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News Highlights: Top Company News of the Day

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08/13/2020 | 01:16am EDT
J.C. Penney Landlords Nearing Deal to Buy Bankrupt Retailer 

Two of J.C. Penney's largest landlords have emerged as the leading contenders to acquire the department-store chain's retail business out of bankruptcy, according to people familiar with the matter.

Facebook and Other Tech Giants Gird for Chaotic Election 

Social-media platforms are talking with federal officials as President Trump questions the legitimacy of voting by mail.

Cisco to Pursue Deep Cost Cuts in Corporate Tech-Spending Slowdown 

Networking-equipment giant Cisco Systems Inc. posted its first annual revenue decline in three years and said it would pursue deep cost cuts as customer priorities have shifted during the coronavirus pandemic.

Lyft Ridership, Revenue Drop Amid Rising Coronavirus Infections 

Lyft reported a dramatic drop in riders and revenue in the second quarter, as rising coronavirus infections in the U.S. and prolonged shutdowns weighed in on its results.

U.S. Mortgage Lenders Face New Fee to Cover Heightened Risks 

Fannie Mae and Freddie Mac said they would impose a new fee to insulate themselves from losses on refinanced mortgages they guarantee, a sign of potential turbulence in the housing market and a move likely to generate pushback from lenders.

Lenovo's First-Quarter Net Profit Jumped 31% 

Lenovo Group Ltd. said its net profit for the first quarter rose 31%, supported by surging demand for personal computers from workers and students forced to stay at home due to the coronavirus pandemic.

Chinese Online Property Broker to Raise $2.1 Billion in U.S. IPO 

KE Holdings Inc., a Chinese online property brokerage backed by SoftBank Group Corp., will raise a larger-than-planned $2.1 billion through an initial public offering on the New York Stock Exchange.

Waystar Agrees to Buy eSolutions at $1.3 Billion Valuation 

Health-care payments business Waystar has agreed to acquire eSolutions in a deal that values the revenue cycle management provider at around $1.3 billion, according to people familiar with the matter.

Revlon Lenders Sue Over 'Theft' of $1.8 Billion Loan Collateral 

Revlon faces a lawsuit alleging the cosmetics company siphoned off valuable intellectual property that had been pledged to investors, depriving them of the collateral they bargained for.

As Trump Administration Seeks WeChat Restrictions, Tencent Profit Surges 

The Chinese internet giant played down threats from potential U.S. curbs on its flagship app, as higher spending through Tencent's services and games drove better-than-expected profit and revenue in the second quarter.


Stocks mentioned in the article
ChangeLast1st jan.
CISCO SYSTEMS, INC. -0.60% 38.77 Delayed Quote.-17.87%
FACEBOOK 2.05% 267.24 Delayed Quote.27.60%
FREDDIE MAC -0.26% 1.905 Delayed Quote.-36.41%
LENOVO GROUP LIMITED 3.02% 5.11 End-of-day quote.-2.29%
LYFT, INC. 1.80% 28.055 Delayed Quote.-35.96%
REVLON, INC. 3.80% 6.56 Delayed Quote.-70.49%
SOFTBANK GROUP CORP. 0.50% 6469 End-of-day quote.36.02%
TENCENT HOLDINGS LIMITED 1.19% 511.5 End-of-day quote.36.18%
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