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
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
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
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 mostly traded higher Tuesday morning as minutes from the Reserve Bank of Australia's July meeting were released. The People's Bank of China also published its...Asia Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
Apple has spent more than $6 billion on original TV shows and movies for its forthcoming Apple TV+ service, according to a Financial Times report on Monday.Technologyread more
The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Check out the companies making headlines midday Wednesday:
FedEx — Shares of FedEx dropped 5.14 percent after the company reported lower-than-expected third-quarter earnings and reduced its earnings outlook for fiscal year 2019. The company reported earnings of $3.03 per share, 8 cents below a Refinitiv estimate. FedEx also reported declining international revenue due to unfavorable exchange rates and trade conditions.
General Mills —General Mills rose 3.46 percent after its third-quarter earnings beat estimates. The food company reported earnings of 83 cents per share, 14 cents above a Refinitiv forecast. General Mills also raised its earnings outlook for the 2019 fiscal year.
UBS Group — Shares of Swiss bank UBS dropped 2 percent after its chief executive spoke before a conference in London this morning. CEO Sergio Ermotti said the bank will cut an extra $300 million from 2019 costs after investment banking revenue plunged and stressed that investment banking conditions are among the toughest in years.
Nevro — Nevro shares skyrocketed more than 30 percent after the medical device company announced its CEO Rami Elghandour was stepping down from his post. Investors also cheered the company's revenue guidance for 2019.
Smartsheet — Smartsheet shares rose more than 3 percent after the software company reported a loss of 7 cents a share, which is better than the FactSet estimate of a 14 cent loss. The company also issued better-than-expected revenue guidance for the first quarter and for fiscal 2020.
AAR — AAR fell more than 4 percent after the aerospace maintenance company cut its fiscal-year earnings guidance. The company now expected earnings for fiscal 2019 to range between $2.50 and $2.57 per share, down from about $2.80.
Tencent Music Entertainment — Shares of the music streaming service fell 8 percent amid concerns the company could struggle amid rising licensing and production costs. The worries overshadowed better-than-expected quarterly revenue numbers.
Viacom — Shares of the media company fell more than 5 percent after warning that DirecTV could drop its channels if a new contract isn't reached by a midnight Friday deadline. Viacom — which owns MTV, Nickelodeon, and Comedy Central — has accused AT&T, which owns DirecTV, of abusing its powers after buying Time Warner Inc. Viacom's stock is now on pace for its worst week since early December.