industrial news
Microsoft earnings trounce expectations, but Azure growth continues to shrink
Microsoft Corp. easily trumped expectations with an earnings report Wednesday afternoon that displayed double-digit percentage gains in profit and sales, but shares dipped in late trading as the Azure cloud business’s growth rate continued to decline. The most valuable public company in the U.S. reported fiscal first-quarter profit of $10.7 billion, or $1.38 a share, …
United Technologies Raises Profit Outlook
United Technologies Corp. raised its profit outlook for the year as it recorded higher quarterly earnings and revenue driven largely by its 2018 acquisition of airplane-parts maker Rockwell Collins Inc. For the full year, the Farmington, Conn., aerospace company now expects adjusted per-share earnings to be between $8.05 and $8.15, up from its previous outlook …
SoftBank to Take Control of WeWork
SoftBank Group Corp. won approval from WeWork’s board to take control of the troubled co-working startup, in a deal that would hand co-founder Adam Neumann nearly $1.7 billion and sever most of his ties with the company. WeWork, in danger of running out of cash in the coming weeks, chose a rescue offer from SoftBank …
Four Drug Companies Reach Last-Minute Settlement in Opioid Litigation
AmerisourceBergen CEO Steven Collis testified before Congress on May 8, 2018, alongside other drug company executives. Photo: Alex Brandon/Associated Press Updated Oct. 21, 2019 8:00 am ET CLEVELAND—Four drug companies have reached a settlement at the last minute to avoid a trial here seeking to blame them for fueling the opioid crisis, according to people …
For Landlords, a New Tax Break Comes With Strings Attached
Rental real estate is renowned for its many tax breaks, and the 2017 tax overhaul added a new one. Landlords who want to claim it for 2019 should be planning now, because they may need to send 1099 forms early next year. The benefit is the so-called 199A deduction of 20%. It applies to business …
Reporter’s Notebook: Marc Benioff of Salesforce Sounds Alarm on Technology
NEW YORK— Marc Benioff, co-founder and co-CEO of business-software company Salesforce. com Inc., told business journalists Wednesday that it was time to apply much stronger controls to social media, artificial intelligence and other technologies. Mr. Benioff renewed his assertion that Facebook “is the new cigarettes.” He called for the abolishment of Section 230 of the …
Brexit Talks Grind On as Deadline Looms, but Hurdles Remain
Talks between the U.K. and European Union toward a draft Brexit agreement dragged on Wednesday, with British doubts about whether Parliament would approve a deal proving to be a significant obstacle. Officials from both sides said British negotiators were concerned that concessions needed to satisfy the EU wouldn’t receive the necessary backing from U.K. lawmakers—particularly …
Pershing, Fidelity Enhance Model-Portfolio Technology
Text size JB Reed/Bloomberg More and more financial advisors are relying on third-party model investment portfolios for their clients, and custodian firms have been paying attention. Two such firms, Pershing and Fidelity, have unveiled technology that aims to make using model portfolios easier for advisors, InvestmentNews reports. BNY Mellon Pershing Monday announced a new digital …
AT&T to Sell Its Puerto Rico and U.S. Virgin Islands Operations
AT&T Inc. T 0.08% has agreed to sell its Puerto Rican and U.S. Virgin Islands businesses to Liberty Latin America Ltd. LILA 2.40% for $1.95 billion in cash, allowing the telecommunications giant to shave its debt load and move closer to repurchasing shares. AT&T’s operation in Puerto Rico provides cellular, landline and internet connections. It …
Some Expected Larry Culp to Break Apart GE. Instead, He’s Trying to Fix It.
When Larry Culp gathered top General Electric Co. officers for a summit north of New York City last month, the chief executive had a message for them. He wasn’t going to dismantle their company. Now it had a new CEO, an outsider known for running his previous company as a collection of independent businesses orbiting …
