While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
While Hong Kong leader Carrie Lam painted a bleak picture of the city's economy, she expressed hope that dialogue with protesters could provide "a way out."China Politicsread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
U.S. President Donald Trump and his former White House communications director Anthony Scaramucci have had a public falling out recently.Politicsread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia were mixed on Tuesday, as the People's Bank of China published its new loan prime rates which would result in cheaper borrowing costs for companies.Asia Marketsread more
Shares of Lumber Liquidators fell more than 26 percent Wednesday after the company reported a big earnings miss and hinted at more negative news in the future.
During the firm's earnings conference call, management warned investors that an upcoming "60 Minutes" episode will be negative for the company.
"We now believe the news program '60 Minutes' will feature our company in an unfavorable light with regard to our sourcing and product quality, specifically relating to laminates," Rob Lynch, the company's president and CEO said on the call.
Lumber Liquidators missed on both the top and bottom lines, reporting earnings per share of 64 cents on revenue of $272 million. Wall Street had expected earnings of about 76 cents per share on $280 million in revenue.
The company also reported that same-store sales were down 4.2 percent in the quarter.
Additionally, Lumber Liquidators disclosed in its 10K U.S. Securities and Exchange Commission filing that "in recent communications, the DOJ indicated that it is contemplating seeking criminal charges under the Lacey Act. "
The Lacey Act is a U.S. conservation law that prohibits the trading in wildlife or plants that were illegally taken, possessed, transported, or sold. Lumber Liquidators said that the DOJ investigation pertained to the importation of certain of the company's wood flooring products.
Lumber Liquidators said that, at this time, it "does not have enough information to estimate a reasonably possible loss or range of loss that may result from actions by the DOJ as a result of its investigation."