Kellogg to stop direct store delivery in U.S. Snacks business
(Reuters) – Corn Flakes maker Kellogg Co said on Wednesday it would stop distributing its U.S. Snacks business’s products directly to stores and instead switch to its more widely used warehouse distribution model in order to cut costs.
S&P 500 ekes out gain while banks drag on Dow
(Reuters) – The S&P 500 ended slightly higher on Wednesday as investors digested mixed earnings reports, while the Dow Jones Industrial Average slipped as bank stocks weighed.
Wells Fargo likely to eliminate 2016 bonuses for top executives: WSJ
(Reuters) – Wells Fargo & Co’s board is likely to eliminate 2016 bonuses for the bank’s top executives following the bogus account scandal, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
BUSINESS WATCH – Living in a ‘bipolar world’
BlackRock Chief Executive Larry Fink added is voice to the choir of major figures in the financial world calling for a dose of caution after Trump’s election touched off a rally in U.S. stocks. “The markets are probably ahead of themselves,” he said.
U.S. Supreme Court puts off action on major class action dispute
WASHINGTON (Reuters) – The U.S. Supreme Court will not act until at least the fall on a major business dispute on whether companies can head off costly class action lawsuits, meaning President Donald Trump’s nominee to the bench will almost certainly b…
Volkswagen mulls steps against Piech over diesel claims against board
FRANKFURT (Reuters) – Volkswagen said it was weighing steps against ex-Chairman Ferdinand Piech after media reports said he had informed key supervisory board members about potential diesel cheating six months before the scandal became public.
Panera surges to record as Wall Street eyes payoff from technology
SAN FRANCISCO (Reuters) – Shares of Panera Bread surged to a record high on Wednesday and were on track for the biggest one-day move in almost two years after the company gave an upbeat forecast and said technology investments at its restaurants were …
Baupost’s Klarman warns Trump-related jitters stoking investor risk
BOSTON (Reuters) – Billionaire money manager Seth Klarman, whose Baupost Group hedge fund ranks among the world’s largest and closely watched, warned that U.S. President Donald Trump is creating considerable uncertainty that will translate into risk fo…
Boutique bank Moelis wins advisory role for mammoth Saudi Aramco IPO
NEW YORK/LONDON/DUBAI (Reuters) – New York-based boutique investment bank Moelis & Co has been chosen as an adviser by Saudi Aramco [IPO-ARMO.SE] on its plans for what is expected to be the world’s biggest initial public share offer, sources familiar with the matter told Reuters.
Exclusive: Cancer drugmaker Tesaro attracts takeover interest – sources
(Reuters) – U.S. biopharmaceutical company Tesaro Inc is discussing its options with investment banks after receiving acquisition interest from several drugmakers, according to people familiar with the matter.
