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6 Most Important Things in Business Today, Theranos Out of Business
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Blood testing company Theranos went out of business. According to The Wall Street Journal:
Theranos Inc., the blood-testing company accused of perpetrating Silicon Valley’s biggest fraud, will soon cease to exist.
In the wake of a high-profile scandal, the company will formally dissolve, according to an email to shareholders. Theranos will seek to pay unsecured creditors its remaining cash in coming months, the email said.
Toyota Motor Corp. (NYSE: TM) will recall more than a million vehicles. According to The Wall Street Journal:
Toyota Motor Corp. is recalling over one million Prius and C-HR crossover sport-utility vehicles globally to repair a portion of the electrical system that could cause a fire.
The recall affects certain 2016-2018 model-year Prius vehicles, Prius Prime plug-in hybrids and hybrid gas-electric versions of the C-HRs. In the U.S., the recall covers about 192,000 Prius and Prius Prime vehicles. Toyota doesn’t sell a hybrid version of the C-HR in the U.S. The bulk of the vehicles covered by the recall were sold in Japan.
Crude prices rose because of a storm in the Gulf of Mexico. According to The Wall Street Journal:
U.S. oil prices rose Tuesday as tropical storm Gordon barreled through the eastern Gulf of Mexico, forcing offshore oil producers to cut production and sparking concerns refinery activity may also be affected.
Light, sweet crude for October delivery closed 0.1% higher at $69.87 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, ended virtually unchanged at $78.17 a barrel.
Emerging market currencies continued to fall. According to CNBC:
Emerging market currencies succumbed to a sell-off again on Tuesday, with currencies tumbling across the board — some to new record lows.
Among the worst hit was Indonesia’s rupiah, which fell to a new two-decade low on Tuesday at 14,940 against the dollar, then recovered slightly to 14,925 by Wednesday midday. The Argentine peso fell about 3 percent — it had already crashed 16 percent last week, bringing its losses this year to almost 50 percent against the dollar.
Reuters reports that Saudi Arabia will try to keep the price of crude within a narrow range. The new service reports:
Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world’s biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections, OPEC and industry sources said.
After announcing the flotation of Saudi Aramco in 2016, the kingdom began pushing for higher crude prices partly to help maximize the valuation of the state oil company ahead of an initial public offering (IPO), originally scheduled for 2018.
Shares of Advanced Micro Devices Inc. (NASDAQ: AMD) reached their highest level in over a decade. According to Fortune:
Advanced Micro Devices surged nearly 12% Tuesday as some analysts argued that the company is poised to benefit from weakness in its longtme rival Intel.
AMD’s stock closed Tuesday at $28.06 a share, its highest close since 2006. The chipmaker’s shares have risen more than 15 times over in the past three years as it shifted to meet the demands for high-powered graphics chips and other processors used in datacenters and data mining.
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