Top Prosecutor Leaves Paul Weiss for Jenner & Block

 

Damian Williams, former U.S. Attorney for the Southern District of New York, is leaving Paul Weiss Rifkind Wharton & Garrison after a short stint to join Jenner & Block. Williams, known for high-profile convictions like that of Sam Bankman-Fried, will co-head Jenner & Block's litigation and white-collar practices. ...

US, China Restart Trade Talks After Tense Standoff

 

US President Trump and Chinese President Xi Jinping held a 90-minute phone call, restarting stalled trade talks. The call offered temporary relief from escalating tensions, but didn't resolve deep divisions over supply chains and export controls. The US accused China of backtracking on rare earth mineral export pledges,...

Lululemon Stock Plunges Amid Trump Tariff Impact

 

Lululemon shares plummeted over 20% after the company lowered its annual profit forecast, citing economic uncertainty, inflation, and reduced consumer spending fueled by Trump-era tariffs. The athleisure brand, heavily reliant on Asian manufacturing (40% of products from Vietnam, 28% fabrics from China), plans modest price increases and cost-cutting measures...

Lululemon Cuts Guidance Amidst Economic Uncertainty

 

Lululemon exceeded first-quarter earnings expectations, reporting $2.60 EPS versus the expected $2.58 and $2.37 billion in revenue versus $2.36 billion. However, the company lowered its full-year earnings guidance due to a challenging economic climate and tariff concerns, causing a 20% stock drop in after-hours trading. While first-quarter revenue...

Stocks Fall Amid Trade Tensions, Musk-Trump Feud

 

Stocks fell Thursday, with the Dow down 0.3%, S&P 500 down 0.5%, and Nasdaq down 0.8%. A public spat between President Trump and Elon Musk caused Tesla shares to plummet 14%. Trade data showed a narrower-than-expected trade deficit, while jobless claims were slightly higher. Positive corporate earnings...

Mass Layoffs Hit Corporate America Amidst Economic Uncertainty

 

Major corporations across various sectors, including tech, finance, and retail, are announcing significant layoffs. Companies like Procter & Gamble (7,000 jobs), Microsoft (6,000), and Citigroup (3,500 in China) are reducing their workforces due to cost-cutting measures and restructuring. Walmart plans to cut 1,500 jobs, while other companies such...

Circle's IPO Soars; Stock Jumps 235%

 

Circle Internet Group's stock soared up to 235% on its IPO debut, opening at $69.50 after pricing at $31. The company raised nearly $1.1 billion, valuing it at $6.8 billion. This successful IPO follows a failed attempt in 2022 and marks Circle as one of few publicly traded...

P&G Cuts Thousands of Jobs Amid Economic Slowdown

 

Procter & Gamble (P&G), the maker of Tide and Pampers, announced plans to cut up to 7,000 jobs (6% of its workforce) over the next two years. This restructuring, impacting mainly non-manufacturing roles, aims to address tariff costs and weakened consumer spending due to economic anxieties. The cuts...

Wells Fargo unshackled: Asset cap lifted, growth expected

 

Wells Fargo's asset cap of $1.95 trillion, imposed due to past scandals, has been lifted by the Federal Reserve. Analysts and Jim Cramer predict significant upside for the stock, forecasting increased growth in deposits, investments, and market share. While the immediate market reaction was subdued, analysts see...

Ford Recalls Half Million Explorers for Door Hazard

 

Ford is recalling almost 500,000 Explorer SUVs (2016-2017 models) due to a potential safety hazard. The door trim can detach while driving, creating a road hazard. While Ford was aware of the issue since 2019, they initially didn't deem it a significant risk. Following numerous owner...