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On Monday, General Electric CEO John Flannery resigned, promising to reduce the number of jobs and close several units to make the company smaller. However, as reported by the company, the pace of transformation under the leadership of Flannery was too slow. The Board of Directors unanimously supported the candidacy of H. Lawrence Culp Jr. for the position of General Electric CEO. Based on this news, company shares rose 15% on Monday. At the same time, General Electric announced write-offs in the amount of $23 billion. The write-offs are associated with the troubled energy division, which received a loss of $10 billion in 2017.
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
Intel Corp. (INTC.O) announced on Monday that Chief Engineering Officer Murthy Renduchintala would leave the company on August 3. The semiconductor manufacturing company said that it would reorganize its technology, systems architecture, and ...
Samsung Electronics’ shares joined TSMC, its competitor, as both extended gains on Tuesday. This was mainly from upbeat expectations that Intel Corp’s plan of outsourcing more chip producers would favor the chipmakers. Shares of ...
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