Intel has a new chief financial officer - George Davis, who had been Qualcomm's finance chief since 2013. At Intel, Davis steps in to lead the semiconductor giant’s global finance organization, and will also oversee the company's information technology segment.Davis will report to Swan, according to Intel. Qualcomm, on the other hand, said that it appointed David Wise, a longtime veteran of the company, as its interim finance chief while it hunts for Davis' replacement. Intel shares climbed +1.5% Wednesday, while Qualcomm stock dipped -0.5%.

For its first quarter 2019, the automaker’s sales declined -7%, compared to the previous year’s strong quarter. Deliveries of 665,840 vehicles in the first quarter were -6.98% lower from the year-ago quarter.Among car models, Cadillac ATS deliveries plunged -86% year-over-year, while Cadillac XTS deliveries fell -23%. The company's vehicles' average transaction price, however, spiked to a record high of $35,881 which is a +2.68% increase over 2018's first quarter.  GM’s the best-seller for the quarter was the GMC Savana, with a  +36% surged in deliveries. The company’s total pick-up truck saw a +20% increase in deliveries.   

In less than 48 hours, President Trump retreated on his promise of sweeping healthcare reform and the claim that the Republican party would be the party of healthcare.Trump now says he will wait until after the 2020 election, perhaps making it an even more contentious issue for voters. Trump had pledged in recent days to use court action to end the Affordable Care Act and said the Republican Party would push over the next few months for a better healthcare plan at lower cost for most Americans.  But Republican leaders in Congress quickly shied away from the issue and pushed him to reconsider.

Bank of America says it will help low- and moderate-income people in the U.S. become homeowners by extending $5 billion in mortgages. The five-year program, called Neighborhood Solutions, also includes grants for down payments and closing costs and mortgage packages with small down payments. “We know many of our clients want the power to own their first home, which can sometimes be challenging,” D. Steve Boland, the bank’s consumer lending head, said in the statement.The new programs will “aid them in overcoming barriers and put sustainable homeownership within reach.”

Major automakers on Tuesday reported weak U.S. sales for March and the first quarter, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. Read more...

In a move to extend quality delivery beyond Prime customers, Whole Foods plans to reduce costs of hundreds of its items with a focus on produce, such as greens, tomatoes and tropical fruits.  The grocer’s last major price cut for all customers was in 2017, while in 2018 it had been more focused on Amazon Prime members offering an additional 10% off on discounted items. Amazon acquired Whole Foods in the summer of 2017 in anticipation of converting more Prime members to Whole Foods customers.Last year, Prime subscribers reached more than 100 million in number who could not only enjoy free two day shopping and weekly Whole Foods deals, but could also enjoy music and movie streaming services with Amazon’s $119 year membership. But the latest development extends focus beyond the Prime members who can now save an average of 20% on the new reduced-price items. But the grocer will continue to target Prime members and rumors have it that it will double the number of exclusive deals fo

In a recent announcement, Novartis confirmed its acquisition of IFM Tre, a subsidiary of IFM Therapeutics LLC that specializes in developing anti-inflammatory medicines, especially the NLRP3 inflammasome.This latest acquisition will now add to the company’s immunomodulatory medicine portfolio. Valued at $1.575 billion, according to the terms of the deal, Novartis would pay $310 million upfront and then become eligible to pay for as much as $1.265 billion in milestone payments.  The acquisition is a significant move for Novartis, as it gives it full exposure to IFM Tre's portfolio of NLRP3 inhibitors. The NLRP3, the nucleotide-binding domain containing three pathway, is crucial to the body’s immune system and works as a warning sensor for pathogens signaling tissue damage and metabolic disorders. The acquisition is significant as it means gaining control over IFM Tre's molecules that can selectively suppress inflammation caused by the NLRP3 inflammasome, while allowing the

According to recently released financial data, the state-run oil giant Saudi Aramco has beaten Apple to become the world’s most profitable company as of 2018.In fact, Aramco also topped companies like J.P. Morgan Chase (JPM), Google-parent Alphabet (GOOGL), Facebook (FB) and Exxon Mobil (XOM) who made a combined $106 billion in 2018. Recently, Aramco has also disclosed a $10 billion bond sale, which it plans to use to fund a nearly $70 billion stake in Saudi Arabia’s petrochemicals company. However, Aramco still fell short of receiving top credit ratings from agencies like Moody’s, as the latter thinks that the company’s dependence on Saudi’s economy could prove disadvantageous in the long run.

Lamb Weston reported better-than-expected revenues and earnings for its third quarter. The packaged potato products maker had earnings of 95 cents per share, beating analysts’ expectations of 83 cents per share.Revenue for the quarter jumped +7% year-over-year to $927 million, surpassing analysts’ expected $898.5 million. President and CEO Tom Werner emphasized “good balance of price/mix improvement and volume growth” alongwith “operating efficiencies and cost savings” to have boosted margins. The company forecasts that its full-year net sales would grow in the high-single digits, up from its previous estimate of mid- to high-single digits. 

Amazon is set to lower prices at Whole Foods – for the third time. The e-commerce giant, which acquired grocery chain Whole Foods in 2017, will slash prices of fresh produce by an average of about -20%. The move seems to be part of Amazon’s burgeoning ambitions in the grocery space.We will continue to focus on both lowering prices and bringing customers the quality they trust and the innovative assortment they expect from our brand," said John Mackey, Whole Foods Market co-founder and CEO. In what could be yet another ammo against established giants Walmart and Kroger, Amazon is reportedly planning to launch a whole new grocery chain by the end of the year.

Harley-Davidson Inc.’s Menomonee Falls plant workers have reportedly rejected the company's labor offer to their union. Citing sources familiar with the matter, Milwaukee Business Journal reported that members of United Steelworkers Local 2-209 rejected the motorcycle behemoth's new contract offer Monday.The employee mentioned that he expects renewed negotiations to last "a couple of weeks," but that they don't have any  firm deadline yet. "This isn't really a thing about money," the employee reportedly said to WTMJ.

McDonald’s is buying a 9.9% stake – amounting to 13.8 million shares - in New Zealand-based mobile software maker Plexure, for about $5 million. The deal is expected to allow McDonald's to expand its access to Plexure’s products and services for better customer targeting and functionality among other aspects to boost business.Plexure already provides a global app for discount vouchers and loyalty offers to McDonald's customers in 48 countries outside the U.S. and other markets, including Japan and Italy. The news comes close on the heels of the fast food chain’s another major tech investment.

Manhattan real estate had its worst first quarter since the financial crisis, capping the longest losing streak for sales in over 30 years, according to a new report. Read More...

Oil prices rose to fresh highs for the year on Tuesday, after a U.S. official said Washington is considering more sanctions on Iran and a key Venezuelan export terminal halted operations. Read More...

Intel (NASDAQ: INTC) has laid off a "substantial number" of IT workers at sites across the company in the past week, according to a report from The Oregonian on Friday. Read More...

Even though it did not meet President Donald Trump's expectations, American corporations returned a large amount of off shore profit into the U.S. in 2018. According to the data released by the U.S. Commerce Department, it is estimated that companies brought back $85.9 billion in the Q4 2018 and a total of $664.9 billion for full year 2018.These numbers fell woefully short of the the Trump Administration's estimated $4 trillion of repatriations. To encourage corporations bring back cash to U.S., who otherwise park the cash overseas owing to the high tax rate of 35% in U.S., the government in late 2017 had revised the tax rate to one-time tax rate 15.5% on cash and 8% on other assets –  a sizeable reduction from the initial 35%. Tech giants like Apple kept huge stashes of cash abroad, but said last year after the rate-cut that it is planning to bring back nearly all of its $250 billion offshore cash back into the country.

On Thursday, Lyft priced 32.5 million shares, slightly more than it was offering originally, at $72, on top of its already elevated $70-$72 per share target range, raising $2.34 billion in its initial public offering.Despite Lyft’s steep loses, criticism of its dual-class share structure, and some concerns over its strategy for autonomous driving and new laws aimed at increasing driver pay. The company’s Chairman confirmed that Lyft will continue to focus on its North American growth over international expansion after the completion of its IPO.

Tech giant Apple confirmed on Friday that the company has concluded its plans to cancel AirPower charger, a wireless charging system that was first announced in 2017.Apparently, it could charge Apple products, the iPhone X and iPhone 8 - the first Apple phones to support wireless charging, by simply placing the devices on the mat. This came as a shock to many as Tim Cook himself touted its launch. It is believed that the product never made it to the shelves owing to the lack of the product’s promise to meet the high standards of Apple. However, Apple users can still wirelessly charge their devices using charging mats from other makers that use the Qi wireless charging standard. On the other hand, Apple is also making headlines through its other offerings like its forthcoming video service, TV+, as well as a new version of AirPods with wireless charging capability.

Novartis must face a U.S. government lawsuit accusing it of paying millions of dollars in kickbacks to doctors so they would prescribe its drugs, after a federal judge ruled in a decision released on Monday that the government had offered evidence of a "company-wide kickback scheme.District Judge Paul Gardephe in Manhattan also rejected the Swiss drugmaker's bid to keep key government evidence out of the case, and ruled that the government does not have to prove a direct "quid pro quo" agreement between Novartis and doctors for the company to be liable. The ruling means that, unless Novartis settles, the case is headed for trial.

Celgene Corporation says that the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted positive opinions for label expansions of its oncology drug, Revlimid and Imnovid. The CHMP recommended approval of the triplet regimen of Revlimid as combination therapy with Velcade and dexamethasone (RVd) for the treatment of adult patients with previously untreated multiple myeloma who are not eligible for transplant.The committee is expected to make its final decision in approximately two months.