Category: Business

AdvoCare to pay $150 million for allegedly operating a pyramid scheme

Marivic Cabural Summers
AdvoCare Products

Is AdvoCare International operating a pyramid scheme? The Federal Trade Commission (FTC) said so in its lawsuit against the company, its former CEO Connolly, top promoters Danny and Diane McDaniel and distributors Carlton and Lisa Hardman. AdvoCare is selling weight-management and sports performance products using a multi-level marketing strategy. The company is based in Plano, Texas. Details of the settlement agreement between AdvoCare and FTC On Wednesday, the FTC announced the AdvoCare together with the other defendants agreed to settle its allegations against them and agreed to pay a monetary…

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Facebook shares drop despite reporting outstanding quarterly results

Marivic Cabural Summers
Facebook

Facebook (NASDAQ: FB) reported outstanding first quarter financial results, but its shares fell instead of going up during the extended trading hours on Wednesday. The social network giant’s stock declined 2.5% to $148.01 per share—a sign that investors are concerned about the company’s financial performance in the future. During the first three months of the year, Facebook generated earnings of $1.04 per share, up 7% from $0.60 per share in the year-ago quarter. Its revenue rose 49% from $5.38 billion to $8.03 billion. The social network giant exceeded the $0.87…

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T-Mobile boasts industry-leading customer and financial growth

Marivic Cabural Summers

T-Mobile US (NASDAQ: TMUS), the third-largest wireless carrier in the United States reported strong financial and customer growth in the first quarter of 2017. The company boasted that its performance is industry leading. T-Mobile quarterly performance T-Mobile reported that its net income increased 43% to $698 million or $0.80 in earnings per share from $479 million or $0.56 per share in the year-ago quarter. Its total revenues were $9.6 billion, an increase of 11%. The wireless carrier added 1.1 million customers during the quarter. Its total branded postpaid net additions…

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Amazon to create 100,000 new jobs in the United States

Marivic Cabural Summers
Amazon employee

Amazon.com (NASDAQ: AMZN) announced its plan to create additional 100,000 full-time, full-benefit jobs in the United States over the next 18 months. The e-commerce giant is already considered one of the largest employers in the country with more than 180,000 employees at the end of 2016. Amazon said its U.S. workforce is expected to reach over 280,000 by mid-2018, an increase of more than 50%. The company said the new job opportunities are for people with all types of experience, education, and skill levels from engineers, software developers, and those…

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Alibaba promises to create one million U.S. jobs in a meeting with Trump

Marivic Cabural Summers

Jack Ma, the Executive Chairman of Alibaba Group Holding (NYSE: BABA), promised to Donald Trump that his company would create one million new jobs in the United States over the next five years. The U.S. President-elect met Ma at the Trump Tower in New York on Monday. Their meeting lasted about 40 minutes. Alibaba to support small businesses “We’re focused on small business. We specifically talked about supporting one million small businesses especially in the Midwest America to sell products and services on our platform to China and Asia, especially…

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Alphabet’s Venture Capital Unit Invests in Snapchat

Marivic Cabural Summers

CapitalG, the venture capital unit of Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) invested in Snapchat, the popular virtual messaging company. Alphabet is yet to make an announcement regarding the Snapchat investment. Market observers are certain that CapitalG is now an investor in the virtual messaging company. The Snapchat logo is included in the investment portfolio section of CapitalG’s website. However, no additional details were provided about the investment. CapitalG was previously known as Google Capital. The name change happened this year after Google created Alphabet to become its parent holding company.…

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Microsoft Approves $40 Billion Stock Buyback; Increases Dividend

Marivic Cabural Summers
Microsoft

The Board of Directors of Microsoft Corporation (NASDAQ: MSFT) approved another $40 billion stock buyback program and increased its quarterly dividend by 8% to $0.39 per share. According to the tech giant, it is on track to complete is existing $40 billion shares repurchase program by the end of this year. Its new shares repurchase program has no expiration date, and the Board may terminate it anytime. Microsoft is committed to returning capital to shareholders while it cash pile increases. The tech giant had $113.2 billion in cash and short-term…

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Fox Files Lawsuit against Netflix for Poaching its Employees

Marivic Cabural Summers

Netflix Inc. (NASDAQ: NFLX) is facing a lawsuit filed by Twentieth Century Fox Film Corporation alleging that the online movie streaming company poached its employees. Fox claimed that Netflix’s poaching practice was illegal because it encouraged some of its executives to break their fixed-term employment contracts. The film studio and distributor emphasized the departure of its two executives in promotions and creative business for positions at Netflix. “We filed this lawsuit because we believe Netflix is defiantly flouting the law by soliciting and inducing employees to break their contracts. We…

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Twitter Co-founder Says Board Must Consider Right Options; Shares Jump

Marivic Cabural Summers
Twitter

The stock price of Twitter Inc (NASDAQ: TWTR) surged almost 6% today after co-founder Evan Williams said the company must consider the right options amid takeover speculations. During an interview with Emily Chang on Bloomberg TV, Evans declined to comment when asked if he sees Twitter remaining as an independent company. However, he said, “We are in a strong position right now. I think as a board member; we have to consider the right options.” The next acquisition target Market observers have been suggesting that Twitter is the next acquisition…

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