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Two of the world’s most prominent billionaires Tesla Inc.’s CEO Elon Musk and Jack Dorsey are facing off over the merits of bitcoin, with the future of the world’s No. 1 crypto likely hanging in the balance.
American companies began to rethink their requirements for face masks after federal health regulators relaxed their guidelines this week, and on Friday Walmart Inc. made the first big move to bend to the new view.
Cisco Systems Inc. stands to benefit from a thawing in enterprise spending as more businesses resume projects that got postponed because of the COVID-19 pandemic, and that will likely put more focus on the company’s outlook.
Forbes releases its list of highest-paid athletes of 2020 and athletes including Conor McGregor and LeBron James had huge earnings outside of their sport.
Medical-device maker Femasys Inc. has filed for an initial public offering. The Georgia-based company, which focuses on women’s health care, filed to sell $40.25 million worth of shares. The company plans to list its shares on the Nasdaq under the symbol FEMY, according to a filing with U.S. securities regulators on Friday. Femasys said its sales rose 12% to $1.04 million in 2020, and its net loss narrowed to $6.9 million in 2020 from an $11.3 million net loss in 2019. One of its devices, FemVue, used in artificial inseminations, has marketing clearances or authorization in the U.S., Europe, Canada, and Japan, but currently its sale is “a very limited direct effort,” the company said.
The number of breakthrough cases in people vaccinated against COVID-19 is low, but here’s what you should know.
IAC/Interactive Corp. IAC said late Friday that Vimeo will begin trading as a public company in late May, following a vote from shareholders to approve a spinoff of the video hosting and streaming site. IAC expects Vimeo to start trading on the Nasdaq under the ticker “VMEO” on May 25. The spinoff is still subject to final approval from IAC’s board, the company said. IAC said that Vimeo will trade on the Nasdaq “on a ‘when issued’ basis” under the ticker “VMEOV” from May 18 to May 24. Earlier in the month, Vimeo was credited with driving accelerated revenue growth in IAC’s quarterly results. Plans for the spinoff were first announced in late December.
Neera Tanden, who withdrew in March as President Joe Biden’s nominee to head the Office of Management and Budget, has become a senior adviser to the president, according to reports and the think tank she heads. Tanden’s portfolio will include planning for potential policy changes that could result from the forthcoming Supreme Court decision on Republican legal efforts to strike down the Affordable Care Act, CNN reported. Before withdrawing as OMB nominee, Tanden had come under fire for using Twitter to criticize former President Donald Trump and Republican lawmakers, and was also critical of the liberal Vermont independent Sen. Bernie Sanders. Tanden now heads the Center for American Progress, whose director John Podesta said in a statement that Tanden would bring “intellect, tenacity, and political savvy” to her new role. The White House did not immediately return a request for comment.
ViacomCBS Inc. said in a filing late Friday that the disputes with former Chairman and Chief Executive Leslie Moonves have been resolved, with both parties dismissing the arbitration started by Moonves in January 2019. Assets of a grantor trust relating to the matter will revert to the ViacomCBS “in their entirety,” the media company said in a U.S. Securities and Exchange Commission filing. Shares of ViacomCBS rose 0.2% in the extended session Friday after ending the regular trading day up 1%. The media executive resigned in 2018 following allegations he sexually assaulted or harassed multiple women. Moonves has denied the allegations.
Friday’s top personal finance stories
Despite differing outcomes, shares of GameStop and AMC Entertainment were moving in almost perfect sync on Friday as the two most popular meme stocks experienced very similar choppy trading one day after both experienced major surges.
Stocks ended with strong gains Friday, building on the previous session’s bounce as major benchmarks trimmed weekly losses. The Dow Jones Industrial Average rose around 361 points, or 1.1%, to end near 34,382, according to preliminary figures. The SP 500 finished around 61 points higher, up 1.5%, near 4,174, while the Nasdaq Composite rallied around 305 points, or 2.3%, to close near 13,430. Friday’s gains were broad based, with tech-related shares rising alongside stocks tied more closely to the economic reopening. Equities slumped earlier in the week and tumbled hard on Wednesday after data showed a hotter-than-expected rise in the April consumer price index. The bounce left the Dow with a weekly loss of 1.1%, while the SP 500 stumbled 1.4% and the Nasdaq declined 2.3%.
The Colonial Pipeline episode is likely to bring even greater interest in the regulation of bitcoin and other cryptocurrencies as law enforcement seeks to track down the perpetrators, and policymakers hope to prevent similar attacks from happening again.
The stock market is generally expected to benefit from inflation, but surging price pressures are rattling investors.
The grocery store chain Kroger said Friday it ‘continues to require everyone in our stores to wear masks’
The retired NBA star Paul Pierce has bagged a buyer for his Calabasas, CA, compound, the Los Angeles Times reported. The deal closed for $8.7 million.
Core categories like dresses and handbags will get a post-COVID boost with dresses already getting a 20% lift, the company says.
Oil futures climbed on Friday, erasing previous losses to finish higher for the week. “The Colonial Pipeline debacle got most of the attention from energy traders this week,” but the shutdown “did not have a material impact on the broader market as the outage was short-lived and all operations are reportedly back to normal as we approach the weekend,” said Tyler Richey, co-editor at Sevens Report Research. June West Texas Intermediate crude rose $1.55, or 2.4%, to settle at $65.37 a barrel on the New York Mercantile Exchange. For the week, the front-month contract gained 0.7%, FactSet data show.
Here’s how to tell if dogecoin’s rebound is more bark than bite, according to technical analysts following the popular crypto.