Activist investor Carl Icahn — famous for attacking companies for their poor performance — is now the target of attack by another activist investor.
Driving the news: Icahn Enterprises shares are down 22% Tuesday afternoon after Hindenburg Research, an activist short seller, released a report detailing why it believes the publicly traded investment firm is severely overvalued.
IBM's CEO is setting his sights on using artificial intelligence to eliminate thousands of jobs in one of the first acknowledgments by a major company that it plans to reduce its workforce with AI.
Why it matters: AI has the potential to fundamentally reshape the workforce, much like the industrial revolution and the digital age caused enormous opportunity, upheaval and uncertainty throughout the economy.
A complaint filed by CNBC senior international correspondent Hadley Gamble accuses named CNBC International executives of fostering a toxic workplace culture, in addition to allegations against other executives of sexual harassment and discrimination, according to sources familiar with the complaint.
Why it matters: Gamble's internal complaint led to the investigation, and ultimate firing, of NBCU CEO Jeff Shell last month for sexual harassment. Shell previously oversaw CNBC International when he served as chairman of NBCUniversal International, based in London, from 2011 to 2013.
The Fed will likely announce another interest rate hike Wednesday. The huge question is what officials may signal about another potential tightening on June 14.
Why it matters: Financial markets largely anticipate that Wednesday's expected hike would be the last of the cycle. But chair Jerome Powell may not confirm or deny that assumption.
Employers continueto scale back demand for workers, while quit rates declined and layoffs ticked up — two signs that the labor market may be loosening up.
Driving the news: Job openings declined for the third straight month, with vacancies dropping to 9.6 million in March — 384,000 fewer postings than in February, the Labor Department said Tuesday morning in its monthly Job Openings and Labor Turnover Survey.
Big trades can move any market, but this is especially true in the still relatively small asset classes of cryptocurrencies.
Driving the news: Tristero, a crypto startup, announced Tuesday that it's raising $4.8 million to build a trustless dark pool, designed to facilitate large trades without alerting the market and moving prices dramatically.
The Messenger, a well-funded news startup founded by longtime media entrepreneur Jimmy Finkelstein, will launch in beta with 200 employees on May 15, the company’s president Richard Beckman told Axios. Two-thirds of that headcount will be newsroom employees.
Why it matters: The company doesn't plan to raise any additional capital outside of the $50 million it raised ahead of launch. In order to sustain its ambitious growth plans involving more than 500 additional hires, The Messenger will need to make a lot of money, quickly.
Latino Media Network, the Hispanic media company that launched last year with $80 million in funding, is bringing Sylvia Banderas Coffinet, formerly general manager at Vox Media, on as its CEO to begin its commercial business push.
Why it matters: The company used most of the cash it raised to acquire 18 Hispanic radio stations from TelevisaUnivision. Now that the deal has received regulatory approval, it will use its remaining funds to turn operational control of the stations to its management team, led by Banderas Coffinet, and revamp them.
Vice Media is preparing to file for bankruptcy, according to two sources familiar with the matter.
Why it matters: Vice was once considered one of the most successful news startups of all time when investors valued it at $5.7 billion in 2017. Now it's struggling to sell itself for more than $1 billion.
Dealmakers don't know what to do, paralyzed by macro and market flux, so they aren't doing much of anything at all.
That's a big takeaway from Day 1 at the Milken Global Conference in Los Angeles, where the Beverly Hilton hallways are packed full of bankers, investors, politicians and former NBA player John Salley.
The Writers Guild of America is on strike for the first time in 15 years after negotiations for a labor deal with Hollywood studios broke down ahead of the current deal's expiration on Monday.
Why it matters: A work stoppage threatens to cripple Hollywood's already-messy transition to the streaming era.
If you were looking for a huge sigh of relief from the markets after the sale of large chunks of First Republic Bank to JPMorgan yesterday, you were disappointed.
State of play: Financial markets gave mixed reviews to the government-aided purchase of parts of the failed San Francisco-based bank, which specialized in high-touch service for the wealthy.
The adult content website Pornhub blocked access in Utah on Monday due to new state laws requiring websites with adult content to verify users' ages before allowing them to access the platforms.
Driving the news: Pornhub.com now opens on devices in Utah with a message that states the company has "made the difficult decision to completely disable access to our website in Utah."
Nonprofit grocery stores are springing up with renewed fervor as a tried-and-true remedy for America’s increasing food insecurity problem.
Why it matters: These models are filling food access gaps in budget, equity and mobility for low-income households across the country amid disintegrating safety nets and inflating financial pressures.
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