Mortgage giant Fannie Mae reported net income of $2 billion for the July-September period, down from $3.9 billion a year earlier. The government-controlled company attributed the third-quarter decline in profit mainly to losses on the investments it uses to hedge against swings in interest rates. … [Read more...]
182K Jobs Added by US Businesses in October
American businesses added a solid but unspectacular 182,000 jobs in October, according to a private survey. In a report Wednesday, payroll processor ADP also revised September job creation down to 190,000 from an originally reported 200,000. … [Read more...]
Power-Assisted Brake Failure Results in Volkswagen Recalling 92,000 US Cars
Volkswagen is recalling nearly 92,000 cars in the U.S. to fix mechanical problems that can knock out the power-assisted brakes. … [Read more...]
The Palace Wowed By 3 Startups
Even for experienced pitchers, Pitch@Palace is tough. Entrepreneurs pitch in front of Prince Andrew, the Duke of York, at the very imposing St. James's Palace and anyone who strays even a word over the three-minute limit is interrupted by two trumpet-playing members of the Queen's Guard (wearing their trademark bearskin hats). It's not for the faint-hearted. … [Read more...]
Bank of America Selling $87B Money-Market Fund Business to BlackRock
Bank of America, the No. 2 U.S. bank, has agreed to sell responsibility for about $87 billion in money-market funds and other products it manages to BlackRock in one of the money market industry's largest deals ever. … [Read more...]
Jawbone Files Countersuit Against Fitbit
The war continues apace in the world of wearable fitness trackers. Jawbone — which makes fitness trackers, speakers and Bluetooth headsets — has filed a counterclaim against Fitbit in a patent infringement case brought by the latter company against its rival in September. … [Read more...]
E. Coli Outbreak Forces Chipotle to Close 43 Restaurants
The end is here. Chipotle has closed 43 restaurants, and we don't know what to do with ourselves. Why did our favorite burrito get taken away from us from dozens of locations in Oregon and Washington? Because 22 cases of E. coli were discovered and were tied to the popular chain. … [Read more...]
HTC Reports a $139M Loss
HTC’s latest financial results are out, and the struggling Taiwanese company is still struggling after posting a net loss of NT$4.5 billion ($139 million) on revenue of NT$21.4 billion ($660 million) for Q3 2015. … [Read more...]
GoPro Inc Reports a Profit
GPRO is doing well in sales and growth but for now it is simply over valued. Our $20 target on GPRO has been affirmed after the companies latest performance GoPro Inc. (GPRO) reported a profit for its third quarter that climbed compared to the same period last year. … [Read more...]
Cheaper Jet Fuel and a Big Merger Agree With American Airlines
A big merger and cheaper jet fuel are doing wonders for American Airlines. The world's biggest airline reported Friday that its net income jumped 80 percent in the third quarter to $1.69 billion despite lower revenue. … [Read more...]