Uber Uber aims for a valuation target as high as $90 billionLos Angeles Times - Olivia Zaleski and Eric NewcomerUber 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
Bitfinex New York says cryptocurrency exchange Bitfinex hid $850-million lossLos Angeles Times - Erik LarsonNew 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
Mattel Mattel makes turnaround progress as its results beat expectationsLos Angeles Times - By BloombergMattel 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 brands.
Business Is Facebook’s FTC fine the tip of the iceberg?Los Angeles Times - Hannah MurphyMost 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,
Business Stocks end mostly lower, weighed down by struggles at 3MLos Angeles Times - Associated PressU.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
Amazon Web Services Amazon’s profit surges, lifted by cloud computing and advertisingLos Angeles Times - BloombergAmazon.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
Boeing 737 MAX Southwest CEO hints the airline’s 47-year love affair with Boeing’s 737 may end one dayLos Angeles Times - Mary SchlangensteinSouthwest 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
Chevrolet Corvette GM will add 400 jobs to its Corvette plant to prepare for a new modelLos Angeles Times - David WelchGeneral 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
American Apparel American Apparel owner Gildan puts plans for L.A. store on holdLos Angeles Times - BloombergAmerican 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
Business 3M stock tumbles the most since 1987’s Black Monday as its outlook crumblesLos Angeles Times - Richard CloughThe 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
Morgan Stanley Morgan Stanley to pay $130 million to California pensions over bad investmentsLos Angeles Times - Associated PressOne 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
Business CVS moves into dental care with teeth-straightening service SmileDirectClubLos Angeles Times - Associated PressCVS 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
SpaceX SpaceX ‘anomaly’ happened during test of Crew Dragon escape-system enginesLos Angeles Times - Samantha MasunagaSpaceX 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 a
Tesla Elon Musk reopens the possibility Tesla will need to raise more cashLos Angeles Times - BloombergElon 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 electric
Business After mom missed out on $1 million, her son found a way to help employees buy cheap stockLos Angeles Times - Anders MelinAaron 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 for
Mattel Fisher-Price’s sleeper recall clouds Mattel’s rebound bidLos Angeles Times - James F. PeltzMattel 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,
Maria Bartiromo Maria Bartiromo’s stock has risen at Fox Business Network and Fox NewsLos Angeles Times - By Stephen BattaglioAs 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
Business Stocks edge down from record highsLos Angeles Times - Associated PressU.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
Boeing Boeing scraps its 2019 forecast and halts buybacks as 737 Max crisis continuesLos Angeles Times - Bloomberg“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
Chevron Occidental bids for Anadarko, seeking to derail Chevron’s dealLos Angeles Times - By BloombergThe 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 to
AT&T AT&T loses more subscribers as it focuses on cutting debtLos Angeles Times - BloombergAT&T Inc. lost more television and wireless subscribers than expected last quarter as the phone giant retreated from promotions while working to reduce debt from its takeover of Time Warner. The Dallas
Arbitration Supreme Court gives businesses more power to require individual arbitrationLos Angeles Times - BloombergAn ideologically divided Supreme Court gave businesses more power to channel disputes into individual arbitration proceedings, siding with a lighting retailer trying to prevent its employees from pressing
Business Stores install cameras that can guess your age, gender and mood to target adsLos Angeles Times - Joseph PisaniEyeing that can of soda in the supermarket cooler? Or maybe you’re sizing up a pint of ice cream. A camera could be watching you. But it’s not there to see if you’re stealing. These cameras want to get
Rivian Ford joins Amazon with a big investment in electric truck maker RivianLos Angeles Times - Keith Naughton, David WelchFord Motor Co. will invest $500 million in Rivian Automotive Inc., aligning the maker of the industry-leading F-Series pickup line with an upstart that’s electrifying gas-guzzling trucks and sport utility
Play buttonBusiness One of Southland’s last model and hobby shops will close because of rising rentLos Angeles Times - Ronald D. WhiteEvett’s Model Shop has gotten unusual requests over its 71 years of operation, but few have been as weird as the one in January from YouTube car comedy channel Donut Media: Help a Bugatti built from Lego
Gavin Newsom Newsom seeks an explanation for California's high gas pricesLos Angeles Times - Associated PressGov. Gavin Newsom wants to know why California’s gasoline prices are higher than in the rest of the country, blaming potential “inappropriate industry practices” Tuesday rather than the state's higher
Technology Snap bounces back as Snapchat user numbers growLos Angeles Times - Sam DeanSnap Inc.’s fortunes rise and fall on the size of Snapchat’s user base. When the user numbers started to decline in early 2018 because of a tumultuous redesign and flabby Android app, its stock price a
Business S&P 500 hits record high as company earnings roll inLos Angeles Times - Associated PressThe Standard & Poor’s 500 hit an all-time high Tuesday, marking the stock market’s complete recovery from its nosedive at the end of last year. The benchmark index set its previous record high in September,
Business Drug executives are criminally charged in major opioid caseLos Angeles Times - BloombergFederal prosecutors Tuesday unveiled the first criminal charges against pharmaceutical executives that accuse them of illegally diverting opioids. The former chief executive and the head of compliance
