Inflation is hurting large retailers. Walmart said Tuesday that higher product, supply chain and employee costs have impacted quarterly profits. The next day’s opponent
posted weaker than expected quarterly earnings and said they would rather incur higher costs than raise prices for shoppers. Investors dumped shares of retail giants after disappointing results, like Inflation kept near its highest level for four decades. Walmart stock lost 11% on Tuesday.
Spirit Airlines Inc.
A hostile takeover of Spirit Airlines is making the flight.
JetBlue Airways Corp.
said Monday that it is calling directly to carrier shareholders for a discount by launched a tender offer for their shares, after Spirit turned down JetBlue’s $3.6 billion offer in favor of an existing deal with
The Board of Directors of Spirit Airlines Inc. on Thursday urged shareholders to reject the bid, because of concerns that the deal with JetBlue would be blocked by antitrust regulators. Spirit shareholders will vote on June 10 on whether to accept the Frontier deal, which will create America’s fifth-largest airline. Spirit Airlines was up 13% on Monday.
Many children are now eligible for Pfizer booster shots. The Food and Drug Administration on Tuesday removed Pfizer and
Covid-19 booster for children 5 to 11 years old, expand access to approximately 28 million children. The decision allows the third dose to be given at least five months after the second dose. On Thursday, the Centers for Disease Control and Prevention It is recommended that children in the booster age group, paving the way for pharmacies, doctors and other vaccination sites to start offering the shots. Pfizer stock rose 1.3% Tuesday.
Golden arches is leaving Russia. McDonald’s said on Monday that it would sell its business there, ending more than three decades in the country following the invasion of Ukraine. The fast food giant joins a group of Western companies to move out of Russia. McDonald’s said in March it would temporarily close 847 of its restaurants in Russia while continuing to pay the salaries of the 62,000 people it employs there. On Thursday, the company said it had agreed to sell its Russia business to Alexander Govor, an existing licensee, who operates 25 restaurants in Siberia. Mr. Govor will now operate McDonald’s entire Russian restaurant portfolio under a new brand. Shares of McDonald’s fell 0.4% Monday.
More bad news for Netflix. The streaming giant said it is cutting about 150 employees in a new round of layoffs as it struggles with slowing revenue growth and a shrinking subscriber base. The job cuts represent about 2% of Netflix’s total workforce. A company spokesman said most of the furloughed employees were based in the US, and the layoffs were based primarily on business needs rather than individual performance. The announcement comes after the company’s first quarterly loss of subscribers in more than a decade. Netflix shares fell 7% Wednesday.
Lawsuits and worker complaints have ruled out Apple’s return to work plan. The iPhone maker on Tuesday halted plans to begin bringing employees back to the office for an extra day per week, stick with two days back every week until now. Apple has gradually increased the number of in-office days as it rolls out its hybrid work plans. The pause comes amid an increase in Covid-19 cases in the San Francisco area and complaints from some workers about the proposed increase. Some employees have left the company because of their determination to rally more directly. Shares of Apple fell 5.6% on Wednesday.
Ford Motor Co.
Ford has recalled thousands of SUVs because their engines could catch fire. Automakers on Thursday about 39,000 vehicles recalled about fire risk, including the 2021 Ford Expedition and Lincoln Navigator SUVs built between late 2020 and early 2021. The company advises owners to park their vehicles outside and away from structures. architecture after receiving numerous reports of fires under the hood while the vehicle was parked and turned off. The auto industry is facing a wave of fire alarms in parked vehicles, many of them in electric models whose fires are suspected to be due to battery failure. Ford shares rose 0.6 percent on Thursday.
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