Electronic Arts Goes Mobile With $2.4B Glu Buy

Video game powerhouse Electronic Arts has agreed to buy Glu Mobile for $2.4 billion in a major move to beef up its mobile gaming offerings amid the pandemic-fueled boom in virtual entertainment.According to EA, the combination of the two companies will create a mobile product portfolio that “incl...

By Matthew Heller • Feb. 9, 2021

U.S. Factory Orders Climb 1.1% in December

New orders for U.S.-made goods rose for an eighth straight month in December as the manufacturing sector took solid momentum into the new year.The Commerce Department reported Thursday that orders for manufactured goods rose 1.1% in December after a 1.3% gain in the prior month. Economists polled...

By Matthew Heller • Feb. 5, 2021

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Tax policy shifts: What CFOs need to know to stay ahead

Discover how evolving tax policies are creating new opportunities and challenges for CFOs.

By CFO.com staff

Labor Cost Index Rises 0.7% in Fourth Quarter

A closely watched gauge of U.S. labor costs rose more than expected in the fourth quarter but year-on-year growth remains below pre-pandemic levels.The Labor Department reported that the employment cost index (ECI) increased 0.7% in the last three months of 2020 after gaining 0.5% in the third qu...

By Matthew Heller • Feb. 1, 2021

U.S. Economic Growth Slows to 4% in Q4

The U.S. economy finished its worst year since at least the end of World War II with lower-than-expected growth though economists are still hopeful of a faster recovery in the second half of 2021.The Commerce Department reported Thursday that gross domestic product grew at a 4% annualized pace in...

By Matthew Heller • Jan. 28, 2021

MassMutual to Buy American Financial Annuity Unit

Massachusetts Mutual Life Insurance said Wednesday it had agreed to acquire American Financial Group’s annuity business for $3.5 billion in a move to expand its product offerings.The announcement of MassMutual’s acquisition of Great American Life Insurance came a day after Allstate said it would ...

By Matthew Heller • Jan. 28, 2021

Godiva to Exit All North America Stores

Luxury chocolate maker Godiva is closing or selling all 128 of its retail locations in North America amid declining in-store visits due to the coronavirus pandemic.Over the past year, the Turkish-owned company said, demand for the in-person chocolate shopping experience offered through its brick-...

By Matthew Heller • Jan. 25, 2021

Britain’s IG to Buy Online Broker Tastytrade for $1B

Britain’s IG Group said Thursday it had agreed to buy online brokerage Tastytrade in a $1 billion deal driven by the boom in options trading by retail investors in the U.S.Amid what one analyst has called a “retail option-trading frenzy,” more than 7 billion stock options changed hands in 2020, u...

By Matthew Heller • Jan. 21, 2021

Citrix to Buy Wrike Remote Work App for $2B

Enterprise software firm Citrix Systems is buying Slack competitor Wrike for $2.25 billion in a move to boost its collaborative work management offerings.Wrike offers an all-in-one platform for remote workers that incorporates elements such as planning, workflow management, and project management...

By Matthew Heller • Jan. 21, 2021

Homebuilder Confidence Sags for 2nd Straight Month

U.S. builder confidence in the single-family home market declined again in January from November’s all-time high, reflecting concerns over the COVID-19 pandemic and material costs.The NAHB/Wells Fargo Housing Market Index fell 3 points this month to 83 after slipping 4 points to 86 in December. T...

By Matthew Heller • Jan. 20, 2021

NRA Files Chapter 11 Amid Legal Battle With NY

The National Rifle Association has filed for bankruptcy in what legal experts said was a move to thwart a New York State lawsuit accusing it of fraud.The NRA said the Chapter 11 filing would facilitate its plan to relocate to Texas from New York, where it has been incorporated since it was founde...

By Matthew Heller • Jan. 19, 2021

Dropbox to Slash 11% of Workforce

Dropbox shares tumbled on Wednesday after the document management software firm announced it would shrink a workforce that it has been shifting to work-from-home.CEO Drew Houston called the decision to lay off 315 employees, or about 11% of the workforce, “one of the toughest” he has made in his ...

By Matthew Heller • Jan. 14, 2021

Affirm Shares Surge in Debut After $1.2B IPO

Shares of online lender Affirm more than doubled in their first day of trading Wednesday as the first major IPO of the year rode a wave of investor enthusiasm for its “buy now, pay later” model.The stock rose as much as 109% to $102.27 before falling back to $97.17, a 98.3% gain on the IPO price ...

By Matthew Heller • Jan. 13, 2021

U.S. Budget Deficit Climbs to $572B in Q1

The U.S. budget deficit ballooned by 60% to more than half a trillion dollars in the first quarter of fiscal 2021, reflecting in part spending on coronavirus relief programs.According to a Congressional Budget Office estimate, the deficit rose to $572 billion from $215 billion in the year-ago per...

By Matthew Heller • Jan. 12, 2021

CFOs of Middle Market Firms See Recovery in 2021

Most CFOs of middle market companies believe the worst of the coronavirus crisis is over, with those in industries such as technology, life sciences and health care particularly optimistic about growth in 2021.As of September 2020, nearly three in four middle market companies had received pandemi...

By Matthew Heller • Jan. 12, 2021

PPP Reopens With $284B for Small Business Loans

The U.S. government’s Paycheck Protection Program reopened on Monday, offering another $284 billion in funds and allowing second loans to some small businesses.Congress authorized the restart of the COVID-19 relief program as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and V...

By Matthew Heller • Jan. 11, 2021

U.S. Loses 140,000 Jobs Amid New Lockdowns

The U.S. lost jobs in December for the first time in eight months as the recovery from the coronavirus pandemic stalled amid renewed lockdowns that hammered the hospitality industry.The Labor Department reported Friday that employers cut 140,000 jobs last month, the first decline since April. Eco...

By Matthew Heller • Jan. 8, 2021

U.S. Trade Gap Hits 14-Year High of $68.1B

The U.S. trade deficit widened to a 14-year high in November as retailers stocked up on imported consumer goods ahead of the Christmas holiday season.The Commerce Department reported Thursday that the foreign-trade gap in goods and services expanded 8% from the prior month to a seasonally adjuste...

By Matthew Heller • Jan. 7, 2021

Walgreens Boots to Sell Unit to AmerisourceBergen

Walgreens Boots Alliance has agreed to sell most of its pharmacy distribution unit to drug wholesaler AmerisourceBergen for $6.5 billion to focus on its core retail business and expanding its health-care offerings.The Alliance Healthcare unit distributes health-care products and services to more ...

By Matthew Heller • Jan. 6, 2021

World Bank Lowers 2021 Growth Forecast to 4%

The World Bank lowered its growth forecast for the global economy last year, reflecting the resurgence of the coronavirus pandemic and renewed restrictions on economic activity.According to the bank’s latest semi-annual Global Economic Prospects report, the global economy “appears to have entered...

By Matthew Heller • Jan. 6, 2021

P&G Scraps Deal to Buy Billie Razor Startup

Procter & Gamble has called off its planned takeover of women’s razor startup Billie, citing regulatory action to block the deal as anti-competitive.The Federal Trade Commission filed a complaint last month alleging the deal was “likely to result in significant harm by eliminating competition...

By Matthew Heller • Jan. 5, 2021

MGM Offers $11B for U.K. Gaming Firm Entain

Casino operator MGM Resorts has offered about $11 billion to acquire the owner of British bookmaker Ladbrokes in a move to expand its reach in the booming online gaming market.MGM’s offer for Entain, which owns online gaming brands and more than 3,300 betting shops, comes just a few months after ...

By Matthew Heller • Jan. 4, 2021

CFO Optimism Continues to Grow Despite Virus

CFO optimism about their firms and the U.S. economy continued to rebound this quarter after the big decline at the onset of the coronavirus pandemic, according to The CFO Survey.The report, a collaboration of Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and...

By Matthew Heller • Dec. 22, 2020

Peloton Bulks Up by Buying Precor for $420M

Peloton is buying exercise equipment maker Precor for $420 million to bulk up supplies of its at-home fitness products amid increased demand fueled by the coronavirus pandemic.The acquisition comes about six weeks after Peloton reported sales growth of 232% for the first quarter but warned it wou...

By Matthew Heller • Dec. 22, 2020

Congress Includes PPP Extension in New Relief Bill

The new $900 billion coronavirus relief package that Congress is expected to pass on Monday includes a $284 billion extension of Paycheck Protection Program small business loans and tax breaks for borrowers.Lawmakers reached a deal on a package Sunday that fell well short of the $3 trillion bill ...

By Matthew Heller • Dec. 21, 2020

Coke to Cut 2,200 Jobs Amid Virus Slowdown

Coca-Cola is planning to cut 2,200 jobs, including 1,200 in the U.S., as it continues to regroup from declining sales amid the coronavirus pandemic.The cuts amount to roughly 12% of Coke’s U.S. workforce and will be made through a combination of buyouts and layoffs. The company had about 86,000 e...

By Matthew Heller • Dec. 18, 2020