Japanese car supplier Takata has filed for bankruptcy in both the United States and Japan. It will be bought for $1.6 billion by Key Safety Systems. Millions of flawed airbags caused a massive number of lawsuits against the company. Its legal liabilities are likely well into the billions of dollars. The bankruptcy was expected.
Daniel Loeb’s Third Point LLC hedge fund took a $3.5 billion position in Nestle. His firm released comments:
Despite having arguably the best positioned portfolio in the consumer packaged goods industry, Nestle shares have significantly underperformed most of their U.S. and European consumer staples peers on a three year, five year, and ten year total shareholder return basis.
SpaceX launched a rocket that carried satellites yesterday. It followed a launch of another rocket the day before. SpaceX has challenged the industry with reusable rockets, which it says will bring down the cost of putting satellites into orbit.
Hackers put pro-ISIS messages on several Ohio state websites, including that of Governor John Kasich. He was a candidate for president in the last election. The governor’s office issued comments that included: “… as soon as we were notified of the situation, we immediately began to correct it, and will continue to monitor until fully resolved.”
According to the Wall Street Journal, Facebook Inc. (NASDAQ: FB) will fund a number of original programs, putting it into competition with Netflix Inc. (NASDAQ: NFLX) and Amazon.com Inc. (NASDAQ: AMZN). Reuters reported on the plans:
The social networking giant has indicated that it was willing to commit to production budgets as high as $3 million per episode
Facebook is hoping to target audiences from ages 13 to 34, with a focus on the 17 to 30 range
The company is expected to release episodes in a traditional manner, instead of dropping an entire season in one go like Netflix Inc
“Transformers: The Last Knight” was crushed at the box office, as it posted the worst opening weekend of the five-film Transformers franchise. According to Box Office Mojo:
Transformers: The Last Knight brought in a mere $69.1 million over its first five days in release, an estimated $45.3 million of which over the three-day weekend. While this is relatively on par with the $70 million industry expectations, it puts added pressure on the $217 million production’s international run.