Kohl’s raised its financial outlook for the year on Thursday, after a solid rebound in the first quarter from the devastating impact of the pandemic. But those raised expectations fell short of what many industry analysts had been projecting and shares plunged nearly 11 percent Thursday. During a conference call, Kohl’s explained that it it...Read More

Fugitive former car executive Carlos Ghosn suffered a setback on Thursday when a Dutch court ordered him to repay 5 million euros ($6.1 million) in wages to Nissan and Mitsubishi in a case he had brought. The case, one of a series of legal battles involving one of the best known figures in the auto industry, centers around the...Read More

Shares of Swedish oat milk brand Oatly soared nearly 30 percent during the company’s public market debut Thursday. The stock began trading around 11:45 a.m. ET at $22.12, about 30 percent above the IPO price, giving the company a valuation of $13.1 billion. The Malmo, Sweden-based company is trading on the Nasdaq under the ticker...Read More

Morgan Stanley chief executive James Gorman named longtime deputies Ted Pick and Andy Saperstein as co-presidents — setting up a race to succeed him at the helm of the Wall Street giant. Pick, 52, will continue to lead institutional securities but will also be promoted to oversee Morgan Stanley’s international operations as co-head of firm...Read More

Zhang Yiming, the co-founder of TikTok’s Chinese parent company ByteDance, will step down as CEO, he announced Thursday as he admitted to lacking some of the skills necessary to lead the company as its chief executive. Zhang’s fellow co-founder, Liang Rubo, will take over as CEO of ByteDance, which owns a slate of entertainment and...Read More

Apple made at least $100 million — and possibly much more — off commissions from “Fortnite” during the two-and-a-half years the game was available on the App Store, an Apple executive revealed during an ongoing antitrust trial. Michael Schmid, an Apple executive who oversees business development for games on the App Store, revealed the figure under...Read More

Microsoft will finally retire Internet Explorer after more than 25 years.  The software giant announced Wednesday that the current version of Internet Explorer will no longer be supported on consumer versions of Windows 10 from June 15, 2022. Instead, Microsoft said it’s shifting focus to web browser Edge, which it launched in 2015. “We are...Read More

IHOP is launching a new chain of grab-and-go locations that are focused on orders for takeout and delivery — and they’ll make their debut in New York City. The 62-year-old pancake chain is dusting off its plans for a concept it originally announced in 2019 — Flip’d — opening the first location in the Big...Read More

The number of Americans seeking new unemployment benefits continued to drop last week, the feds said Thursday, as a slew of states move to slash the pandemic-boosted payments. Initial worker filings for jobless claims, seen as a signal of layoffs, reached 444,000 last week, down from a revised total of 478,000 reported the prior week,...Read More

Private equity firm Apollo announced Thursday that co-founder Josh Harris will step down from his day-to-day role at the company, but keep his seat on the board of directors.  Harris is expected to fully step down upon completion of the firm’s deal to buy insurance company Athene, likely to close in the first quarter of...Read More