Proterra, a startup that builds electric buses used by transportation agencies, will soon raise $100 million in new capital. The funding will bring the company's valuation to $840 million, according to a Delaware filing.
Essential -- the smartphone startup headed by Andy Rubin, who had a key role in creating Android -- is moving toward putting itself up for sale and has shut down development of its next phone, sources say. The company reportedly has hired Credit Suisse Group to give it advice on a possible sale.
The emergency braking system of the Uber self-driving car that struck and killed a pedestrian in Arizona was disabled by Uber prior to the crash, the National Transportation Safety Board said in a preliminary report. The vehicle's radar system detected something ahead of the vehicle six seconds before the woman was hit, but "the self-driving system software classified the pedestrian as an unknown object, as a vehicle, and then as a bicycle with varying expectations of future travel path," the report says.
Shanghai-based Brii Biosciences, which aims to bring innovative medical technology to China, has launched with $260 million in venture capital funding. The company plans to make extensive use of licensing and research and development partnerships with other companies to avoid duplication of effort.
Federal prosecutors have begun a criminal investigation into concerns that traders are illegally manipulating the price of bitcoin and other cryptocurrencies, sources said. The Commodity Futures Trading Commission is assisting the Justice Department with the investigation, which focuses on forms of market manipulation that have long been problems in the commodities and equity markets, they said.
The $50 million funding round for business process automation software developer WorkFusion is attracting significant interest from strategic investors. PNC Bank, insurance company Guardian and health care provider New York-Presbyterian are participating in the round.
The US dollar spent several months in correction before rallying in recent weeks, and technical analyst Chris Kimble writes that it is approaching a key inflection point. The ascent is testing the downward resistance line, and a breakout is possible, but Kimble says the currency could reverse and go back to lows reached this year.
New highs are achievable for the S&P 500 in coming months, technical analyst Jason Hunter says, and the financial sector could be the lead performer. The index is wavering around 2,730, and Hunter says a breach of 2,800 would clear the way for a significant upturn.
Mastercard's chart shows a triple divergence of the slow stochastic, which has been forming since January, writes technical analyst Bruce Kamich, CMT. This is an uncommon pattern but does not necessarily suggest a sharp correction is imminent, but Kamich asserts investors should take it as an indicator of caution.
Jelena McWilliams has been confirmed by the Senate to head the Federal Deposit Insurance Corp. after her tenure as a staff member on the Senate banking committee and working for its current chairman, Sen. Mike Crapo, R-Idaho. In a statement, SIFMA President and CEO Kenneth E. Bentsen, Jr. welcomed the confirmation and commented: "We look forward to working with Ms. McWilliams on issues of importance that will ensure our financial system continues to operate effectively to help stimulate the economy and promote job growth."