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.
Aetna to Pull Out of Remaining Affordable Care Act Exchanges
Aetna Inc. said it would pull out of the Affordable Care Act exchanges in Delaware and Nebraska next year, confirming that the insurer will exit all of the marketplaces where it currently sells plans.
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.
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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.
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.
Blankenship, Massey Energy's Former CEO, Comes Out of Prison Tweeting
Don Blankenship, Massey Energy Co.'s former chief executive, lashed out at prosecutors on social media on the day he finished his one-year prison sentence related to a 2010 West Virginia mining disaster.
FDA Approves Combining Merck's Keytruda With Chemotherapy
U.S. health regulators approved expanding the use of Merck's cancer drug Keytruda to include adding it to chemotherapy to treat lung cancer, broadening the drug's potential market though evidence for the combination's benefit is mixed.
Fox Revenue Lifted by Super Bowl
21st Century Fox Inc. reported a rise in revenue in the latest quarter, lifted by higher advertising and affiliate fees in its television segments.
(END) Dow Jones Newswires
May 10, 2017 19:15 ET (23:15 GMT)