Tesla's new battery teammate: Panasonic

A rendering of Tesla's planned Gigafactory.

NEW YORK (CNNMoney)

The companies announced Thursday that Panasonic (PCRFF) will contribute an undisclosed sum to a proposed "Gigafactory," the location of which has yet to be announced. Panasonic will also make and supply cylindrical lithium-ion cells, and the two companies will set up a supply network for the materials used at the plant.

Tesla (TSLA) wants to build the Gigafactory, expected to cost $4 billion to $5 billion, in order to have enough lithium-ion batteries for a less-expensive electric car. Its current model, the Model S, starts at $69,000.

Related: Tesla Model S is Consumer Reports' top car pick

Tesla has said it is looking at sites in Texas, New Mexico, Arizona, Nevada and California to supply its factory in California with batteries. CEO Elon Musk said in May that the company would take the unusual step of breaking ground on multiple sites in order to minimize the risk of delays in building the factory.

Tesla is due to report second-quarter earnings later Thursday. Shares of the company, which are up more than 50% so far this year, were lower in premarkets trading Thursday following the partnership announcement.

First Published: July 31, 2014: 7:28 AM ET

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Another food scandal? KFC just cannot win

HONG KONG (CNNMoney)

Parent company Yum! Brands (YUM) warned Thursday that global profits could suffer this year as sales in China tumble following revelations that one of its suppliers was using tainted and expired meat.

Yum immediately cut ties with the supplier, even while rival McDonald's (MCD) stood by the company.

A quick response by Yum, which also operates Pizza Hut restaurants in China, doesn't appear to have mattered much. Late Wednesday, the company warned investors that the scandal was going to cause major problems.

"These events triggered extensive news coverage in China that has shaken consumer confidence, impacted brand usage, and disparaged the hard work of our over 400,000 Chinese employees," Yum said in a SEC filing.

The result has been a "significant, negative impact" to same-store sales at both KFC and Pizza Hut in China over the past 10 days.

Related: Big Slabs? Nine unhealthiest restaurant meals

It took Yum the better part of a year to get back on a solid footing in China after a previous scandal broke in December 2012 when a powerful state media outlet accused local KFC suppliers of cramming extra antibiotics into their chickens.

The fallout was immediate and intense. Worried consumers swore off Colonel Sanders' chicken, sales plummeted, and Yum launched a frantic marketing campaign to convince the public that its food was safe.

Quiz: How much do you know about China?

While many American fast food operators see China as a huge growth market, Yum has placed the biggest bet on the world's second-largest economy. It operates more than 4,500 KFC restaurants in China, as well as about 1,250 Pizza Huts. It plans to build hundreds more.

In the regulatory filing, Yum did not mince words in blaming meat processor Shanghai Husi, and its Illinois-based parent company OSI Group, for its latest woes.

"Yum! Brands is outraged by the alleged illegal activity by Shanghai Husi and its violations of our standards," the company said, adding it could take legal action to recover losses once Chinese officials have completed their investigation.

Related: Big Mac shortage in China

OSI chief executive and owner Sheldon Lavin has apologized for the company's actions, saying they are "completely unacceptable."

"I will not try and defend it or explain it," he said in a statement. "It was terribly wrong, and I am appalled that it ever happened in the company that I own."

For Yum, facing yet another uphill battle to regain the trust of the Chinese public, that is little consolation. The company said in the SEC filing that it's too soon to gauge the full impact on its bottom line but profits could suffer if sales don't recover.

First Published: July 31, 2014: 5:46 AM ET

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Target taps Wal-Mart veteran to lead comeback

Brian Cornell left his CEO job at PepsiCo to take the top job at Target.

NEW YORK (CNNMoney)

Brian Cornell has been named by Target (TGT)as its CEO, effective Aug. 12. Cornell, who's 55, is coming directly from PepsiCo (PEP), where he oversaw the company's global food unit for about two years.

Prior to joining PepsiCo, Cornell was CEO of Sam's Club, a division of Wal-Mart Stores (WMT). He also was the CEO at Michaels Stores (MIK) and was an executive with Safeway (SWY).

Related: Your personal info just isn't safe

Cornell succeeds Gregg Steinhafel, who left the company in May after serving as CEO since 2008.

One of the top challenges for Cornell will be shoring up credit card information security and winning back the confidence of shoppers. A data breach during the 2013 holiday shopping season compromised some 110 million customers.

First Published: July 31, 2014: 8:16 AM ET

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Meat scandal takes a bite out of McDonald's sales in Japan

HONG KONG (CNNMoney)

The fast food chain's Japanese unit said Tuesday that it will fall short of profit and sales targets for the year, after a longtime meat supplier was shut down last week by authorities for unsanitary practices.

As meat from the supplier has been pulled out of circulation, McDonald's outlets in China, Hong Kong and Japan have stopped selling items such as Big Macs and Chicken McNuggets.

The scandal has led to "negative impact on sales and consumer confidence," the company's Japanese unit said in a statement. "Our sales and profit expectations have been reduced."

The meat scandal began when Chinese television showed workers at a Shanghai food plant handling expired and tainted meat with their bare hands. Workers at the Chinese subsidiary of Illinois-based OSI Group said that the meat smelled bad, and they could be seen processing meat that had fallen on the floor.

McDonald's (MCD) Japan had previously forecast sales of 250 billion yen ($2.5 billion) and net income of 6 billion yen ($59 million) for the year. The company said it isn't able to provide new targets as the scandal's full impact is still unfolding.

McDonald's shares traded in Japan fell 2.8% Wednesday morning , and have shed nearly 4% since the food safety issue began unfolding last week.

Related: Big Mac shortage in China as scandal-ridden supplier issues recall

McDonald's has had a "challenging" year thus far in Japan, even before news hit over the bad meat scandal. The Japanese unit saw net income tumble 60% to 1.9 billion yen ($19 million) in the first half of this year compared to the same period last year. Sales at its directly owned stores and franchises dropped 4% after planned store closures.

Oher food chains have been caught up in the scandal, including Yum Brands (YUM), which operates KFC and Pizza Hut in China, Burger King (BKW), Papa John's (PZZA) and Starbucks (SBUX).

Many companies have cut their ties with the supplier, but McDonald's has largely stood by OSI Group.

First Published: July 30, 2014: 1:51 AM ET

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Chevy Volt is insurance group's Top Safety Pick

NEW YORK (CNNMoney)

That's why General Motors' (GM) Chevy Volt won top marks for safety in small cars.

The Volt was named "Top Safety Pick Plus" Wednesday by the Insurance Institute for Highway Safety, because besides earning an "acceptable" rating in an actual crash test, the hybrid electric vehicle also has an optional forward collision warning system. It was the only car out of the 12 models tested to have the crash prevention technology.

IIHS submitted twelve small vehicles through a tough crash test called the "small overlap front test." In the test, 25 percent of the vehicle's front end on the driver's side strikes a rigid barrier at 40 miles per hour. It simulates a common head-on collision, when only part of the bumper connects with another car, telephone pole, or tree.

Purely measuring crash performance and potential injury to the driver, the Mini Cooper Countryman was the winner. It earned the highest rating of "good" and was named a "Top Safety Pick." The Countryman is a larger four-door version of the two-door Mini Cooper.

Gallery: Best-loved cars in America

"The Countryman's safety cage held up reasonably well," said Joe Nolan, the Institute's senior vice president for vehicle research. "The safety belts and airbags worked together to control the test dummy's movement, and injury measures indicate a low risk of any significant injuries in a real-world crash this severe," he said.

Other "Top Safety Picks" were the Ford C-Max Hybrid, the Mitsubishi Lancer, the Scion FR-S and the Subaru BRZ. Those models earned the second highest rating of "acceptable."

The Hyundai Veloster and the Scion xB earned "marginal" ratings.

Meanwhile, four small vehicles were rated "poor." Those were the Fiat 500L, a larger four-door version of the Fiat 500, the Nissan Juke, the Nissan Leaf all-electric car and the Mazda 5.

Gallery: 21 most iconic American cars

The Mazda 5 was the worst-performing of the vehicles.

"When we tested the Mazda 5 we saw a host of structural and restraint system problems," Nolan said. "Parts of the occupant compartment essentially buckled, allowing too much intrusion," he said.

Among other issues: the steering wheel moved too far to the right causing the dummy's head to barely touch the front airbag and slide off it to the left. The seat belt allowed the dummy to move too much. Its head hit the left side of the dashboard. Also, the side curtain airbag along the driver-side window didn't deploy at all. Plus the driver door unlatched during the test, which IIHS said shouldn't happen.

But the Mazda also was the worst in the less challenging side-impact test. It was the only 2014 car IIHS evaluated to earn anything less than acceptable in that test.

First Published: July 30, 2014: 12:12 AM ET

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Stocks: 5 things to know before the open

Click on chart to track premarkets

LONDON (CNNMoney)

Wall Street is waiting on key economic data releases Wednesday and the numbers could have a major impact on trading trends.

U.S. stock futures were making modest moves higher ahead of the releases.

Here's what you need to know before the opening bell rings in New York:

1. Growth, jobs and the Fed: The markets are eagerly awaiting U.S. GDP data, which comes out at 8:30 a.m. ET. Economists surveyed by CNNMoney predict the economy grew at a 3% annual pace in the second quarter, after a shocking 2.9% contraction in the first.

"This is seen as an important milestone for the U.S. economy, which suffered a severe retraction [in the first quarter] as a result of the incredibly harsh winter," said Angus Campbell, a senior currency analyst at FxPro.

Deutsche Bank analyst Jim Reid wrote that GDP for the second quarter "will surely be a fairly poor indictment of the U.S. economy" if it didn't grow by at least 3%, which is needed to "ensure any growth at all" in the first half.

Payroll processing firm ADP (ADP) is due to release July employment data at 8:15 a.m. ET.

At 2 p.m. ET, the Federal Reserve will release a statement outlining its latest monetary policies. It's widely believed that the central bank will announce another $10 billion pullback in monthly bond purchases, but investors will be scrutinizing every word of the statement for clues as to when the Fed plans to raise interest rates.

"The FOMC meeting is likely to be close to a non-event," wrote Marc Chandler, strategist for Brown Brothers Harriman, in a market report. "The action is universally anticipated: another $10 billion in tapering."

2. Stock market movers -- Twitter, Amgen, Barclays: Expect Twitter (TWTR, Tech30) shares to soar when the opening bell rings. The stock is up by just over 25% premarket after it posted surprisingly strong second-quarter sales.

Shares in Amgen (AMGN) were rising by about 3.5% premarket after the company announced it was cutting up to 2,900 jobs, or about 12-15% of its workforce.

In London, investors pushed up Barclays (BCS) shares by about 3.5% after the bank's first half earnings were well received.

Related: Fear & Greed Index still gripped by fear

3. Earnings focus: Sprint (S) is among the big name companies posting results before the opening bell. Kraft Foods (KRFT) and Whole Foods (WFM) will report after the close.

Related: CNNMoney's Tech30

4. International markets overview: Russia's benchmark stock index was rising by about 2%, with investors relieved that new European and U.S. sanctions against Russia were not as bad as feared.

European markets were all edging lower in midday trading, and shares in French energy producer Total fell by 2.5% as investors worried about its ties with Russia's Novatek, which is facing U.S. sanctions. Asian markets mostly closed with small gains.

5. Tuesday market recap: U.S. stocks closed modestly lower Tuesday. The Dow slipped 70 points while the S&P 500 fell about 0.5% and the Nasdaq dipped slightly.

First Published: July 30, 2014: 5:22 AM ET

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Stocks: 5 things to know before the open

Click on chart to track premarkets

LONDON (CNNMoney)

Here are the five things you need to know before the opening bell rings in New York:

1. U.S. earnings: Major companies including UPS (UPS) were slated to report earnings before the opening bell.

Reynolds American (RAI) reported a year-to-year increase in quarterly net income and the tobacco company raised the floor on the range of its earnings guidance going forward.

Pfizer (PFE) reported declines in income and revenue because of generic competition to Celebrex and legal expenses related to Neurontin.

Twitter (TWTR, Tech30), American Express (AXP) and Sturm Ruger (RGR) will report after the close.

Shares in Herbalife (HLF) are declining by more than 10% premarket after the company posted earnings that missed analysts' forecasts.

2. European earnings: Two major European banks -- UBS (UBS) and Deutsche Bank (DB) -- reported significant year-to-year declines in quarterly net profit and flagged new litigation risks.

Shares in BP (BP) were down 1% after the oil giant reported its latest set of results. BP, which owns a big stake in Russian oil giant Rosneft, has warned that it could suffer if Western nations slap more sanctions on Russia over the crisis in Ukraine.

3. More sanctions coming? European officials continue to work Tuesday on details of new sanctions that could restrict Russia's access to European financial markets, arms and energy technology. Western nations have upped their pressure on Russia since flight MH17 was brought down in the region.

Japan introduced its own sanctions on Russia, largely reflecting previous measures adopted by the EU.

Russia's main Micex index was dipping into the red, alongside most of Europe's major stock markets.

U.S. stock futures edged upward.

Related: Fear & Greed Index still dwelling in fear

4. Economic insights: Various important economic data points are set for release Tuesday.

S&P/Case-Shiller's home price index for May will be released at 9 a.m. ET. This index gives deep insight into the health of America's vast housing market.

The Conference Board will release its monthly consumer confidence index at 10 a.m. ET.

Related: CNNMoney's Tech30

5. Monday market recap: U.S. stocks ended the day mixed Monday. The Dow clawed out a slight gain while the S&P 500 barely budged and the Nasdaq dipped into negative territory.

First Published: July 29, 2014: 5:11 AM ET

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Microsoft faces China antitrust probe

HONG KONG (CNNMoney)

Authorities say they're investigating the company for possible violation of China's anti-trust laws.

China's State Administration of Industry and Commerce visited Microsoft offices in Beijing, Shanghai, Guangzhou and Chengdu Monday as part of the probe, according to a government statement.

U.S. technology companies are facing increased scrutiny in China as the countries trade accusations of cyberspying. In addition, the corporate environment is getting tougher -- Beijing is waging an anti-corruption drive that has hit domestic and foreign firms.

This is just the latest challenge for Microsoft (MSFT, Tech30) in China, which has long battled rampant piracy in the country. Microsoft estimates 90% of Chinese PCs are running illegal copies of Windows software.

Earlier this year, its Windows 8 operating system was banned from all government computers. And a long-standing ban on sales of Microsoft's Xbox -- and other foreign games consoles -- was only lifted this year.

Related: Here's Google's plan to rid the world of cyberattacks

Because the firm doesn't break out its China revenues, it's hard to determine exactly how much might be at stake for Microsoft.

Last year, Qualcomm (QCOM, Tech30) was also targeted in a similar probe. The company said China was looking into the company's licensing business, and that the investigation had hurt revenues.

Microsoft didn't immediately respond to a request for comment.

First Published: July 29, 2014: 7:15 AM ET

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Delta to offer free entertainment on U.S. flights

Delta is going to stop charging passengers for in-flight entertainment.

NEW YORK (CNNMoney)

But Delta Air Lines (DAL) says it will offer free movies, TV shows, music and video games on all U.S. flights of 90 minutes or more, starting Friday.

Delta said passengers will be provided the entertainment through the screens provided on seatbacks or via their own smart phones or laptops.

Related: Most hated airline fees

Delta's financial documents don't say how much money it makes from providing in-flight entertainment.

But altogether, the airline industry made $31.5 billion from fees last year, up from $2.8 billion in 2007.

That includes baggage fees and other a la carte services, such as early boarding and non-alcoholic drinks. Airlines started adding those fees in recent years to achieve profitability in the face of rising fuel prices.

First Published: July 29, 2014: 7:50 AM ET

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China will soon be the world's top business travel market

Per capita business travel spending in China still under $200 -- far less than the $800 U.S. average.

HONG KONG (CNNMoney)

Business travel spending in China hit $225 billion last year -- or 23% of the $1.1 trillion global total. That's second only to the U.S., where spending reached $274 billion, a report from the Global Business Travel Association said.

The pace of business travel growth in China is remarkable. Since 2000, spending has expanded by about 16% each year on average, compared to 1% in the U.S.

"Despite stronger growth, the U.S. continues to lose with China, which is poised to take over as the #1 business travel market in the world by 2016," the report said.

For decades, the Chinese economy experienced double-digit growth -- an expansion that has been reflected in the country's business travel industry.

As Beijing built the world's second-largest economy, it also developed extensive transportation infrastructure. China now boasts top-flight transportation options, including a high-speed rail network, that make it easier for both leisure and business travelers to get around.

Yet there are some signs that the blockbuster industry growth might start to slow. China's economy has entered a period of more moderate growth, and business travel spending will likely also take a hit.

The GBTA also expects spending restrictions that are part of government's anti-corruption campaign to weigh on the industry. The group predicts 13% annual growth over the next five years.

Related: Chinese tourists boost U.S. businesses

"Despite slowing growth, China remains in a league of its own in terms of market potential," the GBTA's report said.

One big reason for all that potential: Per capita business travel spending in China still under $200 -- far less than $800 U.S. average.

First Published: July 28, 2014: 1:39 AM ET

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Stocks: 4 things to know before the open

Click on chart to track premarkets

HONG KONG (CNNMoney)

Here are the four things you need to know before the opening bell rings in New York:

U.S. stock futures were practically flat as investors showed little interest in getting their feet wet.

"I think the market is somewhat apprehensive coming into this week because of the amount of data that we're likely to see going into the week," said Tom Beevers, chief executive officer of StockViews.

He was referring to the gross domestic product and monthly payroll reports due later this week, as well as the meeting of the Federal Reserve policy meeting scheduled for Tuesday and Wednesday. He said that investors are trying to gauge "when the first rate increase is going to occur."

1. Monday earnings: Tyson Foods (TSN) will post results before the opening bell and Herbalife (HLF) will report after the close. Tyson shares rose in premarket trading after the food company said it was selling its Mexican and Brazilian chicken businesses for $575 million.

Related: Fear & Greed Index backslides to fear

2. Stocks to watch: Family Dollar (FDO) shares surged more than 20% on news that it's getting bought out by another discount retailer, Dollar Tree (DLTR), for $8.5 billion.

McDonald's (MCD) continues to be embroiled in a rotten meat scandal in China. Shares of the fast food chain have dropped 3.3% in the week since a longtime McDonald's meat supplier was accused of processing expired meat.

Keep an eye on another American fast food chain, El Pollo Loco (LOCO), to see if it continues to fly high -- shares surged more than 60% in its first day of trading Friday.

Related: CNNMoney's Tech30

3. International markets: Most European markets were mixed in early trading, with France's CAC 40 up 0.3.%.

Russia's Micex index was 0.8% lower after an arbitration panel in the Hague ruled against the state, finding the government had illegally sold off the assets of oil company Yukos. Former major shareholders were awarded $50 billion in damages.

Most Asian markets advanced Monday, led by a 2.4% surge on China's benchmark Shanghai Composite. Stocks in Mumbai fell 0.8% in afternoon trading.

4. Friday U.S. markets recap: U.S. stocks fell Friday. The Dow Jones Industrial Average closed down almost 130 points while the S&P 500 and Nasdaq finished the day off about 0.5%. The three major indexes ended the week little changed.

First Published: July 28, 2014: 5:04 AM ET

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Dollar stores joining forces

Family Dollar is being acquired by dollar-store rival Dollar Tree for $8.5 billion.

NEW YORK (CNNMoney)

Dollar Tree (DLTR) is buying its larger rival for $74.50 a share in cash and stock, 23% more than Family Dollar's closing price on Friday, for a total value of $8.5 billion.

Combined, the two chains have more than 13,000 stores and annual revenue of $18 billion. That would surpass the current leader in the dollar-store sector, Dollar General (DG), which has more than 11,000 stores and revenue of $17.5 billion.

Dollar Tree plans to continue to operate both the Dollar Tree and Family Dollar brands after the merger is completed. It expects the deal to close early next year.

A big winner in the deal is activist investor Carl Icahn, who holds 9.4% of Family Dollar shares, according to sales tracker LionShares. Icahn acquired most of the shares in the past year.

Shares of the company shot up in June when Icahn disclosed his stake, but have given back most of the gains since. The stock is down nearly 6% for the year through Friday's close.

Shares of Family Dollar (FDO) soared on the news in premarket trading.

First Published: July 28, 2014: 7:05 AM ET

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Would-be giant in online house hunting has brokers scared

NEW YORK (CNNMoney)

The rumored deal -- the companies won't confirm it -- sent the companies' stocks soaring Friday as the chatter gathered steam.

The companies don't charge for publishing these listings of homes for sale, but they do charge real estate agents fees to appear on their listing pages.

Should the two sites merge, they could have the leverage to charge more, said Steve Murray, editor at Real Trends a real estate communications and consulting company.

Already, some agent teams spend $20,000 a month with Zillow, Trulia, or both, said Murray.

For now, the agents are generally satisfied with the fees because the exposure generates so much business. Zillow and Trulia together attract 130 million visitors a month.

The ultimate fear: Zillow and Trulia could make brokers irrelevant.

Zillow, for instance, has its own home value algorithm called Zestimates. Trulia offers extensive rankings on crime, public transit and schools.

"Combined, [Zillow and Trulia] could further erode the leadership of the National Association of Realtors," said Jonathan Miller, president of Miller Samuel, a New York based appraisal firm.

Related: 10 mansions for under $1 million

Related: Best places for vacation home deals

First Published: July 25, 2014: 6:31 PM ET

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Math nerds are taking over Wall Street

Quant trader Elie Galam at the Panorama Partners' New York City office. He is not a Wolf of Wall Street.

NEW YORK (CNNMoney)

But guess what? They are rapidly being replaced by "quants" -- soft-spoken super nerds armed with high-tech software to help them beat the market.

Elie Galam is one of them.

Every day, the 30-year old runs 35,000 different trading strategies through software he designed to find a handful of trading ideas with a high statistical probability of making him money.

"It's like seismic imaging," said the Parisian-born Galam, comparing his investing approach to the process used to find pockets of oil.

"I want to have a high degree of confidence that when I drill, I'm going to find oil."

So how did a Harvard math Ph.D dropout end up working on Wall Street?

Not your basic multiplication tables: From an early age, Galam was obsessed with math. After high school, he studied at the École Centrale Paris, a prestigious French engineering university. After that, came Harvard, where he enrolled in an applied mathematics doctoral program. Galam jokes that life at Harvard was like Matt Damon's character in the film Good Will Hunting.

Related: Graduate student loans are ballooning

In one class, he built a computer algorithm that successfully identified the writer of an article based on programmed characteristics such as style and voice. It was the kind of work that would lay the foundation for his career in finance.

'The Street' was calling: Soon enough, Wall Street recruiters began knocking on Galam's door. Money, prestige and the chance to work on cutting edge quantitative finance systems all appealed to him. So he cut his Ph.D program short after one year and settled for a master's degree instead. At the age of 22, he accepted a job at Blue Mountain Capital, a credit trading hedge fund in New York.

When he got there, he surprisingly felt right at home.

"The firm had a lot of smart people, it wasn't a stereotypical Wolf of Wall Street firm," Galam said. "I wasn't the only quant guy there."

It's all about the data: After a few years, his entrepreneurial spirit kicked in, and Galam went into business with James Greenberg, a veteran Wall Street dealmaker. The duo went on to launch Panorama Partners in late 2011.

At the core of their strategy: a quantitative software program built from scratch by Galam that uses historical data and analysis to predict price movements in various assets.

"We get as much data as we can, we shock it, test it, do back tests, historical analysis," Galam explains. "That's where I come in, where the science comes in."

Related: The unglamorous life of hedge fund startups

But Greenberg insists that Galam isn't your average Wall Street quant, and that he possesses the rare combination of computer skills along with raw trading instinct.

"He has a rigid approach to math but he also has creativity," Greenberg says.

Quant invasion: Galam is constantly looking to grow his firm, and to do that he needs more quants that think like him. Potential hires don't need to know much about finance, but they should be top notch when it comes to applied mathematics. Complex brain teasers are standard interview questions.

Galam's employees often come from Russia, China, and his native France. He keeps in close contact with his old math professors in Paris, and calls them frequently to ask about promising talent in the classroom.

"Who's the best guy? I want him," is what he tells them.

First Published: July 26, 2014: 11:23 AM ET

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BuzzFeed fires viral politics editor for plagiarizing

NEW YORK (CNNMoney)

BuzzFeed editor in chief Ben Smith said he and his colleagues had identified "41 instances of sentences or phrases copied, word for word, from other sites, many of them inappropriate sources in the first place," during a review of about 500 posts by Johnson.

"This pattern is not a minor slip," Smith wrote in a memorandum to BuzzFeed staff on Friday night. "This is a breach of faith with our readers; a violation of a basic rule of writing; and the reflection of an unserious attitude to our work that is wildly out of line with both our standards and our ambition."

Smith also published an editors' note that apologized to readers. He said corrections had been made to each of the 41 posts where plagiarism and attribution issues were found.

Many of the posts consisted of creative lists ("The 17 Best Swag Gifts Obama Has Received From Foreign Leaders") and regurgitated content from other sources ("FDR Had The Greatest Childhood Ever"). One image-heavy post, "The Story Of Egypt's Revolution In 'Jurassic Park' Gifs," plagiarized wording from Wikipedia; another, "7 Things Democrats Would Have Freaked Out About If Bush Had Done Them," copied phrasing from The Hill newspaper.

On Saturday morning, Johnson wrote on Twitter, "To the writers who were not properly attributed and anyone who ever read my byline, I am sincerely sorry." He then shared a link to Smith's editors note.

As websites grow up, their standards go up. And Smith, who was hired at the end of 2011 to turn the viral site into a bonafide news source, acknowledged as much in his editors' note.

"BuzzFeed started seven years ago as a laboratory for content," Smith wrote. "Our writers didn't have journalistic backgrounds and weren't held to traditional journalistic standards, because we weren't doing journalism. But that started changing a long time ago."

He cited the "high standards" of BuzzFeed's journalists and the "increasingly careful attribution" practices of "the people who produce our immensely popular entertainment."

For years, BuzzFeed has been scrutinized for its attribution practices, since some of its most popular material originates on Reddit and other social networks.

Partly thanks to its aggressive aggregation techniques, the venture capital-backed website has grown incredibly quickly; it now has 150 million unique visitors a month around the world. A story that emerges on Reddit one day can be picked up by BuzzFeed the next day and make it onto a network morning show or CNN the next.

Nowadays, though, BuzzFeed also breaks news stories on its own, and those exclusives live right alongside sponsored posts from advertisers and lists like "29 Essentials For Throwing The Perfect 'Harry Potter' Party."

The decision to dismiss Johnson is likely to trigger more scrutiny of the site's practices.

Accusations of plagiarism by Johnson first surfaced online on Wednesday. When Gawker wrote about several examples of copied language on Thursday, Smith called them "serious failures," but also expressed support for Johnson, calling him "one of the web's deeply original writers, as is clear from his body of work."

After Friday's more thorough review of Johnson's work by BuzzFeed editors, however, Smith said, "We had no choice other than letting him go."

Matthew Ingram, a GigaOm senior writer who closely follows digital journalism, commented on Twitter that BuzzFeed's apology felt "like a stake in the ground, showing they are serious about getting serious."

In Smith's more detailed memo to his staff on Friday night (which was provided by a BuzzFeed spokeswoman), he said BuzzFeed would change its orientation procedures for new employees to "make sure that the high standards of training that come with our fellowship program extend to everyone who arrives at BuzzFeed -- and particularly to those without a background in traditional journalism."

He concluded his memo by saying, "We have more responsibility now than ever now to keep raising our standards and our ambitions, and to continue getting better."

First Published: July 26, 2014: 1:02 PM ET

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Lyft gets the green light in New York City

Rideshare app Lyft, known for the pink mustaches on car grills, will launch in New York on Friday

NEW YORK (CNNMoney)

After two weeks of sparring with New York City taxi regulators, rideshare app Lyft can start serving the five boroughs -- provided its drivers go through city licensing.

Lyft, known for the fuzzy pink mustaches on drivers' car grills, connects users with drivers, many of whom drive their own cars rather than a dispatcher's taxi. (The company said it will use smaller, dashboard mustaches in New York, as opposed to a big 'stache mounted on the front bumper.)

New York City's taxi regulator, the Taxi & Limousine Commission (TLC), has said it has the right to regulate so-called rideshare apps like Lyft. The commission sought a temporary restraining order against the app as recently as July 11, when Lyft planned to launch in Brooklyn, because it had not secured licenses.

Related story: 24 hours with Lyft CEO Logan Green

Today's agreement suggests that the commission might be accepting technology with the potential to upend how it does business.

As part of the new agreement, Lyft drivers will meet a host of requirements. They'll submit to annual drug testing, attend a state-certified driving course every three years and get fingerprinted.

Around the country, regulators have shown skepticism -- and outright hostility -- to transportation apps like Uber and Lyft, which help users get taxis using their smartphones. They have laid down fines and court orders. Friday's agreement seemed to signal recognition in the highly regulated New York market that the apps are here to stay.

Commission chair Meera Joshi said in a statement that working with Lyft has helped regulators gain insight into the apps and how they serve passengers.

"As long as we ensure that public safety and consumer protection is at the forefront of these efforts, the city will benefit," said Joshi.

That's a far cry from the battle that Lyft's competitor Uber fought. It launched in New York in May 2011, according to its website, but it wrangled with the commission for two years before it was officially recognized.

First Published: July 25, 2014: 5:02 PM ET

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Mary Poppins won't work for minimum wage

NEW YORK (CNNMoney)

But in a parody from Funny or Die, the Disney character (played by Kristin Bell) is quitting her job because that's all the Banks family will pay her.

She struggles to make ends meet while making $7.25, the federal minimum wage, pleading for a $3 raise.

"In every job that must be done, you must be paid in more than fun," she sings, a play on an original Mary Poppins song.

Related: LA hotel workers could get highest minimum wage in the U.S.

Plenty of people in the real world agree. 71% of people surveyed by CNNMoney favor an unspecified hike in the federal minimum wage. Meanwhile, 36% said it should be increased to $10.10 an hour, which is what Senate Democrats and President Obama have proposed.

A number of states and major cities aren't waiting for Congress to act and are passing minimum wage increases on their own. This year, five states and Washington D.C. passed legislation to gradually increase their wages to $10.10 or higher; other states passed smaller increases. In June, the Seattle city council approved an eventual increase to $15 an hour, making it the nation's highest so far.

But critics contend that a higher minimum wage will hurt jobs and consumers. A report released by the Congressional Budget Office in April said that a federal hike to $10.10 would lift 900,000 people out of poverty, but also cut 500,000 jobs.

First Published: July 25, 2014: 4:32 PM ET

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Would-be giant in online house hunting has brokers scared

NEW YORK (CNNMoney)

The rumored deal -- the companies won't confirm it -- sent the companies' stocks soaring Friday as the chatter gathered steam.

The companies don't charge for publishing these listings of homes for sale, but they do charge real estate agents fees to appear on their listing pages.

Should the two sites merge, they could have the leverage to charge more, said Steve Murray, editor at Real Trends a real estate communications and consulting company.

Already, some agent teams spend $20,000 a month with Zillow, Trulia, or both, said Murray.

For now, the agents are generally satisfied with the fees because the exposure generates so much business. Zillow and Trulia together attract 130 million visitors a month.

The ultimate fear: Zillow and Trulia could make brokers irrelevant.

Zillow, for instance, has its own home value algorithm called Zestimates. Trulia offers extensive rankings on crime, public transit and schools.

"Combined, [Zillow and Trulia] could further erode the leadership of the National Association of Realtors," said Jonathan Miller, president of Miller Samuel, a New York based appraisal firm.

Related: 10 mansions for under $1 million

Related: Best places for vacation home deals

First Published: July 25, 2014: 6:31 PM ET

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#DetroitWater campaign wants you to pay residents' past-due bills

Detroit's looming water shutoffs spark a social media campaign and an app to connect donors with residents behind on their bills.

NEW YORK (CNNMoney)

The Detroit Water Project connects donors with Detroit residents who are delinquent on their water payments. The website lets donors submit direct payments to the Detroit Water and Sewerage Department.

The campaign's #DetroitWater hashtag is helping to spread the word about the initiative, and it has been tweeted thousands of times. More than 300 Detroit residents have registered for the Detroit Water Project, and the campaign has received contributions from 2,400 donors.

The city's ongoing practice of shutting off the water of Detroiters who have bills over 60 days past due or owe at least $150 has sparked controversy. Last week, on the one-year anniversary of Detroit's historic bankruptcy filing, residents took to the streets to protest the city's water shutoffs.

Related: Why Detroit filed for bankruptcy

In June, the United Nations released a statement calling Detroit's disconnection of water services to thousands of customers an affront to human rights. Citing the struggling city's high poverty and unemployment rates, the UN said the shutoffs for Detroiters who genuinely can't afford to pay off their bills a is violation of the right to water.

On Monday, the water shutoffs were temporarily suspended for a 15-day grace period.

Related: How Detroit's bankruptcy impacts my life

The founders of the Detroit Water Project met and conceived of the project over Twitter. Engineer and Code for America fellow Tiffani Bell, and Kristy Tillman, a design director for a start up, collaborated remotely from Oakland and Boston. Three days after their initial tweet back and forth, Bell and Tillman had their first donor on the site.

"We wanted a way to make immediate impact to provide relief to Detroit residents," said Tillman, noting that many existing crowdfunding options require recipients to wait until the end of a campaign to receive the donations. "Technology is merely a tool. How it's used depends on who's wielding it."

First Published: July 25, 2014: 7:04 AM ET

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Murdoch shoring up his war chest

LONDON (CNNMoney)

21st Century Fox (FOXA), home to Murdoch's film and TV businesses, is merging its satellite TV operators in Italy, Germany and the U.K., creating a European market leader and pocketing £4.9 billion ($8.3 billion) of cash.

BSkyB (BSYBF), in which 21st Century Fox owns a 39% stake, is buying Sky Italia and Sky Deutschland.

In addition to the cash payment, the U.K. firm will transfer its 21% stake in the National Geographic Channel to Fox.

Just four years ago, Murdoch was hoping to launch a full takeover of BSkyB but dropped the plans after a phone hacking scandal at his newspaper group.

Since then, competition in U.K. TV distribution has intensified. Telecom operator BT (BT) is mounting a challenge in sports -- the backbone of Sky's service -- and Amazon (AMZN, Tech30) and Netflix (NFLX, Tech30) pose a growing threat in streaming movies.

Murdoch now seems more interested in gaining a bigger slice of content production. Just last month, 21st Century Fox made an offer to buy Time Warner Inc (TWX) -- owner of CNN and CNNMoney -- worth about $80 billion at the time.

Related: For size, sports and ego -- why Murdoch wants Time Warner

Time Warner rejected the approach but media analysts believe Murdoch won't give up easily.

Once the European deals close -- and they're both subject to regulatory and shareholder approval -- Sky will be the leading pay TV provider in three of Europe's four biggest markets with potential access to nearly 100 million homes.

Related: The future of media

BSkyB will gain 8.5 million existing customers and expects the merger to generate £200 million ($339 million) in annual cost savings by the end of the year.

The company will issue new shares to help pay for the deal. BSkyB shares fell by more than 4% in London trading.

First Published: July 25, 2014: 7:14 AM ET

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Target sent victims to Experian, which has sold your data to criminals

Target hack victims were directed to Experian for protection. But that company has leaked your data too.

NEW YORK (CNNMoney)

When Target lost data on some 110 million customers, it recommended them to credit bureau Experian for "identity theft protection," offering to cover the cost for a year.

Think you're in better hands? Think again.

Sometime before the Target (TGT) hack, Experian had its own data leak -- via a subsidiary. It unknowingly sold the personal data of millions of Americans -- including Social Security numbers -- to a fraudster in Vietnam. That guy then sold the personal information to identity thieves around the globe.

It wasn't until U.S. Secret Service agents alerted Experian that the company stopped.

That data leak got plugged before Target sent victims to Experian. But it shows that even those entrusted with our most sensitive data don't know how to protect it.

Related story: Why retailers aren't protecting you from hackers

Hieu Minh Ngo, now 25, was caught and admitted to posing as a private investigator in Singapore to get exclusive access to data via Court Ventures, an Experian subsidiary. Ngo then said he sold access to fellow criminals.

Federal investigators say that let criminals reach databases with 200 million Americans' personal data, including:

• names
• addresses
• Social Security numbers
• birthdays
• work history
• driver's license numbers
• email addresses
• banking information

yup

Criminals tapped that database 3.1 million times, investigators said. Surprised you haven't heard this? It's because Experian is staying quiet about it.

It's been more than a year since Experian was notified of the leak. Yet the company still won't say how many Americans were affected. CNNMoney asked Experian to detail the scope of the breach. The company refused.

"As we've said consistently, it is an unfortunate and isolated issue," Experian spokesman Gerry Tschopp said.

Target and Experian insist that the credit monitoring service is unrelated to the incident involving Experian's data-selling business.

But Barry Kouns, a security professional who maintains a database of major data breaches, said Target victims remain at risk -- just in a different way. According to his company's Cyber Risk Analytics database, Experian's databases have been involved in 97 breaches of personal information.

"Based on our research, it appears that data brokers place a high value on collecting and using our information but not so much on protecting it," Kouns said.

First Published: July 25, 2014: 7:29 AM ET

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ECB hacked: 20,000 e-mail addresses stolen

LONDON (CNNMoney)

The ECB said no financial information or market data had been stolen, and the database affected was separate from all its internal systems.

The database serves parts of the ECB website that gather registrations for events such as conferences and visits. While most of the data were encrypted, e-mail addresses, some street addresses and phone numbers were not.

Related: Russian hackers placed 'digital bomb' in Nasdaq - report

The database also contains data on downloads from the ECB website in encrypted form.

All passwords have been changed as a precaution, and the ECB is contacting people whose e-mail addresses or other data might have been compromised.

A spokesperson for the ECB, which oversees the financial system across 18 eurozone member states, said the bank was alerted to the hack by an anonymous e-mail late Monday, seeking financial compensation for the data.

It has no idea who was responsible. The cybercrime unit of the Frankfurt police is now investigating.

-- CNN's Sweelin Ong contributed to this article.

First Published: July 24, 2014: 7:19 AM ET

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Stocks: 6 things to know before the open

LONDON (CNNMoney)

U.S. stock futures were edging higher, suggesting the S&P 500 could test 2,000 points. Here are the six things you need to know before the opening bell rings in New York:

1. Stronger economy: China's factories are motoring again after a dismal start to the year, with a preliminary estimate of manufacturing activity hitting an 18-month high in July.

"This is providing some hope that the Chinese government's mini-stimulus efforts to date have helped offset the impact of the property cycle and economic reforms that may be constraining short term growth," wrote Deutsche Bank analyst Jim Reid, in a market report.

There was good news from Europe too, with a survey of purchasing managers matching a 3-year high seen in April. European markets were mainly firmer, as were most Asian markets, although Japan's Nikkei slipped.

The U.S. government will report weekly jobless claims at 8:30 a.m. ET and new home sales made in June at 10 a.m.

2. Political risks lurk: The big risk for Europe's recovery remains an escalation in the dispute with Russia over Ukraine. EU officials are due to present options for much tougher sanctions Thursday, including measures that could restrict Russia's access to European financial markets, as well as arms and energy technology. France's Technip (TKPPY) said sanctions may hurt its profit margins this year.

Related: Fear & Greed Index,still stymied by fear

3. GM earnings: General Motors (GM) said, in its earnings report, that it expects to pay between $400 million and $600 million to compensation victims of its faulty ignition switches, which have been linked to at least 13 deaths. As a result, GM will take a $1.2 billion pre-tax charge.

The report comes one day after GM recalled another 718,000 vehicles.

Other companies also reported early Wednesday.

Dunkin' Donuts (DNKN) shares fell in premarket trading after the company missed sales forecasts, which Dunkin' blamed on faltering Japanese sales of Baskin-Robbins ice cream.

Ford (F) shares moved higher after the automaker reported a quarterly pre-tax profit of $2.6 billion, including its first profit in Europe in three years.

Shares of United Airlines (UAL) rose 2% after the carrier announced a 51% surge in quarterly net income . The airline also announced a $1 billion share repurchase program.

Starbucks (SBUX) and Visa (V) will report after the close.

4. Tech movers -- Facebook, Qualcomm, AT&T: Facebook (FB, Tech30) shares surged nearly 9% after posting earnings that blew away expectations.

Qualcomm (QCOM, Tech30) shares plunged 5% premarket, with worries over the company's business in China keeping investors on edge. Qualcomm is being investigated under China's anti-monopoly law. The tech firm said in its quarterly report that some clients in the country are "not fully complying with their contractual obligations."

AT&T (T, Tech30) slipped premarket after reporting earnings that missed expectations by a penny.

Amazon (AMZN, Tech30) and Pandora (P) will report after the close.

Related: CNNMoney's Tech30

5. Central bank data breach: The European Central Bank said Thursday its public website had been hacked, leading to the theft of 20,000 email addresses and contact data left by people registering for events at the bank. It said the theft was from a database that was separate to its internal systems and no market sensitive data were compromised.

6. Wednesday market recap: U.S. stocks closed mixed Wednesday. The S&P 500 hit another record high, landing at 1,987. That tops its previous closing record, set on July 3. The Nasdaq also ended higher, but the Dow Jones Industrial Average lost about 27 points.

First Published: July 24, 2014: 5:27 AM ET

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GM to pay victims $400 million to $600 million

GM record 30 million recalls cost it $1.3 billion in the second quarter, including $400 million it set aside to pay victims of the faulty ignition switch, seen being repaired here.

NEW YORK (CNNMoney)

The families of those killed and people injured in crashes involving the ignition switch can start filing for payments next month.

The problem with the ignition switch can cause the car to shut off while driving, disabling safety features such as air bags, anti-lock brakes and power steering. GM has admitted that its employees knew of the problem a decade before recalling 2.6 million cars earlier this year.

The automaker has been under fire from Congressional, Justice Department and federal safety regulators for the delay and could face criminal charges.

GM (GM) said it set aside $400 million in the second quarter to cover victims' payments. But it said Thursday in its quarterly results that because its compensation program does not have a cap, it might have to pay an additional $200 million in future quarters.

The company also set aside an additional $874 million for the cost of repairing the record 30 million cars it has recalled so far this year. The combined $1.3 billion in reductions once again essentially wiped out the company's profit, leaving it with net income of only $33 million in the quarter.

GM hired Kenneth Feinberg, an expert in victim compensation for disasters such as the 9/11 terrorist attacks and the BP (BP) oil spill in the Gulf of Mexico, to come up with a formula for compensating victims of the flawed ignition system. His formula offers the families of those killed more than $1 million each.

In other earnings news, GM rival Ford Motor reported its first profit in Europe in three years in the quarter along with a record profit for the company in North America. Those results lifted the company's net income despite a slight drop in global vehicle sales and revenue.

Shares of Ford (F) were up in premarket trading on the results.

First Published: July 24, 2014: 8:02 AM ET

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Avoid the rush! Some ERs are taking appointments

Michael Granillo speaks to a doctor at Northridge Hospital Medical Center, which takes ER appointments.

NEW YORK (CNNMoney)

"I was in so much pain I wanted to be taken care of now," said Granillo, 34, who lives in Reseda, Calif., and runs a hot dog cart business.

On a recent Wednesday morning, he woke up feeling even worse. This time, Granillo's wife, Sonya, tried something different: Using a new service offered by the hospital, she was able to make an ER appointment online, using her mobile phone.

When they arrived at the hospital, he was seen almost immediately.

"That was my last resort and it worked," she said. "He would have probably been at home in pain if not for the service."

In an era of increased competition driven by the nation's health law, hospitals in California and around the country are hoping online ER appointments will help attract patients anxious to avoid long waits in a crowded and often chaotic environment.

"It makes for a happier camper," said Susan Dubuque, a national expert in hospital marketing. "When it comes to health care, consumers want more control over everything."

The system, adopted by Northridge and other hospitals in the Dignity Health chain about a year ago, is intended only for patients who don't have life-threatening or debilitating emergencies. To check in online, patients must explain the reason for their visit and check a box that they can wait for treatment.

Patients having chest pain or trouble breathing, for instance, are instructed to call 911 or go directly to an ER. Those with an ankle sprain or a fever, for instance, might be able to make an appointment.

When patients get to the hospital, they still may be bumped by more seriously ill patients.

The approach makes business sense for hospitals because it lets medical staff know who may be coming through the door and it makes patients more comfortable, hospital executives say.

Patients want to access health care the same way they do services in other industries, such as retail or travel, said Chris Song, a spokesman for InQuicker, a Nashville-based company that offers the online scheduling in California and 25 other states.

"When is the last time someone bought plane tickets at the gate?" he said.

Related: Medicare payment rates: $15,000 for one hospital, $26,000 for another

Some critics say the online check-in system may be convenient but is not necessarily cost-effective. If the country wants to decrease health care costs, patients need to be treated at the right place at the right time, said Del Morris, president of the California Academy of Family Physicians. Patients who can make appointments should do so at their doctors' offices, he said.

"Emergency rooms are there to take care of people who have emergencies," said Morris, medical director of the Stanislaus County Health Services Agency.

Related: Hospitals face major government crackdown for injuring patients

The Dignity chain says roughly 12,000 patients have scheduled visits for emergency rooms at hospitals in California, Arizona and Nevada. Recently, Dignity stepped up marketing, with billboards, print advertisements and online and radio spots.

On the day of his appointment at Northridge, Granillo winced and shifted uncomfortably in the ER exam room. After a CT-scan, doctors told the couple that Granillo had a very serious condition-- lymphoma, a type of cancer.

Stephen Jones, the ER's medical director, said some patients who come in through the appointment service probably should be seen by a primary care doctor but either don't have one or can't get a timely appointment. Others, like Granillo, shouldn't wait for care, he said.

Dignity Health, which is also offering the online reservations at urgent care centers and doctors' offices, hopes that the new service will minimize wait times and boost patient satisfaction scores, said Page West, chief nursing officer. Under the Affordable Care Act, Medicare reimbursements for hospitals are tied to results on the patient surveys.

Others say hospitals need to do more to fix the emergency room process in which people show up and wait for hours, said Bridget Duffy, chief medical officer at Vocera Communications in San Jose and an expert in the patient experience. Besides offering online appointments, hospitals need to assess patients more quickly, improve communication with them and better manage their pain.

As it stands, Duffy said, "It's ridiculous ... it's like herding cattle."

First Published: July 23, 2014: 8:11 AM ET

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Indonesia markets cheer Widodo victory

HONG KONG (CNNMoney)

Stocks in Jakarta rallied as much as 1.1% during the trading day before closing up 0.2%. The rupiah strengthened as much as 0.8% to 11,465 against the dollar.

Widodo rose from humble origins to capture the top office in the world's third-largest democracy. He worked in his family's furniture business before entering local politics and then serving as governor of Jakarta.

While challenger Prabowo Subianto may contest the election results, most analysts don't expect the current verdict to change.

Related: 4 risks for emerging markets

Indonesia, the world's fifth largest country by population, is challenged with slowing growth, a weakening currency and widening budget and current account deficits. The Southeast Asian nation also needs to find a way to finance infrastructure upgrades.

Markets have surged this year on hopes that Widodo, a relative outsider, might be able to turn things around. Stocks have soared 20% since January, and the rupiah has gained 5.2%.

Widodo will have his work cut out for him. "The constraints of coalition politics, as well as a lack of experience on the national stage, could thwart his efforts to get the slowing economy back on track," said Gareth Leather of Capital Economics.

Related: Saudi Arabia: The next big emerging market?

One of the challenges Widodo faces is how to cut the country's fuel subsidy program, which is meant to keep costs stable for consumers but now weighs on government finances.

Changes to the fuel subsidy program -- which amount to roughly 3% of GDP and one-fifth of the country's budget, according to IHS -- are likely to upset consumers worried over rising fuel and transportation costs. In the past, violent protests have erupted over the issue.

Kunal Kumar Kundu of Societe Generale said that in the long run, a Widodo-led government is likely to reassure foreign investors and his victory is "good news for the economy."

"Foreign investors are more favorably inclined towards Jokowi as they believe that Subianto would have most likely enforced strong nationalistic policies that would have discouraged foreign investment," Kundu said.

First Published: July 23, 2014: 2:28 AM ET

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Stocks: 4 things to know before the open

Click on chart to track premarkets

LONDON (CNNMoney)

U.S. stock futures were edging higher.

"I think some of the macro geopolitical concerns have, at least for the moment, moved back to the back burner," said Art Hogan, chief market strategist for Wunderlich Securities, referring to violent conflicts in Israel and Ukraine. "It's a market that's shifted its focus over the last 24 hours back to earnings."

Hogan said that 70% of companies have so far beat expectations on earnings and revenue. He said that normally only 58% of companies beat on revenue.

"Earnings have been significantly better than expectations across the board," he said. "Larger numbers of companies have been surprising to the upside."

Here are the four things you need to know before the opening bell rings in New York:

1. World markets gain: Major indexes across Europe were firmer after EU officials stopped short of imposing tough economic sanctions on Moscow.

Still, the relief could be short-lived as Europe demanded Russia's "full and immediate" cooperation over Ukraine or risk losing access to European finance, defense equipment and energy technology. Germany's Dax gained 0.4%, while Russia's Micex index slipped 0.3%, taking its losses for the year to nearly 7%.

Asian markets were mainly firmer. Indonesia markets were helped by news that former Jakarta governor Joko Widodo had won the presidential election.

Related: Fear & Greed Index still stymied by fear

2. Big earnings day: Investors will have plenty of earnings to digest Wednesday. Boeing (BA) and Delta Air Lines (DAL) will report earnings before the opening bell.

Dow Chemical (DOW) reported an uptick in sales, compared to the year-ago quarter, but net income plunged. PepsiCo (PEP) also reported a drop in profit.

AT&T (T, Tech30) and Facebook (FB, Tech30) will report after the close.

3. Stock market movers -- Apple, Microsoft, Deutsche Bank: Shares of Apple (AAPL, Tech30) slipped in premarket trading. The company reported a jump in sales and profit for the last quarter, but lowered sales projections for the current quarter. Microsoft (MSFT, Tech30) sales beat Wall Street expectations, sending its shares up premarket.

Deutsche Bank (DB) shares fell 1.6% in Frankfurt trading after The Wall Street Journal reported that the New York Federal Reserve had serious concerns about internal supervision and regulation at the bank's U.S. operations.

Related: CNNMoney's Tech30

4. Tuesday markets recap: U.S. stocks closed higher Tuesday. The Dow Jones Industrial Average rose more than 60 points and is within sight of its record close, which occurred last week. The S&P 500 gained about half a percent while the Nasdaq closed up 0.7%.

First Published: July 23, 2014: 5:38 AM ET

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Stocks: 4 things to know before the open

Click on chart to track premarkets

LONDON (CNNMoney)

U.S. stock futures were all edging slightly higher.

Here are the four things you need to know before the opening bell rings in New York:

1. Stock market movers -- Chipotle, Netflix, Credit Suisse: Shares in Chipotle (CMG) were surging by roughly 10% in premarket trading after the fast-food chain posted earnings that beat expectations.

"[Chipotle] blew away consensus estimates," said Brian Sozzi, CEO and chief equities strategist at Belus Capital Advisors, predicting continued strong earnings growth over the next two quarters.

Shares in Netflix (NFLX, Tech30) rose about 1% after the video rental company reported its latest set of quarterly earnings and revealed it now boasts over 50 million members.

Credit Suisse (CS) shares were dipping by about 2% in Switzerland after the bank reported a loss in the latest quarter. In May, the bank pleaded guilty to federal charges that it illegally allowed some U.S. clients to evade taxes, leading to a $2.6 billion settlement.

Related: Fear & Greed Index backslides to fear

2. Tensions ease over Ukraine: European markets were all rising by less than 1% in early trading as tensions in Ukraine appeared to ease slightly.

After delays and setbacks, a train carrying the bodies of most of those who died in the MH17 plane crash began moving out of eastern Ukraine.

Still, EU officials are meeting Tuesday to discuss further sanctions against Russia in a bid to end its support for separatist rebels in Ukraine. Western leaders say the bulk of evidence suggests the rebels shot down the Malaysia Airlines plane.

3. Earnings and economic data: Many big corporate names will be reporting quarterly results Tuesday.

Coca-Cola (CCE), Domino's (DPUKY) and McDonald's (MCD) will report earnings before the opening bell.

Verizon (VZ, Tech30), Comcast (CCV) and Harley-Davidson (HOG) all reported boosts in earnings, compared to the year-earlier quarters.

Apple (AAPL, Tech30) and Microsoft (MSFT, Tech30) will report after the close.

On the economic front, the U.S. government will report the latest consumer price index number at 8:30 a.m. ET. Stats on existing home sales from June will be reported at 10 a.m.

Related: CNNMoney's Tech30

4. Monday market recap: U.S. stocks fell Monday on concerns about Ukraine and Gaza. The Dow Jones industrial average fell 48 points, while the S&P 500 and Nasdaq both ended the day off about 0.2%.

First Published: July 22, 2014: 5:26 AM ET

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Sanctions: Top 10 Russian targets

The shooting down of Malaysia Airlines Flight 17 in eastern Ukraine may persuade Europe to take a tougher line with Moscow over its support for separatist rebels.

LONDON (CNNMoney)

Since Moscow annexed Crimea four months ago, European leaders have worried about possible blowback if they punished Russia. The reason: the extensive trade ties between Europe and its powerful neighbor.

Europe is set to take a harder stance. Officials are meeting Tuesday to discuss ways of pressing Russia to end its support for rebels in eastern Ukraine. U.K. Prime Minister David Cameron says the weight of evidence suggests the rebels brought the plane down.

"Russia cannot expect to continue enjoying access to European markets, European capital, European knowledge and technical expertise while she fuels conflict in one of Europe's neighbors," he said.

The U.S. government, whose lead Europe might now follow, has taken a tougher approach -- targeting Russian companies and oligarchs, some close to President Vladimir Putin. The sanctions haven't gone after broad sectors of the Russian economy, but they have set key players scrambling.

Here are the 10 most significant U.S. sanction targets so far:

Rosneft: Russia's biggest oil company; part owned by BP (BP) and partner to ExxonMobil (XOM).

Has lost access to U.S. sources of long-term finance. Cash rich and can still export oil. Expected to complete its purchase of Morgan Stanley (MS)'s oil trading business.

Novatek: Russia's largest independent natural gas producer.

Has lost access to new U.S. funding. Estimated 46% of its debt is in dollars, according to analysts at BNP Paribas. Should be able to find alternative long-term investors.

VEB: Arranges payments for the Russian government; chairman is Russian Prime Minister Dmitry Medvedev.

Bank will have to reduce its exposure to dollars in the future. Should be able to manage its financing through 2015 by tapping markets in other currencies, local investors and the Russian central bank.

Gazprombank: A key player in financing Russia's energy sector, the mainstay of country's economy.

Gazprom (GZPFY), which supplies Europe with about a third of its natural gas, is a major shareholder. Bank's dependence on U.S. markets is low and it can count on Russian state support given its importance to the economy.

Kalashnikov: Russia's largest firearms manufacturer; famous for its AK-47 rifles.

Among eight Russian arms firms that have had U.S. assets frozen and have been banned from doing business with U.S. businesses or individuals.

Igor Sechin: Rosneft CEO and one of dozens of Russians who have had their assets frozen.

Laughed off a sanctions-inspired fall in Rosneft's shares in March as a buying opportunity, but warned last week's blacklisting of the company was an attempt to target Russia's economy. Says U.S banks and investors would suffer from the move.

Yuri Kovalchuk: A close associate of Putin and largest shareholder in Bank Rossiya, which is also facing U.S. sanctions.

Called Putin's "personal banker" by U.S. officials. Bank is Russia's 17th biggest and has major interests in oil and gas. Three subsidiaries are also on U.S. sanctions list.

Gennady Timchenko: Billionaire oil trader and founder of Geneva-based energy trading company Gunvor.

Sold all his shares in Gunvor just two days before landing on the U.S. list. His Volga Group and a number of subsidiary companies have had assets frozen by the U.S.

Sergei Chemezov: Rosneft director and appointed by Putin as director general of Rostec.

Rostec is a state-owned conglomerate that runs 13 holding companies, 8 of which are active in the military-industrial complex. Counts Boeing (BA) and Allegheny Technologies (ATI) among its many foreign partners.

Arkady and Boris Rotenberg: U.S. officials say the brothers received about $7 billion in contracts for the Sochi Olympic Games.

Control two banks -- InvestCapitalBank and SMP Bank -- subject to sanctions.

First Published: July 22, 2014: 6:11 AM ET

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China scare snares Burger King, Papa John's

Chinese authorities have shut down an American-owned meat processor in Shanghai that was supplying several big name chains.

HONG KONG (CNNMoney)

On Monday, local regulators suspended the operations of Shanghai Husi Food, a subsidiary of Illinois-based OSI Group, and ordered all its meat products to be taken off shelves across Shanghai.

The government intervened after a Chinese broadcaster aired footage of workers using their bare hands at a Husi food plant to process expired meat, and even food that had fallen on the floor.

Burger King (BKW), Papa John's (PZZA) and Chinese fast food chain Dicos said they had taken down Husi-sourced products.

McDonald's (MCD) and Yum Brands (YUM) have already apologized to customers and halted orders from Husi. Yum said there may be temporary shortages of KFC's cheese pork hamburger and BBQ hamburger, and Pizza Hut's stone pan Texas flavor beef.

Starbucks (SBUX) pulled its chicken apple sauce panini sandwich from some Chinese outlets, because its supplier purchased meat from Husi.

Related: Breakfast takes a bigger bite out of your wallet

Social media in China has been buzzing with lists of firms thought to be affected.

Subway, Domino's (DPUKY), and TGI Friday's tried to reassure their customers, issuing statements to say they did not source from Husi. Ikea, which operates in-store food shops, said it had stopped buying from Husi in September 2013.

Shares of Yum Brands tumbled 4.3% in U.S. trading on Monday. McDonald's which has over 2,000 stores in China, saw its stock drop 1.5%.

Husi's parent, OSI, said in a statement that it was "appalled...[and] has zero tolerance for any actions that compromise food safety."

Related: China draining the world's baby milk supply

Food safety has long been a top concern for China, affecting domestic and foreign companies.

In 2008, a major scandal erupted over tainted infant formula that killed some babies and left thousands more ill.

Earlier this year, Wal-Mart (WMT) recalled some donkey meat after it was found to be contaminated with fox meat.

Yum Brands has just emerged from a food safety scandal that began in late 2012.

First Published: July 22, 2014: 7:46 AM ET

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World's 2nd-richest man suggests 3-day work week

Carlos Slim, the world's second richest man, is advocating a three-day work week.

NEW YORK (CNNMoney)

The Financial Times reported that in a speech at a conference in Paraguay, Slim advocated a radical change in the typical five-day work week.

"People are going to have to work for more years, until they are 70 or 75, and just work three days a week -- perhaps 11 hours a day," the paper quotes him as saying.

The paper said that workers at Telmex, the telecom company that has made him the world's second richest man by some estimates, now can retire before they are 50 years old in some cases.

But it reported that those eligible for such early retirement are given the option of a four-day work week at full pay upon reaching retirement age.

"With three work days a week, we would have more time to relax; for quality of life," Slim was quoted as saying. "Having four days [off] would be very important to generate new entertainment activities and other ways of being occupied."

First Published: July 21, 2014: 7:24 AM ET

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Stocks: 5 things to know before the open

Click on chart for more premarket data.

LONDON (CNNMoney)

Here are the five things you need to know before the opening bell rings in New York:

1. Smoker's widow ruling: Shares in tobacco giants Reynolds American (RAI) and Philip Morris International (PM) were falling heavily premarket after a Florida jury ordered R.J. Reynolds Tobacco to pay $23.6 billion to the widow of a long-time smoker who died of lung cancer.

This is one of the largest awards against a tobacco firm, but the company is looking to avoid the massive payout.

"We plan to file post-trial motions ... and are confident that the court will follow the law and not allow this runaway verdict to stand," said J. Jeffery Raborn, vice president and assistant general counsel for R. J. Reynolds.

2. Stocks slipping: The broader market was also looking weaker, with U.S. stock futures edging down Monday and most major global markets in the red.

European markets were declining in early trading, with the benchmark Dax index in Germany sliding by 0.7%. Investors are still worrying about the fallout from the downing of Malaysian Airlines flight MH17 in eastern Ukraine.

The main stock market in Russia was down by 1.4% as political leaders around the world call on Russian President Vladimir Putin to use his influence to end the conflict in eastern Ukraine. EU foreign ministers could decide to impose new sanctions on Russia as early as Tuesday.

Markets are also keeping an eye on the intensifying conflict in the Middle East. Sunday was the deadliest day yet in the most recent bloody conflict between Israeli forces and Hamas.

Asian markets ended with mixed results.

Related: Fear & Greed Index

3. Expect earnings: It's a big earnings week for the food industry.

But up early Monday are Halliburton (HAL), Hasbro (HAS) and Allergan (AGN) with earnings before the opening bell. Netflix (NFLX, Tech30), Crocs (CROX) and Chipotle (CMG) will report after the close.

Related: 'Burrito inflation' is here

4. Watch Arabtec, Tesco, Malaysia Airlines: Shares in Arabtec fell by nearly 10% in Dubai, before trimming their losses, as investors continue to worry about the future of the construction company.

Shares in Tesco (TESO) were rising in London after the company announced it was bringing in a new CEO.

Malaysia Airlines stock staged a mild recovery Monday -- up 2.5% -- though the shares are still down by over 30% this year as two separate disasters raise questions about its ability to survive.

Related: CNNMoney's Tech30

5. Friday market recap: U.S. stocks closed higher Friday.
The Dow Jones Industrial Average rose 123 points and ended the week up by 0.9%. The S&P 500 moved 1% higher Friday and closed out the week with a gain of 0.5%. The Nasdaq rose by 1.6% Friday and also ended the week higher.

First Published: July 21, 2014: 5:23 AM ET

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Tobacco stocks burned by $23.6 billion judgment

Shares slipped for Pall Mall producer Reynolds American after a jury awarded a smoker's widow $23.6 billion.

NEW YORK (CNNMoney)

The stock price for Reynolds American (RAI), parent company of R.J. Reynolds Tobacco Co., fell 3% before the bell, following the jury award on Friday.

Investors dropped other tobacco stocks, too, though the declines were not as steep as Reynolds'. Shares of Altria Group (MO) slipped about 2%. Philip Morris (PM) fell about 1% and Lorillard (LO) dropped nearly 3%.

Related: The lucrative business of cigarette smuggling

The multi-billion dollar award goes to Cynthia Robinson, whose husband Michael Johnson died in 1996 from lung cancer at the age of 36. Robinson sued R.J. Reynolds in 2008, claiming the company was negligent in not telling him that smoking was addictive and could cause lung cancer.

R.J. Reynolds general counsel J. Jeffrey Raborn said his company would fight the award, which he called "grossly excessive and impermissible under state and constitutional law."

Related: States to pharmacies: Stop selling tobacco

R.J. Reynolds Tobacco Co. said that it manufactures about one of every three cigarettes sold in the U.S. The company's brands are Camel, Pall Mall, Winston, Doral and Kool.

Reynolds American and Lorillard have done well overall this year, with shares surging on takeover speculation.

First Published: July 21, 2014: 8:10 AM ET

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Can this British designer save Coach?

Coach has hired Stuart Vevers to try to revive a brand that has been around since 1941.

NEW YORK (CNNMoney)

The British designer was hired last year to revive the Coach brand, a comeback that may be even harder to pull off than Martha Stewart's.

Coach (COH) stock is down almost 40% this year. The bad weather that kept many American shoppers out of stores this winter only exacerbated the company's problems. The brand is stale.

Known for its leather handbags, Coach doesn't have a clear identity anymore.

The company, founded in 1941, really hit its stride in the 1990s under the dynamic duo of CEO Lew Frankfort and head designer Reed Krakoff. They popularized the concept of "luxury for the masses."

They found the sweet spot in the retail market where customers wanted a bit of brand cache but at a cost that was a lot less than Prada (PRDSF) and Gucci had to offer.

The company went public in 2000 (as a spin-off of food company Sara Lee no less) and the stock rose steadily for a few years with the introduction of products like the "Hampton bag." Wall Street pushed for growth, and Coach responded by opening a lot of outlet stores, which diluted the luxury brand notion.

It also didn't help that competition increased from Michael Kors (KORS), Kate Spade (KATE)and Tory Burch, among others.

Coach's turnaround plan: Enter Vevers. The company is aiming for the higher-end consumer again now that Vevers is Executive Creative Director.

He has the track record. He was named Accessory Designer of the Year by the British Fashion Council several years ago and has worked at other brands trying to reinvent themselves -- such as Calvin Klein and Mulberry.

Thanks to Vevers, Coach held its first New York Fashion Week show earlier this year, garnering largely positive reviews.

But Wall Street is not convinced that the runway success will lead to higher sales just yet.

Related: Coach is going out of fashion among investors

"Some of his designs will be in full-price stores in the fall. You're not going to see it in the outlet channel until probably 2015, which is the majority of sales" says Evan Staples, a senior analyst at Nuveen Asset Management. He argues any turnaround will be a long time coming.

"Only if you're a very risky value investor would you be stepping in here," he says.

It's also not clear if this is even the right direction for Coach.

"Can Stuart Vevers put good product on the floor? I don't know," says Paul Lejuez, who covers retail stocks for Wells Fargo Securities. "The more important question is even if the product looks good, does it matter? Will people buy it?"

Coach is in the process of closing some stores. After the latest round, it will have about 250 full-price stores and 200 outlet stores in North America, Lejuez says. That makes it difficult to re-cast the brand as a more up-scale "luxury-lifestyle" brand when its discount stores are still everywhere.

Related: The 1% is spending: Luxury stocks soar

Buying opportunity? Robert Drbul, an analyst who covers the retail sector for Nomura, is more bullish. He has a "buy" rating on the stock, which currently trades around $34, a big drop from 2012 when it traded around $75. Drbul has a target price of $45.

"The company has a track record of brand re-invention and a strong team," Drbul says. "Coach clearly remains committed to their dividend, so from the investor standpoint, they are paid to wait and hold their shares." Coach's dividend yields nearly 4%.

Drbul also points out that many luxury and pseudo-luxury brands are fighting for traction in Europe and Asia. Bringing on a British designer with many European ties could also give Coach an edge internationally.

But the biggest "buying opportunity" may be for consumers. Many retailers are increasing discounts as they try to clear inventory after a slow winter and spring. Coach is also motivated to make room on its shelves for Vevers' designs.

So even if you aren't interested in the stock, Coach's current predicament is a good chance to pick up a nice handbag or pair of shoes at a cheap price.

First Published: July 19, 2014: 9:19 AM ET

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Can Malaysia Airlines survive latest tragedy?

Four months after a Malaysia Airlines plane goes missing, another one of its passenger jets is shot out of the sky.

NEW YORK (CNNMoney)

The tragic events have taken the lives of 537 people in all, and brought devastation to their families.

It has also left many pondering the future of the airline and its ability to weather the latest storm.

If customers flee, it could really put a dent in its bottom line, said Justin Green, a military trained pilot and aviation attorney.

Malaysia Airlines was already a struggling company before these latest tragedies.

Related: Malaysia Air's troubled year

Even before Flight 370 disappeared, a difficult business climate forced the airline into the red for the three years in a row, leading to a loss of about 4.2 billion ringgit ($1.3 billion) over that period.

"But the situation has become much graver," said Daniel Tsang, an aviation analyst at Aspire Aviation. "Bankruptcy is unquestionably a possibility."

According to international law, Malaysia Airlines is responsible for making initial payments of about $150,000 to the families of each deceased passenger in both flights.

There will also be lawsuits to fight. Even thought it appears Flight 17 was shot down by a surface-to-air missile last week over Ukraine, there's a chance the airline could be found negligible for flying in the disputed airspace where Ukraine rebels are operating, Green said. While the flight's route was approved by Eurocontrol, other carriers were avoiding the airspace.

Those additional payments still wouldn't break the bank, Green said. Many of Malaysia Airlines' expenses will be covered by the maze of insurance policies that cover a plane and its passengers.

Very few airlines went bankrupt immediately after previous tragedies, Green said.

The now defunct Pan Am was in financial trouble long before the terrorist bombing of its Flight 103 over Scotland, but the attack did help push the airline toward its ultimate bankruptcy, the airline's former CEO Tom Plaskett told CNN.

The airline survived for two more years after the attack, until it filed for bankruptcy in 1991.

Related Passengers' families could collect millions

So far, Malaysia Airlines customers have proved quite loyal.

After Flight 370 went missing on March 8, Malaysia Airlines did not see an immediate decline in passengers, according to its April traffic report. But the number of passengers dropped 4% in May compared to the same month last year.

The airline is also waiving fees and refunding tickets until the end of December for anyone who wants to cancel or postpone their travel plans.

Overall, the company experienced a 13% uptick in the number of passengers for the year to date.

Another factor that will play in its favor is that Malaysia Airlines has state-backing. The government's investment firm owns nearly 70% of the company, which just might help it survive these tough times.

First Published: July 19, 2014: 2:09 PM ET

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Snowden asks hackers to protect whistleblowers

Ex-NSA contractor Edward Snowden, exiled in Russia, speaks via video connection to a crowd of hackers in New York City.

NEW YORK (CNNMoney)

Daniel Ellsberg, who famously released the Pentagon Papers, and former NSA contractor Edward Snowden spoke to a packed crowd of computer experts on Saturday at the Hackers On Planet Earth conference in New York City.

It was a call to digital arms: Create easy-to-use software that lets insiders spill secrets of corporate or government malfeasance to journalists or politicians without getting caught.

"A lot of blood has flowed because people bit their tongues, swallowed their whistles and didn't speak out," Ellsberg said. "You people need to do what you can ... to make it possible for people to do this without spending their life in prison."

Related story: FBI sends agents to Holocaust museum for history lesson

A clampdown on government whistleblowers began during the Bush administration -- and has only intensified. The Obama administration has used the Espionage Act to prosecute whistleblowers who leaked to journalists more than all previous U.S. presidents combined.

"You are the people who can make it possible for democracy to survive that attack on whistleblowers," Ellsberg told the crowd of hackers.

Snowden, in exile in Russia and speaking via a video connection, urged professionals to develop computer programs that hinder mass surveillance by encrypting all communication, thus making it private.

It's a technological answer to a civil rights problem, he explained.

"You have the means and the capability to build a better future by encoding our rights into the programs and protocol we use everyday," Snowden said.

First Published: July 19, 2014: 5:58 PM ET

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Murdoch says he can't buy Tribune but mum on Time Warner

NEW YORK (CNNMoney)

"Sorry can't buy Trib group or LA Times -- cross-ownership laws from another age still in place," Murdoch tweeted late Thursday night.

Murdoch was referring to Federal Communications Commission rules that limit how many newspapers and broadcast television stations a single company can own.

But the Twitter message confirms that Murdoch has thought about pursuing Tribune, and particularly the Los Angeles Times.

Last year, when Tribune (TRBAA) was actively considering a sale, The New York Times reported that Murdoch was "weighing whether a bid would be worth the headache and regulatory battles."

Tribune later decided not to sell its eight papers immediately, but to spin them off into a new company, Tribune Publishing, instead. The split is expected to take effect in August.

After that point, a buyer might be able to acquire the new company -- which also owns the Chicago Tribune and Baltimore Sun.

The journalism institute Poynter said earlier this month that a new rumor about Murdoch's interest in Tribune was making the rounds, and that "various circumstances would make such a deal logical for both buyer and seller."

Anything can happen down the road, of course, and Murdoch's tweet might have been a way to blow off some steam about government regulation.

Of Murdoch's two companies, News Corp (NWSA). would be the one interested in more newspapers. It already owns Wall Street Journal publisher Dow Jones and the New York Post.

21st Century Fox (FOXA), the home to Murdoch's movie studio and cable and TV programming networks, is the one that made a bid for Time Warner (TWX).

There have been no new reports about overtures from Fox to Time Warner since Wednesday's confirmation from both companies that Time Warner had rejected the bid Fox proposed in June.

Related: Why Murdoch wants Time Warner

The original bid was worth about $86 per share. Time Warner indicated in a statement on Wednesday that Fox could never pull together a compelling offer (both in terms of value and the right mix of cash and stock), but that has not stopped Wall Street from speculating on a magic number that could rekindle talks.

Janney Capital Markets analyst Tony Wible, who wrote about a potential tie-up of Fox and Time Warner last month, said Thursday that he expects a $100 per share offer from Murdoch.

"Simply put, Fox has the capacity to pay more but would likely target a mix of stock and cash," he wrote in a report.

And even though Murdoch did not tweet directly about Time Warner, he did seem to hint that the deal may have been a reason why he hadn't tweeted since July 8 before writing a trio of tweets from Australia yesterday.

"Sorry, I have been busy lately with many preoccupations!" he wrote.

CNN's Cristina Alesci contributed to this report.

First Published: July 18, 2014: 4:01 PM ET

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