Oil companies initially anticipated a boom under Trump's administration, but rising costs due to the trade war and economic uncertainty are dampening enthusiasm. The San Juan Basin, an old drilling area, is struggling, with smaller companies surviving while larger ones moved to more profitable regions. While some hope...
Southwest Airlines, along with other US carriers like Alaska Air Group, Delta, and Frontier, withdrew its financial forecast due to macroeconomic uncertainty stemming from President Trump's trade war. Weakening travel demand, particularly in the domestic leisure market, is impacting airlines' ability to predict future earnings. Southwest cited softening bookings...
Eli Lilly is suing four telehealth companies – Mochi Health, Willow Health, Fella Health, and Delilah and Henry Meds – for illegally selling compounded versions of its weight-loss drug, tirzepatide. These companies allegedly sold unauthorized copies, altered dosages and formulations, and made misleading claims about their products. Lilly...
Southwest Airlines announced a reduction in its second-half capacity due to weaker domestic bookings. The airline anticipates flat to 4% lower unit revenue in the second quarter compared to the previous year and has withdrawn its earnings forecast for 2025 and 2026, citing macroeconomic uncertainty and unpredictable booking trends....
US stocks surged, with the Nasdaq and S&P 500 gaining 3% and 2%, respectively, following President Trump's softened stance on China tariffs and assurance that he won't remove Federal Reserve Chairman Jerome Powell. Trump indicated that the 145% tariff on Chinese imports will decrease, although not to zero. ...
US Treasury Secretary Scott Bessent insists any US-China trade war de-escalation must be mutual, contradicting reports of President Trump unilaterally cutting tariffs. Bessent stated the current high tariffs are unsustainable and akin to an embargo, emphasizing no unilateral US action is planned. Trump, while acknowledging daily contact with China,...
Washington state faces a $16 billion budget deficit, prompting proposed tax increases that worry business leaders. Seattle's tech sector, responsible for 1.5 million jobs and 22% of the state's economy, is particularly concerned. Increased B&O and sales taxes could drive businesses out of the state, leading to job...
Chipotle Mexican Grill reported weaker-than-expected second-quarter revenue, marking its first same-store sales decline since 2020. The decrease, to $2.88 billion versus the expected $2.95 billion, is attributed to reduced consumer spending and adverse weather. Same-store sales fell 0.4%, short of projections. Chipotle lowered its full-year same-store...
Kevin Systrom, Instagram co-founder, testified at Meta's monopoly trial, accusing Mark Zuckerberg of deliberately hindering Instagram's growth out of jealousy. Systrom claims Zuckerberg diverted resources after the Facebook-Instagram merger, fearing Instagram's superior ad revenue. Internal emails from 2018 reveal Zuckerberg considered selling Instagram to curb its growth, coinciding...
U.S. crude oil inventories rose by 200,000 barrels the week ending April 18, contradicting a prior API report showing a 4.565 million barrel draw. Despite this increase, gasoline and distillate inventories decreased significantly. Brent crude fell $1.10 to $66.34, and WTI dropped $1.13 to $62.54. Total products supplied...
