Stocks dropped after Donald Trump ordered that U.S. companies find alternatives to their operations in China.US Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Multinationals that rely on the supply chain from China are tumbling after President Donald Trump ordered them find alternatives to their Chinese operations.Marketsread more
President Trump again rips into Federal Reserve Chairman Jerome Powell, comparing him to Chinese President Xi Jinping.Politicsread more
China says the new tariffs will begin Sept. 1 and Dec. 15. That's when President Trump's latest tariffs on Chinese goods are to take effect.Marketsread more
Powell repeats his pledge to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow.The Fedread more
In a series of tweets Friday, Trump called on American companies to look for "an alternative to China," singling out FedEx, UPS, Amazon and the U.S. Postal Service...Transportationread more
The Koch brothers financed one of the most influential political networks in the modern era. The sprawling political empire includes conservative and libertarian nonprofits...Politicsread more
The president tweeted Friday morning that he was ordering "our great American companies" to "immediately start looking for an alternative to China."Marketsread more
These are the stocks posting the largest moves in midday trading.Market Insiderread more
The two American car companies are among the top exporters of U.S.-produced vehicles to China along with BMW and Daimler/Mercedes-Benz, according to industry data obtained by...Autosread more
Zynga announced a new share structure on Wednesday that voluntarily reduces the voting power of chairman and co-founder Mark Pincus.
The gaming company, which makes titles such as "Farmville," said on Wednesday that it was moving from a multi-class structure to a single class, reducing Pincus' control to about 10 percent, down from about 70 percent.
It's a rare departure from an oft-criticized trend in Silicon Valley, where founders tend to cling to the companies they founded.
Facebook CEO Mark Zuckerberg, for example, tried to propose a share structure that would allow him to maintain voting control of the company even as he sold off most of his shares to support philanthropic causes. That plan was later scrapped by the board amid shareholder pressure, though he still has effective control of the company. Snap gave up its right to be considered for the S&P 500, opting instead to stick with its plan to issue shares with no voting rights. Google, too, has multiple share classes.
Until now, Zynga has been lumped into that category. But on Wednesday, Zynga said it wanted to simplify its share structure and establish "parity for all shareholders." Pincus isn't selling any shares — indicating he is still a believer in its growth — but will become a non-executive chairman of the board as well.
The company also reported earnings on Wednesday, showing net income of $5.6 million on revenue of $208.2 million. Zynga also posting its highest mobile audience in four years thanks to franchises like "Words with Friends."
Pincus said in an interview with CNBC that he and the board "talked, questioned, when would it make sense to move from multi-class to single-class share structure."
"We felt like now is the right time," said Pincus.
Mobile gaming, in particular, is a very hit-driven business and one that's been tough for many players, including Zynga.
"In the case of Zynga, it missed the mobile transition from Facebook, and fortunately we caught it in time and now we're on it. We don't want to do that again," Zynga CEO Frank Gibeau said at the Morgan Stanley Technology, Media & Telecom Conference earlier this year.
"Our management team welcomes this significant vote of confidence from Mark in the work we've done turning around the company to-date, as well as the progress we're making in our growth strategy," the company said in a shareholder letter.
— Julia Boorstin contributed to this report.