Notable business headlines include a Walmart shooting in Virginia that left six people and the assailant dead, Credit Suisse flagging a fourth-quarter loss of up to $1.6 billion, and a judge suggesting Elizabeth Holmes serve her sentence in a Texas prison camp.
JULIE HYMAN: Let's get down to business now, take a look at some other headlines that we are watching. A Walmart employee killed six people and wounded several others before fatally shooting himself at a store in Chesapeake, Virginia on Tuesday night, just days after a gunman killed 5 and injured 17 at a Colorado LGBTQ nightclub. In a statement early Wednesday, Walmart said it was shocked at the violence and is working closely with law enforcement. The store was crowded ahead of the Thanksgiving holiday.
Credit Suisse expects to post a pre-tax loss of up to 1 and 1/2 billion Swiss francs in its fourth quarter. That's about $1.6 billion in US dollars. The bank notes the challenging economic and market environment hurt client activity, while cash outflows across the business had increased at the start of the fourth quarter. In response, shareholders approved a roughly $4.2 billion capital raise to fund the bank's turnaround. That's a sign of confidence perhaps in the firm's strategy.
A district judge recommended Theranos founder Elizabeth Holmes be designated to the federal prison camp at Bryan, Texas to serve her 11-year and three-month prison sentence. That's according to a November 21 filing. The camp is a minimum security prison, housing female inmates described by the Federal Bureau of Prisons as, quote, "work and program oriented." While that was the judge's recommendation, the final decision will be made by the US Bureau of Prisons. Holmes has been ordered to surrender herself into custody by April 27 of next year. Sozz.