News Highlights: Top Company News of the Day
|07/02/2020 | 05:15pm|
Tech Tycoon Peter Thiel Shies From Trump Reelection Campaign
The president's most prominent Silicon Valley supporter has told friends and associates that he plans to sit out this year's presidential campaign because he thinks reelection is increasingly a long-shot, people familiar with the matter say.
Luckin Coffee's Chairman Survives Board Vote for His Removal
Chinese coffee chain Luckin Coffee Inc.'s co-founder Charles Lu will remain chairman-at least for now-after the board failed to get the necessary votes to oust him, the company said Thursday.
Apparel Brands Push More-Stylish Dressing at Home
Banana Republic, Ann Taylor and other business-casual retailers are trying to figure out how to convince home-bound Americans to do better than T-shirts, leggings and gym shorts.
Uber Under Pressure to Beef Up Food Delivery
Looking to get stronger in food delivery, the ride-hailing giant is eyeing Postmates as the pandemic has crushed Uber's rides business and surging infections have dimmed early hopes for speedy economic reopenings.
Arthritis Drug Fails in Study of Covid-19 Patients
Regeneron Pharmaceuticals and Sanofi said their arthritis drug Kevzara failed to help Covid-19 patients recover in a U.S. clinical trial.
Coronavirus Surge Tests Safeguards for Meatpacking Workers
New infections grow in major meat-producing states as the industry has returned to regular production levels in recent weeks.
Exxon Warns Production, Refining Losses to Hurt Earnings
Exxon Mobil warned of steep losses in its refining and oil-and-gas production businesses during the second quarter, signaling that the company is likely to report a second straight quarterly loss later this month.
Tailored Brands Skips Bond Payment, Starting 30-Day Clock
The operator of Men's Wearhouse and Jos. A. Bank stores has skipped a payment to bondholders, but the struggling retailer elected to make scheduled interest payments to lenders due the same day.
Alexion to Pay More Than $21 Million to Settle Bribery Claims
Alexion Pharmaceuticals agreed to pay more than $21 million to settle claims it bribed government officials to increase prescription drug sales in Turkey and Russia, the U.S. Securities and Exchange Commission said.
How Wirecard Went From Tech Star to Bankrupt
German prosecutors are probing whether the electronic-payments giant used fictitious revenue to inflate its sales and fool investors. The company and its auditors say $2 billion that is missing probably never existed.