Author: FC

Revlon says CEO Fabian Garcia will step down

Revlon President and CEO Fabian Garcia will step down after less than two years in the position, the company said Monday. Board member Paul Meister was named executive vice chairman and put in charge of the company day-to-day operations on an interim basis. Garcia, who is stepping down to “pursue other opportunities,” will stay on until the end of February to assist in a smooth transit...

JP Morgan says Jamie Dimon will continue to serve as CEO for five more years

J.P. Morgan Chase‘s chairman and CEO, Jamie Dimon, will stay in that role for another five years, the bank said Monday, though it named two lieutenants to a co-president job. Daniel Pinto, 55, and Gordon Smith, 59, will start their new roles as co-presidents and co-chief operating officers on Tuesday, reporting to Dimon. They are, respectively, the CEOs of J.P. Morgan’s corporate and i...

Years with the big Januarys for stocks have also had mighty big sell-offs

The 10 best Januarys for stocks have two things in common — the full year ended with a gain, and there was a fairly significant sell-off. Strategas studied the 10 biggest January gains for the S&P 500 since 1950 and found the advances ranged from 5.8 percent, in 1980, to 13.2 percent, in 1987. If the S&P ends the month where it is now, it would be No. 6 of the top 10, with a 7 percent gain...

Apple is testing key support levels ahead of earnings this week

Apple is testing several key levels of support ahead of its earnings report due out later this week. The chart, at least over the course of the last week, isn’t pretty. Apple just posted its worst week since last September amid a slew of bad news, like cautious analyst coverage of the iPhone maker. On Monday, the stock fell nearly 2 percent as Nikkei reported Apple is cutting its iPhone prod...

After-hours buzz: MET, REV & more

Check out the companies making headlines after the bell Monday: Metlife stock plunged more than 7 percent after the bell. The insurance provider previewed earnings that fell well short of Wall Street expectations and rescheduled the release of its quarterly and full-year financial results from Jan. 31 to Feb. 13. Metlife also anticipates an impact of between $135 million and $165 million on its ne...

Japanese chipmaker Renesas is in talks to acquire Maxim, in a deal that could approach $20 billion

Japanese semiconductor company Renesas Electronics is in talks to acquire U.S. chipmaker Maxim Integrated in what could be close to a $20 billion acquisition. A deal isn’t imminent and one may not happen, the people said, who asked not to be named because the discussions are private. Renesas has a market capitalization of about $20 billion, while Maxim is valued at more than $16 billion. A t...

Japanese chipmaker Renesas is in talks to acquire Maxim; Renesas denies the talks

Japanese semiconductor company Renesas Electronics is in talks to acquire U.S. chipmaker Maxim Integrated, according to several sources close to the matter, in what could be close to a $20 billion acquisition. A deal isn’t imminent and one may not happen, said those people, who asked not to be named because the discussions are private. Renesas has a market capitalization of about $20 billion...

Coincheck Didn’t Bother With ‘Basic Security Protocols’ Because The Worst That Could Happen Is A $400 Million Theft

It was exactly the kind of scene that Japan’s FSA had been hoping to avoid when it became one of the few regulators globally to introduce a licensing system for cryptocurrency exchanges last April. That’s from a new Bloomberg piece documenting the fallout from last week’s rather unfortunate episode that found one of Japan’s largest cryptocurrency exchanges admitting it had “lost” some $400 million...

Equifax free credit-protection offer ends Jan. 31

Time is running out for consumers to take advantage of several credit-protection measures at Equifax. Until Jan. 31, all U.S. consumers can freeze their credit report at Equifax for free and sign up for one year of free credit monitoring. The offers came last fall after the credit-reporting company revealed that up to 145 million consumers’ private data had been compromised in a massive data...

Exxon Mobil to invest $50 billion in US over 5 years, citing tax cuts

Exxon Mobil, the world’s largest publicly traded oil company, on Monday said it plans to invest $50 billion in the United States over the next five years. Darren Woods, chairman and CEO of Exxon, said in a blog post that the investment is partly due to recently passed corporate tax cuts. The announcement puts Exxon on the board with a number of other companies that have announced employee bo...

Exxon Mobil announces $35 billion in new US investments over 5 years, citing tax reform

Exxon Mobil, the world’s largest publicly traded oil company, on Monday said it plans to invest an additional $35 billion in the United States over the next five years. Darren Woods, chairman and CEO of Exxon, said in a blog post that the investment is partly due to recently passed corporate tax cuts. The announcement puts Exxon on the board with a number of other companies that have announc...

UBS, Deutsche Bank and HSBC to pay millions in spoofing settlement, CFTC says

Until now, an illegal trading technique called “spoofing” has been associated with two-bit commodities outfits and lone wolf traders operating in the shadows of the markets. But prosecutors revealed on Monday that their investigations have hit the big time. Deutsche Bank, UBS and HSBC will collectively pay nearly $47 million to settle civil regulatory charges some of their traders enga...