SpaceX reveals plans for initial public offering

Elon Musk announced plans Wednesday for one of the biggest sales of stock to the public ever for his space company that is currently losing billions of dollars year.

A filing Wednesday shows his SpaceX lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too. Still, the initial public offering is expected to rank among the largest ever, possibly surpassing the current title holder, Saudi Aramco, the oil giant that went public seven years ago. The stock sale could also make Musk, a major owner who founded SpaceX in 2002, the world’s first trillionaire.

Nvidia Q1 results surpass expectations

Artificial intelligence chipmaker Nvidia’s quarterly results blew past Wall Street’s expectations once again, fueled by massive demand for its high-end AI chips.

The company said Wednesday it earned $58.32 billion, or $2.39 per share, in the February-April period. That is up from $18.78 billion, or 76 cents per share, in the same period a year earlier.

US stocks rally after pressure eases

The U.S. stock market bounced back after pressure eased on Wall Street from the bond market and oil prices gave back some of their big gains.

The S&P 500 climbed 1.1% Wednesday for its first rise in four days and neared its all-time high set last week. The Dow Jones Industrial Average added 1.3%, and the Nasdaq composite rallied 1.5%. Stocks got a lift from easing yields in the bond market, which halted their sharp recent climbs on worries about inflation.

Murdoch strikes deal for New York Magazine, Vox

Media scion James Murdoch has struck a deal with the Vox Media digital company to acquire New York magazine, the Vox Media Podcast Network and the Vox editorial brand. The deal with liberal-leaning Vox represents a major move toward his own media empire for the 53-year-old younger son of Rupert Murdoch, who himself owned New York Magazine from 1976 until 1991. It comes less than a year after the Murdoch family reached a deal on control of the 95-year-old mogul’s media empire after his death. Financial terms of the deal, expected to close within weeks, have not been disclosed.

Target books strongest sales growth in 4 years

Target, which embarked on a turnaround plan under its new CEO earlier this year, reported the biggest increase for a widely watched measure of quarterly sales in four years.

The retail chain embarked earlier this year on a $6 billion plan to reverse three consecutive years of declining sales.

House committee weighs modernizing TSA

A House committee has discussed the future of the Transportation Security Administration as the Trump administration lobbies to replace TSA officers with private contractors.

Members of the House Committee on Homeland Security held a hearing on ways to modernize the TSA nearly 25 years after it was created in the wake of the Sept. 11 attacks.

‘Peanuts’ music owner sues 3 firms, US gov’t

The owner of the music of “A Charlie Brown Christmas” and other “Peanuts” television specials filed four lawsuits Wednesday over what they say is the illegal use of the jazzy piano tunes of Vince Guaraldi.

The defendants include the U.S. Department of the Interior. Plaintiff Lee Mendelson Film Productions says the government agency did not have permission to use its music in a digital holiday card posted to social media.