Trying their (as)best(os). A New Jersey state jury ordered Johnson & Johnson to pay $750M to four victims who developed mesothelioma from using its talc-powder products. The initial award was $37.5M … and the judge presiding over the case already said she planned to reduce the sentence to $186.5M.
Cut ’em down to size. China agreed to cut tariffs on $75B worth of goods coming from the US including soybeans, pork, and auto parts, following the signing of the “Phase 1” trade agreement last month.
The tax rate on 916 items in total will be reduced from 10 percent to 5 percent beginning, lovingly, on February 14th. Phase 2 talks are expected to continue should flights in and out of China ever resume.
Lung transplant. Juul has raised $700M of convertible debt in a fundraising round that will give the company more flexibility to make long term investments, and hopefully, breathe some life into the vape-maker. The convertible debt can eventually turn into equity if Juul’s valuation is within a certain range, $10B to $25B in this case. The money comes mostly from existing investors who at this point are willing to throw money at the dumpster fire in hopes of not losing their initial investment.
Altria, which purchased a massive stake in Juul worth $38B in 2018 has already written down that amount to $12B. Are you happy now, FDA?
Pin it up. Uber’s stock rose 6% after hours yesterday as the company announced that it expects to be profitable earlier than initially expected. The ride-sharing company still suffered a loss in Q4… and is facing more regulatory scrutiny… but that’s showbiz baby! CEO Dara Khosrowshahi indicated that the company is looking to be profitable in Q4 2020, ahead of the initial estimate of 2021.
Not to be outdone, Pinterest had a stellar quarter of its own. The company beat on both top and bottom lines with revenue of $400M topping estimates of $371M. Earnings per share of 12 cents beat out expectations of 8 cents as well. Pinterest’s redesigned app helped increase active users to 335M. Somehow all of America, besides yours truly, is on Pinterest…