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DJ News Highlights: Top Company News of the Day

· 02/04/2021 21:00
Snap, Pinterest Log Strong User GrowthPunch Bowl Secures Ch. 11 Loan After Rival Investor Backs DownKKR SPAC Files for $1 Billion IPOFord's Results Hindered by Lower Truck OutputPrudential Reports 27% Drop in Profit, Resumes Share BuybacksT-Mobile Warns Investors of More Costs Ahead as It Digests SprintJ&J Seeks FDA Authorization for One-Shot VaccinePeloton Taps Brakes to Fix Delivery WoesNews Corp Posts Most Profitable Quarter Since 2013ByteDance Rival Kuaishou Shares Surge on Hong Kong Debut

Kuaishou Technology's share price surged on their Hong Kong debut after the Chinese video-app operator's initial public offering drew strong demand from investors.

The New York-based media company said net quarterly profit nearly tripled.

Sales and subscriptions more than doubled in the latest quarter despite long shipping delays that the company has promised to address as would-be customers vent their anger online.

The move sets the stage for a potential third vaccine to become available in the U.S. within weeks.

T-Mobile will spend $2.5 billion to $3 billion before taxes folding the stores, employees and network infrastructure it acquired from its one-time competitor into the new business.

The U.S.'s largest life insurer by assets was stung by low interest rates and the economic fallout from the pandemic.

The Detroit auto maker said through 2025 it will spend $22 billion on electric vehicles and another $7 billion to develop autonomous vehicles.

Blank-check company KKR Acquisition Holdings I Corp., sponsored by KKR & Co., in partnership with Glenn Murphy, filed for an initial public offering with the U.S. Securities and Exchange Commission.

Bankrupt "eatertainment" chain Punch Bowl Social Inc. won approval for up to $11.2 million in financing from CrowdOut Capital LLC after a competing lender dropped an objection that a bankruptcy judge called "salacious."

The platforms added millions more new users than expected in their latest quarters, showing strong growth in social-media use during the Covid-19 pandemic.

(END) Dow Jones Newswires

February 04, 2021 21:00 ET (02:00 GMT)

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