Intuit to buy email marketing company Mailchimp for $12 billion in cash and stock
- Intuit will buy email marketing company Mailchimp for $12 billion, the companies announced Monday.
- Intuit said it will use the acquisition to accelerate growth among small business clients.
Intuit will buy email marketing company Mailchimp for $12 billion in cash and stock, the companies announced Monday.
Intuit, which is known for financial service offerings like TurboTax and Credit Karma, said it will use the acquisition to accelerate growth among small business clients. It marks the company's largest acquisition to date. Last year, the company purchased Credit Karma for more than $8 billion.
MailChimp was initially founded in Atlanta in 2001. Shares of Intuit were flat in after-hours trading following the announcement.
Discussing the Future of Food
The writer Larissa Zimberoff will lead a virtual talk on how labs are growing new plant-based foods and changing what we eat.
By Florence Fabricant
Biden will nominate privacy advocate Alvaro Bedoya to the FTC
- Bedoya's academic work has scrutinized surveillance technologies, including facial recognition.
- Bedoya would take the seat occupied by Democratic Commissioner Rohit Chopra.
President Joe Biden announced Monday he plans to nominate privacy hawk Alvaro Bedoya to the Federal Trade Commission.
If confirmed, the nomination would finalize Biden's picks to the influential independent agency, allowing Democrats to move forward with an ambitious agenda on competition and privacy enforcement. Bedoya would take the seat occupied by Democratic Commissioner Rohit Chopra, who is awaiting confirmation to lead the Consumer Financial Protection Bureau.
The FTC is comprised of five commissioners who vote on enforcement actions and policy decisions, with no more than three commissioners coming from a single party.
Bedoya currently serves as founding director of the Center on Privacy & Technology at Georgetown Law. His academic work has scrutinized surveillance technologies including facial recognition. That expertise could be an important addition for the FTC, which is currently chaired by Biden's other nominee, antitrust law expert Lina Khan.
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Oracle Corp. Q1 adjusted earnings Beat Estimates
Oracle Corp. (ORCL) reported a profit for its first quarter that advanced from last year.
The company’s earnings totaled $2.46 billion, or $0.86 per share. This compares with $2.25 billion, or $0.72 per share, in last year’s first quarter.
Excluding items, Oracle Corp. reported adjusted earnings of $2.94 billion or $1.03 per share for the period.
Analysts had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 3.8% to $9.73 billion from $9.37 billion last year.
Oracle Corp. earnings at a glance:
-Earnings (Q1): $2.94 Bln. vs. $2.88 Bln. last year.
-EPS (Q1): $1.03 vs. $0.93 last year.
-Analysts Estimate: $0.97
-Revenue (Q1): $9.73 Bln vs. $9.37 Bln last year.
Gold Prices Show Modest Move To The Upside
The price of gold showed a modest move to the upside during trading on Monday amid a pullback by U.S. treasury yields.
Gold for December delivery edged up $2.30 or 0.1 percent to $1,784.40 an ounce after sliding $7.90 of 0.4 percent to $1,792.10 an ounce last Friday.
The modest increase by the price of gold came as treasury yields gave back ground after moving notably higher in the previous session.
Gold prices also moved higher as the value of the U.S. dollar pulled back well off its early highs, with the U.S. dollar index currently up just 0.1 percent at 92.67 after reaching a high of 92.89.
Trading activity was somewhat subdued, however, as traders looked ahead to the release of closely watched reports on U.S. consumer prices, industrial production and retail sales in the comings days.
Biden to deliver first UN General Assembly speech as president on Sept. 21
- President Joe Biden next week will deliver his first speech before the United Nations General Assembly since taking office.
- One year earlier, then-President Donald Trump's final address to the international institution was delivered virtually amid the coronavirus pandemic.
President Joe Biden next week will deliver his first speech before the United Nations General Assembly since taking office, the White House announced on Monday.
Biden is set to travel to New York City, home to the UN headquarters, on Tuesday, Sept. 21.
One year earlier, then-President Donald Trump's final address to the international institution was delivered virtually, as the coronavirus pandemic raged in the absence of a viable vaccine.
Trump, who downplayed the dangers of the virus in the U.S., bragged about his administration's efforts responding to the pandemic and blamed China for having "unleashed this plague onto the world."
This is breaking news. Please check back for updates.
Gin and Tonics That Change With the Seasons
The four “elevated” cocktails at Sona in the Flatiron district make flavor changes for cooler autumn weather.
By Florence Fabricant