After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Secretary of State Mike Pompeo privately tells business executives and free traders that trade war could end by 2020 election. He also noted there continues to be hurdles for...2020 Electionsread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Urban Outfitters reported earnings and same-store sales for the second quarter that beat analyst expectations, while revenue fell short.Retailread more
President Donald Trump believes he has quite the bargaining chip with the European Union.Marketsread more
Some Apple employees have become disillusioned with the group's culture, where some have thrived while others feel sidelined.Technologyread more
The United States does not have a defense against hypersonic weapons, which can travel at least five times the speed of sound, or a little more than a mile per second....Defenseread more
President Donald Trump renewed calls Tuesday to readmit Russia to the G-7 ahead of the group's summit in Biarritz, France, this weekend.Politicsread more
Biden has shown staying power at the top of a jammed Democratic field even as polling numbers for Sanders, Warren and Harris wax and wane.2020 Electionsread more
Keurig Green Mountain Inc said on Wednesday that it expects to reduce its workforce by about 5 percent as the company grapples with declining sales of its brewers and single-serve coffee pods.
Shares of the K-Cup packaged coffee maker plunged 32 percent to $51.25 in pre-market trading. The shares last hit those levels in April 2013. Volume was 1.3 million shares, nearly what the stock has recently traded in a full day.
The headcount reductions are part of a plan to cut $300 million in costs over the next three years with roughly $100 million in savings in fiscal 2016, Keurig said in a statement.
The company said sales of its packaged coffee pods fell 1 percent, while sales of brewers and accessories plummeted 26 percent. Keurig cited high inventory levels in stores, and said it recorded lower net prices for brewers as retailers ran promotions to clear inventory.
"While we are not pleased with our revenue growth, we delivered earnings at the high end of our previous guidance," Keurig Chief Executive Brian Kelley said in a statement. "We are taking decisive actions to adapt and compete more effectively in today's rapidly-evolving, dynamic marketplace."
Keurig's net income fell to $113.6 million, or 73 cents a share, in the third quarter ended June 27 from $155.2 million, or 94 cents a share a year earlier. When adjusted for one off items, the company earned 80 cents a share.
Revenue fell 5.2 percent to $969.5 million.
Analysts were expecting adjusted earnings of 79 cents a share and revenue of $1.04 billion.
For the current fiscal year, the company forecast sales would decline in the low- to mid-single digits compared with last fiscal year. Wall Street analysts had expected sales to rise almost 1.5 percent.
The company also authorized the additional repurchase of up to $1 billion in shares over the next two years.
—CNBC.com contributed to this report.