Toys ‘R’ Us announced, Wednesday, it will close or sell all its remaining stores in the US, after they filed for bankruptcy protection in September. The store closings will leave more than 30,000 American jobs at risk. The company, which was started in 1948 in Washington, struggled to compete in the age of internet retailing.
Blocking one of the biggest technology deals in history, President Trump ordered Singapore-based Broadcom to withdraw its $117 billion bid for Qualcomm. Trump claimed ‘credible evidence’ led him to make the decision in order to ensure the national security of the US. The move highlights Trump’s desire to protect American companies from foreign competition.
The health insurer, Cigna, announced, Thursday, it will acquire Express Scripts Holding, the largest pharmacy benefits manager in the US, in a $52 billion deal. Express Scripts is responsible for the prescription plans of over 80 million Americans. The companies say the deal benefits consumers by merging medical and pharmacy histories, improving treatment and lowering costs.
Looking to diversify and expand, Coca-Cola will launch its first alcoholic drink in 125 years in Japan. The president of Coca-Cola’s Japan business, Jorge Garduno, said the decision to try the product in the Japanese market ‘makes sense,’ but added people around the world should not expect ‘this kind of thing from Coca-Cola.’
Spotify, the world’s largest music streaming service with a presence in more than 60 countries, announced its plans to go public, Wednesday. Spotify expects its shares to sell at prices that will value the company at $23 billion. The Swedish company will bypass the traditional stock offering process and list shares directly on the New York Stock Exchange.
Comcast announced their plan, Tuesday, to bid $31 billion for the purchase of British satellite broadcaster Sky, topping the offer of 21st Century Fox. 21st Century Fox has had difficulties acquiring Sky, as British regulators are concerned about giving more control to the Fox owner, Rupert Murdoch’s family. Comcast says buying Sky will help the company’s European expansion.
Following a tweet from Kylie Jenner, Wednesday, saying she no longer uses Snapchat, the company’s stock price fell about 6%, representing a $1.3 billion loss in value. The tweet came after Snapchat redesigned the app, a change which one million people signed a petition asking the company to retract.
Despite making big investments in the online business to try to compete with rival, Amazon, Walmart stumbled in the fourth quarter, losing more than $31 billion from its market capitalization and causing its stocks to decrease. Tuesday was the biggest one-day drop in stock price in more than two years for Walmart, the world’s largest retailer.
After a difficult few years for Chipotle, Steve Ells, the founder of Chipotle, will be replaced as chief executive on March 5th by Brian Niccol, the chief executive of Taco Bell. Ells said Niccol’s expertise will help Chipotle, ‘as we seek to enhance our customer experience, drive sales growth and make our brand more relevant.’
Twitter turned their first-ever quarterly profit since going public in 2013, as reported in their earnings, released Thursday driving the share prices to more than two-year highs. Twitter attributes the profit to a focus on connecting advertisers and their potential consumers in real-time. Chief executive, Jack Dorsey, tweeted his reaction to the profit, saying ‘We did what we said we were going to do.’