Business news briefs
Walmart to stop
Walmart is phasing out the sale of Amazon's Kindle Fire tablet and Kindle e-readers, the second big retailer to do so in the past six months. Amazon has been selling the low-priced tablets at little profit to boost digital book and music sales. But that makes it less attractive for retailers to sell Kindles.
Exxon to expands
N. Dakota assets
Exxon Mobil will spend $1.6 billion to boost its holdings in the massive Bakken oil field in North Dakota and Montana. The company said it will acquire 196,000 acres held by Denbury Resources Inc., boosting its holdings in the region to almost 600,000 acres. Bakken production has soared in recent years, recently passing 600,000 barrels per day, or about 10 percent of U.S. production.
Starbucks to enter
Starbucks Corp. is about to turn up the heat on the single-serve coffee market. The company says it will start selling its new single-serve brewer online this week for $199. The arrival of the Verismo, which was announced earlier this year, comes amid intensifying competition in the piping hot market for single-serve brewers and the coffee pods they use.
Apple's iPhone 5
Samsung Electronics says it plans to add the iPhone 5, set to be released Friday, to the list of Apple devices that it claims infringes its patents in a California court case. A federal court jury in San Jose, Calif., ruled a month ago that Samsung's patent claims against earlier iPhones were baseless. Samsung is set to appeal.
Google to beat
Google is expected to surpass Facebook in display advertising revenue this year, beating all other competitors with a 15.4 percent share of the U.S. market. The research firm EMarketer said it expects Google Inc. to generate $2.31 billion in revenue from online display ads. It predicts Facebook Inc. will hold 14.4 percent of the market this year with $2.16 billion in revenue.
soar in debut
Shares of Trulia jumped 41 percent in their first day of trading on the NYSE. Underwritten at $17 each, Trulia shares closed at $24. The company, which raised $102 million in its IPO, operates a real estate website that helps people research home listings and neighborhoods. While its revenue is growing, Trulia lost $7.6 million in the first six months of 2012.
Bank of America
to speed job cuts
A report in The Wall Street Journal said Bank of America is accelerating a cost-cutting plan and aims to slash 16,000 jobs by the end of the year. The bank previously announced plans to cut 30,000 jobs. The paper cited a document given to top management at the bank. It said the cuts will mean fewer branches and a smaller mortgage operation. A bank spokesman declined comment.
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