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DJ News Highlights: Top Company News of the Day

· 02/05/2021 07:00
Peloton Taps Brakes to Fix Delivery WoesPunch Bowl Secures Ch. 11 Loan After Rival Investor Backs DownNews Corp Posts Most Profitable Quarter Since 2013J&J Seeks FDA Authorization for One-Shot VaccineFord Expected to Slash Vehicle Production Over Chip ShortageTikTok Rival's Stock More Than Doubles in Hong Kong DebutAlibaba Sells $5 Billion of BondsKia Approaches Partners to Build Apple Car in GeorgiaBNP Paribas Posts Smaller-Than-Expected Drop in ProfitAmazon's 2020 U.S. Tax Costs Jumped. It Likely Would Pay Even More Under Biden Plan.

Amazon reported $1.8 billion in current U.S. tax liability for 2020, a departure from the tiny or negative tax costs it posted in prior years. It said a surge in pretax income last year led to the sudden rise in its reported tax expense.

France largest bank BNP Paribas reported a drop in quarterly profit, hurt by record low interest rates and the fallout of the pandemic, but said it expected revenue to bounce back this year as the global economy gradually recovers.

The South Korean auto maker's proposal would involve a multibillion-dollar investment, according to people familiar with the matter. If successful, it would thrust Apple into the car business after several years of secretive work.

Alibaba Group sold $5 billion of bonds, showing investors remain eager to back the Chinese e-commerce giant despite its recent run-ins with authorities.

Shares in Kuaishou nearly tripled from their IPO price in early trading, implying a market value of more than $160 billion, versus nearly $61 billion when the share sale was priced.

A global semiconductor shortage is expected to cut the company's vehicle output by up to 20% in the first quarter of this year, illustrating how the fallout from the computer-chip crunch has hit the car business.

Johnson & Johnson asked regulators to authorize emergency use of its Covid vaccine, setting the stage for a potential third vaccine to become available in the U.S. within weeks.

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

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."

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.

(END) Dow Jones Newswires

February 05, 2021 07:00 ET (12:00 GMT)

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