News Highlights: Top Company News of the Day

Features Dow Jones Newswires

Snapchat Parent Posts $2.2 Billion Loss in First Quarterly Report; Stock Plunges

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Snap Inc. on Wednesday reported a $2.21 billion loss in its first quarter as a publicly traded company, magnifying the uphill battle the parent of Snapchat faces in establishing a profitable business while competing with social-media giants like Facebook and Twitter.

U.S. Steel CEO Mario Longhi to Retire

United States Steel's chief executive, Mario Longhi, who drove an aggressive cost-cutting push as the firm sought to stem years of losses, is retiring next month.

Whole Foods Plans to Remove More Than Half of Its Board

Whole Foods Market plans to remove more than half of its 12 sitting directors over the year and name a new chairman in an effort to show it is open to change after two big shareholders called on the chain to explore a sale.

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Abercrombie & Fitch in Merger Talks With Suitors

Abercrombie & Fitch is in merger talks with at least two interested buyers; rivals Express Inc. and American Eagle Outfitters have shown interest in the apparel chain.

Microsoft Makes a Play for Oracle's Customers

As Microsoft gains momentum in its cloud-computing business, it is setting its sights on an old nemesis: Oracle.

Power Company Calpine Explores Sale

Calpine, one of the biggest U.S. power generators, is exploring a sale and is working with investment bankers at Lazard to sound out possible buyers.

Boeing Halts Flights of New Jet

Boeing said that it had suspended flight tests of its new 737 Max jetliner because of problems with its engine, though still planned to deliver the first plane to its customer this month.

Bombardier's Controlling Family Faces Investor Revolt

One of Canada's biggest companies is facing a push to remove its executive chairman, Pierre Beaudoin, a member of the founding family that controls Bombardier through multiple-voting shares.

Occidental Petroleum to Test a Massive Ship for U.S. Oil Exports

Occidental Petroleum this month plans to test whether a massive supertanker named Anne can dock at its oil terminal along Texas' Corpus Christi Bay.

Time Inc. to Cut Costs, Sell Assets

Less than two weeks after deciding not to sell itself, Time Inc. unveiled a plan aimed at strengthening its finances by cutting its dividend, selling off noncore assets and hiring an outside adviser to help it reduce costs.

(END) Dow Jones Newswires

May 10, 2017 17:15 ET (21:15 GMT)