Business

The rusted, dented rear bumper of an old vehicle parked on a cobbled street.

A GTCR-Led Group With Elliott Will Take CCC Private at $7.75 a Share, a $6.1 Billion Enterprise Value. Its Chief Executive and President Are Rolling Over Part of Their Stakes.

CCC Intelligent Solutions said on Thursday 15 October that a consortium led by GTCR and including Elliott Investment Management will buy it for $7.75 a share in cash, an enterprise value of about $6.1 billion. The price is about 44 per cent above the 9 July close. The deal needs a stockholder vote and antitrust clearance and is expected to close in the first quarter of 2027.

By Margaret Holloway 22 hours ago

Insulators, switchgear and overhead lines at an electric power substation under a pale sky.

The Numbers

Industrial Production Rose 0.7 Per Cent in September, and Utilities Supplied More of It Than Factories. Manufacturing Rose 0.3 Per Cent and Is Up 1.1 Per Cent in a Year.

By Daniel Okafor 23 hours ago

A row of new dark SUVs parked on a dealership lot at dusk.

Business

Penske Automotive Agreed to Be Taken Private at $212 a Share, a $16.3 Billion Enterprise Value. The Premium Is 8.8 Per Cent, and Its Two Buyers Are Also Its Two Largest Holders.

By Margaret Holloway 42 hours ago

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Rows of industrial machinery under overhead pipework on a factory floor.

Philadelphia Factories Fell to 20.9 in October From 37.8, but Prices Received Hit a 17-Month High. 52.2 Per Cent of Firms Plan to Spend More Next Year and None Plan to Spend Less.

The Federal Reserve Bank of Philadelphia said on Thursday 15 October that its manufacturing index fell to 20.9 from 37.8, the second monthly decline, though it remains positive. New orders fell to 4.3 from 29.2. The prices-received index rose to 40.1, its highest since May 2025.

By Daniel Okafor 43 hours ago

Two machined metal flanges resting on engineering drawings.

New York Factories Posted Their Best Reading Since December 2021, 25.5. Delivery Times Are Lengthening, Supply Is the Scarcest Since 2022, and Hiring Is Only Modest.

The Federal Reserve Bank of New York said on Thursday 15 October that its Empire State Manufacturing Survey general business conditions index rose 18 points to 25.5 in October, the highest since December 2021. New orders rose 21 points to 23.2, while the employment index held at 10.3, pointing to modest hiring, and supply availability fell to its lowest since June 2022.

By Margaret Holloway October 15, 2026

White fuel storage tanks at a riverside terminal under a blue sky, seen from the water.

Agility Bought Tristar for About $7 Million in 2003. It Is Selling It at a $1.5 Billion Enterprise Value, and Says the Bet Returned More Than $1 Billion.

Agility Global said on 13 October that it will sell its entire stake in Tristar, a fuel logistics business, to India's Aegis Logistics at an enterprise value of $1.5 billion and an equity value of $882 million, about 6.0 times 2025 EBITDA. Closing is expected before the end of March 2027, subject to regulatory approvals. Agility has not said how much of that it receives.

By Thomas Gutierrez October 15, 2026

A single-storey Bank of America branch with its red, white and blue sign, seen across a road junction under traffic lights at State Road 520 and A1A.

Bank of America Took a $1.2 Billion Treasury Penalty the Day Before It Reported. The Charge Cost 17 Cents a Share, and Earnings Still Missed Without It.

Treasury announced more than $1.21 billion in anti-money-laundering and sanctions penalties against Bank of America on Tuesday 13 October, and the bank reported third-quarter results the next morning. The bank says the penalty is a non-deductible charge of about 17 cents a share. The bank earned 91 cents a share, or $1.08 excluding the charge, below the $1.12 analysts had expected.

By Margaret Holloway October 14, 2026

A hand holds a smartphone whose screen shows a pink heart pierced by an arrow, against a green textured fabric.

Bumble Agreed to a $1.3 Billion Cash Buyout at $6.05 a Share, a 138 Per Cent Premium. Its Public Shareholders Will Not Get a Vote.

Bumble said on Tuesday 13 October that it will be acquired by Ithaca Holdings for $6.05 a share in cash, a deal it values at $1.3 billion. The price is about 138 per cent above the stock's close on 9 October. Affiliates of Blackstone and founder Whitney Wolfe Herd approved the deal by written consent after it was signed, so public shareholders will not vote; regulatory approvals are still required.

By Alison Acosta October 14, 2026

Meta Priced Its First Frontier Model at $4 per Million Tokens, Level With Anthropic's Opus 5.5. Its Shares Closed Up 3.4 Per Cent.

Meta released Muse Wonder and Muse Wonder Full on Monday, its first frontier AI models since it rebuilt its AI effort 14 months ago. Muse Wonder costs $4 per million input tokens and $20 per million output tokens on the Meta Model API; Muse Wonder Full is sold only inside Muse Code plans of $50 and $200 a month. Meta's shares closed up 3.4 per cent. The benchmark claims are Meta's, and independent testing has only just begun.

By Alison Acosta October 12, 2026

Seen from above, a white Delta Air Lines jet with a red and blue tail flies low over an airport taxiway, passing over an Aeromexico airliner on the ground.

Delta Will Absorb $6 Billion More for Fuel This Year. Its Profit Forecast Has Fallen by About a Quarter Since July.

Delta Air Lines now expects adjusted earnings of $5.10 to $5.60 a share this year, down from the $6.50 to $7.50 it affirmed in July. Its third-quarter fuel bill rose 62 per cent. Fares rose almost as fast, and that is why the quarter's operating profit barely moved.

By Cory Chamberlain October 9, 2026

An older woman in a pink top and an older man in a patterned shirt listen as a doctor in a white coat with a stethoscope shows them a clipboard.

Humana Had 20 Per Cent of Its Medicare Members in Four-Star Plans. Next Year It Will Have 95 Per Cent.

Humana said on Friday that 95 per cent of its Medicare Advantage members are in plans rated four stars or higher for 2027, up from 20 per cent this year. Four stars is the threshold for federal bonus payments. The shares jumped about 15 per cent. Analysts expect UnitedHealth and CVS to go the other way.

By Cory Chamberlain October 9, 2026

Two maintainers, one in dark blue coveralls and one in a light jacket and dark blue trousers, reach up to the underside of a grey F-35A fighter numbered 5172 on a flight line, with a row of other F-35s and uniformed airmen behind them.

The Pentagon and Lockheed Are Discussing a Decade of F-35s. The Hard Part Is the Spare Parts.

The Pentagon and Lockheed Martin are discussing a deal for the F-35 that could run for up to ten years and cover both building the jet and keeping it flying, Breaking Defense reports. Production would stay at about 156 a year. The prize, and the problem, is spare parts.

By Cory Chamberlain October 9, 2026

Four surgeons in blue gowns, caps and masks, two wearing magnifying headlamps, lean over a patient during an operation in a brightly lit operating room.

Viatris Was Built on Generics. It Is Paying $1.65 Billion for Two Pain Drugs That Will Face Them.

Viatris has agreed to buy Pacira BioSciences for $36.50 a share in cash, about 45 per cent above Wednesday's close. It gets two non-opioid pain drugs with about $692 million of sales last year. Generic versions of the larger one, Exparel, are due to start arriving in early 2030 under patent settlements.

By Cory Chamberlain October 9, 2026

A white Falcon 9 rocket climbs through a pale blue sky on a bright column of orange flame trailing grey exhaust.

SpaceX Is Buying Airwaves That Pass Through Walls. Shares in America's Three Big Carriers Tumbled.

SpaceX has agreed to buy a nationwide portfolio of 800 MHz licences from Grain Management, the low-band airwaves that Grain bought from T-Mobile earlier this year. SpaceX says they close one of the last technical gaps between Starlink Mobile and a full mobile network. The carriers' shares fell. The tower companies' rose.

By Cory Chamberlain October 9, 2026

A grey Navy cruiser with hull number 70 at sea under a blue sky, a missile rising from its forward deck on a column of orange flame and billowing smoke.

Raytheon Has a Contract Worth Up to $6.3 Billion for SM-3 Interceptors. The Pentagon Has Not Said How Many.

The Missile Defense Agency has awarded Raytheon a five-year contract for Standard Missile-3 Block IB interceptors with a base value of $4.4 billion, rising to $6.3 billion with two option years. It follows multi-year deals for the SM-6, the Tomahawk and AMRAAM.

By Cory Chamberlain October 8, 2026

Black-and-white photograph of large rolls of sheet steel standing on their edges in a long row inside a dim warehouse, lit by a shaft of light from the right.

Stelco's Layoffs Have Started. Its American Owner Says the Workers Come Back When There Is a Trade Deal.

Stelco has begun issuing layoff notices at its Hamilton plant, with the first cuts effective on Sunday. Cleveland-Cliffs' chief executive says the layoffs are temporary and tied to the trade war. Ottawa says the jobs were promised when Cliffs bought the company in 2024, and has given it until next week to explain.

By Cory Chamberlain October 8, 2026

Rows of Lay's potato chip bags in yellow, pink, blue and green packaging on metal supermarket shelves, with Chinese-language labels and price tags.

PepsiCo Cut Chip Prices by Up to 15 Per Cent in February. Now It Is Raising Them and Lowering Its Profit Forecast.

PepsiCo beat revenue forecasts on the strength of its international business but lowered its earnings outlook for 2026, said recovery in North America was taking longer than planned, and confirmed it will raise prices on some chips and sodas after cutting them earlier in the year.

By Cory Chamberlain October 8, 2026

The open ground floor of a coastal house in Pamlico County, North Carolina, its walls torn out by storm surge and broken concrete blocks scattered across the slab, with water beyond.

Isaias Could Cost Insurers a Few Billion Dollars. Much of Its Flood Damage May Not Be Insured at All.

Gallagher Re puts insured losses from Hurricane Isaias in the low to mid-single-digit billions of dollars if it comes ashore at Category 1 or 2 strength, and says reinsurers have the capital to absorb that. The larger risk falls on households: in many inland counties, take-up of federal flood insurance is 2 to 5 per cent or less.

By Cory Chamberlain October 8, 2026

Two tan Abrams tanks inside a factory bay, one beneath an orange gantry crane, with work carts and yellow access stairs on the concrete floor.

General Dynamics Has Had One Chief Executive Since 2013. Her Successor Takes Over a $136.5 Billion Backlog.

General Dynamics' board has elected Danny Deep, the company's president and a 25-year insider, to succeed Phebe Novakovic as chief executive on 1 January 2027. She becomes executive chairman. He inherits a backlog worth about 2.6 years of revenue and a company that says its task is to produce faster.

By Cory Chamberlain October 8, 2026

The black hull and sail of the submarine USS Virginia on the surface of a river, with two red tugboats alongside and snow-covered wooded hills behind.

Anduril Is Putting $3.7 Billion Into a Submarine Yard in Maryland. The Navy Is Adding Up to $2.9 Billion.

Anduril plans a shipyard at Sparrows Point in Baltimore County to make components and large assemblies for Virginia-class attack submarines, backed by a Navy contract worth up to $2.9 billion. It will not build whole submarines, and the yard is not expected to start work until 2030.

By Cory Chamberlain October 7, 2026

A large white radar dome on top of a semi-submersible platform, passing palm trees and lawns at Pearl Harbor.

Washington Announced Two Missile-Tracking Ships in July. The Contract Signed This Week Is for One, With Two on Option.

Hanwha Philly Shipyard said on Wednesday it has a contract to build the Missile Defense Agency's new Missile Range Instrumentation Vessel, for up to three ships with one firm. In July, the White House budget director announced two of them for $2 billion. This week's announcements gave no price.

By Thomas Gutierrez October 7, 2026

Shipping containers being lowered from quay cranes onto yard trucks beneath the legs of the cranes at a container terminal.

Savannah Had Its Busiest September on Record for Containers. At Brunswick, Roll-On Cargo Fell 22 Per Cent.

The Port of Savannah handled 504,015 twenty-foot equivalent units in September, a record for the month and 3.7 per cent more than a year earlier, led by imports. Georgia's other big port, Brunswick, handled 22 per cent less roll-on, roll-off cargo, the ships that carry vehicles and machinery.

By Daniel Okafor October 7, 2026

A corner shop with a dark blue Boots fascia reading Pharmacy and Health, on a street in Saltash, Cornwall.

The Westons Are Buying Boots for $8.9 Billion. An Insurance Group Is Set to Own Half of It.

Wittington Investments, the holding company of Canada's Weston family, agreed on Wednesday to buy Boots from Sycamore Partners and the Pessina family for $8.9 billion including debt. Fairfax Financial, a Toronto insurance and investment group, has agreed to put up as much as $2.3 billion and is expected to own half of the equity. The family gets operational control.

By Margaret Holloway October 7, 2026

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