Category: Stock Market News

Crate & Barrel’s CEO Doug Diemoz has left the company, a company representative confirmed to MarketWatch. Diemoz had held the position for less than two years. The spokesperson did not explain the reason for his departure but said it had nothing to do with a pending lawsuit with RH , the furniture and home-furnishings chain formerly known as Restoration Hardware. RH filed suit against Crate & Barrel in January 2017 alleging that Diemoz tried to improperly hire RH executives, and that another former executive, Kimberly Ahlheim, left RH with confidential information, according to a Wall Street Journal report. Diemoz is also a former RH executive. Crate & Barrel, headquartered in suburban Chicago, is privately owned by a German company, Otto Group. The Chicago Tribune reported that it had obtained an internal memo stating that an Otto Group executive board member, Neela Montgomery, will assume “most” of Diemoz’s responsibilities, working with other members of the executive leadership team. A Crate & Barrel spokesperson did not confirm that information to MarketWatch. RH shares are up 53.2% for the year so far. The S&P 500 index is up 4% in that period.

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Former New England Patriots tight end Aaron Hernandez was found not guilty on murder charges for a double homicide in Boston. Hernandez already is serving life without parole for another killing.

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Wal-Mart Stores Inc. is in advanced acquisition talks with men’s apparel retailer Bonobos, according to a Recode report published Friday. Sources tell Recode that both sides have agreed to a price and due diligence on the deal is underway. MarketWatch has reached out to Wal-Mart for comment. Bonobos launched a decade ago as a place for men to find pants with a personalized fit. Today it has nearly three dozen “guideshops” that customers can visit, though purchases are shipped. Bonobos was valued at $300 million in 2014, according to Recode. Wal-Mart has made a number of fashion acquisitions in recent months, including women’s retailer ModCloth and online outdoor retailer, Moosejaw. Wal-Mart shares are up 6.3% for the past year while the S&P 500 index is up 11.8% for the same period.

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Baxter International Inc. said on Friday that the Justice Department’s Antitrust Division was pursuing a criminal investigation into sales practices of intravenous saline, including those sold by Baxter. One of Baxter’s employees got a grand jury subpoena on Wednesday as part of the investigation, the company said in its 8-K financial filing. Baxter said it is cooperating with the Justice Department on the investigation. Baxter has previously said that the New York Attorney General has asked it for more information on this subject, and that the company is cooperating. A lawsuit against Baxter in November of last year claimed that it and other IV solution manufacturers had worked together to restrict supply and raise prices, causing a shortage. Baxter and the Jusice Department did not immediately respond to request for comment. Baxter shares have surged 14.6% over the last three months, compared with a 2.4% rise in the S&P 500 .

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The White House on Friday said it will not release visitor logs. “Given the grave national security risks and privacy concerns of the hundreds of thousands of visitors annually, the White House Office will disclose Secret Service logs as outlined under the Freedom of Information Act, a position the Obama White House successfully defended in federal court,” said Mike Dubke, the communications director, in a statement. The Obama White House had published visitor logs, though the White House counsel could redact entries including visits from friends.

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Ride-hailing company Uber Technologies Inc. reported a growing number of bookings in 2016 and net revenue outpacing its net losses, Bloomberg reported Friday. Uber had net revenue of $6.5 billion, on top of adjusted net losses of $2.8 billion, not including its business in China, which it sold. The company disclosed these numbers to Bloomberg, reporting gross bookings of $20 billion in 2016, a 126% increase from the previous year. Uber did not immediately respond to a request for comment.

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Apple Inc. is the latest tech company to receive permission from the state of California to test autonomous vehicles. The iPhone manufacturer was added to the California Department of Motor Vehicles list of companies that have received a permit for the testing, which also includes Alphabet Inc. , Tesla Inc. , Uber Technologies Inc. and Nvidia Corp. , along with a host of traditional auto makers. Apple has reportedly been working on a car for several years under the code name Project Titan, but has never publicly disclosed the effort despite issuing opinions about regulations for driverless cars and reports of potential acquisitions like luxury car maker McLaren. The reported autonomous-car effort has excited some observers who believe Apple needs to add another big-ticket item to continue to grow as iPhone sales level out, but not everyone believes the company can succeed in the field.

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The Securities and Exchange Commission said Friday it’s received an emergency court order to freeze assets in two brokerage accounts used to reap more than $1 million in alleged insider trading profits in connection with last week’s announcement that Liberty Interactive was buying General Communication . The traders, who are currently unknown, allegedly used foreign brokerage accounts in the United Kingdom and Lebanon to purchase call option contracts through U.S.-based brokerages and on U.S.-based exchanges in the days leading up to the April 4 public announcement of the acquisition, the SEC said. According to the SEC’s complaint, some of the risky options positions taken in these accounts represented virtually 100% of the market for those options.

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Eli Lilly & Co. and Incyte Corp. said early Friday that the Food and Drug Administration failed to approve their drug for moderate-to-severe rheumatoid arthritis. Eli Lilly reaffirmed its financial guidance for this year, and Incyte said it is evaluating the news’ impact and would provide any update on its first-quarter earnings call. (Incyte’s earnings are scheduled for May 4.) The FDA told the two companies that more clinical data are required to figure out dosage information and safety concerns across groups of patients. New clinical trials could greatly extend the timeline for drug approval. But Eli Lilly and Incyte said they “disagree with the agency’s conclusions” and said they would continue to work with the FDA to find a path to approval. Incyte shares have surged 19.6% over the last three months, and Eli Lilly shares have surged 11.0%, compared with a 2.4% rise in the S&P 500 .

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Kelly Services Inc. said Friday that Chief Executive Carl Camden will step down, effective May 10, after 11 years in the role and 22 years at the company. Camden is leaving the company to pursue opportunities in public service, as he has been named a finalist to be Oakland University’s next president. The staffing services company has pegged Chief Operating Officer George Corona at its CEO, effective May 11. Corona has been COO since January 2009. Kelly’s stock has shed 11% year to date through Thursday, while the S&P 500 has gained 4%.

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