Financial News
Netflix chief communications officer is out following 'insensitive' remarks External Link

Netflix is letting go of its chief communications officer Jonathan Friedland after "insensitive" remarks he made, according to The Hollywood Reporter. Friedland joined Netflix in 2011 as the vice president of global corporations and was promoted to the chief communications role the following year. "Leaders have to be beyond reproach in the example we set and unfortunately I fell short of that standard when I was insensitive in speaking to my team about words that offend in comedy...," he said in a statement to The Hollywood Reporter. Netflix has not yet named a replacement for Friedland. Netflix shares are up 114% this year, while the S&P 500 is up 3.17%.

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Fri, 22 Jun 2018 20:11:41 GMT
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Dow halts skid at 8 straight sessions, but stock market ends the week lower amid trade jittersExternal Link

The Dow Jones Industrial Average on Friday closed higher, ending an eight-session slide that drove the broader market to weekly loss, amid rising global trade tensions. The Dow closed up about 120 points, or 0.5%, at 24,581, avoiding a nine-day slide, which would have marked its longest since 1978. Sharp gains in shares of McDonald's Corp. , up 2.7% and UnitedHealth Group Inc. were among the components that supported an advance in the price-weighted Dow. The S&P 500 index gained 0.2% at 2,754, supported by a rally in crude-oil futures, which enjoyed a pop after the Organization of the Petroleum Exporting Countries early Friday reached an agreement at a gathering in Vienna to increase a curb on crude output, but less aggressively than had been anticipated. August West Texas Intermediate crude on the New York Mercantile Exchange rose $3.04, or 4.6%, to settle at $68.58 a barrel, for its highest finish in about a month. That helped propel oil-and-energy focused shares, with the exchange-traded Select Sector SPDR ETF gained 2.1%. The technology-heavy Nasdaq Composite Index closed Friday's session off 0.3% at 7,692. The week of trading was pockmarked by anxieties around trade relations between the U.S. and partners in China and the U.S., headlined by President Donald Trump's threat late Monday to impose $400 billion in additional tariffs on Chinese goods, escalating tensions between the global superpowers. Over the five-session period, the Dow booked a weekly decline of 2%, the S&P 500 lost 0.9%, while the Nasdaq declined by 0.7%.

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Fri, 22 Jun 2018 20:07:42 GMT
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Former Intel CTO doesn't want CEO jobExternal Link

Former Intel Corp. Chief Technology Officer and current VMware Inc. Chief Executive Pat Gelsinger said Friday he doesn't want the CEO spot at Intel. In a tweet, Gelsinger said that he "loved" the CEO job at VMware and that the "future is software." Former Intel CEO Brian Krzanich stepped down Thursday after the semiconductor giant said he had violated the company's policies through a consensual relationship with another employee. Intel stock is up 0.9% to $52.64 in early afternoon trading. Intel shares have climbed 14% this year as the benchmark S&P 500 index has gained 2.9%. The Dow Jones Industrial Average , of which Intel is a component, has fallen 0.4%.

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Fri, 22 Jun 2018 19:10:09 GMT
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Fitch places Disney's A rating on review for possible downgradeExternal Link

Fitch Ratings placed The Walt Disney Co.'s senior unsecured A rating on review for a possible downgrade on Friday, citing the material increase in leverage that Disney's revised bid for assets of 21st Century Fox Inc. would create. The move further "incorporates a degree of uncertainty related to the final terms of the transaction due to the potential for a competing offer from Comcast Corp. ," said the agency. Fitch estimates that the new terms will increase Disney's leverage to about 4.0 times, assuming it succeeds in closing the Fox deal, and Fox succeeds in closing its bid for the 61% of Sky Plc it does not already own. Excluding the Sky deal, Disney's leverage would rise to about 3.3 times, also outside the current A rating. Disney shares were up 0.7% in late trade, but have fallen 0.8% in 2018, while the S&P 500 has gained 3.3%.

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Fri, 22 Jun 2018 18:23:41 GMT
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Amazon to open first fulfillment center in Alabama, adding 1,500 workersExternal Link

Amazon.com Inc. said Friday that it will open its first Alabama fulfillment center in Bessemer, creating 1,500 full-time jobs. Amazon currently has a sorting center in Mobile, Ala. The facility will span 855,000 square feet where workers will be packing and shipping small items like books and toys. Mayor Kenneth Gulley said the fulfillment center is "the largest single private investment in the city of Bessemer's 131-year history," in a statement. Amazon's stock has rallied more than 72% for the past year, while the S&P 500 index is up 13.5% for the period.

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Fri, 22 Jun 2018 17:58:50 GMT
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