Story of the Week Nordstrom family group offers $3.8B to go private Nordstrom family members including CEO Erik Nordstrom and his brother Pete, who is president of the company, have teamed up with Mexican retail company El Puerto de Liverpool to buy the department store for $23 per share or $3.8 billion in cash. The […]
Story of the Week Fed Chair Powell indicates interest rate cuts ahead: ‘The time has come for policy to adjust’ Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent. “The time has come for policy to adjust,” the central bank leader […]
Story of the Week Mars to acquire snack maker Kellanova in $36 billion deal Mars will acquire Kellanova for $35.9 billion in cash, tying together some of the largest U.S. candy and snack brands, the companies announced. The M&M owner Mars is acquiring the Kellogg spinoff company for $83.50 per share, according to the press […]
Stocks close higher, clawing back much of the week’s losses in major recovery from Monday’s sell-off Stocks ticked up Friday, August 9th as the stock market built on its incredible comeback from Monday’s violent rout. The broad market index ended the week just shy of completely reversing its weekly losses. The S&P 500 advanced 0.47% […]
Story of the Week Job growth totals 114,000 in July, much less than expected, as unemployment rate rises to 4.3% Job growth in the U.S. slowed much more than expected during July and the unemployment rate ticked higher, the Labor Department reported. Nonfarm payrolls grew by just 114,000 for the month, down from the downwardly […]