World News

MGM Resorts to settle litigation relating to Vegas shooting for $735 million to $800 million

Sony 360 Reality Audio Content To Be Available On Amazon Music HD

Sony Corp. Thursday announced that 360 Reality Audio content will be soon available on the new Amazon Echo Studio with Amazon Music HD.

The new immersive tech will be made available to customers in the United States, the United Kingdom, Germany and Japan later this year.

First announced at CES 2019 in January, 360 Reality Audio is a music experience that utilizes Sony’s object-based spatial audio technology. This technology makes it possible for artists and music creators to create a music experience by mapping sound sources such as vocals, chorus and instruments with positional information to suit their creative and artistic purpose. This makes listeners feel immersed within the sounds, with a concert-like experience from home speakers or headphones.

“It’s been incredible to see the response from customers with the launch of Amazon Music HD,” said Steve Boom, VP of Amazon Music. “We’re continuing to pioneer a new listening experience, and now by supporting Sony’s 360 Reality Audio with the launch of Echo Studio, we’re combining the convenience of streaming music at its highest quality, with voice. We’re thrilled to make streaming music at its highest quality sound more accessible to customers than ever before.”

Square opens up payment processing for CBD sellers in the U.S.

Square Inc. SQ, +1.09% announced Thursday that it was opening up an early access program for U.S. CBD merchants selling products that are hemp-derived and that contain less than 0.3% THC. The company will charge 3.90% plus 10 cents per tap, swipe, or dip for in-person transactions. The rate for online payments will be 4.20% plus 30 cents per transaction. Square previously had a beta program where it tested this capability. The company will also offer its suite of payroll, inventory management, and other services to sellers that sign on with its payment processing service. Square shares are up 1.2% in Thursday morning trading. They’ve gained 8.4% so far this year, while the S&P 500 SPX, +0.39% has risen 15%.

Treasury Announces Details Of Long-Term Securities Auctions

On Thursday, the Treasury Department announced the details of this month’s auctions of three-year and ten-year notes and thirty-year bonds.

The Treasury revealed it plans to sell $38 billion worth of three-year notes, $24 billion worth of ten-year notes and $16 billion worth of thirty-year bonds. The results of the auctions will be announced next week.

Last month, the Treasury also sold $38 billion worth of three-year notes, $24 billion worth of ten-year notes and $16 billion worth of thirty-year bonds.

The three-year note auction attracted below average demand, the ten-year note auction attracted above average demand and thirty-year bond auctions attracted average demand.

Aprea Therapeutics’ stock opens 3.1% above IPO price, then rises further

Aprea Therapeutics Inc. APRE, +14.27% got off to a positive start as a public company Thursday, as the first trade of the cancer treatment developer’s stock was 3.1% above its $15 initial public offering price. The first trade was $15.46 at 10:19 a.m. Eastern, and the stock has gained since to be up 12% in recent trading. The IPO priced late Wednesday in the middle of the expected range of $14 to $16. The biopharmaceutical company sold 5 million shares in the IPO to raise $75 million, and was valued at $288.15 million. The joint book-running managers were J.P. Morgan, Morgan Stanley and RBC Capital Markets. The company recorded a net loss of $8.7 million on no revenue during the first six months of 2019, compared with a loss of $7.7 million on no revenue in the same period last year. Aprea went public at a time the Renaissance IPO ETF IPO, +1.15% has lost 13.3% over the past three months, the iShares Nasdaq Biotechnology ETF IBB, +1.14% has declined 11.6% and the S&P 500 SPX, +0.34% has slipped 3.3%.

Kroger cuts hundreds of mid-level workers

Kroger Co. KR, -2.05% has cut hundreds of middle-management employees as part of an ongoing leadership evaluation. "As part of ongoing talent management, many store operating divisions are evaluating middle management roles and team structures with an eye toward keeping resources close to the customer," according to a statement from a Kroger spokesperson. "Store divisions operate independently but all of them are taking steps to ensure they have the right talent in the right store leadership positions." In its most recent earnings release, the company said it had "record employee retention in one of the tightest labor markets in years." FactSet puts Kroger’s headcount at 453,000 employees. Kroger shares are down 1.8% in Thursday trading, and 16.3% over the last year. The S&P 500 index SPX, +0.35% is down 1.2% for the past 12 months.

MGM Resorts to settle litigation relating to Vegas shooting for $735 million to $800 million

MGM Resorts International MGM, -0.91% said Thursday it has reached an agreement to settle litigation stemming from the Oct. 1, 2017 shooting in Las Vegas that killed 58 people for $735 million to $800 million. The process of compensating victims and families is expected to be completed by late 2020, the operator of casinos and hotels said in a statement. More than 800 people were injured when lone shooter Stephen Paddock fired into a 22,000-strong crowd attending a music festival from the window of his Mandalay Bay hotel room. The hotel is owned by MGM Resorts, which has been sued for negligence over the tragedy. The settlement will end all pending litigation and is not an admission of liability by MGM, the company said in a statement. Shares fell 1%, but are up 11% in 2019, while the S&P 500 SPX, +0.34% has gained 15%.