(Reuters) -Lucid Group said on Friday it would reduce its workforce by 6%, or around 400 employees, as the electric vehicle industry grapples with slower growth. Shares of the EV maker rose around 2% in premarket trading. The company expects to incur a total of around $21 million to $25 million in charges related to…
(Reuters) – Southwest Airlines’ shares rose about 7% in premarket trade on Monday after the Wall Street Journal reported that activist investor Elliott Investment Management had built a nearly $2 billion stake in the U.S. carrier. According to the Journal’s report on Sunday, Elliott is one of Southwest’s largest investors and plans to push for…
(Reuters) – AutoZone beat estimates for third-quarter profit on Tuesday, driven by strong demand for automotive parts as more Americans held on to their ageing cars amid higher prices and wait times for newer models. Quarterly net sales at the auto parts supplier, which competes with Advance Auto Parts and O’Reilly Automotive, rose 3.5% to…
By Jarrett Renshaw (Reuters) – Former President Barack Obama and his wife Michelle endorsed Kamala Harris’ bid for president on Friday in a roughly one-minute long video that captured a private phone call between the couple and the current vice president. “We called to say Michelle and I couldn’t be prouder to endorse you and…
WASHINGTON (Reuters) – Donald Trump is considering tapping billionaire Elon Musk as a policy adviser if the Republican presidential candidate reclaims the White House in November’s election, the Wall Street Journal reported on Wednesday, citing people familiar with the talks. The two have discussed ways for Musk, who runs the social media platform X as…
By Jonathan Stempel (Reuters) – The former senior Apple lawyer who avoided prison time after pleading guilty to insider trading must pay a $1.15 million fine in a related U.S. Securities and Exchange Commission civil case, a federal judge ruled on Tuesday. U.S. District Judge William Martini in Newark, New Jersey, said that while Gene…
(Reuters) – A group of current and former employees at artificial intelligence (AI) companies, including Microsoft-backed OpenAI and Alphabet’s Google DeepMind on Tuesday raised concerns about risks posed by the emerging technology. An open letter by a group of 11 current and former employees of OpenAI and one current and another former employee with Google…
By Pranav Kashyap and Medha Singh (Reuters) – Citron Research no longer has a short position in retail traders’ favorite GameStop, the short seller said on X.com on Wednesday, days after taking a bearish position in the company. “It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with…
By Davide Barbuscia and Matt Tracy NEW YORK (Reuters) – The spreads between U.S. investment-grade corporate bond yields and U.S. Treasuries have surged to their highest in over three months, in a sign of risk aversion due to political uncertainty in France and as U.S. government bonds rallied. Spreads indicate the premium investors demand to…
By Nora Eckert DETROIT (Reuters) – Ford Motor is trying to get more of its managers to buy electric vehicles, according to an internal email the automaker sent last week that was reviewed by Reuters. The Dearborn, Michigan-based company changed a leasing program it offers to eligible current and former managers, now requiring them to…
