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Barnes & Noble stock soars 20% as it explores a sale

Barnes & Noble stock jumped more than 20% after the board said it would consider a sale of the troubled company. The board said Wednesday it had appointed a special committee to review offers. One came from longtime Barnes & Noble chairman Len Riggio. He is the company’s largest shareholder, controlling close to 20%. Barnes & Noble (BKS) also disclosed that a shareholder it could not identify had rapidly built up a stake in the company. To block a hostile…

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Why it’s time for investors to go on defense

It’s time for investors to start making safer bets. That’s what Howard Marks, co-chairman of Oaktree Capital, told CNNMoney editor-at-large Richard Quest on “Markets Now” on Wednesday. “Defense is more important than offense” right now, said Marks, the author of “Mastering the Market Cycle: Getting the Odds on Your Side.” Investors should consider taking a stake in utilities, and decreasing their investments in more volatile tech stocks, he said. Defense is the name of the game for a few reasons.…

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Honda teams up with GM on self-driving cars

Honda and General Motors are teaming up to create a new generation of fully autonomous vehicles. Honda will invest $2 billion over 12 years into GM’s autonomous vehicle subsidiary, Cruise. GM and Cruise have been building and developing self-driving versions of GM’s Chevrolet Bolt EV electric car with plans to deploy a fleet of them for public use next year. With Honda’s engineering and financial assistance, Cruise will begin developing a new vehicle that is not based on any existing…

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Toys ‘R’ Us brand may be brought back to life

Toys “R” Us may be coming back. The company closed all of its US stores in June as part of a bankruptcy liquidation. But the owners of the company’s remaining assets are looking into restarting the business, as well as the related Babies “R” Us brand, the company disclosed in a court filing this week. Toys “R” Us had planned to auction off the rights to its name and the Babies “R” Us brand. Bidders had already made offers for…

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Aston Martin IPO values James Bond’s favorite car brand at $5.6 billion

Aston Martin is joining the ranks of listed automakers with an IPO that values the British company at more than $5 billion. The favorite carmaker of fictional British secret service agent James Bond has priced its shares at £19.00 ($24.70), giving it a valuation of £4.3 billion ($5.6 billion). The stock will be listed on the London Stock Exchange on Wednesday, with full trading set to begin on October 8. “We are delighted by the positive response we have received…

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Tesla calms fears with strong sales numbers

A tumultuous quarter at Tesla ended with some very good sales numbers. The company delivered 83,500 vehicles during the third quarter, a strong performance that should calm investor fears about logistical problems and a looming cash crunch. That included almost 56,000 of the lower-priced Model 3. Production was a bit below that number: Tesla said it built about 53,000 Model 3s. But that was within the company’s projections. Only three months ago, the company struggled to build 5,000 Model 3s…

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The markets are soaring. How should investors play it?

Things are looking good on Wall Street. The S&P 500 rose by more than 7% in the third quarter, which ended Friday. That’s the strongest quarter for the index in nearly five years. The Dow spiked 9%, while the Nasdaq climbed 7%. All three major indexes are near record highs. History suggests the growth could continue. Since 1945, the S&P has risen an average of 3.8% in the fourth quarter after it makes gains in the third quarter, according to…

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Tencent Music files for IPO in US

Tencent Music has filed plans to go public in the United States in what could be one the biggest recent US IPOs by a Chinese company. The company set a placeholder target of $1 billion, which could value the company between $25 and $30 billion, according to its SEC filing. That amount would mark the third largest Chinese IPO to list in the United States since the beginning of 2018, according to data provider Dealogic. The Netflix-like video platform iQIYI…

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JCPenney names Jill Soltau as its new CEO

Jill Soltau, a veteran retailer leader most recently in charge of Joann fabric and craft stores, will be tasked with fixing JCPenney. Penney announced on Tuesday that Solatu will take over as the company’s chief executive beginning on October 15. Penney has been leaderless since Marvin Ellison left the company in May to take the top job at Lowe’s. Solatu will become one of only a handful of female CEOs leading a Fortune 500 company. She will face a daunting…

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S&P downgrades debt-riddled GE and GE Capital

New General Electric boss Larry Culp just got a fresh reminder of the debt-riddled balance sheet he’s inheriting. Barely 24 hours after Culp became CEO, S&P Global Ratings downgraded the credit ratings of GE (GE) and GE Capital. Moody’s and Fitch warned they could do the same. All three ratings firms cited GE’s elevated leverage and shrinking cash flows — an alarming trend exacerbated by serious problems at GE’s power division. GE said on Monday that plunging profit at GE…

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