Footwear giant Skechers has agreed to be acquired by private equity firm 3G Capital for $63 per share, ending its nearly three-decade run as a public company, the retailer announced Monday. The price 3G Capital agreed to pay represents a 30% premium to Skechers’ current valuation on the public markets, which is in line with similar takeover…
Chinese bargain retailer Temu changed its business model in the U.S. as the Trump administration’s new rules on low-value shipments took effect Friday. In recent days, Temu has abruptly shifted its website and app to only display listings for products shipped from U.S.-based warehouses. Items shipped directly from China, which previously blanketed the site, are now labeled…
Amazon founder Jeff Bezos plans to sell up to 25 million shares in the company over the next year, according to a financial filing on Friday. Bezos, who stepped down as CEO in 2021 but remains Amazon’s top shareholder, is selling the shares as part of a trading plan adopted on March 4, the filing states. The stake would…
Netflix is on a winning streak. The streaming giant’s stock has traded for 11 straight days without a decline, the company’s longest positive run ever. Its previous record was a nine-day stretch in late 2018 and early 2019 when the stock traded up for four days, was unchanged for a day and then traded positively for…
Pfizer CEO Albert Bourla on Tuesday said uncertainty around President Donald Trump’s planned pharmaceutical tariffs is deterring the company from further investing in U.S. manufacturing and research and development. Bourla’s remarks on the company’s first-quarter earnings call came in response to a question about what Pfizer wants to see from tariff negotiations that would push the company to increase investments…
Nvidia blasted Anthropic Thursday in a rare public clash over artificial intelligence policy with U.S. chip export restrictions set to take effect. “American firms should focus on innovation and rise to the challenge, rather than tell tall tales that large, heavy, and sensitive electronics are somehow smuggled in ‘baby bumps’ or ‘alongside live lobsters,’ ” a spokesperson for Nvidia said. Anthropic, the…
Shares of Tesla were flat in premarket trading Thursday after the EV maker denied a Wall Street Journal report that its board was searching for a replacement for chief executive Elon Musk. The report, citing comments from sources familiar with the discussions, said that Tesla’s board members reached out to several executive search firms to work on a…
Data center demand is not slowing down in the world’s largest market centered in northern Virginia, executives at Dominion Energy said Thursday. Dominion provides electricity in Loudoun County, nicknamed “Data Center Alley” because it hosts the largest cluster of data centers in the world. The utility works closely with the Big Tech companies that are investing tens of…
Shares of Tesla were flat in premarket trading Thursday after the EV maker denied a Wall Street Journal report that its board was searching for a replacement for chief executive Elon Musk. The report, citing comments from sources familiar with the discussions, said that Tesla’s board members reached out to several executive search firms to work on a…
McDonald’s reported its worst quarterly sales for the United States since the height of the pandemic in 2020, the latest restaurant chain to be affected by America’s turbulent economic environment. The burger giant reported U.S. same-store sales fell 3.6%, the largest three-month drop since Q2 2020, when they plunged 8.7%. Forecasts had been for a…