ECONOMY

Trump raises pressure

on Fed to reduce rates

President Donald Trump is not letting up on his attacks on the Federal Reserve, calling for "substantial" Fed rate cuts to allow the dollar to fall in value against foreign currencies.

In a series of tweets Thursday, Trump said: "As your president, one would think that I would be thrilled with our very strong dollar. I am not!"

Trump said that the Fed's high level of interest rates in comparison to other countries was keeping the dollar too strong and making it more difficult for U.S. manufacturers to compete.

The Fed reduced its key policy rate by a quarter-point last week, but Trump is pushing for more interest rate cuts. Those cuts can lower the dollar's value against other currencies, although other factors are also at play.

WALL STREET

J.C. Penney could receive

boot from stock exchange

J.C. Penney Co. says it has been warned that its stock could be removed from the New York Stock Exchange for trading below $1 for too long.

The department store chain, which traces its roots back to 1902, has six months to try and boost its stock price or face being delisted from the NYSE. It said it may seek shareholder approval for a reverse stock split.

One share of J.C. Penney was worth 69 cents Thursday. A year ago, shares traded above $2.

J.C. Penney has been hurting as more people shop online or at other stores. Attempts at reviving the once mighty chain have faltered. Sales at its established stores have fallen for the past three quarters.

The company, based in Plano, Texas, has 850 stores.

TECHNOLOGY

Broadcom reaches deal

to buy Symantec unit

Semiconductor giant Broadcom says it has reached a deal to buy the enterprise business of cybersecurity company Symantec for $10.7 billion cash.

Symantec provides cloud, web and data security for organizations. The company also has a consumer business, which is not part of the deal.

Broadcom said Thursday it expects the Symantec business to bring in over $2 billion in annual revenue.

The deal will strengthen chipmaker Broadcom's position in the infrastructure technology market. Broadcom tried to acquire Qualcomm last year, but was blocked by the Trump administration.

Broadcom Inc. then moved its headquarters to San Jose, California, from Singapore.