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Abercrombie & Fitch is no longer for sale

Is the mall dead? Abercrombie & Fitch has decided that it no longer wants to shop itself. The teen apparel retailer said Monday it has ended discussions about a possible sale. It was only two months ago that the company had put itself on the shopping block. Shares of Abercrombie & Fitch (ANF) plunged nearly 20% in early trading on the news to their lowest levels since mid-2000. The stock is now down almost 90% from the all-time highs it hit in...

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China’s richest man gives up on plans to beat Disney

China’s richest man wants a major Hollywood studio China’s richest man is selling hotels and theme parks worth more than $9 billion as he steps back from plans to beat Disney. Dalian Wanda Group announced plans Monday to sell a 91% stake in more than a dozen tourist attractions to Sunac China Holdings. The $9.3 billion deal also includes 76 Wanda hotels. Wanda and Sunac said in a joint statement that the deal will be finalized by the end of July. The move comes a year after Wanda founder Wang Jianlin vowed to crush Disney’s (DIS) business in China,...

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Congress Wants a New U.S. Military Branch, a 'Space Corps'

Congress Wants a New U.S. Military Branch, a ‘Space Corps’ More Late last month, the House Armed Services Committee approved a version of the annual U.S. military budget that includes something far from routine—the creation of a new military branch devoted specifically to combat in outer space. It would be the first new U.S. military branch since the creation of the Air Force in 1947. Today the U.S. Armed Forces consists of the Army, Navy, Marine Corps, Coast Guard, and Air Force. This “Space Corps,” as outlined in the current version of the 2018 National Defense Authorization Act, would...

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Ex-intel chief Clapper: Trump’s suggestion that more countries meddled in election is ‘news to me’

Former Director of National Intelligence James Clapper disagreed with President Trump’s claim that another country besides Russia may have been involved in meddling in last year’s U.S. election. In an appearance on CNN’s “The Situation Room” with Jim Sciutto on Thursday night, he reaffirmed his confidence in the intelligence community’s report that Moscow launched a multifaceted campaign to disrupt the presidential election to hurt Hillary Clinton’s candidacy and bolster Trump’s. He said there was “absolutely” no doubt about Russia’s role. “That has been reaffirmed by those who are still in positions of responsibility in the intelligence committee. There’s absolutely no...

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Tesla loses most valuable U.S. car company title after stock slide

Tesla’s Model 3 is an electric car for the masses Tesla’s brief reign as the most valuable U.S. automaker has come to an end, at least for now. Tesla (TSLA) shares, which moved ahead of General Motors market value in April, have been on a bit of a slide recently, losing 5.6% in trading Thursday, on top of a 7% drop in Wednesday trading. The slide in shares cut $3 billion off of its market value on Thursday alone, bringing the value of all its shares down to $50.7 billion. GM (GM) shares also lost ground, but only slightly,...

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