News Highlights: Top Company News of the Day
July 16 2020 - 1:15PM
Dow Jones News
Twitter's Biggest Strength Is Also its Core Weakness
An attack by hackers highlights some troubling issues about the
social-media platform, beyond mere technical vulnerabilities.
Vox Media Lays Off 6% of Workforce
The publisher of New York magazine, the Verge and SB Nation said
the action affecting about 70 people reflects the economic fallout
from the coronavirus pandemic.
How Germany's SEC Dismissed a Decade of Warnings About Wirecard
Germany's top financial supervisor received detailed warnings
about deceptive financial practices at Wirecard starting in 2008
but repeatedly failed to investigate the allegations, turning
instead against the accusers.
Ernst & Young Says It Isn't Responsible for Luckin Coffee's Accounting Misconduct
The auditor to Luckin Coffee said it bears no responsibility for
the Chinese coffee chain's 2019 financial statements and what it
called the company's fraudulent misconduct.
Abbott Laboratories Gets Boost From U.S. Covid-19 Testing
The medical company recorded a surge in revenue in its U.S.
diagnostics business during April, May and June.
American Targets New York Expansion With JetBlue Pact
American Airlines Group and JetBlue Airways announced an
alliance that the carriers said would speed their recovery from the
pandemic-driven travel downturn by boosting their position in large
Northeast markets.
Domino's Says Pandemic Sparks Stronger Demand in U.S.
Domino's Pizza posted robust U.S. sales during its latest
quarter, as consumers turned to the pizza-delivery company while
many other restaurant chains struggled with coronavirus-related
limits on their dining rooms.
Trading Powers Morgan Stanley to 45% Profit Jump
The bank reported record quarterly profit and revenue during a
period when the coronavirus ripped through the U.S. economy and
financial markets.
Bank of America Profit Falls 52% as It Prepares for Coronavirus Defaults
The large lender's profit tumbled in the second quarter after
the bank set aside billions of dollars to prepare for soured
loans.
Johnson & Johnson Readies to Start Covid-19 Vaccine Studies
Johnson & Johnson's revenue declined in the latest quarter
as the coronavirus pandemic weighed on sales of beauty products and
medical devices. But the company raised its financial guidance for
the rest of the year.
(END) Dow Jones Newswires
July 16, 2020 13:00 ET (17:00 GMT)
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