The CBS board is selecting outside counsel “to conduct an independent investigation,” it said. The board said Friday it would investigate sexual abuse allegations against CEO Les Moonves (see 1807270032). The 2018 annual stockholder meeting, originally set for Aug. 10, is postponed. The stock closed down another 5.1 percent Monday at $51.28.

That Intel celebrated its 50th birthday July 18 is “a big deal in an industry that never stops evolving,” said Robert Swan, chief financial officer and interim CEO, on a Thursday earnings call, the first since Brian Krzanich resigned as CEO last month for violating a “non-fraternization” policy (see 1806210008). Under Krzanich’s watch, Intel “set a course five years ago to transform the company” from a PC-centric microprocessor supplier to a data-centric industry leader, said Swan. “We made investments to enhance and extend our core microprocessor business along with a series of bold bets to compete and win in new markets. Our thesis was that Intel is uniquely positioned to capitalize on the world's insatiable need to process, store and move data.” The results have been a “dramatic” success, said Swan, who publicly thanked Krzanich, because “the investments he made set us on a course for transformation.” Intel's board is “making good progress” in finding Krzanich’s successor, said Swan. “While there is no timetable, the board is working with a sense of urgency, and the identification of candidates, both internal and external, is well underway.” Shares closed 8.6 percent lower Friday at $47.68on investors' fears that Advanced Micro Devices was eating into Intel's leadership share in the lucrative data-center business, despite generally positive Q2 results in that sector for Intel. Revenue in Intel's cloud business, its largest data center segment, grew 41 percent year over year in Q2, as "hyperscale" capital expenditures expanded "to handle the explosive need to transmit, store and analyze data," said Swan on the call.

CBS’ board is “committed to investigating claims [of activities] that violate the Company’s clear policies" on sexual abuse, said a statement after reports The New Yorker is soon to publish a story on allegations of such abuse against CEO Les Moonves. "Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the Board will promptly review the findings and take appropriate action,” the broadcaster said. It noted the allegations are surfacing during CBS’ “very public legal dispute” with Viacom. ”While that litigation process continues, the CBS management team has the full support of the independent board members,” it said. “All allegations of personal misconduct are to be taken seriously.” The broadcaster's stock closed down 6.1 percent at $54.01.

Pivotal Research Group dropped its Spotify rating from buy to hold after the company approached Pivotal's $200 price target, said Jeffrey Wlodarczak in a Wednesday research note. The analyst cited “too aggressive” 2018 premium monthly average user (MAU) growth expectations, scaling back Q2 MAU projections to 5.5 million from 6 million and from consensus 7 million, before Spotify’s Thursday earnings report. For the full year, the analyst scaled guidance to 92.5 million users, down from its 93 million projection and 94.5 million consensus, still within Spotify’s guidance of 92 million to 96 million total subscribers. The decision to cut forecasts was due to “credible weakening global Google Spotify search trends data” that continued into Q3, said Wlodarczak, saying the subscriber forecast would have been reduced further, but he expects management to add to its Q3 marketing budget to offset trends. Wlodarczak called Spotify’s current valuation “fair,” but said it doesn’t leave a lot of room for “operational/market hiccups.” The analyst also noted the launch of a “revamped Google YouTube Music” that’s likely to be integrated with Android phones, which, along with Apple Music integration on iPhones, creates the potential for Spotify “to get squeezed as Google and Apple lever their smartphone ‘gatekeeper’ status to aggressively incentivize consumers to trial their internal music streaming services.” Wlodarczak said Apple “likely just passed SPOT” in the number of premium U.S. subscribers, while Facebook has signed music licensing deals to allow its customers to add music to videos, which “may (or may not) lead to a more aggressive FB transition into music.” And, he said, Spotify continues to compete against large internet companies that “are not necessarily focused on ever generating a profit on their music business (and are under no pressure to do so).” Competitors are “extremely well funded, offer a nearly equivalent product, can utilize other businesses to subsidize music and in certain cases can lever their other businesses to drive penetration,” he said. Google and Apple, meanwhile, control the operating systems for virtually all smartphones globally “putting them in a powerful competitive position.” Spotify closed up 0.1 percent Wednesday at $188.09.

Sigma Designs’ board approved an initial distribution of $6 per share to shareholders in accordance with a voluntary plan of liquidation and dissolution approved by shareholders April 17 after Silicon Labs’ April purchase of its Z-Wave business for $240 million (see 1806130035), it said Friday. Sigma plans to make at least one more distribution, with timing and amount dependent on claims by vendors, customers or other parties, the ability to defend and settle claims, taxes and wind down expenses, it said.

The Department of Commerce formally lifted its ban on U.S. companies selling (see 1804170018) telecom software and equipment to ZTE, after the Chinese telecom equipment manufacturer placed $400 million in escrow as part of a deal on alternative concessions as punishment for selling equipment to Iran and North Korea and misleading the U.S. government. Commerce now suspends the ban during a 10-year “probationary period” also conditioned on an additional $1 billion. The Bureau of Industry and Security can reactivate the ban if ZTE again violates sanctions during its probation. “The Department will remain vigilant as we closely monitor ZTE’s actions to ensure compliance,” said Commerce Secretary Wilbur Ross Friday. President Donald Trump became closely involved in May in the bid to relax the ban, sparking outcry that culminated in passage of anti-ZTE language in the House and Senate's FY 2019 National Defense Authorization Act. Congress began working last week to reconcile the two HR-5515 versions (see 1807110067).

LG, Danish retail furniture brand BoConcept and interior designer Sarah Sherman Samuel collaborated on a custom living room space featuring the E8 OLED TV in BoConcept’s flagship showroom in New York, they said Thursday. The living room design shows the importance of material and form factor in modern home decor and features an LG “picture-on-glass” 65-inch TV, which LG says “appears to float in the air.”

Crestron opened a design showroom in the Decorative Center Houston architecture and design center, it said Wednesday. It's designed to show interior designers, lighting designers, builders, technology professionals, architects, and dealers' clients how Crestron automation technology works in real-world settings.

Barnes & Noble fired CEO Demos Parneros for violations of company policies, it said Tuesday. The termination didn’t relate to financial reporting, policies, practices or potential fraud, said the company. Parneros, promoted to CEO from chief operating officer in April 2017, received no severance and is no longer a board member, said B&N, which has begun a search for his successor. A leadership group comprising Chief Financial Officer Allen Lindstrom, Chief Merchandising Officer Tim Mantel and Carl Hauch, vice president-stores, are sharing CEO duties until a new chief executive is named, it said. Leonard Riggio remains executive chairman and will be involved in company management, it said. In the news release, the company highlighted the resume of 48-year-old Mantel, who joined Barnes & Noble in February, detailing his tenure as chief merchandising officer at GNC and prior executive positions at Target. No changes in the company’s goals or objectives are planned, said B&N, which reaffirmed its previously announced EBITDA guidance of $175 million-$200 million for fiscal 2019. On an earnings call last month (see 1806220020) Parneros called FY 2018 "a challenging year for Barnes & Noble, as retail dynamics continue to present headwinds for our business.” A turnaround plan in the works was laying groundwork for the future, he said, cautioning that turnaround plans “take time.” For the year ended April 28, total sales fell 6 percent to $3.7 billion, same-store sales declined 5.4 percent and online sales dropped 9.6 percent compared with a year-earlier increase of 3.7 percent, the company reported. Its $125.5 million net loss compared with a FY 2017 profit of $22 million. In August 2016, Barnes & Noble parted with CEO Ron Boire, a former Best Buy and Sony executive, who received a $4.8 million payment in November of that year under a termination agreement (see 1611010045). Shares closed up 0.8 percent Thursday at $5.90.

Apple celebrated the 10-year anniversary of the App Store Thursday in a post on its newsroom page featuring commentary from executives and app developers. The store launched on July 10, 2008, with 500 apps, which the company said “ignited a cultural, social and economic phenomenon that changed how people work, play, meet, travel and so much more.” Today, customers in more than 155 countries visit the store, it said. Phil Schiller, senior vice president-worldwide marketing, said the store exceeded all expectations and it’s “just the beginning.” Marco Arment, developer of Overcast, said the store eliminated the friction and overhead of setting up distribution and payment systems. Keith Shepherd and Natalia Luckyanova, founders of Imangi Studios, noted the company's first game, Imangi, launched the day the App Store opened. Ten years later, the company has created more than 10 games, including Temple Run, which has been downloaded over a billion times, they said. Daniel Wu, president of Hero Entertainment, praised the store for bringing gaming mainstream and giving gamers “new ways to socialize.” HBO CEO Richard Plepler called the arrival of HBO NOW at the App Store “one of the most significant moments” in the company’s history. Asymco analyst Horace Dediu said more than 28,000 iOS apps now offer subscriptions, which are up 95 percent from last year. As of June, developers have earned more than $100 billion from the App Store, Dediu said.