News Highlights: Top Company News of the Day
August 07 2020 - 5:15AM
Dow Jones News
Tencent Stock Drops After Firm Is Targeted by Trump Executive Order
Shares of Tencent Holdings plunged as much as 10%, hours after
President Trump signed an executive order that would bar U.S.
entities from transacting with the Chinese internet giant.
Trump Executive Orders Target TikTok, WeChat Apps
President Trump issued a pair of executive orders imposing new
limits on Chinese social-media apps TikTok and WeChat, escalating
tensions with Beijing and effectively setting a 45-day deadline for
an American company to purchase TikTok's U.S. operations.
AstraZeneca Strikes Deal to Produce Covid-19 Vaccine for China
AstraZeneca has agreed to have a Chinese drugmaker produce
hundreds of millions of doses of its experimental Covid-19 vaccine
for use in China if it is approved by regulators there, a deal that
expands China's access to potential vaccine options.
Billionaire Daniel Loeb's Third Point Re to Merge With Sirius Group
Third Point Reinsurance, backed by U.S. hedge-fund manager
Daniel Loeb, said it would merge with Sirius International
Insurance Group, whose majority shareholder in China has been under
financial pressure.
News Corp Posts Wider Loss as Coronavirus Pummels Advertising Revenue
News Corp posted a wider loss in its latest quarter as
advertising revenue halved amid the coronavirus pandemic, more than
offsetting profit growth at Wall Street Journal parent Dow Jones
& Co. and at the company's video-subscription unit.
T-Mobile Overtakes AT&T to Become No. 2 Carrier
T-Mobile US said it vaulted ahead of rival AT&T Inc. in the
race for wireless customers to become the country's second-largest
cellphone carrier.
Uber Ridership Fails to Recover as Pandemic Drives Another Big Loss
Uber Technologies posted another big loss with little sign of
recovery in its core ride-hailing business as the coronavirus
pandemic drags on, though stay-at-home orders have fueled company's
food-delivery business.
Fortnite Creator Epic Games Valued at $17.3 Billion After Latest Funding Round
Epic Games, the company behind the blockbuster videogame
"Fortnite," has raised $1.78 billion in the latest round of
investment, including a previously disclosed $250 million
investment from Sony Corp.
Hedge Fund Leading Battle Over Neiman Marcus's MyTheresa Faces Inquiry
A prominent hedge-fund manager has been accused of using his
influence at investment bank Jefferies to profit from buying shares
in MyTheresa, a Neiman Marcus e-commerce spinoff.
NYSE Owner Agrees to Buy Mortgage-Software Firm Ellie Mae
Intercontinental Exchange, the owner of the New York Stock
Exchange, said it would acquire mortgage-software firm Ellie Mae, a
landmark bet by the exchange giant on the digitization of the U.S.
mortgage industry.
(END) Dow Jones Newswires
August 07, 2020 05:00 ET (09:00 GMT)
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