American Express (NYSE:AXP)
Historical Stock Chart
2 Months : From Nov 2019 to Jan 2020
By Francesca Fontana
This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (November 23, 2019).
Some air went out of Macy's Inc.'s balloon before its annual Thanksgiving Day parade and the start of the holiday shopping season. Sales declined in the third quarter and the retailer on Thursday l owered its guidance for the year, highlighting the continuing struggle to attract shoppers to traditional department stores. Macy's joined Kohl's Corp. and J.C. Penney Co. in reporting weaker results ahead of the holiday shopping season, while other retailers have figured out how to succeed in a rapidly changing landscape. Walmart Inc., Target Corp. and TJ Maxx parent TJX Cos. all reported strong results. Shares fell 2.3% Thursday.
The producer of CoverGirl is turning to Kylie Jenner for a makeover. Coty is paying $600 million for a controlling stake in Ms. Jenner's cosmetics startup, wagering that the celebrity's brand can revive a struggling beauty business based on CoverGirl and MaxFactor. The fragrance and cosmetics company said it plans to buy 51% of Kylie Cosmetics, valuing it at $1.2 billion. Ms. Jenner, the youngest of the five Kardashian-Jenner sisters, founded the brand in 2015 and promoted it on Instagram where she has amassed more than 150 million followers. She will remain the public face of the brand. Coty shares gained 2.6% Monday.
American Express Co.
American Express wants more businesses to accept its cards -- so it is paying them, at times nearly a half-million dollars, to do so. The Wall Street Journal reported late in Monday's session that the company is offering sign-on bonuses to some businesses that don't take its cards in a bid to catch up to rivals Visa and Mastercard. The payments range from under $10,000 to about $450,000. Known more for its focus on upscale customers than its mass-market appeal, AmEx has lagged behind its competitors in the race for American businesses. American Express shares fell 0.9% Monday.
T-Mobile US Inc.
John Legere will make his last call as chief executive of T-Mobile this spring, when the mobile giant will hand the top job to operating chief Mike Sievert. The company faces a litany of challenges, including an antitrust lawsuit brought by a coalition of state attorneys general against T-Mobile's planned $26 billion-plus takeover of Sprint Corp. The leadership change comes after the Journal reported that Mr. Legere was in negotiations to take over as chief executive of We Cos., the parent of WeWork. Mr. Legere said Monday he was "never having discussions to run WeWork" but made it clear he was contemplating his next act at another company. T-Mobile shares gained 0.2% Monday.
General Motors Co.
The demolition derby between General Motors and Fiat Chrysler is moving into the courts. General Motors filed a federal racketeering lawsuit late Wednesday in which the Detroit auto maker alleges Fiat Chrysler executives obtained advantageous contract terms from the United Auto Workers by paying off union leaders, a corruption scheme that federal prosecutors have been investigating for several years and that led to guilty pleas by three Fiat Chrysler employees. Fiat Chrysler said it would defend itself against what it called a "meritless lawsuit" and accused GM of trying to interfere with ongoing UAW negotiations and the Italian-American auto maker's proposed merger with France's PSA Group. GM shares fell 1.7% Thursday.
Xerox Holdings Corp.
Xerox is threatening to go hostile with its HP takeover bid. The company told HP Inc.'s board of directors Thursday that it would take its $33 billion bid to HP's shareholders if the company doesn't reconsider Xerox's acquisition offer by Nov. 25. Xerox Chief Executive and Vice Chairman John Visentin said that Xerox is "very surprised" that HP's board rejected the buyout offer of $22 a share, which comprises $17 in cash and 0.137 Xerox share for each HP share. HP rejected Xerox's offer Sunday as too low, but expressed a willingness to discuss a deal to combine with its smaller rival. Xerox shares rose 1% Thursday.
TD Ameritrade Holding Corp.
Charles Schwab Corp. is in talks to buy TD Ameritrade in a deal that would reshape the market where millions of individual investors buy and sell stocks. The companies have held on-and-off talks for months and were close to a deal Thursday, the Journal reported. Schwab is the largest discount broker while TD Ameritrade is No. 2, and these firms have traditionally catered to lower-end clients with cheap online offerings, a business model that big Wall Street brokers like Morgan Stanley and Bank of America Corp. are increasingly emulating. TD Ameritrade shares were up 17% Thursday, while Schwab shares gained 7.3%.
Write to Francesca Fontana at firstname.lastname@example.org
(END) Dow Jones Newswires
November 23, 2019 02:47 ET (07:47 GMT)
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