The Story of John Young, the Original King of Buffalo Wings

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UK's competition watchdog begins probe into Facebook's Giphy deal

(Reuters) – UK’s competition watchdog on Thursday launched its initial investigation into Facebook Inc’s completed acquisition of popular GIF website Giphy.

The Competition and Markets Authority, which served an initial enforcement order to the companies in June, said it has until March 25 to make a decision.

Brenntag Agrees To Buy China’s Zhongbai Xingye – Quick Facts

German chemical and ingredients distributor Brenntag AG (BNTGF.PK) Thursday said it has signed an agreement to acquire China’s Zhongbai Xingye Food Technology (Beijing) Co., Ltd. in two steps, aiming to expand its food and nutrition business in China.

The company now agreed to buy a majority stake of 67% of the Chinese distributor of specialty food ingredients, including dairy products and proteins, at an enterprise value of about 90 million euros. The remaining 33% will be acquired by Brenntag by end of 2024.

The acquiring business generated sales of approximately 146 million euros over a twelve-months period up to June 2020. Closing of the first tranche is subject to certain contractual conditions and regulatory approvals and is expected to be completed in the first half of 2021. Closing of the second tranche is expected at the end of 2024.

Following the acquisition, the business will be settled within the global division of Brenntag Specialties.

Christian Kohlpaintner, CEO Brenntag Group, said, “The chemical distribution market in Asia Pacific and especially in China is growing dynamically. We see a substantial potential there and we will strengthen the focus on the region in terms of our M&A strategy.”

Danaher Corp. Q4 adjusted earnings Beat Estimates

Danaher Corp. (DHR) revealed earnings for fourth quarter that decreased from last year.

The company’s bottom line came in at $1.20 billion, or $1.66 per share. This compares with $1.26 billion, or $1.73 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $1.87 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 38.8% to $6.76 billion from $4.87 billion last year.

Danaher Corp. earnings at a glance:

-EPS (Q4): $2.08 vs. $1.28 last year.
-Analysts Estimate: $1.87
-Revenue (Q4): $6.76 Bln vs. $4.87 Bln last year.

Xcel Energy Inc Reveals Fall In Q4 Profit

Xcel Energy Inc (XEL) reported a profit for fourth quarter that dropped from last year.

The company’s earnings came in at $288 million, or $0.54 per share. This compares with $292 million, or $0.56 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $0.54 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.4% to $2.95 billion from $2.80 billion last year.

Xcel Energy Inc earnings at a glance:

-Earnings (Q4): $288 Mln. vs. $292 Mln. last year.
-EPS (Q4): $0.54 vs. $0.56 last year.
-Analysts Estimate: $0.54
-Revenue (Q4): $2.95 Bln vs. $2.80 Bln last year.

Dogecoin Surges 77% as Retail Fever Pitch Stretches Into Crypto

The frenzy of Reddit-fueled stocks is reaching some of the weirder parts of the cryptocurrency world.

Dogecoin, a digital coin started as a joke, soared as much as 77% since 11:04 a.m. Hong Kong time, according to data from cryptocurrency tracker CoinGecko. Over the past 24 hours, it’s up 42% to $0.01129497.

Users on the Reddit thread SatoshiStreetBets touted the gains with posts like, “Up 25% this last hour. First dog on the moon” and “NEED $1 Doge.” Another one said “Doge = the crypto gme,” referring to GameStop Corp., the stock that’s surged some 400% this week as retail traders squeezed short sellers.

Cohen, Sundheim Lose Billions to Reddit Traders Running Amok

Extreme volatility is entirely normal in the crypto space, where hundreds of coins compete for attention with gimmicky names, far-fetched blockchain ideas and campaigns on social media. Last year, a TikTok trend encouraged users to invest in Dogecoin with the idea that there’s serious money to be made if the price hit $1, prompting a price surge of more than 40% in 24 hours.

Dogecoin’s market capitalization sits about $1.4 billion, the 33rd-highest among cryptocurrencies, according to CoinGecko data.

Rupee settles 13 paise lower at 73.05 against U.S. dollar

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.08% to 90.71

The rupee depreciated by 13 paise to settle at 73.05 (provisional) against the U.S. dollar on Thursday, tracking muted domestic equities and a strengthening American currency.

At the interbank forex market, the rupee opened at 73.13 against the greenback and hit an intra-day high of 73.04 and a low of 73.15.

It finally finished at 73.05, lower by 13 paise over its last close. On Wednesday, the rupee had ended at 72.92.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.08% to 90.71.

On the domestic equity market front, the BSE Sensex ended 535.57 points or 1.13% lower at 46,874.36, while the broader NSE Nifty declined 149.95 points or 1.07% to 13,817.55.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth ₹1,688.22 crore on Wednesday, according to exchange data.

Brent crude futures, the global oil benchmark, fell 0.22% to $55.69 per barrel.