What’s next in NBA vs. Sterling
NBA commissioner Adam Silver’s move to ban disgraced Los Angeles Clippers owner Donald Sterling from the league for life is basically a done deal, considering other owners are not exactly lining up behind him. However, forcing a sale of the Clippers is another matter. Sterling has a history of embracing legal battles, and experts have warned that he could even bring an antitrust suit against the league. That hasn’t stopped a list of bold-faced names, including entertainment mogul David Geffen, basketball legend Magic Johnson, boxer Floyd Mayweather, and actor Matt Damon, from showing interest in buying a piece of the team. The Clippers won last night, beating the Golden State Warriors 113-103 in Los Angeles to take a 3-2 lead in their first-round series.
PR Newswire takes stand on high-speed trading
News-release-distribution service PR Newswire said Tuesday that it will require recipients of its releases to verify that they will not use the information in them for high-frequency trading. The decision was part of a deal with New York State Attorney General Eric Schneiderman, who has been investigating whether high-frequency traders have an advantage over rivals. PR Newswire competitors Marketwired and Business Wire have made similar agreements.
Twitter fails to satisfy investors
Twitter reported quarterly revenue growth of more than double on Tuesday, but concerns about the microblogging platform’s user base pushed its stock price to its lowest point, down 10% in after-hours trading. Twitter is also trying to redefine itself, with CEO Dick Costolo repeating on the company’s earnings call that it is "a companion experience to what’s happening in your world."
J&J stops sale of uterine surgery product
Johnson & Johnson said late Tuesday that it is halting sales worldwide of a device used in uterine surgeries due to concerns about whether it can spread a rare cancer. The Food and Drug Administration urged doctors to reconsider using the devices earlier this month.
Pfizer tries to charm UK officials on AstraZeneca offer
Ian Read, CEO of Pfizer, flew to the UK to meet with politicians and regulators ahead of the company’s expected bid for British pharma rival AstraZeneca. However, lawmakers in the country said they plan to look into New York-based Pfizer’s possible offer for AstraZeneca, which would allow it to save money by moving its tax base to the UK.