The US is closing a duty-free loophole for low-value packages, impacting online retailers like Shein and Temu. This "de minimis" exemption, allowing imports under $800 without duties, is being eliminated due to concerns about smuggling and unfair competition for American businesses. President Trump's action will result in higher...
The S&P 500 rallied for its eighth consecutive day, up 0.6%, boosted by strong performances from Microsoft and Meta. Microsoft's strong cloud and AI results sent its shares soaring 7.6%. However, negative forward guidance from Eli Lilly, Qualcomm, and Becton Dickinson led to share drops. Carrier Global...
President Trump's softened automotive tariffs will ease price increases but not prevent them entirely. Experts predict rising car prices, especially for models with high percentages of imported parts. Domestically-focused brands like Tesla are expected to be less affected, while those with a high percentage of imported parts, such as...
Apple's fiscal second-quarter earnings beat revenue expectations at $95.36 billion, exceeding analyst predictions. However, the Services unit and Greater China sales fell short of forecasts, causing a more than 3% stock drop in after-hours trading. CEO Tim Cook will address investor concerns regarding manufacturing shifts from China to India,...
Amazon exceeded Q1 earnings expectations, reporting $155.67 billion in sales and $1.59 EPS, surpassing analyst predictions. However, Q2 guidance fell short of Wall Street's projections, forecasting $13.0 billion to $17.5 billion in operating income compared to the expected $17.82 billion. Amazon's stock initially dropped 5% in after-hours...
The EU is in trade negotiations with the US to avoid a transatlantic trade war. EU Trade Commissioner Maroš Šefčovič stated that the EU aims to increase US goods purchases by €50 billion to address the trade deficit. While progress has been made, the EU refuses to accept the...
Kohl's Corp. fired CEO Ashley Buchanan for cause, citing undisclosed conflicts of interest involving vendor transactions and a consulting agreement with an individual he had a personal relationship with. Buchanan must forfeit equity awards and reimburse Kohl's $2.5 million. Michael Bender, former Eyemart Express CEO, is the interim...
Tesla's board reportedly began seeking a potential successor for Elon Musk a month ago, amid falling sales, shrinking profits, and Musk's focus on political endeavors. The board expressed concerns to Musk about his divided attention, prompting him to promise more time to Tesla. However, Tesla chair Robyn Denholm denied...
GM CEO Mary Barra reported a 2% revenue increase and strong EV sales, solidifying their position as the second-largest US EV seller behind Tesla. However, Trump's fluctuating tariffs are projected to cost GM $4-$5 billion. While initially causing panic buying and sales spikes, recent tariff adjustments offer some...
McDonald's first-quarter same-store sales unexpectedly fell 1% globally, missing Wall Street's forecast of a nearly 2% increase. The U.S. saw the steepest decline at 3.6%, its worst performance since 2020, attributed to flagging consumer confidence amid economic uncertainty. To counter this, McDonald's expanded its value menu and extended...
