Oprah Cashes in on $100 Million in Weight Watchers Stock
Weight Watchers WTW turnaround started after Oprah purchased a large stake in the company back in 2015. Today the media mogul is cashing in on her investment.
Oprah sold 2 million shares of the company, netting her $110 million, according to a recent regulatory filing. Oprah also donated 361,000 shares to her charitable foundation, which sold them for $22.6 million.
"I am deeply committed to Weight Watchers and continue to see a bright future for the company," Winfrey said in the statement.
That bit of reassurance seems to have worked as Weight Watchers shares were up 3.2% Wednesday in spite of the news.
Amazon Debuts Low-Cost Prime for Medicaid Recipients
Amazon (AMZN) is continuing its play for low-income shoppers, launching a low-cost version of Prime for Medicaid recipients.
Medicaid recipients will need to pay just $5.99 per month for Prime benefits, compared to $10.99 for regular subscribers.
The new program builds on Amazon's initiative last year to offer Prime for customers on government assistance for the same price. Prime offers memberships to U.S. customers with a valid EBT card.
Low-income shoppers have long been a stable of Walmart's (WMT) business, making this move the latest salvo in the ongoing battle between the retail giants.
Broadcom Offers $1.5 Billion Investment to Ease U.S. Concerns Over National Security
The company is offering to invest $1.5 billion to train American engineers in order to grease the wheels of its $117 billion unsolicited bid for Qualcomm. Qualcomm is one of the industry leaders in 5G mobile communications technology.
The Committee on Foreign Investment in the U.S., which can recommend that the president block deals, ordered Qualcomm to delay its annual shareholder meeting by 30 days that it could review Broadcom's bid.
Broadcom is hoping to get six spots on Qualcomm's 11-member board in order to push the deal forward.
ADP Reports 235,000 Private Sector Job Increase in February
235,000 Americans found private sector jobs in the month of February, according to data released by ADP Wednesday. Economists were expecting the economy to add just 195,000 jobs in the month.
While the number surpassed expectations, it was a three-month low for jobs added after 249,000 and 244,000 were added in December and January respectively.
Medium-sized business, those with between 50 and 499 employees added the most jobs with 97,000, while large business, 500 and over, came in second adding 70,000 jobs.
Airbnb Taps Amazon Prime Head to Lead Homes Business
Greg Greeley is moving to Airbnb to become President of Homes after spending 18 years with Amazon (AMZN) and eventually becoming head of the company's Prime unit.
Greeley will support the room rental service's community of hosts and guests while also leading the company's newly launched Airbnb, Plus, Airbnb Collections, Superhost and Superguest programs.
Greeley helped invent and launch Prime in 2005. Before Amazon Prime, he was the vice president of international and category expansion in India and Brazil for the company.
Coca-Cola Working on Alcoholic Beverage in Japan
New year, new Coca-Cola (KO) . The soft-drink maker is planning to introduce the first alcoholic beverage in the company's history in Japan.
Jorge Garduño, president of Coca-Cola's Japan unit, said that the company was going to experiment with a canned fizzy drink that contains alcohol. The drink would compete in the Japanese product category known as chu-hai.
Coca-Cola's Japanese unit has a long history of selling products that are not sold in other places, including cofee and laxative products.
"We haven't experimented in the low-alcohol category before, but it's an example of how we continue to explore opportunities outside our core areas," Garduño said.
Parliamentary reshuffling in Washington is weighing on Wall Street Wednesday as futures trading fell sharply before the opening bell. Gary Cohn's resignation as the Trump administration's top economic adviser due to his differing view on the U.S. tariff strategy has markets reeling.
Dow futures were down 0.96%, indicating an open 239 points lower, while S&P futures fell 0.65%, indicating an open 18 points lower, and Nasdaq futures dropped 0.54%, indicating an open 37 points lower than yesterday's close.
World markets weren't fairing much better.
In Asia, the Hang Seng dropped more than 1% while the Nikkei and Shanghai Composite fell 0.77% and 0.55% respectively.
In Europe, the losses were more muted, but all three major indices were trading in the red, led by the CAC 40 wihich declined 0.47%.