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J.C. Penney’s Chief Executive Officer Marvin Ellison is leaving the struggling retailer to join home improvement chain Lowe’s Cos Inc, the companies said on Tuesday, sending shares in the U.S. department store chain down 4 percent.
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Micron Technology shares spiked nearly 4 percent in after-hours trading after it announced a deal with Intel to make and ship the next generation of chips used in flash drives and digital cameras.
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The 64th annual Fortune 500 list is out this morning, and you can find it here. With $12.8 trillion in revenue–2/3rds of U.S. GDP–and 28.2 million employees worldwide, these companies remain the most important engine of both the U.S. and the global economy.
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After taking tens of thousands of crowd-funding pre-orders for a high-end pair of “3D sound” headphones, audio startup Ossic announced this weekend that it is shutting down the company and backers will not be receiving refunds.

Backers are understandably quite upset about not receiving their headphones.
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Seems like a good idea... but would be a lot more appealing if the accounts were federal tax-free, not just state tax-free.

Across the country, state legislatures are authorizing "first-time home buyer savings accounts," which come with varying tax advantages. Oregon and Alabama recently joined about a half-dozen other states that have passed bills creating these options in recent years. Others are actively considering them.
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It was once an empire. Now it is being sold for parts.
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American companies, flush with cash from the $1.5 trillion tax cut, bought back a record quantity of their own shares during the first three months of the year.
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Some Wells Fargo & Co. employees reportedly altered information improperly on documents related to certain business customers, adding another layer to the banking giant's woes.

Wells Fargo already has been heavily sanctioned by federal regulators over its problems, including a massive fake-accounts scandal that erupted in September 2016. The sanctions include having the bank's asset growth capped while it works to improve its corporate governance.
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