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News Highlights: Top Company News of the Day

09/14/2020 | 05:16pm EDT
Revlon Faces Debt Crunch After Bond Exchange Fails 

The cosmetics company has failed to complete a distressed-bond exchange that would have extended a debt maturity and given it more time to get a handle on hundreds of millions in debt due in the coming months.

Berkshire Hathaway's BNSF Railway Names Kathryn Farmer as CEO 

Mrs. Farmer is set to become the first female CEO of a major railway operator in North America after being named as Carl Ice's successor.

Regulators to Reprimand Citigroup for Failing to Improve Risk Systems 

The expected rebuke from the Office of the Comptroller of the Currency and the Federal Reserve accelerated planning for Chief Executive Michael Corbat's retirement.

GNC Scraps Auction, Going Ahead With Sale to China's Harbin 

The vitamin retailer is moving ahead with a sale to China's Harbin Pharmaceutical after no other offers emerged, even as the deal drew scrutiny from Sen. Marco Rubio.

Verizon to Buy TracFone in Deal Valued at Up to $7 Billion 

Verizon has agreed to acquire prepaid wireless reseller TracFone from América Móvil for up to $7 billion in cash and stock, bringing the country's largest reseller of cellphone services under the wing of the country's biggest wireless provider.

Kodak Loan Draws Review From Watchdog 

A planned $765 million U.S. loan for Eastman Kodak to produce drug ingredients is under review by the inspector general of the agency that helped put together the deal.

Oracle Deal With TikTok to Undergo U.S. Security Review 

The Treasury Department said it would review an agreement for Oracle and others to revamp TikTok's U.S. operations with the aim of avoiding a ban of the popular video-sharing app because of its Chinese ownership.

Lilly's Arthritis Drug Helped Covid-19 Patients Recover Faster 

Eli Lilly is seeking emergency-use authorization for the arthritis drug Olumiant after a study found it accelerated the recovery of hospitalized Covid-19 patients who were also treated with Gilead's remdesivir.

Merck to Invest $1 Billion in Seattle Genetics 

The companies will collaborate on developing and selling Seattle Genetics' breast-cancer treatments. Merck said it is buying five million shares at about $200 a share.

SoftBank's Masayoshi Son Has Cash Burning a Hole in His Pocket 

Over the past six months, technology investor SoftBank has signed more than $90 billion in deals. Now the big question is: What will it do with all that money?


Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 1.51% 68.655 Delayed Quote.9.65%
EASTMAN CHEMICAL COMPANY 4.46% 119.37 Delayed Quote.13.83%
EASTMAN KODAK COMPANY -4.34% 8.45 Delayed Quote.7.62%
HARBIN PHARMACEUTICAL GROUP CO., LTD. 1.81% 2.81 End-of-day quote.-11.91%
REVLON, INC. 0.62% 14.475 Delayed Quote.21.55%
SEAGEN INC. 1.06% 157.835 Delayed Quote.-10.75%
SOFTBANK CORP. -0.18% 1410 End-of-day quote.9.05%
SOFTBANK GROUP CORP. -0.80% 7834 End-of-day quote.-2.78%
VERIZON COMMUNICATIONS 0.99% 56.34 Delayed Quote.-4.99%
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