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Author Archives: Bloomberg

Sinclair writes down its sports networks by $4.23B

Sinclair Broadcast Group Inc.'s headquarters in Hunt Valley. Maryland politicians have called out the media giant for its decision to make the anchors on its 193 television stations read a script criticizing "fake" news stories from national outlets such as CNN, NBC, CBS and ABC. (Photo by Steve Ruark / AP)

Hunt Valley-based Sinclair Broadcast Group Inc. wrote down the value of its regional sports networks by $4.23 billion, an admission that it grossly overpaid for cable channels hobbled by cord cutting and shrinking subscriber revenue. Sinclair paid $9.6 billion in ...

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US companies add fewer jobs than forecast, ADP report shows

FILE - In this Tuesday, Oct. 3, 2017, file photo, job seekers stand at a booth at a job fair at the Dolphin Mall in Sweetwater, Fla.  U.S. businesses kept hiring at a healthy pace in January 2018, a sign the economy is off to a solid start for the year, a private survey found. Payroll processor ADP says that companies added 234,000 jobs, led by big gains in services firms, such as hotels, restaurants, retail, education and health. (AP Photo/Alan Diaz, File)

U.S. companies added fewer jobs in October than forecast, a private report showed, indicating the absence of additional fiscal stimulus is prompting some firms to adjust payrolls as the pandemic continues to wear on the recovery. Businesses’ payrolls increased by ...

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Banks pile up fines under Trump, casting light on misconduct

FILE - In this Aug. 15, 2014, file photo, a lighted sign marks the Goldman Sachs trading post on the floor of the New York Stock Exchange. Goldman Sachs, known for financing mega-deals and servicing the ultra-wealthy, is now open to the general public. And its interest in the average American appears to be mutual as thousands of consumers have flocked to its new retail banking service (AP Photo/Richard Drew, File)

Giant banks have racked up more than $4 billion in U.S. penalties in a wave of settlements weeks before the presidential election. That says a lot about an industry that once vowed to behave after the 2008 financial crisis — ...

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US trade deficit narrows for first time in 3 months

Gantry cranes stand idle at the Pacific Container Terminal at the Port of Long Beach in Long Beach Calif., on March 8, 2020. MUST CREDIT: Bloomberg photo by Tim Rue.

The U.S. trade deficit narrowed for the first time in three months as exports jumped and import growth slowed, though overall transactions remained well below pre-pandemic levels. The gap in goods and services shrank to $63.9 billion in September from ...

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Gold trims monthly loss with dollar slipping ahead of US vote

Gold advanced, trimming a monthly loss, as the dollar slipped in the final days before next week’s pivotal U.S. presidential election. Uncertainty remains high before the Nov. 3 vote, lifting the dollar’s appeal as a safe asset over bullion while ...

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Under Armour rises as sales, full-year guidance both beat

Shoe sales were a big driver of Under Armour's strong performance in the third quarter of 2020. (The Daily Record/File Photo)

Under Armour Friday posted third-quarter sales that beat estimates, a sign the sportswear brand is getting a boost from consumer preference for comfy sportswear in 2020. The company also announced it would be selling its MyFitnessPal fitness-tracking app to Francisco ...

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A $50 billion housing bond market is stuck in regulatory limbo

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A $50 billion bond market once heralded as the future of housing finance has been stuck in limbo since the start of the coronavirus crisis, and now proposed regulatory changes have left investors worrying that they might be left holding ...

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Working from home can be done right

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The COVID-19 pandemic has crushed the economy, sent joblessness soaring, and killed over a million people worldwide. But there are a few ways in which the pandemic may prompt society to improve, and one is remote work. Though it was ...

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Wall Street’s biggest banks are muscling into small deals

A Wall Street sign is displayed in front of the New York Stock Exchange in New York on March 13, 2020. MUST CREDIT: Bloomberg photo by Mark Kauzlarich

Wall Street’s biggest banks traditionally shied away from getting their hands dirty advising on small mergers and acquisitions. Too much work for the modest fees, so they focused on the blockbuster deals. But with the pandemic-induced slowdown in dealmaking this ...

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Walmart’s next health foray? Medicare Advantage plans

Walmart is becoming a player in the Medicare Advantage program, a lucrative market dominated by UnitedHealth Group Inc., Humana Inc., CVS Health Corp.'s Aetna unit, and BlueCross BlueShield branded plans. More than a third of Medicare beneficiaries opt to get their benefits through private Advantage plans. (Bloomberg/ Patrick T. Fallon)

Walmart will make its first foray into the fast-growing market for privately managed Medicare Advantage plans next year with two products for Georgia seniors jointly branded with insurance startup Clover Health. The plans will give seniors access to new Walmart ...

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