• Hurricane Florence made landfall in North Carolina on September 14th with damages that could total between $38 and $50 billion. Despite the devastation, its impact on the U.S. economy is projected to be modest, slowing quarterly growth from the projected 3.9 percent to a still healthy 3.7 percent.
  • Amazon became the second American company to reach $1 trillion in market value following Apple, who hit the mark in early August. In the past 12 months, Amazon stock has more than doubled, which analysts attribute to gains in its web services business, advertising revenue, and Prime membership subscriptions.
  • U.S. cable provider Comcast acquired British telecommunications company Sky for $39 billion, outbidding rival Fox. The company’s CEO, Brian Roberts, cited increasing international reach and improving original programming as primary motivations for the deal.
  • In response to a lawsuit from the Securities and Exchange Commission, Tesla has agreed to settlement deal including a $20 million fine alongside Elon Musk stepping down as chairman of the company. The SEC suit claims Musk misled investors with recent comments about taking Tesla private, which caused the company’s stock price to soar. Musk will remain CEO under the deal.