Goldman Profit More Than Doubles, Powered by Trading

The Wall Street firm's revenue rose 18% above 2019's fourth-quarter level as it benefited from a relatively small loan book and heavy exposure to underwriting and trading securities.

 
Bank of America Earnings Weighed Down by Low Rates

The bank's profit declined 22% in the fourth quarter as rock-bottom interest rates pose a challenge for lenders. Still, per-share earnings topped analyst estimates.

 
Microsoft Bets on Driverless-Car Space With Investment in GM's Cruise

Microsoft is among a group of companies that will invest more than $2 billion in San Francisco-based Cruise, which has been majority owned by GM since early 2016. The financing brings Cruise's valuation to $30 billion.

 
MGM Ends Bid for British Gaming Firm Entain

The Las Vegas-based casino operator made a bid for Entain by offering 0.6 of its shares for each Entain share, worth GBP8.09 billion.

 
China Clears Cisco-Acacia Deal With Conditions

China's antitrust regulator said the U.S. telecom-equipment companies and subsequent merged entity must fulfill existing contracts with Chinese clients and keep commercial terms unchanged.

 
Royal Caribbean to Sell Azamara Luxury Cruise Line for $201 Million

The move would let the cruise operator focus on its core brands after almost a year since onboard coronavirus outbreaks brought its voyages to a halt in the U.S.

 
Office Depot Rebuffs Takeover Offer From Staples

Office Depot's parent, ODP, has concluded that a sale of its retail and consumer-facing e-commerce operations to Staples or a joint venture is preferable to a full takeover, according to a letter reviewed by The Wall Street Journal.

 
Lumentum to Buy Laser Maker Coherent for $5.7 Billion

Under the terms of the cash-and-stock deal announced Tuesday, Coherent shareholders would receive $100 and 1.1851 shares of Lumentum stock for each Coherent share.

 
Advent International Backs RxBenefits at $1.1 Billion Valuation

The global private-equity firm is investing in the pharmacy benefits provider alongside the company's existing private-equity backer Great Hill Partners.

 
Rio Tinto Records Slight Lift in Iron-Ore Shipments

Rio Tinto reported a 1% lift in annual shipments of iron ore from its Australian mining hub and forecast a wide range for 2021 exports around a similar level as it deals with uncertainties tied to the pandemic and a review of heritage laws.

(END) Dow Jones Newswires

January 19, 2021 11:15 ET (16:15 GMT)

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