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☆ Red Lobster closings: These are the locations it wants to shut down
▼ + stars: | 2024-06-06 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +6 min

New York CNN —Red Lobster wants to close several dozen more restaurants following its bankruptcy, and it has identified which ones are in danger of shutting down if the court approves its plan. The chain, which brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world, filed for bankruptcy last month. Red Lobster said that it had more than $1 billion in debt and less than $30 million in cash on hand. Part of its plan is to close some locations of its nearly 600 restaurants in the meantime. A few weeks prior to its bankruptcy, it abruptly closed around 50 locations across the United States.

Persons: Fort Smith, Callaghan Lane, Fort, Elizabeth, Merritt, Port Richey, Dale Mabry, Ames, Charles Rock, Noland, Pike, Miller, Monroe, King of Prussia, Knox Abbott, Sam Rittenburg, Anderson Lane, Michael, Van Dorn, Murdock Organizations: New, New York CNN, Beulah, Bell, Oracle, Yuma Palms, Hospitality, College, Run, Fort Myers, Fort Walton, Biscayne, , Michigan City, Charles, Bartow, Pittsburgh, Lamar, Fairfax Locations: New York, America, United States, . Alabama, E, Tuscaloosa Arizona, Flagstaff, Peoria, Phoenix, Tucson, Yuma Arkansas, Shiloh, Fayetteville, Springs, Little Rock California, Citrus Heights, Calaveras, Milpitas, Ave, Monrovia, Pittsburg, Salinas, Hospitality Lane, San Bernardino, San Jose, Lane, Stockton, Vallejo Colorado, Colorado Springs, Fort Collins, Greeley, Pueblo Connecticut, North Haven Delaware, Talleyville Florida, Altamonte Springs, Clermont, North, Clearwater, Coral Springs, Fort Lauderdale, Cleveland, Fort, Fort Walton Beach, Hwy, Kissimmee, Worth, Lake Worth, Lakeland, Leesburg, Haven Ave, Melbourne, Merritt, St, Miami, North Miami, Orange, Alafaya, Orlando, Pensacola, Port, Petersburg, Tampa, The, West Palm Beach Georgia, Columbus, Jonesboro, Rome, Smyrna Illinois, Bourbonnais, Champaign Indiana, Kokomo, , Michigan, Richmond Iowa, Ames Kansas, Topeka Kentucky, Louisville, Paducah Maryland, Salisbury, Salisbury Michigan, Bay City, Waterford Minnesota, West, Bloomington, Golden Valley Mississippi, Tupelo Missouri, Charles Rock Rd, Bridgeton, Independence, Joplin New Jersey, Delran, Paramus New York, Bartow Ave ., Bronx, Copiague, Lakewood, Manhattan, Glen Street, Queensbury, Stony Brook North Carolina, Cary, Jacksonville Ohio, Dayton, Findlay, Maumee, S.E, , New Philadelphia, Parma, Strongsville, Monroe St, Toledo Pennsylvania, Chambersburg, DeKalb Pike, Pittsburgh South Carolina, Cayce, Charleston Tennessee, Chattanooga Texas, Austin, Padre, Corpus Christi, Duncanville, Frisco, Houston, Lubbock, Bedford, Richland Hills, San Antonio, San Marcos, Shenandoah, Texarkana, Wichita Falls Virginia, Alexandria, Blvd, Chesapeake, Fairfax, Spotsylvania, Fredericksburg, Richmond, Broad, Virginia Beach, Pkwy, Virginia Beach Washington, Lynwood, Randall Way, Silverdale West Virginia, Parkersburg

☆ SoftBank's View files for bankruptcy 3 years after its SPAC. Here's how it went from investor darling to problem child.
▼ + stars: | 2024-04-03 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +1 min

Glassmaker View Inc. has filed for bankruptcy 3 years after its SPAC and is going private. SoftBank invested $1.1 billion in View, which has been dogged by cash and regulatory troubles. AdvertisementSoftBank has made headlines for prized investments that have filed for bankruptcy, including WeWork, Katerra, and genetic testing business Invitae. There's an addition to the list: View, which raised $1.1 billion from SoftBank in 2018. This story is available exclusively to Business Insider subscribers.

Persons: SoftBank, — Organizations: Service, Business Locations: SoftBank, Milpitas , California

☆ KLA forecasts current-quarter revenue above estimates on AI boom
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Chipmaking equipment supplier KLA (KLAC.O) on Wednesday forecast second-quarter revenue above Wall Street estimates, boosted by growing adoption of artificial intelligence tools that require sophisticated processors. This has driven demand for equipment to make and design chips benefiting KLA and its peers such as ASML (ASML.AS) and Applied Materials (AMAT.O). KLA expects fiscal second-quarter revenue of $2.45 billion, plus or minus $125 million. Analysts were expecting revenue of $2.41 billion, according to LSEG data. The company reported revenue of $2.4 billion for the first quarter ended Sept. 30, compared with estimates of $2.36 billion.

Persons: Akash Sriram, Shailesh Organizations: Taiwan Semiconductor Manufacturing, Samsung Electronics, Thomson Locations: Milpitas , California, United States, China, Bengaluru

☆ Former Pfizer employee charged with Covid drug insider trading
▼ + stars: | 2023-06-29 | by ( ) edition.cnn.com time to read: +1 min

CNN —The US Securities and Exchange Commission on Thursday charged a former Pfizer employee and his friend for trading on insider information regarding the success of the company’s trial for Paxlovid, its Covid antiviral drug. The US Attorney’s Office of the Southern District of New York also charged Amit Dagar, the former Pfizer employee, and his friend Atul Bhiwapurkar, in a separate case. “The charges in this case relate to the personal conduct of a former Pfizer employee in violation of the company’s policies. Shares of Pfizer rose nearly 11% on November 5, 2021, the day the company announced the results of the Paxlovid trial. Bhiwapurkar, 45, of Milpitas, California, has been charged with two counts of securities fraud and one count of conspiracy to commit securities fraud.

Persons: Amit Dagar, Atul Bhiwapurkar, ”, Dagar, Bhiwapurkar Organizations: CNN, US Securities and Exchange Commission, Pfizer, Paxlovid, US, Office, Southern, of, ” Pfizer, SEC Locations: of New York, Hillsborough , New Jersey, Milpitas , California

☆ Ex-Pfizer employee charged with illegal trading based on unreleased Covid pill trial data
▼ + stars: | 2023-06-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Federal authorities charged a former Pfizer employee and his close friend Thursday with illegally trading shares based on non-public trial results on the pharmaceutical company's Covid antiviral pill Paxlovid. The Justice Department and the Securities and Exchange Commission both announced respective insider trading charges against the former employee, Amit Dagar, and his friend, Atul Bhiwapurkar. "The charges in this case relate to the personal conduct of a former Pfizer employee in violation of the company's policies," a Pfizer spokesperson told CNBC. He was also charged with one count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison. The DOJ announced the charges along with several other allegations of illegal trading, including charges related to the Trump media merger.

Persons: Paxlovid, Amit Dagar, Atul Bhiwapurkar, Dagar, didn't Organizations: New England, of Medicine, Pfizer, The Justice Department, Securities and Exchange Commission, DOJ, CNBC, Attorneys, Trump Locations: Hillsborough , New Jersey, Bhiwapurkar, Milpitas , California

☆ KLA Corp forecasts upbeat fourth-quarter on robust demand for chip tools
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Chip tools maker KLA Corp (KLAC.O) forecast fourth-quarter revenue and profit above Wall Street expectations on Wednesday, riding on plans by chipmakers to expand production and build new factories in Europe and the United States. Chipmakers are scrambling to boost capacity and tool makers including KLA and Applied Materials (AMAT.O) will gain from this. KLA makes tools for inspecting the silicon wafer discs, on which semiconductors are built, for defects. KLA forecast current-quarter revenue between $2.13 billion and $2.38 billon, compared to analysts' estimates of $2.17 billion, according to Refinitiv data. Revenue in the third quarter ended March 31 rose 6.3% to $2.43 billion, beating estimates of $2.38 billion.

☆ A 23-year-old teacher got $25,000 to buy a house so she could live and work in the same city as her students
▼ + stars: | 2023-02-08 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

The school district is now offering grants to qualifying staffers to lower its turnover rate. The school district is trying to change that by awarding grants to teachers so they can afford homes in the community where they teach. Lillian Snoeyink, 23, is the first grant recipient, receiving a check in January from the Holland Public Schools. Holland Public Schools launched the grant program in January after struggling to attract and retain educators. Holland Public Schools is not the only school district taking drastic measures to help employees afford housing.

☆ Powerball drawing held for record $2.04 billion jackpot after delay of hours
▼ + stars: | 2022-11-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Powerball sign and lottery tickets are seen at a 7-Eleven store in Milpitas, California, on Nov. 7, 2022. The drawing for a record Powerball jackpot topping $2.04 billion was held Tuesday morning after a delay because of issues with just one state processing ticket sales. "Powerball requires all 48 participating lotteries to submit their sales and play data prior to the winning numbers being selected. Once Powerball receives the outstanding submission, the drawing can proceed," the group said. "Due to the length of the draw delay, it is likely that we will not know the official results of the Powerball drawing until Tuesday morning," the statement said.

☆ Nike moves to curb automated bots and resale market with penalties
▼ + stars: | 2022-10-12 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

Nike shoes are displayed on a shelf a Nike factory store on June 28, 2022 in Milpitas, California. Nike is taking steps to curb the proliferation of sneaker-buying bots and resellers. Previous versions of Nike's terms already prohibited buying products for resale. Nike also added that it can decline refunds, charge restocking fees and suspend the accounts of users it suspects of reselling. Earlier this year, Nike took legal action against online resale marketplace StockX for allegedly allowing sales of counterfeit versions of its sneakers.

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