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Amblin Partners said late Tuesday that Chief Executive Michael Wright is stepping down and handing the CEO role over to Amblin Chairman Steven Spielberg. The privately held joint venture, which includes Amblin Entertainment, DreamWorks Pictures and Participant Media, said Wright will be the executive producer for two upcoming films. Amblin said that Jeff Small will remain as president and co-CEO and oversee operations with Spielberg.

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Microsoft Corp. announced Tuesday that it is increasing its quarterly dividend to 42 cents per share, or 7.6% compared with the year-earlier quarter. The dividend is payable Dec. 14, 2017 to shareholders of record on Nov. 16, 2017. The ex-dividend date will be Nov. 15, 2017. In addition to the dividend hike the company also said it was adding PepsiCo Inc. Chief Financial Officer Hugh Johnston to its board of directors. Microsoft stock edged down 0.1% after hours, after closing nearly 0.5% up to $75.44 during the regular session.

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Former Google Inc. Chief Financial Officer Patrick Pichette is joining the board of Twitter Inc. , as PepsiCo Inc. CFO Hugh Johnston leaves to join the board of Microsoft Corp. . Pichette resigned from Google in 2015 after serving as CFO of the web giant for nearly seven years, and will join as an independent director on Dec. 1 for a two-year term. “After taking a two-year sabbatical to spend time with my wife and travel the world, I’m excited to join the Twitter Board and help the company advance its mission,” Pichette said in the announcement. Johnston will step down Oct. 1, and explained in Tuesday’s announcement that PepsiCo policies limit the number of boards he can join, so his appointment at Microsoft means he must step down at Twitter. After the changes take place, Twitter will have a nine-person board of directors. Twitter shares added 0.6% in late trading, after closing with a 0.9% gain at $17.76.

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Krystal Biotech Inc. late Tuesday boosted the number of shares available for its initial public offering. The Pittsburgh-based gene therapy company, which develops treatments for dermatological diseases, upped its offering to 3.96 million shares at $10 a share to raise up to $39.6 million. An additional 594,000 shares are available to cover overallotments. Last week, Krystal’s Securities and Exchange Commission filing offered 3 million shares at a price range of $9 to $11 a share. In late August, Krystal Biotech said it hoped to raise up to $35 million in its IPO.

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Next week’s tax reform blueprint from top Congressional and White House leaders is likely to move away from the idea of allowing the immediate deduction of new capital investment, in favor of a limited period of accelerated capital investment deductions, Politico reported, citing people familiar with the matter. The report also said that the statement from the so-called Big Six, which includes Treasury Sec. Steven Mnuchin, House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell, will scrap the idea of a 15% corporate tax rate, which has been President Trump’s stated goal.

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Bed Bath & Beyond Inc. reported earnings far below expectations Tuesday, citing restructuring- and hurricane-related issues, and promised information on new initiatives later in the afternoon as shares plummeted. The retailer announced fiscal second-quarter profit of $94.2 million, or 67 cents a share, on sales of $2.9 billion, down from earnings of $1.11 a share on revenue of $2.99 billion in the year-ago quarter. Analysts on average expected earnings of 93 cents a share on sales of $3 billion, according to FactSet. Bed Bath & Beyond listed issues that caused the profit miss and their effects, including restructuring charges (8 cents a share), Hurricane Harvey impacts (2 cents a share) and a new accounting standard (a penny a share). The retailer said that it “is undertaking a number of transformational initiatives,” which it will discuss in a conference call at 5 p.m. Eastern. Trading was halted for the stock ahead of the announcement, and the price plunged more than 18% in after-hours action after trading resumed; shares closed with a 1% decline at $27.03 Tuesday after reaching a 52-week intraday low of $26.54.

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