Snap Inc.'s stock was down 11% Tuesday in after-hours trading after the company reported it fell short on Wall Street's revenue expectations.
Yes, but: The company otherwise did pretty well. It turned its first-ever profit on an adjusted basis and grew its user base for the fourth consecutive quarter. It also provided positive guidance for the quarter ahead.
Macy's will close 125 department stores, one-fifth of the retailer's overall footprint, and ax about 2,000 corporate jobs over the next three years, the Wall Street Journal reports.
Why it matters: Department stores such as Macy's have struggled to keep up with e-commerce giants like Amazon, especially over the recent holiday season. Macy's and other department stores are still recovering from rocky end-of-year sales.
Disney's stock rose Tuesday after revealing that its new streaming service, Disney+, now has 26.5 million paid subscribers. It also said that ESPN+, its sports streaming service, now has 6.6 million subscribers, up from 3.5 million in November.
Why it matters: Disney's strong showing shortly after it debuted its streaming service last November shows that it will be a formidable competitor to Netflix in the streaming wars.
Tesla is in the midst of what might be the most lucrative one-week run in stock market history, on Tuesday gaining another $19.3 billion in market value. Since the close of trading last Tuesday, it's up 50% to an eye-popping $53.6 billion.
But, but, but: Tesla also fell around $80 per share in the last five minutes of trading.
eBay's shares rose nearly 10% on Tuesday after the Wall Street Journal reported New York Stock Exchange owner Intercontinental Exchange made a takeover offer for the e-commerce site.
The big picture: Intercontinental Exchange has previously approached the commerce giant, WSJ writes, citing people familiar with the matter. Still, the companies are not in formal talks and a deal remains uncertain.
Andrea Vella, the former co-head of investment banking at Goldman Sachs Asia, has been banned from the banking industry for life by the Federal Reserve Board.
Why it matters: Goldman Sachs faces billions of dollars in fines for helping facilitate the "heist of the century" in Malaysia. Vella "engaged in unsafe and unsound practices," says the Fed, by failing to properly escalate concerns about Jho Low, the financier who masterminded the scheme and who is now a fugitive.
Razor-maker Harry's last May agreed to be acquired for $1.37 billion by Schick parent Edgewell and, for the next six months, there were few concerns at either company.
But, but, but: Shortly before Christmas, everything changed. "[Regulators] started asking different sorts of questions, and you could see where they were heading," says a source familiar with the situation.
The Federal Trade Commission said Monday it would sue to block Edgewell, the maker of Schick razors, from buying Harry's, which sells shaving products by subscription.
Why it matters: "Disruptors" like Harry's — companies that aim to reshape stable markets with new products or tactics — often end up selling to bigger, more established brands. If the FTC's move discourages that, the advertising and marketing industries might take a bite, since many of those companies rely heavily on digital marketing to grow.
Dotdash, the IAC-owned digital publishing company that grew from About.com, has acquired two new digital publishers, TreeHugger and Mother Nature Network, to create a new sustainability vertical within its portfolio, executives tell Axios.
By the numbers: The company expects to do $160 million in revenue and $40 million in EBITDA for 2019.
Despite growing fears about the toll of the coronavirus on global economic growth, traders still seem happy to purchase stocks on days following selloffs — frequently citing the adage that there is no alternative to U.S. stocks, as most other assets provide a negligible return.
What they're saying: “The playbook has worked extremely well and it’s one that I’ve deployed, which is [to] rely on central bank injections because the marketplace believes that liquidity can decouple us from fundamentals for a very long time,” Mohamed El-Erian, chief economic adviser for Allianz, said during his CNBC interview.
Just four days into February, traders have thrown out the Fed's guidance that it will remain on the sidelines in 2020, and lined up bets for multiple U.S. interest-rate cuts.
What's happening: Fed fund futures prices show that as the coronavirus outbreak has worsened, expectations are rising that the Fed will take action, as policymakers did last year when the U.S.-China trade war began to ravage the manufacturing, trade and transportation industries.
Boeing is navigating how to handle the $100 million compensation fund it set up for the families of crash victims, even as a pledge by its former CEO to fatten the fund seems uncertain.
Why it matters: Boeing is pulling out all stops to appease Wall Street over the grounding of its 737 MAX, but it is saying little about the issue of restitution for the families of the hundreds who died due to faulty technology onboard its flagship plane.
The tragic death of Kobe Bryant and his daughter Gianna became one of the most talked-about news events of the social media era, according to data from NewsWhip provided exclusively to Axios.
Why it matters: More people have engaged with the story over the past week than nearly every other major news story combined — illustrating that what breaks through in a saturated, splintered media landscape is unexpected, emotional news.
