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News Highlights: Top Company News of the Day

November 16, 2020 at 07:16 pm EST

Tesla to Be Added to S&P 500 Index

Tesla will be added to the S&P 500 index on Dec. 21, S&P Dow Jones Indices said in a statement.


 
Moderna's Covid-19 Vaccine Is 94.5% Effective in Early Results, Firm Says

Moderna's experimental coronavirus vaccine was 94.5% effective at protecting people from symptomatic Covid-19, an early look at pivotal study results showed-the second vaccine to hit a key milestone.


 
Cinemark, Universal Usher in Change to Movie-Theater Distribution

The cinema chain agreed to show Universal films for just three weekends before they go to home video.


 
Airbnb IPO Filing Shows Profitable Quarter After Deep Cuts

Airbnb unveiled paperwork for its initial public offering, showing the home-sharing giant turned a profit in the third quarter after the coronavirus pandemic forced it to overhaul its business and shed costs.


 
Mallinckrodt Gains Broader Support for Opioid Settlement

Over a thousand counties and cities have agreed to the drugmaker's proposed $1.6 billion settlement of opioid-related lawsuits, support that is key to the company's chapter 11 restructuring.


 
GameStop's New Billionaire Investor Pushes for Digital Sales, Fewer Stores

Chewy co-founder Ryan Cohen, who holds a nearly 10% stake in GameStop through his investment firm RC Ventures LLC, is pushing the company to conduct a strategic review.


 
'Someone's Losing Their Job': Revlon Lenders Were Surprised at Citi's $900 Million Mistake

When Citigroup accidentally used its own funds to repay nearly $900 million owed by Revlon, lenders were surprised at their unexpected payoff, according to internal chat and email messages.


 
Home Depot to Buy Former Unit HD Supply for $8.7 Billion

The home-improvement giant is buying HD Supply, which it had sold off in 2007, in order to beef up its ability to distribute industrial products.


 
Goldman's Top Deal Maker Leaving to Run Michael Dell's Investment Firm

Gregg Lemkau, Goldman Sachs's co-head of investment banking, is leaving the Wall Street bank to run the investment firm started by technology tycoon Michael Dell.


 
'Predatory and Opportunistic': Southwest Airlines Seizes the Moment as Rivals Struggle

Through its history, the no-frills airline has leapt at opportunities to expand into new cities. It's doing it again. "You could wait til Covid is over. But that's far too long."

(END) Dow Jones Newswires

11-16-20 1915ET

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
NASDAQ COMPOSITE	15,885 PTS	-1.79%	-2.27%	-
DOW JONES INDUSTRIAL	37,735 PTS	-0.65%	-2.89%	-
NASDAQ 100	17,707 PTS	-1.65%	-2.17%	-
S&P 500	5,062 PTS	-1.20%	-2.70%	-
GAMESTOP CORP.	10.06 USD	-6.59%	-7.11%	3.08B
AIRBNB, INC.	155.6 USD	-2.37%	-2.91%	99.08B

Michael Dell

Michael Dell is the founder of Dell Inc., the second largest computer manufacturer in the world. With a net worth of about $ 14.6 billion, the Texas billionaire was the 44th richest man in the world according to Forbes 2011.

During the preparation of his degree in physics at the University of Texas, at Austin. Michael Dell spends all his time to the creation of PC's Limited, an IT company. PC’s Limited only manufactures custom-built computers. In 2004, Michael Dell founded the company Dell with only $ 1000.

Anxious to streamline its expenditures, Michael Dell develops an innovative strategy which, by assembling customized computers (only made-to-order) ensures to avoid costly and unnecessary inventory management. The concept really works so Michael Dell leaves the school to devote to the launch of Dell Computer Corporation. With a turnover of $ 35 billion and $ 2 billion of profits in 2002, Dell generates enormous profits.

In 2004, Michael Dell gives up his seat to Kevin Rollins as CEO but keeps the position of Chairman of the Board of Directors.

Taking advantage of the internet boom, Dell realizes nearly 50% of its business online. Every day, the company generates about $ 40 million.

But in 2007, Dell makes a succession of errors; delivery time are not guaranteed anymore, the manufacturer has to bring back nearly 4.2 million of defective batteries and HP, the main Dell’s competitor takes the first place. Michael Dell fires Kevin Rollins and takes charge.

The founder of the Texas firm manages to put Dell in the good direction but nevertheless his fortune markedly reduces because of the crisis and the decline in Dell stock prices.

Following the example of Bill Gates, Michel Dell has created “Michael and Susan Dell Foundation”, a foundation committed in education and health.

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Force10 Networks, Inc. Force10 Networks, Inc. Computer CommunicationsElectronic Technology Force10 Networks, Inc. is a technology company, which engages in the provision of infrastructure solutions to build and secure intelligent services networks. The company was founded by Prabhat K. Dubey, Steve Sinclair, and Bruce Miller on September 30, 1999 and is headquartered in Santa Clara, CA.	Chief Executive Officer