October wholesale prices surge
Led by costlier gas, food, and chemicals, U.S. wholesale prices surged 0.6 percent in October, the biggest month-to-month rise in six years. Yet, excluding categories that fluctuate sharply from month to month, underlying inflation pressures remain tame.
Stocks drop on tech, China, internet woes
U.S. stocks fell Friday as a combination of weak economic data from China and disappointing earnings hurt technology and internet companies. Crude oil prices fell for the 10th day in a row.
Auto sales in China fell in October for a fourth month and are down 13 percent from a year ago, the latest sign its economy is under pressure. Concerns about China’s economy and its trade dispute with the U.S. contributed to the global stock market skid in October. Stocks that fared the worst during that time included tech and internet companies and retailers, which all took sharp losses Friday.
Third Point, Campbell try to work out truce
Dan Loeb’s Third Point and Campbell Soup Co. have taken steps to cool their simmering proxy battle after shareholders in the soup maker urged the parties to reach a settlement. Campbell
Soup said in a letter to shareholders it has met with Third Point several times in the past few weeks. The company said it offered to appoint two of Third Point’s board nominees – Sarah Hofstetter and Kurt Schmidt. The move wasn’t enough to reach an agreement with the activist. “Third Point rejected this proposal,” the company said in the letter.
Earlier Friday, Loeb extended an olive branch of his own by reducing the number of director candidates he would put forth to five, after originally seeking to replace the entire 12-member board.
Goldman Sachs banker blames secrecy culture
Goldman Sachs’ former top banker in Asia says the culture of secrecy at the investment bank led him to conceal wrongdoing from the company’s compliance staff.
Now, Tim Leissner is in a position to help prosecutors peel back the curtain. In his guilty plea, which was unsealed on Friday, Leissner said others at the bank helped him conceal bribes used to retain business in Malaysia, suggesting he has more to offer prosecutors.