News Highlights: Top Company News of the Day
Microsoft's Earnings Continue to Ride Pandemic-Fueled Demand for Cloud
The software company said total sales rose 12% to $37.2 billion,
generating a net profit of $13.9 billion in the first quarter of
its fiscal year.
SoCal Edison Says It May Have Caused Orange County Wildfire
The Silverado Fire has consumed more than 11,000 acres of
tinder-dry brush in the foothills above Irvine and other cities
south of Los Angeles.
Revlon Warns of Possible Bankruptcy Reorganization if Bond Swap Flops
The beauty-products maker warned bondholders about the
substantial risk of a bankruptcy restructuring if they don't
participate in a proposed debt exchange.
Eli Lilly Earnings, Halted Covid-19 Drug Trial Disappoint Investors
The drugmaker reported lower-than-expected quarterly earnings
due to pricing pressure on top products. It said it would proceed
with plans to introduce a new coronavirus antibody treatment
despite a recent setback.
Visa's Planned Purchase of Plaid Faces Antitrust Scrutiny at the Justice Department
The DOJ, making preparations for potential litigation, could
soon decide whether it will sue to block Visa's purchase of the
Raytheon Shrinks to Fit Jet Downturn
The biggest aerospace supplier by sales said it is cutting
20,000 jobs this year-up from a previously announced 15,000-as it
adjusts to the shrinking airline industry and the sharp drop in
jetliner orders and deliveries.
T-Mobile Makes Another Bid for Pay-TV Viewers
The cellphone carrier unveiled a new wireless TV service that
will stream channels like CNN and ESPN in bundles costing between
$10 and $60 a month.
Callaway Golf to Buy Rest of Topgolf
Callaway Golf agreed to buy the rest of Topgolf Entertainment
Group in a deal that values the driving-range operator at $2
billion and brings the maker of golf balls and clubs into sports
Coronavirus Prompts Rent the Runway to Think Beyond Rentals
The startup is raising a new round of financing and is focusing
on selling clothes, not just renting them, after the startup
suffered a near-fatal blow from a coronavirus pandemic that has
kept women home for most of the year.
A Broken Up AIG Would Still Have Work to Do
AIG's property-and-casualty unit could fetch a better valuation
on its own, but it will likely still trail its rivals for now.
(END) Dow Jones Newswires
October 27, 2020 19:15 ET (23:15 GMT)
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