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Stock futures rise as Pelosi, Mnuchin work toward stimulus deal - CNBC
U.S. stock futures rose on Monday evening ahead of a deadline for a new fiscal stimulus deal from Washington.
U.S. stock futures rose on Monday evening ahead of a deadline for a new fiscal stimulus deal from Washington. Futures contracts for the Dow Jones Industrial Average gained nearly 100 points, while those for the S&P 500 and Nasdaq 100 rose 0.4% and 0.5%, respectively. The move in futures comes after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin "continued to narrow their differences" in a Monday afternoon phone call to discuss another stimulus package, according to Pelosi spokesman Drew Hammill. The speaker said that Tuesday is the deadline to reach an agreement before the Nov. 3 election. The stock market suffered a broad decline during Monday's session, with the Dow shedding 410 points and the S&P 500 and Nasdaq Composite both losing just over 1.6%. All 11 S&P sectors finished in the red. The slump marked the fourth down day in five for the Dow and the S&P 500, while it was the fifth-straight negative session for the tech-heavy Nasdaq. Stimulus negotiations have hung over the market for months after the main provisions from the CARES Act expired at the end of July. Since then, job growth has slowed but consumer spending has continued to recover. However, some indicators have shown that savings built up by the massive economic relief package are starting to run out. House Democrats have passed two additional relief bills that found no traction in the Republican-controlled Senate, which is moving to vote on a $500 billion targeted relief package later this week. The most recent bill from House Democrats was $2.2 trillion, while the counteroffers from the White House have crept up to about $1.9 trillion in recent weeks. Tuesday's session could also see volatile trading around corporate earnings. Consumer products company Procter & Gamble will release results before the bell, while Snap and streaming video giant Netflix will report after the market closes.
Stocks making the biggest moves in the premarket: Concho Resources, Halliburton, AstraZeneca & more - CNBC
The stocks making the biggest moves in premarket trading include Concho Resources, Halliburton, AstraZeneca, and more.
Take a look at some of the biggest movers in the premarket: Concho Resources (CXO) ConocoPhillips (COP) will buy its rival energy producer in an all-stock transaction valued at $9.7 billion. Concho shareholders will receive 1.46 ConocoPhillips shares for every share they now own. CNBC's David Faber had reported last week that the two sides were in late-stage talks about a possible deal. Halliburton (HAL) The oilfield services company earned 11 cents per share for its latest quarter, 3 cents a share above estimates. Revenue came in below Wall Street forecasts, however, as lower oil prices impacted demand for the company's services. Halliburton shares fell slightly in premarket trading as of 7:30 a.m. ET. AstraZeneca (AZN) A mass rollout of the Covid-19 vaccine being developed by Oxford University and manufactured by AstraZeneca could take place soon after Christmas, according to a report in London's Sunday Times quoting National Health Service deputy chief medical officer Jonathan Van-Tam. Hershey (HSY) Citi began coverage of the chocolate maker with a "buy" rating. Citi said Hershey's sales have been pressured by the pandemic, but that it sees significant potential for future growth. Philips (PHG) Philips reported better-than-expected third-quarter results, with the Amsterdam-based health technology company seeing increased demand for hospital equipment spurred by the pandemic. The shares added 3% in premarket trading as of 7:30 a.m. ET. American Airlines (AAL) American is planning a December return to service for the currently grounded Boeing (BA) 737 Max jet, pending Federal Aviation Administration recertification of the aircraft. American will schedule a daily flight between Miami and New York on the Max from Dec. 29 through Jan. 4. FedEx (FDX), United Parcel Service (UPS) FedEx and UPS have told some of their largest shippers that most of their holiday capacity is already spoken for, according to The Wall Street Journal. The shipping crunch has sent retailers on a difficult search for alternatives, with companies like DHL and LaserShip already seeing holiday shipping availability booked months in advance. Altice USA (ATUS) The cable operator increased its unsolicited bid for Canadian cable company Cogeco to $8.4 billion from the prior $7.8 billion. It is also offering to sell Cogeco's Canadian assets to Canadian cable giant Rogers Communications for about $4 billion, which would leave it with all of Cogeco's U.S. assets. Kinross Gold (KGC) The gold mining company is considering selling its North and South American gold mines and moving its primary stock listing to London, according to a report in the Globe and Mail newspaper. CVS Health (CVS) CVS is planning to hire 15,000 employees, including more than 10,000 pharmacy technicians, to prepare for a jump in Covid-19 cases over the winter and to have sufficient personnel in place for an eventual vaccine rollout. Alphabet (GOOGL) Politico reports that no Democratic state attorneys general are expected to join in an antitrust lawsuit against Alphabet's Google unit. The suit is expected to be filed this week. AMC Entertainment (AMC) The movie theater operator plans to resume operations at theaters in New York State on Oct. 23, meaning it will be operational in 44 of the 45 states in which it operates.
U.S. threatens sanctions after U.N. arms embargo against Iran expires - CNBC
The threat comes after a decade-long U.N. arms embargo against Iran officially expired Sunday as part of the nuclear deal agreed with world powers in 2015.
WASHINGTON Secretary of State Mike Pompeo warned Sunday that the United States will slap sanctions on any individual or entity that assists Iran's weapons program, a move that will likely further aggravate tensions between Washington and Tehran. "For the past 10 years, countries have refrained from selling weapons to Iran under various UN measures. Any country that now challenges this prohibition will be very clearly choosing to fuel conflict and tension over promoting peace and security," Pompeo said in a Sunday statement. "Any nation that sells weapons to Iran is impoverishing the Iranian people by enabling the regime's diversion of funds away from the people and toward the regime's military aims," he added. The threat comes after a decade-long U.N. arms embargo against Iran officially expired Sunday as part of the nuclear deal agreed with world powers in 2015. Iran's Foreign Ministry announced that the "Islamic Republic of Iran may procure any necessary arms and equipment from any source without any legal restrictions and solely based on its defensive needs." However, Tehran said it has no intention to go on a buying spree of conventional arms. Under the U.N. arms embargo, the export of "certain conventional arms to Iran" and the "procurement of any arms or related materiel from Iran" is in violation of the U.N. Security Council resolution and is subject to sanctions. However, the U.N. Security Council refused in August to support a U.S. effort to extend the arms embargo against Iran. China and Russia voted against Washington's efforts, while even close U.S. allies such as Britain, France and Germany abstained. Only the U.S. and the Dominican Republic voted for an extension. In response, the United States unilaterally re-imposed U.N. sanctions on Tehran last month through a snapback process, which other U.N. Security Council members have previously said Washington does not have the authority to execute because it withdrew from the nuclear deal in in 2018. The same week that the U.S. reimposed the U.N. sanctions the Trump administration upped the ante even more. Pompeo, flanked by Defense Secretary Mark Esper, Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, said the administration would sanction Iran's entire Ministry of Defense. "No matter who you are, if you violate the U.N. arms embargo on Iran, you risk sanctions," Pompeo said in an address on Sept. 21. "Our actions today are a warning that should be heard worldwide," he added. Esper followed on Pompeo's remarks and said the Pentagon was "ready to respond to future Iranian aggression" and called on Tehran to "act like a normal country." "We continue to stand shoulder to shoulder with our allies and partners to counter Iran's destabilizing behavior. In doing so, we will protect our people and our interests and maintain the security of like-minded nations across the region," Esper added. Tensions between Washington and Tehran have mounted after President Donald Trump's withdrawal from the landmark Iran nuclear agreement in 2018, calling it "the worst deal ever." The 2015 accord lifted sanctions on Iran that crippled its economy and cut its oil exports roughly in half. In exchange for sanctions relief, Iran accepted limits on its nuclear program until the terms expire in 2025. Trump has previously said that the U.S. wants to reach a broader deal with Iran that puts stricter limits on its nuclear and ballistic missile work and suppresses the regime's role in regional proxy wars. Tehran has refused to negotiate while U.S. sanctions remain in place. Following Washington's exit from the nuclear deal, other signatories of the pact France, Germany, the U.K., Russia and China tried to keep the agreement alive. Earlier this year, a U.S. strike that killed Iran's top military commander triggered the regime to further scale back compliance with the international nuclear pact. In January, Iran said it would no longer limit its uranium enrichment capacity or nuclear research.
Pelosi gives White House 48 hours to reach coronavirus stimulus deal before election - CNBC
Pelosi set the 48-hour deadline on negotiations after speaking with Treasury Secretary Steven Mnuchin on Saturday night for more than an hour.
House Speaker Nancy Pelosi has called on the Trump administration to reconcile remaining disputes on coronavirus stimulus legislation within 48 hours as lawmakers attempt to pass a bill before the 2020 election. Pelosi set the 48-hour deadline on negotiations after speaking with Treasury Secretary Steven Mnuchin on Saturday night for more than an hour. They agreed to speak again on Monday. In an interview on ABC News on Sunday, Pelosi said the deadline applies to lawmakers' ability to get a deal done before the Nov. 3 election. The speaker said she's optimistic about negotiations but that the outcome ultimately depends on the White House. "The 48 only relates to if we want to get it done before the election, which we do," Pelosi said. "We're saying to them, we have to freeze the design on some of these things are we going with it or not and what is the language? I'm optimistic, because again we've been back and forth on all this." Stimulus talks have dragged on for months even as the coronavirus spreads across the U.S. and millions of Americans remain unemployed. Pelosi and Mnuchin have made some progress in their negotiations, with the most recent call last night resulting in "some encouraging news on testing," according to Pelosi's deputy chief of staff Drew Hammill. The two still have differences on a comprehensive plan for Covid-19 testing, contact tracing and "measures to address the virus' disproportionate impact on communities of color," Hammill said. Pelosi, who has identified testing as a major point of contention in talks, said Sunday that there is no agreement between Democrats and the administration on language on testing. Mnuchin said last week that the White House won't let differences over funding targets for testing derail stimulus talks. "We're seeking clarity," Pelosi said on Sunday. She accused the White House of weakening language on testing and tracing, adding that administration officials drafting the legislation are "not legislators." "They changed shall to may, requirements to recommendations, a plan to a strategy, not a strategic plan. They took out 55% of the language that we had there for testing and tracing," Pelosi said. The White House did not immediately respond to CNBC's inquiry regarding Pelosi's comments. Democrats, who have passed a $2.2 trillion relief bill in the House, dismissed the Trump administration's latest $1.8 trillion proposal as insufficient. The two sides disagree on major policy issues including funding for state and local governments and protections for businesses during the pandemic. Even if Pelosi and Mnuchin are able to reach a bipartisan deal, many Senate Republicans have opposed spending close to $2 trillion on a package. The Senate is set to vote on a limited $500 billion stimulus bill on Wednesday, which will include funding for schools, expanded unemployment benefits and a second round of the Paycheck Protection Program. But Democrats blocked a $500 billion Republican plan in the Senate last month and will likely dismiss the latest GOP proposal as insufficient too.
Senate to vote on $500 billion GOP coronavirus stimulus bill Wednesday - CNBC
Senate Majority Leader Mitch McConnell said the Senate will vote on coronavirus stimulus legislation on Wednesday.
The Senate will vote on a $500 billion coronavirus stimulus bill on Wednesday, Senate Majority Leader Mitch McConnell said Saturday, as a larger bipartisan deal remains elusive despite continued talks between top Democrats and the Trump administration. McConnell blamed his opponents across the political aisle for the current stalemate, arguing that the Senate has enough time to pass the GOP stimulus package and confirm Supreme Court nominee Amy Coney Barret if "Democrats do not obstruct this legislation." "Nobody thinks this $500B+ proposal would resolve every problem forever," McConnell said in a statement on Saturday. "It would deliver huge amounts of additional help to workers and families right now while Washington keeps arguing over the rest." Democrats have accused McConnell of pushing ahead with Barrett's confirmation instead of focusing on passing stimulus legislation. Democrats blocked a $500 billion Republican plan in the Senate last month and will likely dismiss the latest GOP proposal as insufficient. The chances of Congress passing new aid before the Nov. 3 presidential election have dimmed as the Senate GOP plan is more limited than what the Trump administration or Democrats have proposed. The GOP bill will include funding for schools, expanded unemployment benefits and a second round of the Paycheck Protection Program, McConnell said. The Senate will vote on the bill a day after a standalone vote on more PPP funds on Tuesday. Earlier this month, Treasury Secretary Steven Mnuchin offered House Speaker Nancy Pelosi a $1.8 trillion stimulus deal, about $400 billion less than the bill proposed by House Democrats earlier this month. Pelosi, whose party passed a $2.2 trillion relief bill in the House, dismissed the White House proposal and said it "amounted to one step forward, two steps back." Senate Republicans, on the other hand, oppose the White House package as too large. Pelosi and Mnuchin continued their negotiations this week, though they were unable to reach an agreement. Both sides characterized the talks as productive but said major differences remain. Congress hasn't pushed through new relief legislation in months as the coronavirus worsens across the U.S. and millions of Americans remain unemployed. CNBC's Jacob Pramuk contributed reporting
Republican National Committee files Federal Election Commission complaint over Twitter ban on Hunter Biden articles - CNBC
Claims about Hunter Biden and a Ukraine gas company have become an issue in the race between President Donald Trump and Joe Biden.
The Republican National Committee on Friday filed a federal elections complaint over Twitter's decision to ban sharing on its platform recent news articles about Hunter Biden, the son of former Vice President Joe Biden. The RNC claims that Twitter's blocking of The New York Post articles amounts to an "illegal corporate in-kind political contribution" to the Democrat Joe Biden's presidential campaign, which is seeking to unseat President Donald Trump, the Republican incumbent. A computer hard drive said to be owned by Hunter Biden was used as source material by the New York Post for the articles subject to Twitter's ban. A copy of the hard drive was provided to the newspaper by Trump's personal lawyer, Rudy Giuliani, the Post said. Twitter has said it banned the Hunter Biden articles in question because they were found to be in violation of Twitter's Hacked Material Policy, which does not "permit the use of our services to directly distribute content obtained through hacking that contains private information, may put people in physical harm or danger, or contains trade secrets." The social media giant also said it was banning links to the articles because they contained images of hacked material with personal and private information. But the RNC said in its Federal Elections Commission Complaint that Twitter is "engaged in arguably the most brazen and unprecedented act of media suppression in this country's history, and it is doing so for the clear purpose of supporting the Biden campaign." The complaint notes that Twitter has "also suspended, or locked, the accounts of users who shared the articles or details about the articles, including the Trump campaign (@TeamTrump), White House Press Secretary Kayleigh McEnany (@kayleighmcenany), Republicans on the U.S. House Judiciary Committee (@JudiciaryGOP)." The RNC wants the FEC to investigate the claim, and to impose the maximum penalty allowed if Twitter is found to have violated the law. The complaint notes that federal campaign finance law "strictly prohibits corporations from making contributions to federal candidates." "The term 'contribution' is defined in relevant part to mean 'anything of value made by any person for the purpose of influencing an election,' and includes in-kind contributions such as services," the complaint says. Twitter's "suppression of the New York Post articles provides a thing of value to the Biden campaign," the RNC argued in its complaint. "Respondent is acting as Biden's media operative, taking proactive steps to shield Biden from negative news coverage by blocking its distribution and muzzling those who try. If Respondent charged for this service, Biden no doubt would gladly pay a significant price." RNC Chairwoman Ronna McDaniel said in a statement, "Twitter's decision to censor news articles that harm Joe Biden's candidacy is so transparently biased it would make even the governments of China or North Korea blush." Spokesman for Twitter and for Biden's campaign did not immediately respond to requests for comment. On Thursday, in response to criticism over its ban, Twitter said it was making changes to its hacked material policy. Twitter said it will no longer remove hacked content unless it is directly shared by hackers or those acting in concert with them. The company also said that it will label tweets to provide context, as opposed to blocking links from being shared at all. But the ban on the Hunter Biden articles remains intact because Twitter said it will still apply rules "to the posting of or linking to hacked materials, such as our rules against posting private information, synthetic and manipulated media, and non-consensual nudity." The New York Post has reported that the emails from the computer hard drive believed to be owned by Hunter Biden show that Hunter facilitated a meeting between Joe Biden and Vadym Pozharsky, an advisor to the board of Burisma, the Ukraine gas company on whose board Hunter Biden sat. The purported meeting, which the Biden campaign and Hunter Biden's lawyer have denied occurred, supposedly took place less than a year before the then-vice president pressured the Ukraine government to oust a prosecutor. That prosecutor has since claimed he was investigating Burisma at the time of his ouster. But Biden's campaign has noted that Biden's pressure on the Ukrainian government was done because the American government believed the prosecutor was not doing enough to investigate corruption. NBC News reported Thursday night that federal investigators are probing whether the emails cited by The Post are linked to a foreign intelligence operation. The hard drive was originally left at a Delaware computer repair shop. According to the FEC's web site, the commission "has held a long and diverse list of goods and services (both tangible and intangible, both easy and difficult to value) to qualify as contributions" to a political campaign. However, none of the services given as examples of such contributions on the site involves a social media platform decision to enforce its own rules. "The Commission has, consistent with judicial rulings, interpreted 'anything of value' broadly under [election law]," the site says. "The Commission has found that even where the value of a good or service 'may be nominal or difficult to ascertain,' such good or service is nevertheless a 'thing of value' under the" law, the site notes. - Additional reporting by Christina Wilkie
Trump administration announces coronavirus vaccine deal with CVS and Walgreens to administer vaccine to seniors - CNBC
CVS Health and Walgreens will administer coronavirus vaccines to the elderly and staff in long-term care facilities, if and when a vaccine is approved for public use.
The Trump administration on Friday announced a deal with CVS Health and Walgreens to administer coronavirus vaccines to the elderly and staff in long-term care facilities. The vaccine will be free and available for residents in all long-term care settings, including skilled nursing facilities, nursing homes, assisted living facilities, residential care homes and adult family homes, the Department of Health and Human Services said in a press release. Starting Monday, long-term care facilities will be able to select which pharmacy they prefer to have on-site. CVS and Walgreens will schedule and coordinate on-site clinic dates directly with each facility, HHS said. The companies anticipate that three total visits over two months are likely to be needed to administer both doses of vaccine to residents and staff, the agency said. Long-term care facilities are not mandated to participate, HHS added. "Protecting the vulnerable has been the number one priority of the Trump Administration's response to COVID-19, and that commitment will continue through distributing a safe and effective vaccine earliest to those who need it most," HHS Secretary Alex Azar said in a statement. Centers for Medicare and Medicaid Services Administrator Seema Verma said the deal will ensure that nursing homes, which have been hit hard by the virus, "are at the front of the line for the COVID vaccine and will bring their grueling trial to a close as swiftly as possible." The announcement comes the same day states must submit their draft plans to the federal government on how they will distribute a coronavirus vaccine if and when one is approved for public use. There are four potential vaccines backed by the U.S. currently in late-stage testing. Most of the potential vaccines require two doses, although Johnson & Johnson's requires just one shot, and some of them need to be transported and stored at varying and specific temperatures. Paul Mango, deputy chief of staff for policy at HHS, told reporters on an Oct. 9 call that the federal government is in the process of "actively engaging tens of thousands of provider outlets for these vaccines." Mango added that the U.S. currently has assembled 40 million-plus vaccination kits with the bottles, needles and other items needed for the shots. "All of those are in warehouses ready to go, so that's a big logistical task or undertaking," he said. HHS said Friday that CVS and Walgreens will receive and manage vaccines and also ensure they are stored at the proper temperatures. The companies will also be responsible for on-site administration of the vaccine. "Ensuring access to COVID-19 vaccines, particularly among our most vulnerable populations, will be critical to saving lives and helping our nation recover from the pandemic," Walgreens president John Standley said in a statement. Troy Brennan, chief medical officer at CVS Health, said in a statement, "CVS Health has been on the frontlines of the fight against COVID-19, working across the health care spectrum in all the communities we serve and that will continue to be the case when we have a vaccine to dispense." HHS also said that it is "using multiple authorities" to ensure appropriate reimbursement for the vaccinations and that no American will have to pay out of pocket.
Michigan bans open carry of guns at Election Day polling places on heels of Gov. Whitmer kidnap plot - CNBC
President Donald Trump, who has been critical of Michigan Gov. Gretchen Whitmer, trails Democratic nominee Joe Biden in recent polls in the state.
Michigan's secretary of state on Friday banned the open carry of guns at polling places and other official voting locations on Election Day in the state, a move that comes on the heels of an alleged plot to kidnap Michigan Gov. Gretchen Whitmer and after armed protests at the statehouse. Fair, free and secure elections are the foundation of our democracy,said Secretary of State Jocelyn Benson in announcing the open carry ban, which will be backed by the state attorney general and State Police. I am committed to ensuring all eligible Michigan citizens can freely exercise their fundamental right to vote without fear of threats, intimidation or harassment," said Benson, who is Michigan's top election official. "Prohibiting the open-carry of firearms in areas where citizens cast their ballots is necessary to ensure every voter is protected. Benson outlined the prohibition in a guidance issued to local election clerks. The ban on openly carrying firearms applies to polling places, clerk's offices and absent voter counting boards on Election Day, Nov. 3, and extends out 100 feet from those locations. That guidance said that "the presence of firearms at" those locations "may cause disruption, fear, or intimidation for voters, election workers, and others present." State Attorney General Dana Nessel said, Michigan voters have the right to vote in person on Election Day free from threat and intimidation." "An armed presence at the polls is inconsistent with our notion of a free democracy. I stand with the Secretary in her commitment to ensure that every eligible voter who wants to vote in person can do so safely and without fear or intimidation. Michigan has 16 electoral votes at stake in the contest between incumbent Republican President Donald Trump and the Democratic challenger, former Vice President Joe Biden. Trump barely won Michigan in his 2016 contest against Hillary Clinton, edging the Democrat out by just 0.23% of the votes cast. The state was one of several in the Rust Belt which played a crucial role in giving Trump enough votes to defeat the former U.S. secretary of State in the Electoral College. But recent polls show Biden leading Trump by an average of more than 6 percentage points in Michigan. Trump has been critical of Whitmer for her response to the Covid-19 outbreak since last spring. Earlier this month, federal authorities arrested six men in connection with allegedly plotting to kidnap Whitmer, with one of those defendants allegedly saying the group would try the governor for "treason." State terrorism charges have been filed against eight other men related to allegedly offering aid to that scheme and to efforts to ignite a civil war and commit violent acts against law enforcement officials in the state. All fourteen defendants are alleged to be members or associates of militia groups, including one called the Wolverine Watchmen. The alleged plot to kidnap Whitmer, and discussions about also kidnapping Virginia Gov. Ralph Northam, another Democrat, were fueled by anger over their Covid-19 lockdown measures. In April, after armed protests at the state capitol by members of militia groups and others, Trump tweeted "Liberate Michigan!" Whitmer and Nessel have said Trump's rhetoric could have played a role in sparking the alleged plot. Whitmer has called Trump "complicit," while Nessel has said of Trump and state Republican elected officials, "When they say these things, people not only listen, they respond. ... It's not just a dog whistle, but a rallying cry." However, at least one of the men charged with the kidnap plot, Brandon Caserta, has reportedly posted messages criticizing Trump, referring to the president as a "tyrant." "Trump is not your friend, dude. It amazes me that people actually, like, believe that when he's shown over and over and over again that he's a tyrant," Caserta said on a video being circulated online, The Detroit News reported. "Every single person that works for government is your enemy, dude." Several of Caserta's co-defendants reportedly posted pro-Trump messages on social media. Trump has continued attacking Whitmer for her policies even after the alleged kidnap plot was exposed. Trump on Thursday during a Fox Business interview blasted Whitmer, accusing her of aspiring to be a "dictator." "Michigan, she has to open up," Trump said. "She wants to be a dictator in Michigan, and the people can't stand her."
Coca-Cola to retire Tab, its first diet soda, as it trims its portfolio - CNBC
Coca-Cola said Friday that Tab, its first diet soda, is among the drinks headed for retirement as it trims its beverage portfolio.
Coca-Cola said Friday that Tab, its first diet soda, is among the drinks headed for retirement as it trims its beverage portfolio. The coronavirus pandemic has accelerated the beverage giant's transition to focusing on its bigger and more popular brands, like its namesake soda. Coke has also recently announced a restructuring plan that is meant to help it become more efficient and scale new products more quickly. The global pandemic led to a 33% decline in Coke's second-quarter earnings, but CEO James Quincey, who has led the company since 2017, has said it is trying to emerge from the crisis stronger than before. Other drinks that will go out of production by the end of the year include Odwalla products, Zico coconut water, stevia-sweetened Coca-Cola Life and Diet Coke Feisty Cherry. Regional beverages like Northern Neck Ginger Ale and Delaware Punch are also slated to disappear. "It's about continuing to follow the consumer and being very intentional in deciding which of our brands are most deserving of our investments and resources, and also taking the tough but important steps to identify those products that are losing relevance and therefore should exit the portfolio," Cath Coetzer, Coke's global head of innovation and marketing operations, said in a statement. Coke first introduced Tab to consumers in 1963, aiming the zero-calorie drink at women. In the 1970s and 1980s, as Americans tried fad diets, the diet soda grew more popular but faded once Diet Coke was introduced in 1982. The company said that Tab has maintained a "small but loyal" number of fans in recent decades. More than half a century after Tab's launch, Coke is betting on Diet Coke and Coke Zero Sugar to fulfill consumers' cravings for sugar-free, low calorie soda. Coke is expected to report its third-quarter earnings on Thursday. Shares of the company, which has a market value of $216 billion, have fallen 9% so far this year.
Twitter CEO Jack Dorsey says blocking New York Post story was 'wrong' - CNBC
"Straight blocking of URLs was wrong, and we updated our policy and enforcement to fix. Our goal is to attempt to add context, and now we have capabilities to do that," Dorsey said in a tweet.
Twitter CEO Jack Dorsey on Friday reiterated his apology for how the company handled an unverified New York Post report claiming to contain a "smoking gun" email related to presidential candidate Joe Biden and his son. "Straight blocking of URLs was wrong, and we updated our policy and enforcement to fix. Our goal is to attempt to add context, and now we have capabilities to do that," Dorsey said in a tweet. The story from the Post story alleges then-Vice President Biden's son Hunter Biden attempted to introduce to a top executive at a Ukrainian company Hunter worked for to his father. A spokesman for the Biden campaign denied the claims. Twitter chose to restrict distribution of the story, citing its hacked material policy, which doesn't "permit the use of our services to directly distribute content obtained through hacking that contains private information, may put people in physical harm or danger, or contains trade secrets." The company later said that it blocked the story's link specifically because it contained images of hacked material with personal and private information. Twitter faced swift backlash from conservatives and President Donald Trump for its decision to restrict the report. Sen. Ted Cruz, R-Texas, told reporters Thursday alongside Senate Judiciary Committee Chairman Lindsey Graham, R-S.C., that the panel would vote next week on whether to subpoena Dorsey for a hearing in front of their committee next Friday. Cruz later told CNBC's "Power Lunch" on Thursday that Twitter's actions "marked a dramatic escalation and it crossed a new line." He argued that blocking the article was tantamount to "election interference" and questioned Twitter's liability protection under Section 230 of the Communications Decency Act. In response, the company late Thursday updated its policy on hacked materials after receiving "significant feedback," it said. Twitter will no longer remove hacked content unless it is directly shared by hackers or those acting in concert with them. Twitter will also label tweets to provide context instead of blocking links from being shared on the social media platform. Subscribe to CNBC on YouTube.