News Highlights: Top Company News of the Day
Bank Stocks Make a Comeback After Sharp Sell Off
Since the end of June, five of the six largest U.S. banks have
outperformed the S&P 500's 13% gain. Shares of Morgan Stanley
and Goldman Sachs are up 20% and 19%, respectively.
Kohl's Cuts Outlook Blaming Inflation. The Stock Is Down.
The company said sales are now expected to decline to a range
down 5% to down 6% in 2022 from the prior year.
Browsers Are Back in the Antitrust Hot Seat
Google's Chrome and Apple's Safari browsers have escaped the
brunt of antitrust attention so far, but competitors have grown
more vocal in their complaints to regulators.
Tether Switches Accounting Firm
The biggest stablecoin issuer has been promising a full audit of
its investments since at least 2017 but has yet to deliver.
Renesas Will Drive Around the Chip Downturn
With the increasing automation of cars, the semiconductor maker
looks likely to cruise through to more clement weather.
Rising Rates Put Squeeze on Fintech Lenders
Lenders such as Upstart, Mosaic and Carvana are finding money
harder to come by as the Fed's rate-hiking campaign affects all
corners of the economy.
Ending Bad Cholesterol With a Single Injection-an Opportunity for the Brave
Verve's effort to lower patients' levels of bad cholesterol with
a single injection is gradually making clinical progress and would
be a significant upgrade from statins and other medicines currently
Americans Spent More Time Streaming Than Watching Cable TV in July-a First
Americans spent more of their TV-viewing time streaming content
on services like Netflix, YouTube and HBO Max than they did
watching cable TV, according to Nielsen.
Geely Automobile Profit Falls on Higher Costs
The Chinese car maker expects sales and profitability in the
second half to be pressured by intense competition in the China
auto market, rising raw-material and battery prices and a global
shortage of chip supply.
Galaxy Entertainment Swings to Loss as Lockdowns Weigh
Galaxy Entertainment Group swung to a net loss in the first half
as revenue and profitability plunged, worsened by a temporary
suspension of its Macau operations in July.
(END) Dow Jones Newswires
August 18, 2022 09:15 ET (13:15 GMT)
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