Your Daily Dose of Financial News

Demolition of an old house
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Fascinating weekend feature from the Journal exploring how Sears Roebuck went from the dominant force in American retailing to the bankrupt shell of a company that it is now—all within a period of just 40 years – WSJ

Wall Street has, to this point, largely been untouched by the #MeToo movement. No more, as a $30 million lawsuit involving asset-management firm TCW demonstrates – NYTimes

As Lyft’s IPO nears, we’re getting new details about its plan to go public, including the intention to “peg its valuation at between $21 billion and $23 billion” – WSJ and Bloomberg

The former psychology professor who helped Cambridge Analytica “vacuum up private information from tens of millions of Facebook profiles” has sued the social media site for alleged defamation based on its claims that he “had lied about how the data was going to be used” – NYTimes

And now, for your American take on the ongoing Brexit drama, look no further than the SEC’s Director of Corporate Finance, who suggested on Friday that the Commission has its eye on the quality of corporate disclosures related to the departure and has generally found it wanting – Law360

German-based Allianz SE is “exploring the possibility” of combining its asset management arm with Deutsche Bank’s DWS Group. The combo would create a “national champion in active money management” – Bloomberg

Wells Fargo will pay $13.8 million to a class of mortgage holders to resolve claims that the bank “imposed a loan modification program” on them without their consent, “leading many to unwittingly default on payments” – Law360

Amazon is reportedly testing a new feature on its mobile app that features a pop-up message telling consumers about its own private-label products while they’re searching for products on name-brand rivals’ pages – WSJ

Google’s looking to do a bit of Amazon-style disruption in the gaming industry, hoping that its net dominance can help it compete with mainstays like Nintendo, Sony, and Microsoft – CNBC

On Friday, a California federal jury awarded Qualcomm $31 million, finding that Apple infringed on several of the company’s patents relating to smartphone processors in Apple’s 7, 7+, 8, 8+ and X models – Law360

Through its belt and road initiative, China’s largesse has been a global affair over the past decade and helped “pull the world economy out of recession.” With its economy slowing, that stimulus will likely have a smaller impact – WSJ

Senator Warren’s far from the only elected official thinking about Big Tech and antitrust claims. Turns out a whole mess of state officials are eyeing Google and others with antitrust and consumer privacy in mind. But a master plan of attack? That’s so far been elusive – Bloomberg

Our new term of the day—and just in time for the college admissions scandal—is “snowplow parents,” a variation on the helicopter parent theme that involves parents “clearing any obstacles in their child’s path to success, so they don’t’ have to encounter failure, frustration or lost opportunities.” As suggested here, what starts as presumably good intentions can ultimately rob children of actual adulthood – NYTimes [and WSJ and MarketWatch]

MDR

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