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
O'Neill announced in a media gathering at police headquarters Monday that Pantaleo "can no longer effectively serve as a New York City police officer."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
Check out the companies making headlines midday
Lyft – Shares of ride hailing company Lyft fell over 2% as CNBC confirmed that the company's chief operating officer Jon McNeill is leaving the company. Before working for Lyft, McNeill worked for Tesla.
Pfizer, Mylan – Pfizer fell almost 4% while Mylan climbed over 12% after it was announced that Pfizer would combine its off-patent drug business with Mylan. The all-stock deal would create a U.S.-headquartered combined company that would sell Mylan's EpiPen and Pfizer's Viagra. The paired company would generate more than $20 billion in annual sales.
Chipotle – Shares of Chipotle rose 3.7% after Goldman Sachs named the fast-food company as its favorite restaurant stock. The firm initiated coverage of Chipotle with a buy rating and a $1,000 price target, representing 28% upside for the stock, and added Chipotle to its conviction buy list. Goldman said digital sales will drive the next leg of the stocks rally.
Starbucks – Shares of Starbucks dropped about 1% after J.P. Morgan said the stock's "upside from here is limited" and cut its rating on the company to neutral from overweight. Starbucks stock has climbed more than 90% in the past 12 months.
Boeing – One of the laggards of the Dow Jones industrial average, Boeing's stock fell 1.4% after analysts at credit agencies Standard & Poor's, Moody's and Fitch released ratings that gave a cautious outlook on the aerospace giant's debt due to the prolonged 737 Max crisis. S&P especially warned that "Boeing's credit metrics will very likely deteriorate over the next few quarters." Additionally, Ryanair CEO Michael O'Leary sounded off on Boeing during his company's earnings conference call, saying that Ryanair may have to cut jobs if "Boeing don't get their s--- together pretty quickly with the regulator."
Insperity — Shares of the human resources company plunged nearly 25% after cutting full-year and third-quarter guidance to below what Wall Street was expecting. Higher health claims and lower-than-expected hiring at existing accounts for the second quarter added to pressure on the stock.
UPS – Shares of UPS fell 1.6% following a downgrade from Stifel. The firm lowered its rating to hold and maintained its $118 per share price target, saying it does not feel comfortable pushing the valuation multiple up enough to continue to recommend a buy. UPS pushed passed Stifel's price target after its strong quarterly earnings last week.
Tower Semiconductor — The circuit manufacturer's stock rallied over 10% after revenue, earnings and third-quarter guidance all topped analysts' expectations for the second quarter. Tower Semiconductor highlighted its 11% organic growth from the prior quarter and forecast strong demand.
Beyond Meat – Shares of the meat alternative company fell more than 5% on Monday ahead of its first quarterly earnings report since its initial public offering in May. Since then, the stock has surged 794% and hit a record high of $239.71 last week. Nearly 44% of Beyond's outstanding shares are being shorted, according to data from S3 Partners.
– CNBC's Michael Sheetz, Tom Franck and Kate Rooney contributed to this report.