The Galaxy S8 hits store shelves today, and Samsung (OTC:SSNLF) is hoping sales will make up for last year’s disastrous recall of the Note 7. The phone’s OLED “infinity” screen has piqued the interest of many, along with its Bixby assistant, new navigation keys and high-end tech. Samsung said last week that pre-orders had surpassed those for the S7.
Big turnaround at Sony? The company has reported preliminary operating profit of ¥285B ($2.6B) for the fiscal year through March 2017, 19% higher than its previous forecast. It also said net income would be about ¥73B, more than twice its prior guidance. That marks the second straight year operating profit has topped $2B, the longest such streak since 2001. SNE +3% premarket.
With the release of its Windows 10 Creators Update, Microsoft (NASDAQ:MSFT) said it will start updating Windows with big feature releases twice a year, each September and March. Microsoft hopes the new change of pace will help its enterprise customers adopt Windows 10. The next version, currently codenamed “Project Neon,” is supposed to bring even more sweeping changes.
Accelerating its deregulation push under GOP control, the FCC has voted to ease limits on broadcast TV ownership and prices that large telecom companies can charge businesses and governments. That’s likely to have its impact on big station owners, including Sinclair Broadcast Group (NASDAQ:SBGI), which is reportedly considering a bid for Tribune Media (NYSE:TRCO).
Bill O’Reilly will exit Fox News (FOX, FOXA) with a severance package valued at about $25M after he was forced out in the wake of sexual harassment allegations. The O’Reilly Factor host had recently signed a $100M four-year deal, but the contract contained provisions allowing the network to pull the plug should O’Reilly become ensnared in any controversies.
Wal-Mart CEO Doug McMillon received a 13% increase in total compensation to $22.4M in the fiscal year ended Jan. 31, according to a regulatory filing. During that period, Wal-Mart’s (NYSE:WMT) operating income fell 5.6% to $22.8B, while its core U.S. operations showed improvement, with sales at existing stores rising 1.3%, excluding fuel.
A group of 11 Republican attorneys general have joined forces in court to help stop an investigation into whether Exxon Mobil (NYSE:XOM) misled investors about the effects of climate change. In their brief, the AGs said their New York and Massachusetts counterparts were abusing their power and violated Exxon’s rights to free speech by “using law enforcement authority to resolve a public policy debate.”
President Trump on Thursday launched a trade probe against China and other exporters of cheap steel into the U.S. market, raising the possibility of new tariffs and sending shares of some U.S. steel makers up over 8%. He also turned his focus to America’s northern neighbor. “We’re not going to let Canada take advantage,” Trump declared, vowing to get to the “negotiating table” swiftly. Related tickers: AKS, CLF, X, NUE, MT, VALE, SLX
The last orca has been born in captivity at a SeaWorld (NYSE:SEAS) park, just over a year after it decided to stop breeding orcas following opposition from animal rights activists and declining ticket sales. SeaWorld currently has 23 killer whales among its three centers in San Diego, Orlando and San Antonio, which will be “the last generation of orcas” in the company’s care.
Confirming plans for his newest company called Neuralink, Elon Musk said he will be CEO of the startup that aims to merge computers with brains and allow for “consensual telepathy.” In about four years, Neuralink hopes to market a device that would help treat severe brain injuries, and within eight to 10 years, it would become usable for people with no disability.
U.S. officials are reviewing Venezuela’s seizure of General Motors’ (NYSE:GM) assets in the country after its plant was appropriated in the industrial hub of Valencia. “We are reviewing the details of the case,” State Department spokesman Mark Toner announced, stating the U.S. hoped to resolve the case “rapidly and transparently.”
Uber has extended its internal investigation into sexual harassment claims at the company, with a report expected by the end of May. The investigation, led by former U.S. Attorney General Eric Holder, was sparked by charges of sexual harassment by a former female engineer as well as charges of a wider cultural problem across UBER.
A new index fund has launched that will let investors chase the growth potential of ETFs themselves. The ETF Industry Exposure ETF (NYSEARCA:TETF), which trades on NYSE Arca, will track an index covering companies that directly or indirectly provide services and support to the ETF industry. It comes to market after a record $375B was poured into the funds globally last year.
Deutsche Bank has been hit with the Federal Reserve’s first major fine for failing to ensure traders abide by the Volcker Rule. Besides violating the ban on risky market bets, Deutsche (NYSE:DB) will pay even more for letting its currency desks chat with competitors. The simultaneous sanctions, totaling almost $157M, fault lax oversight of traders that persisted into last year.