In the news: Target picks a new CEO, Bank of America fined and ConocoPhillips beats

By Bobby Raines,

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Thursday headlines include: Target picking a new CEO, Boeing building a big jet exclusively in South Carolina, Bank of America paying another fine, ConocoPhillips beating estimates, and Apple laying off some Beats workers.


Retailer Target ( TGT ) picked Brian Cornell as its new CEO, replacing Gregg Steinhafel who left the company three months ago. Cornell is the first company outsider to take the helm at the retailer. In addition to stints at Pepsi that included a term at the help of the company's Americas Foods business, Cornell has also worked at Walmart ( WMT ) and Michael's Stores.


Aircraft maker Boeing ( BA ) plans to build the largest version of the Dreamliner, the 787-10, exclusively at its plant in South Carolina. The company said the fuselage sections of the longer jet are "too long to be transported efficiently" from the North Charleston plant to Everett, Washington, where the other models of the 787 are assembled.

Bank of America

Financial giant Bank of America ( BAC ) was ordered to pay $1.27 billion to settle fraud charges in connection with faulty charges sold by Countrywide Financial in the lead up to the financial crisis. U.S. District Judge Jed Rakoff also ordered Rebecca Mairone, a former executive at the company, to pay $1 million. He cited Mairone's leadership role in the fraud.


Oil major ConocoPhillips ( COP ) said Thursday that it earned $1.67 per share in the second quarter, or $1.61. The mean analyst estimate was for $1.60 per share. The company said oil and gas output rose to 1.56 million barrels of oil equivalent per day, compared to 1.51 million barrels of oil equivalent per day in the year-ago period.


Technology giant Apple ( AAPL ) is reportedly planning to cut about 200 jobs from the workforce at newly acquired Beats Electronics. Bloomberg said the cuts will be primarily in human resources, finance and other departments that overlap with Apple's existing operations.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , commodities , Earnings , Technology
Referenced Stocks: TGT , WMT , BA , BAC , AAPL

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