Category Archives for News

Fender sales boom as guitar playing surges during the pandemic

Business was looking pretty grim for Fender Musical Instruments Corp., the legendary guitar maker, when the coronavirus pandemic reached U.S. shores last March. Suddenly, 90% of its worldwide dealers’ physical stores closed, as did many of its online sellers’ distribution centers. Fender’s factories in Corona, California, and Ensenada, Mexico, shut down, furloughing hundreds of employees. […]

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Samsung wearable device sales have jumped more than 30% this year, exec says

Samsung Electronics’ wearable device sales are up by more than 30% this year, a senior executive at the world’s largest consumer electronics and smartphone company told CNBC.Taejong Jay Yang, senior vice president at Samsung Electronics, said consumers are buying wearable products that they can use to monitor their health during the coronavirus pandemic.“Although a majority […]

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Airbnb’s IPO filing shows it’s navigating the pandemic better than travel industry peers

Airbnb is in the challenging position of preparing to go public amid a slump in revenue. But relative to the rest of the travel industry, the company is thriving.In its IPO prospectus on Monday, Airbnb said that third-quarter revenue dropped 18% to $1.3 billion. Compare that to food delivery company DoorDash, which said in its […]

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Natural gas producer Gulfport Energy files for bankruptcy

Natural gas explorer and producer Gulfport Energy Corp filed for Chapter 11 bankruptcy on Friday, becoming the latest company in the U.S. energy sector to succumb to weak crude prices as the COVID-19 pandemic crimps fuel demand.In a statement on Saturday, Gulfport said it has secured $262.5 million in debtor-in-possession financing from its existing lenders under […]

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Disney said Covid-related costs shaved $2.4 billion from parks’ operating income in latest quarter

Disney Shares

While the majority of Disney’s theme parks were open during the company’s fiscal fourth quarter, the continued closure of Disneyland in the U.S. resulted in a big financial hit. The company expects its California parks will remain closed through the end of this year. The state has said it will not permit theme parks to reopen […]

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Airbnb Said to Delay IPO Filing to Distance It From Election

Airbnb Inc.’s long-awaited filing for an initial public offering has slipped to next week, according to people with knowledge of the matter.The home-share giant’s public filing with the U.S. Securities and Exchange Commission could come as soon as Monday, said the people, who asked not to be identified because the information wasn’t public.The company, which […]

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Square stock rockets after earnings beat

Square Inc.’s business showed two very different stories in the early days of the pandemic, as its seller segment came under pressure due to lockdown restrictions while its Cash App consumer segment saw surging usage from people looking to send money in an increasingly digital world.Now the merchant side of the business is starting to […]

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Zillow shares jump after online real estate company blows past estimates and provides optimistic forecast

Zillow shares climbed more than 8% in extended trading on Thursday after the digital real estate company reported third-quarter estimates that blew past analysts estimates and offered a better-than-expected forecast for the fourth quarter.A combination of record low mortgage rates and a pandemic-related trend towards remote work has led Americans to move and spurred a […]

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AT&T considers selling significant minority stake in DirecTV, AT&T Now and U-Verse pay-TV operations, sources say

AT&T is in discussions with private-equity firms, including Apollo Management, to sell a significant minority stake in its DirecTV, AT&T Now and U-Verse pay-TV businesses in a complicated transaction that would shift legacy assets off the wireless carrier’s balance sheet, according to people familiar with the matter. Under the terms of the proposed deal, AT&T would […]

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Inspire Brands to buy Dunkin’ Brands Group for $11.3 billion including debt

Dunkin’ Brands has agreed to be acquired by Inspire Brands for $11.3 billion including debt, bringing chains like Arby’s and Dunkin’ Donuts under the same umbrella in one of the largest restaurant deals.Inspire Brands, which owns Arby’s, Buffalo Wild Wings and Sonic Drive-In, said its all-cash deal to take the owner of Dunkin’ Donuts and […]

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