Wall Street's wild week wrapping up with more volatility: The stock-market rebound is taking a breather. The major U.S. averages are pointing to a lower open on Friday after three straight days of gains. Futures were hit overnight following a Bloomberg report that said the United States is holding off on giving companies licenses to do business with Huawei after Beijing stopped its purchases of U.S. agricultural products.
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Uber's ugly quarter sees huge loss: The ride-hailing giant lost a larger-than-expected $5.2 billion in the second quarter thanks to the driver-appreciation payout that occurred alongside its initial public offering. Shares are expected to open sharply lower. Over at rival Lyft, business is looking better. Earlier this week the company boosted its outlook for the year as it adds more riders.
Warren Buffett's Berkshire Hathway took another big hit on its Kraft Heinz investment. The maker of Heinz Ketchup and Kraft Mac and Cheese is likely giving the Oracle of Omaha indigestion. The food company announced it was taking $1.22 billion of new writedowns, bringing the total size of writedowns this year to nearly $17 billion. Berkshire owns roughly 325 million shares, or 26.7 percent of the company, giving it a paper loss of more than $860 million for the day. That's a lot of dough even for the world's third-richest man.
Pizza Hut is shutting hundreds of restaurants. The pizza chain plans to close about 500 of its 7,496 restaurants in the United States as it shifts its focus to fast-casual dining and deliveries. Greg Creed, the CEO of Yum Brands, Pizza Hut's parent company, told investors he sees this as a needed move to drive more sales. The pizza chain is aiming to boost its takeout and delivery business.
Tiger Woods tees off on the most expensive golf course in history: All eyes will be on the 2019 Masters winner as he and other pro-golfers hit the FedEx Cup playoffs. at Liberty National Golf Club in New Jersey, a site owned by former Reebok CEO Paul Fireman. which ranks among the most expensive golf courses in history. Woods is reportedly dealing with back issues, according to multiple reports.