A Kohl’s store in Pleasant Hill, California, US, on Monday, Nov. 25, 2024. Kohl’s Corp. is expected to release earnings figures on November 26. Bloomberg | Bloomberg | Getty ImagesDepartment store chain Kohl’s said on Thursday it has removed Ashley Buchanan from the post of chief executive officer after an investigation uncovered company policy violations by him.The move comes five months after Buchanan was appointed to the top job in November, replacing Tom Kingsbury.A board investigation found Buchanan directed the company to engage in vendor transactions that involved undisclosed conflicts of interest, Kohl’s said.This story is developing. Please check back…
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Meta CEO Mark Zuckerberg appears at the Meta Connect event in Menlo Park, California, on Sept. 25, 2024.David Paul Morris | Bloomberg | Getty ImagesMeta Platforms shares jumped more than 6% Thursday after the company topped earnings expectations and showed advertising resilience in a murky macroeconomic environment.”Key here is that Meta’s adv. demand trends appear to be relatively healthy and while we’re watching for any impacts from macro and lower spend from China-based advertisers given the de minimis change, Meta’s scale of users and advertisers + focus on newer products are offsetting some macro challenges,” wrote Citi’s Ronald Josey.First-quarter revenues…
Ukraine signed a deal giving the United States control over a share of its future revenue from natural resources, a long-awaited agreement that Kyiv hopes will clear the way for continued U.S. support and a cease-fire with Russia.The announcement late Wednesday that the deal had been signed came after months of fraught negotiations — including an explosive Oval Office confrontation — as the Trump administration tries to broker an end to Ukraine’s three-year war with Russia.The agreement, which involves creating a joint investment fund between the countries, is intended to give President Trump a personal stake in the country’s fate…
Check out the companies making headlines before the bell. Microsoft — The tech giant jumped nearly 9% after beating Wall Street’s earnings and revenue expectations driven by its Azure cloud business. Microsoft issued strong guidance for the year. Meta Platforms — Shares popped 6% after the social media company reported first-quarter earnings of $6.43 on revenue of $42.31 billion. This beat analysts’ expectations of $5.28 per share on $41.40 billion in revenue, according to LSEG. On reports that Meta would be boosting its AI spending, other semiconductor stocks such as Nvidia, Marvell Technology, Broadcom and Advanced Micro Devices rose in…
Tesla ‘s board reportedly opened a search last month for a CEO to replace Elon Musk, raising the question of what the company’s future would look like after Musk’s long tenure at the helm. Tesla has denied the Wall Street Journal report , but the story highlights how “perhaps no other company has as large a key man risk,” UBS analysts led by Joseph Spak told clients in a note Wednesday. Tesla is at a critical juncture right now, Spak wrote. The core business is still focused on cars, but “the bull case narrative is that Tesla is an AI…
Initial unemployment claims posted an unexpected increase last week in a potential trouble sign for the wobbling U.S. economy.First-time filings for unemployment insurance totaled a seasonally adjusted 241,000 for the week ending April 26, up 18,000 from the prior period and higher than the Dow Jones estimate for 225,000, the Labor Department reported Thursday. This was the highest total since Feb. 22.Continuing claims, which run a week behind and provide a broader view of layoff trends, rose to 1.92 million, up 83,000 to the highest level since Nov. 13, 2021.Much of the gain seemed to come from one state —…
The U.S. Chamber of Commerce is urging the Trump administration to immediately implement a “tariff exclusion process” in order to keep the U.S. economy from falling into a recession and inflicting “irreparable harm” on small businesses.In a letter first obtained by CNBC, the massive business lobbying group asked key Trump trade officials to automatically lift tariffs on all small business importers and on all products that “cannot be produced in the U.S.” or are not domestically available.The letter from the chamber’s CEO, Suzanne Clark, also asked the Trump administration to establish a process for businesses to quickly obtain tariff exclusions…
A slow-moving storm brought deadly flooding to Oklahoma on Wednesday, shutting down roadways and sweeping away cars.Parts of Oklahoma and Texas were expected to see more rain on Thursday that could cause more flash flooding, the National Weather Service warned, after several inches of rain fell in both states.One man was killed in Pottawatomie County in Oklahoma, the sheriff’s office said, after it received a report of a vehicle that had been swept off the road. A deputy sheriff tried to rescue the man, according to the sheriff’s office, but “was caught in a powerful current and became trapped in…
Caterpillar earned two upgrades from Wall Street firms before the bell Thursday despite releasing weaker-than-expected earnings the day prior. The construction equipment maker earned $4.25 per share in the first quarter excluding items, missing the FactSet consensus forecast of $4.35 a share. Consolidated sales and revenue came in at $14.25 billion, also under the Wall Street estimate of $14.72 billion. The stock finished the day slightly higher despite the poor results. The stock is down more than 26% from its 52-week high on the threat of tariffs curbing demand. Oppenheimer and Baird both found reason to brighten their views on…
Mary Barra, chair and chief executive officer of General Motors Co., during a news conference at the Hudson’s building in Detroit, Michigan, US, on Monday, April 15, 2024.Jeff Kowalsky | Bloomberg | Getty ImagesDETROIT – General Motors on Thursday lowered its 2025 earnings guidance to include a possible $4 billion to $5 billion impact as a result of President Donald Trump’s auto tariffs.The Detroit automaker said its new guidance includes adjusted earnings before interest and taxes of between $10 billion and $12.5 billion. That compares with its former guidance, which did not take tariffs into account, of $13.7 billion to…
