon Musk’s declarations that Tesla Inc. was done losing money and needing to raise more cash turned out to be premature.

The chief executive is reopening the door to seeking capital for the maker of the electric Model 3 sedan after posting a bigger-than-expected first-quarter loss. A record drop...

Author: Bloomberg
Posted: April 25, 2019, 11:55 pm

New York’s top cop said operators of one the world’s biggest cryptocurrency exchanges and digital coins engaged in a cover-up to hide the “apparent loss” of $850 million of comingled client and corporate funds.

The accusations announced Thursday against iFinex Inc., which runs the Bitfinex trading...

Author: Erik Larson, Olga Kharif
Posted: April 25, 2019, 11:45 pm

Mattel Inc. shares surged in late trading after first-quarter results beat Wall Street expectations, with more progress in Chief Executive Ynon Kreiz’s efforts to slash costs and boost the toymaker’s biggest brands.

Revenue slipped 2.7% in the quarter, but analysts had projected the drop to be...

Author: Bloomberg
Posted: April 25, 2019, 11:20 pm

Most companies would balk at having to account for a regulatory fine of as much as $5 billion. But not Facebook.

Its shares rose 10% in after-hours trading Wednesday and closed up 6% at $193.26 Thursday, after investors shrugged off news of the anticipated record penalty from the Federal Trade...

Author: Hannah Murphy, Kadhim Shubber, Kiran Stacey
Posted: April 25, 2019, 10:35 pm

U.S. stock indexes finished mostly lower Thursday as disappointing earnings reports from several industrial-sector companies weighed on the market, offsetting strong results from Facebook, Microsoft and others.

3M, which makes Post-it notes and many other products, plunged 12.9% in heavy trading...

Author: Associated Press
Posted: April 25, 2019, 10:20 pm

Amazon.com Inc.’s first-quarter profit surged, beating analysts’ estimates and demonstrating that its focus on cloud computing, advertising and other high-margin businesses continues to pay off.

First-quarter earnings were $7.09 a share, the Seattle company announced Thursday. Analysts had projected...

Author: Bloomberg
Posted: April 25, 2019, 9:20 pm

Southwest Airlines Co. built its low-cost model on the efficiencies of flying a single plane, the Boeing Co. 737. Now the carrier’s chief executive officer is cracking open the door to the idea that nothing lasts forever.

In the aftermath of the second deadly crash of the new Max model and a global...

Author: Mary Schlangenstein
Posted: April 25, 2019, 9:15 pm

General Motors Co. is adding 400 workers, some of whom will transfer from plants that are at risk of shutting down, to its Chevrolet Corvette factory in Kentucky that’s preparing to produce the next-generation sports version of its iconic sports car.

The largest U.S. automaker will reveal the Corvette...

Author: David Welch
Posted: April 25, 2019, 9:00 pm

American Apparel may not be returning to brick-and-mortar after all — at least not yet.

The brand’s owner Gildan Activewear Inc. said Wednesday that its plan to open a flagship store in Los Angeles, announced a year ago, has been put on hold as the Montreal-based apparel company focuses on e-commerce...

Author: Bloomberg
Posted: April 25, 2019, 8:50 pm

The 3M Co. suffered its worst Wall Street loss since Black Monday in 1987 after revealing that its business is far weaker than investors realized.

The maker of Post-it notes and touchscreen displays slashed its annual profit forecast as it reported that operating income dropped in all five business...

Author: Richard Clough
Posted: April 25, 2019, 8:50 pm

One of the world’s largest investment banks has agreed to put $130 million into the nation’s biggest public pension system to settle accusations it knowingly sold bad investments that caused the retirement fund for millions of workers to lose money.

California Atty. Gen. Xavier Becerra announced...

Author: Associated Press
Posted: April 25, 2019, 8:40 pm

CVS Health Corp. is venturing into dental care with plans to offer a relatively new teeth-straightening service.

The drugstore chain said Thursday that it will add SmileDirectClub locations to hundreds of its stores where customers can get started on getting their teeth straightened without an...

Author: Associated Press
Posted: April 25, 2019, 8:10 pm

SpaceX was test-firing the escape-system engines on its Crew Dragon capsule when this weekend’s accident occurred, a NASA safety advisory board said Thursday.

It’s not clear what happened Saturday to cause a plume of orange smoke to billow above the test site at Cape Canaveral Air Force Station...

Author: Samantha Masunaga
Posted: April 25, 2019, 5:55 pm

Aaron Shapiro’s quest to rethink employee stock purchase plans began with a startling insight: If only his mother had participated in one, she’d be a millionaire today.

A few years ago, she asked her son for financial advice and mentioned her employer’s ESPP, which she didn’t understand. So Shapiro,...

Author: Anders Melin, Brandon Kochkodin
Posted: April 25, 2019, 2:00 pm

Mattel Inc.’s bid to reverse the toy maker’s years-long slump faces a hurdle that doesn’t involve a toy: a product recall after infant deaths.

The El Segundo company is trying to spark renewed sales growth, stem its losses, pare its heavy debt and put the Toys R Us Inc. liquidation completely behind...

Author: James F. Peltz
Posted: April 25, 2019, 11:00 am

As an anchor at Fox Business Network, Maria Bartiromo can lay claim to the title of hardest working person in TV business news. Five days a week she is front and center at “Mornings With Maria,” a three-hour mix of financial news, politics and economic policy analysis with some water cooler chatter...

Author: Stephen Battaglio
Posted: April 25, 2019, 11:00 am

U.S. stocks closed slightly lower Wednesday, with the market giving back some of its gains the day after the Standard & Poor’s 500 index and Nasdaq composite hit record highs.

Energy stocks led the modest slide as crude oil prices fell after a three-day rally. Communications companies also helped...

Author: Associated Press
Posted: April 24, 2019, 10:20 pm

“How did this happen?”

That question, posed by analyst Ron Epstein during Boeing Co.’s earnings call Wednesday, lies at the heart of a crisis of confidence in the plane-maker after two fatal crashes of its 737 Max jetliners in five months.

The most valuable U.S. industrial company is reviewing...

Author: Bloomberg
Posted: April 24, 2019, 9:20 pm

The first major bidding war has broken out in the oil-rich Permian Basin in the southwestern U.S.

After being rebuffed several times, Occidental Petroleum Corp. on Wednesday made public a $38-billion offer to buy Anadarko Petroleum Corp., seeking to break up a proposed takeover by Chevron Corp....

Author: Bloomberg
Posted: April 24, 2019, 8:50 pm