It’s good news that Gawker Media got acquired by Univision in the time of need, but it comes with bad news. The flagship website of Gawker Media, Gawker.com, a “candid and unapologetic brand of journalism,” will be shut down next week. Monitor this event using crowd-intelligence on Sentifi.
1/ Gawker Media: Shuts down Gawker.com next week
Gawker.com, unfortunately, is not included in Univision’s acquisition. Thus, it will be shut down for good next week. The deal was approved by a judge overseeing Gawker Media bankruptcy. The good news is, all the employees of Gawker.com will be able to keep their jobs. In the near-term, they will be transfer to other Gawker Media sites. In the longterm, they will be likely given jobs at Univision.
2/ The GEO Group Inc: Lost 40 percent of value as the Justice Department announces an end to private prisons
The Justice Department has announced a plan to stop using private prisons for they are not as safe or well run as government correctional facilities. The news dealt a major blow to the shares of GEO Group, one of the largest private prison operators in the U.S.
3/ Aetna Inc: Criticized for dumping Obamacare for profits
The insurance company is under fire for scaling back its Obamacare business after the Justice Department blocked its merger with Humana, which supposedly hurt its profit.
4/ Harley-Davidson: Agrees to a $15 million settlement with EPA
The company has entered into a $15 million settlement regarding a complaint that the levels of hydrocarbons and nitrogen in the emissions of its motorcycles exceed the federal clean air standards. The settlement includes a $12 million civil penalty and a $3 million fine to mitigate air pollution.
5/ Asda Stores Limited: Reports the worst quarterly performance on record
Walmart-owned Asda posted a 7.5 percent fall in like-for-like sales in the second quarter, worse than the 5.7 percent drop in the first quarter. Newly appointed CEO Sean Clarke now faces the challenge to turn the company around. His plan, dubbed Project Renewal, will reduce prices, cut jobs and improve ranges.
6/ Singtel: To invest $1.8 billion in India’s and Thailand’s mobile markets
The Singaporean company plans to invest $1.8 billion in Thailand’s Intouch and India’s Bharti to increase its business opportunities in the fast-growing Asian mobile markets. The two companies have more than 380 million customers across Asia and Africa.
7/ Portola Pharma: FDA declines to approve Portola’s reversal agent for Factor Xa Inhibitors
The FDA wants the company to provide additional information related to the manufacturing of the drug before it can offer the approval. Portola pledges to resolve any questions the FDA has. The two parties have already planned a meeting to address the issues.
8/ Auris Medical: Stocks nosedive 59.63 percent on clinical trial miss and Q2 loss
The company said its inner-ear treatment drug failed to meet primary efficacy endpoints in a clinical trial. In addition, it posted a 25 cent loss per share. The two bad news combined are enough to knock almost 60 percent off its market value.
9/ Volvo: Partners with Uber in a $300 million alliance to co-develop autonomous SUVs
Volva and Uber have formed the latest alliance to break into the autonomous vehicle industry. It’s good to note that the deal is non-exclusive, so the two companies can continue their efforts separately.
10/ Corrections Corporation of America: Shares plummet 35.45 percent after the Justice Department’s decision
The company is another victim of the decision to drop private prisons from the Justice Department. Private prisons did not save the government much money, as found out by the Justice Department.
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