News Highlights: Top Company News of the Day

08/27/2020 | 07:16am
Jack Ma
Abbott's $5 Covid-19 Rapid Antigen Test Gets Emergency-Use Status From FDA 

The Food and Drug Administration has granted emergency-use authorization to Abbott Laboratories for a $5 rapid-response Covid-19 antigen test that is roughly the size of a credit card.

Jack Ma's Ant Remains in Regulators' Crosshairs Ahead of Giant IPO 

Ant Group, the startup controlled by Jack Ma that's gearing up for a two-part initial public offering, wants potential investors to see it as a technology company-but it remains in focus with China's financial regulators.

Builders FirstSource and BMC Stock Holdings Near Merger Deal 

An agreement to combine two of the largest suppliers of residential building materials could be announced Thursday, said people familiar with the matter.

TikTok CEO Kevin Mayer Quits as Trump Pushes Chinese App to Sell U.S. Business 

Chief Executive Kevin Mayer said he is leaving the social-media platform after being on the job for about three months, as the company comes under increasing pressure from the White House over its ties to China.

Chinese Tesla Rival to Raise $1.5 Billion in U.S. IPO 

Xpeng will raise more than initially planned because of investor demand, selling 99.73 million American depositary shares at an offer price of $15.

Rolls-Royce Plans GBP2 Bln Disposals to Boost Balance Sheet 

Rolls-Royce said that it has identified up to 2 billion pounds ($2.64 billion) of potential disposals over the next 18 months as it seeks to shore up its balance sheet, while it continues to bleed cash.

WPP 2Q Swings to 1H Pretax Loss 

WPP said that like-for-like net sales fell 15% in the second quarter as cost-conscious clients tightened their advertising budgets, and swung to a first-half pretax loss on coronavirus-related charges.

Chinese Phone Maker Xiaomi Taps New Finance Chief 

The Beijing-based company hired Alain Lam, an investment banker, as it looks to grow its profit margins.

Hotels Count on Road Trippers to Drive Visits 

Though the pandemic has severely hurt the lodging industry overall, budget and midlevel hotels-the kind often found just off the highway-have taken a milder hit than many luxury hotels and resorts.

Salesforce Notifies Some Staff of Job Cuts has started to notify some of its staff they could lose their jobs a day after the business-software provider reported record sales, sending its stock surging.


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