Abercrombie & Fitch's stock surged 25% despite a lowered profit outlook due to tariffs, impacting earnings by $50 million. First-quarter results exceeded expectations, with EPS at $1.59 (vs. $1.39 expected) and revenue at $1.1 billion (vs. $1.07 billion expected). While full-year EPS is now projected between $9.50 and...
Brazilian prosecutors are suing BYD, a Chinese electric vehicle company, and two contractors for alleged slave-like labor conditions at a Brazilian factory construction site. 220 Chinese workers were rescued last year from the Camaçari site, where they faced extremely poor living and working conditions, including inadequate sanitation and false...
Macy's exceeded first-quarter earnings expectations, reporting adjusted EPS of $0.16 versus the expected $0.14 and revenue of $4.6 billion versus the expected $4.5 billion. However, the company lowered its full-year profit guidance to $1.60-$2.00 per share due to higher tariffs, increased promotions, and softer discretionary spending. Despite the lowered...
Stellantis appointed Antonio Filosa as its new CEO, effective June 23. Filosa, a 25-year veteran and former Jeep CEO, succeeds Carlos Tavares who resigned in December. The appointment follows a period of declining profits and sales, and amidst uncertainty surrounding US trade policy. Stellantis recently reported a...
Nintendo Switch 2 consoles are arriving at retail stores like Target and Walmart ahead of their June 5th launch. Photos show numerous consoles, some secured in cages within stores, raising concerns about potential theft before the official release date. The early arrival suggests a widespread distribution is underway,...
Trump Media and Technology Group (TMTG), majority-owned by Donald Trump and his family, secured $2.5 billion to amass a significant bitcoin treasury. Initially denying the Financial Times report, TMTG later confirmed raising $1.5 billion in equity and $1 billion in debt for this purpose. CEO Devin Nunes called...
Stocks surged Tuesday following President Trump's postponement of EU tariffs. The S&P 500 rose 2%, the Dow gained 1.7%, and the Nasdaq climbed 2.4%. Lower yields on 10-year Treasury notes indicated increased investor demand for government bonds, fueled by news of reduced Japanese borrowing. Trump's tariff threats, while...
Tesla's European and UK sales plummeted 49% year-over-year in April, reaching only 7,261 vehicles. This sharp decline, despite the launch of the new Model Y, contrasts with competitors' performance and suggests that Elon Musk's political activities might be impacting the brand's image. Overall European new car registrations slightly decreased,...
Southwest Airlines' free checked baggage policy ends today, marking a significant shift in its decades-long strategy. Passengers will now pay $35 for the first bag and $45 for the second, unless they are Rapid Rewards A-List members, Business Select travelers, or credit card holders. This change, along with...
Tesla's European sales plummeted 49% in April, reaching only 7,261 units compared to 14,228 in April 2022. This sharp decline contrasts with a 28% rise in overall electric vehicle sales across Europe. The drop is attributed to various factors, including backlash against Elon Musk's controversial views, an aging model...
