NEW YORK — Former Uber CEO Travis Kalanick is resigning from the board of directors, severing ties with the ride-hailing company that he co-founded a decade ago and ran until a series of scandals led to his downfall. The departure, announced Tuesday, did not come as a surprise. Kalanick recently...
S&P 500 Adds to Record as Health Care Stocks Climb
NEW YORK — U.S. stock indexes slinked higher Tuesday, and the S&P 500 added to its record after stronger-than-expected profit reports from drugmakers pushed health care stocks to big gains. The reports from Pfizer and Merck highlighted a mixed set of earnings reports from big companies, including Google's parent. Companies...
Lyft Posts Losses Despite Revenue Growth, Improves Outlook
NEW YORK — Lyft continued to bleed money in its second quarter but says it expects to stem some of those losses, raising its outlook for 2019. The ride-hailing company on Wednesday posted revenue of $867.3 million, up 72% from the same time last year. But the San Francisco-based company...
Tesla Raises Goal in Capital Hunt and Musk Doubles Down
DETROIT — Just one day after announcing plans to sell notes and stock to raise much-needed capital, Tesla boosted the size of its offering to as high as $2.7 billion on Friday. The Palo Alto, California, electric car and solar panel maker said it's increasing the offer due to the...
Facebook Anticipates an FTC Privacy Fine of up to $5 Billion
SAN FRANCISCO — Facebook said it expects a fine of up to $5 billion from the Federal Trade Commission, which is investigating whether the social network violated its users' privacy. The company set aside $3 billion in its quarterly earnings report Wednesday as a contingency against the possible penalty but noted that...
Boeing’s Stock Takes a Hit as More Max 8 Planes Are Grounded
BEIJING — Boeing's stock plunged Monday as the list of countries and airlines grounding the Boeing 737 Max 8 planes continued to grow the day after one crashed in Ethiopia, killing all 157 people on board. The Ethiopian Airlines jet crashed shortly after it took off from Addis Ababa on...
Apple’s Stock Sours, Microsoft’s Soars. Say What?!
Wall Street investors are enamored with a newly emergent tech company. It has nothing to do with posting selfies or finding a soul mate. The company is instead making billions of dollars selling cloud-computing and other technical services to offices around the world. Say hello to Microsoft, the 1990s home-computing...
Triumph of the iPhone: Apple Cracks Trillion-Dollar Mark
SAN FRANCISCO — Apple is the world's first publicly traded company to be valued at $1 trillion, the financial fruit of stylish technology that has redefined what we expect from our gadgets. The milestone reached Thursday marks the latest triumph of a trend-setting company that two mavericks named Steve started...
Zuckerberg Loses $16 Billion in a Day. Facebook Stock Plunges.
NEW YORK — Facebook faced a day of reckoning as its shares plunged Thursday in the company's worst trading day since going public in 2012. It was among the biggest one-day losses of market value in U.S. stock market history. The 19 percent drop in Facebook shares vaporized $119 billion...