The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread 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
In a statement Monday, Barr named Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons.Politicsread more
Lobbying disclosure reports show that Maria Ressa, who founded news website Rappler Inc. in the Philippines, has tapped two partners out of Covington & Burling to help her...Politicsread more
The New York City police officer who used a chokehold on Eric Garner in an encounter that ended with Garner's death has been fired, New York City Police Commissioner James...Politicsread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions to its benchmark rate.Marketsread more
Cowen downgraded tobacco giant Altria to market perform from outperform on Monday, seeing accelerating declines in an already deteriorating US cigarette market.
Altria's cigarette volumes will decline at a 7.3 percent annual rate over the next five years, compared to the average decline of 3.1 percent over the last five years, according to Cowen. Altria in December invested in e-cigarette maker Juul to combat the retreat in cigarette volumes, taking a 35 percent stake to gain exposure to the increasingly disruptive e-cigarette space. However, the move will not be enough to offset the decline, Cowen said.
"Although the Juul investment was likely the right move, Altria is incentivized to accelerate cigarette industry volume declines," Cowen's Vivien Azer said in a note on Monday titled "Tumultuous times in tobacco for Altria." Cowen decreased its net sales growth for 2019 to 2023 to 60 bps to 1.9 percent to reflect accelerating volume declines.
"Juul is probably a good deal for Altria that suffers from poor timing, and would be a key factor in our getting more constructive on the name," Azer added.
Cowen also lowered it 12- month price target for Altria to $53 from $74. Shares of Altria have fallen 14 percent in the past six months.
Altria's stock fell 1 percent to 49.8 in pre-market trading on Monday.