Activist investor Starboard Value has taken a $1 billion stake in beleaguered drugmaker Pfizer Inc. and is seeking a turnaround, the Wall Street Journal reported late Sunday.Citing unnamed sources familiar with the matter, the Journal reported Starboard has approached two former Pfizer executives to assist in its efforts, though Starboard’s specific plans were not revealed. ...

Americans love their Starbucks SBUX pumpkin-spice lattes. But as popular as the drink may be, can it alone reverse the fortunes of the financially challenged coffee chain?That’s the question some might be asking in light of recent developments. The popular fall-themed beverage has returned — for the 21st year — to the chain’s menu as of Thursday. But more important: Starbucks has a new CEO, Brian Niccol, coming aboard starting Sept. 9, an announcement that’s been greeted as a positive move by Wall Street fo ...

Online fast-fashion giant Shein has filed another lawsuit against competitor Temu, accusing the China-founded shopping platform of stealing its designs, copying its product images and engaging in other types of fraud.The complaint filed in a Washington federal court this week alleges that Temu, which has grown in popularity in the U.S, has subsidized its low prices by encouraging sellers to offer counterfeited items, stolen designs and sub-standard products. ...

Netflix Inc. wants Wall Street to think of it and YouTube as the top two streaming players, putting all the other streaming services in the category of also-rans.In its second-quarter investor letter Thursday, Netflix NFLX shared a recent chart from Nielsen ratings, showing that Alphabet Inc.’s GOOG GOOGLYouTube is getting the most viewing time from consumers in the U.S., while Netflix is a close second. But Netflix did not shy away from any talk about YouTube, and pointed out the way they feed each other. ...

The National Football League has been ordered to pay nearly $4.8 billion in damages following a ruling that the NFL broke antitrust laws when it distributed its “Sunday Ticket” broadcasting package. That payment could balloon to more than $14 billion because damages can be tripled under federal antitrust law.With such a high damages amount, it’s unlikely the NFL will be cutting any checks before exploring a potential appeal. The league released a statement Thursday saying it will “certainly contest this dec ...

Micron Technology Inc. beat revenue expectations in the latest quarter and logged a sizable profit beat on Wednesday, but its top-line forecast for the current quarter was merely in line with the consensus view at the midpoint.Investors may have wanted to see more upside given the recent move higher in Micron shares MU, +0.88% and optimistic views from analysts. The shares are up 67% so far this year, though they fell 8% in Wednesday’s after-hours action. The company made a sharp turnaround on its bottom li ...

Group 1 - Volkswagen announced a joint venture with Rivian Automotive to develop vehicle software, involving an investment of up to $5 billion [1] - The deal includes a $1 billion convertible bond investment into Rivian, another $1 billion to establish the venture, and up to $2 billion in equity investments into Rivian [1] - Following the announcement, Rivian's stock surged by 50% in after-hours trading, while Volkswagen's preference shares fell by 2% in early trading [1] Group 2 - Analysts from Citi support Volkswagen's new partnership approach to address legacy technology issues, suggesting that earlier partnerships could have saved billions in R&D spending [2] - JPMorgan analysts anticipate that Volkswagen will utilize Rivian's technology in its Atlas SUV and Scout pickup truck [2] - The investment in Rivian is seen as part of a broader trend where German companies acquire U.S. firms at peak valuations, often leading to significant write-offs [3]