Like an Amazon clothing purchase that turned out to be two sizes too big, Wall Street quickly processed a return yesterday when the online retailer's record profit for the holiday-season quarter didn't fit expectations.
The Federal Trade Commission charged the for-profit DeVry University with making deceptive claims about its graduates' success in finding jobs in their fields - and more lucrative ones at that - in a suit filed in federal court in California yesterday. DeVry, which is based in Downers Grove, Ill., and has locations in 25 states across the country, says it will "vigorously contest" the action.
Apple proclaimed a record quarterly profit for fiscal Q1 2016 - $75.9 billion, up 2% over 2014 - but with iPhone sales declining on a year-to-year comparison for the first time since they were introduced and CEO Tim Cook saying they will drop this quarter, some analysts were rueing the end of its era of unchecked growth. At the same time, Apple offered us a new metric to ponder: the enormous amount of installed enthusiasts worldwide who use its various devices to pay for the likes of "Hello It's Me," "Straight Outta Compton," and "Minecraft."
Start with a heaping serving of what customers have been clamoring for, then add a dash of unseasonably warm weather and you have the secret formula that McDonald's has been seeking for years. It reported yesterday that sales at U.S. stores open for at least 13 months jumped 5.7% for the quarter ended Dec. 31.
Milwaukee, Wisc.-based Johnson Controls, which will primarily make car batteries and heating and ventilation equipment once a pending spin-off goes through, has acquired Tyco, the fire protection and security products company that found a corporate domicile in Cork, Ireland, where tax rates are more favorable than they would be out of its U.S. headquarters in Princeton, N.J.
Faced with the imminent loss of its Costco customers and battered by the strong dollar and feisty competition, American Express yesterday said it would cut $1 billion in expenses over the next two years. Marketing and promotional costs are among the areas it will target.
So, what do you think? Should Martin Shkreli, the indicted former CEO at Turing Pharmaceuticals, do what a congressional committee has bid and testify next Tuesday about "outrageous price increases" in the pharmaceutical industry, as Rep. Elijah Cummings (D-Md.) would have it?
In what a Coca-Cola Co. blog post terms "a significant shift in its marketing strategy," the soft drink has unified all of its cola brands under a "Taste the Feeling" global campaign, ending the seven-year run of "Open Happiness."
To the cheers of the financial market, Adidas AG yesterday replaced Herbert Hainer ahead of his scheduled 2017 departure and named the journeyed and well-regarded Kasper Rorsted - currently head of Henkel AG - to join its executive board starting in August and to take over as its CEO in October.
The Obama administration will budget nearly $4 billion over the next 10 years to steer driverless car technology on the road to viability, safety and acceptance, it announced Thursday. It believes autonomous vehicles will cut traffic deaths, ease traffic and improve the environment - not to mention be a boon for Google, Tesla and other tech companies working with a scrambling Detroit to develop them.