Everyday News Update

Trump Selects Powell for Fed Chairman, Replacing Yellen – Bloomberg

President Donald Trump plans to nominate Federal Reserve Governor Jerome Powell to the top job at the U.S. central bank, three people familiar with the decision said. Trump, who has said he’ll announce his pick Thursday, would be choosing a former private-equity executive who favors continuing gradual interest-rate increases and sympathizes with White House calls […]

Zuckerberg: Facebook will cut into profits to prevent abuse – CNNMoney

The crisis over Russian-bought ads hasn’t slowed down Facebook yet, but it might. Facebook (FB, Tech30) said Wednesday that sales topped $10 billion in the third quarter, up nearly 50% from the same quarter a year earlier, fueled by the continued strength of its advertising products. Its profits jumped 79% to $4.7 billion for the […]

Under Armour slashes forecasts as North America slide worsens – Reuters

(Reuters) – Under Armour Inc (UAA.N) slashed 2017 forecasts and reported its first quarterly fall in revenue since going public on Tuesday, as the sportswear firm struggled to make inroads against global rivals Nike (NKE.N) and Adidas (ADSGn.DE). Shares of the maker of Stephen Curry basketball sneakers, already among the worst performing stocks on the […]

Facebook has a big Russia problem, but its stock price and business are going to be just fine – Recode

Facebook reports Q3 earnings on Wednesday, but that won’t be the most interesting thing happening for the social giant. Instead, Facebook’s quarterly numbers will likely be overshadowed by the company’s testimony in Washington, D.C., where General Counsel Colin Stretch will explain to multiple congressional committees how and why Russia was able to use Facebook to […]

Japan’s SoftBank doubts merger of Sprint with T-Mobile: source – Reuters

(Reuters) – SoftBank Group Corp (9984.T) and Deutsche Telekom AG (DTEGn.DE) have reached an impasse in their talks to merge Sprint Corp (S.N) and T-Mobile US Inc (TMUS.O) over how many shares each would hold in the combined company, people familiar with the matter told Reuters on Monday. In a board meeting at Japan’s SoftBank […]

Trump expected to nominate Powell for Fed chair – Washington Post

Jerome Powell, shown above in 2015, has served as a governor of the Federal Reserve since 2012 and has deep experience on Wall Street and in Washington. (Andrew Harnik/AP) President Trump is expected to nominate Jerome H. Powell as the next chair of the Federal Reserve, according to two people familiar with the president’s decision who […]

GE’s board was kept in the dark about Immelt’s use of a shadow jet, which he says he didn’t know about: WSJ – CNBC

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Here’s our first look at Elon Musk’s Boring Co. LA tunnel – TechCrunch

Elon Musk is digging a tunnel under Hawthorne near SpaceX headquarters in California, after receiving approval from city council to do so. Musk’s Boring Co. has already made considerable progress on the dig and tunnel build, apparently, as Musk shared an image of the tunnel from the inside showing a reinforced tube that stretches off […]

Larry Kudlow: President Trump needs a stable dollar along with tax cuts to maximize growth – CNBC

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Tesla is immune to bad news — here’s why – Business Insider

Elon Musk at SpaceX Hyperloop Pod II competition in Hawthorne, CaliforniaReuters/Mike Blake Tesla has reliably produced an endless stream of bad news during the last year. Investors haven’t cared, or haven’t cared for long. That pattern will probably continue, short of Tesla threatening bankruptcy. Tesla isn’t like other companies, and that’s both a good thing […]

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