News Highlights: Top Company News of the Day
October 17 2018 - 12:30PM
Dow Jones News
Funds Back Proposal to Remove Zuckerberg as Facebook Chairman
Several public funds with holdings in Facebook are backing a
shareholder proposal to push out CEO Mark Zuckerberg as
chairman.
IBM Shares Slide as Revenue Drop Renews Concerns
Shares of International Business Machines fell Wednesday after
the company's drop in revenue renewed concerns about the tech
giant's growth prospects.
SEC Charges Former Insurance Wunderkind With Fraud
The SEC charged Alexander Chatfield Burns, a former insurance
industry wunderkind, with fraud, claiming he and an associate
diverted more than $300 million from insurers they controlled.
Campbell Soup-Maker Descendants Say They Support Board
Key members of the family that effectively controls Campbell
Soup said they would support the current board, narrowing the odds
for activist investor Daniel Loeb to replace the 12-person
board.
Uber Targets Trucking With New Trailer-Rental Business
Uber Technologies, in its ongoing quest to move beyond its
unprofitable business of connecting drivers with passengers, is
adding a new tractor-trailer rental business to help big-rig
truckers haul freight around the country.
Regulators Rescind Federal Oversight of Prudential Financial
U.S. regulators removed federal oversight of Prudential,
granting the firm a victory after a yearslong effort to prove it
didn't deserve tighter scrutiny.
U.S. Bancorp Profit Rises on Lower Expenses
Revenue grew at a quicker pace than expenses in U.S. Bancorp's
third quarter as the regional bank reported a 16% increase in
profit from a year earlier.
Tesla Advances in China, Buying Land Purchase for a Factory
Elon Musk's electric-vehicle maker is speeding up construction
of a plant in Shanghai in response to the U.S.-China trade
dispute.
Tastemade Orders Up $35 Million Funding Round, Aims to Cash In on Data
Tastemade, a Santa Monica, Calif.-based digital-video company
that pairs bite-sized videos with audience data, has raised $35
million in its latest funding round, the company said.
Pilot Shortage Hurts Airlines, But There's a Winner
Airlines will struggle to find enough pilots to meet their
expansion plans over the coming years. That's a tailwind for
companies that help train them.
(END) Dow Jones Newswires
October 17, 2018 13:15 ET (17:15 GMT)
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