Ford cuts electric F-150 plans in ominous sign for EV market
CEO Officer Jim Farley said the robust EV demand the company expected hasn’t materialized because potential buyers are balking at high prices and spotty charging infrastructure.
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Lilly stock slips after study finds patients who stop Zepbound regain weight
People who stopped taking Eli Lilly and Co.’s blockbuster drug Zepbound after about eight months regained half the weight they’d lost a year later, yet were significantly thinner than when they had started the obesity drug, according to a new study.
U.S. labor market defies slowdown forecasts in broad strengthening
The acceleration in payrolls is at odds with recent reports that have depicted a softer hiring pace, an outcome favored by the Fed as it will help rein in demand and tame price pressures.
CVS to launch reimbursement model to simplify drug pricing
The biggest U.S. drugstore chain aims to make the payment system more transparent by using a formula based on a drug’s cost, a fixed markup, and a fee that reflects the value of the pharmacy services, the company said Tuesday.
Slowest housing market in years weighing on consumer spending
Home loan rates have started drifting lower amid growing hopes the Fed will start to expand the money supply again next year, but it could take years for the housing market to return to normality.
2023 was bad for startups, with bankruptcies, lower valuations
It’s been a brutal year for startups, with more companies struggling to raise money and hundreds shutting down altogether, according to new data.
Economy slowed in recent weeks with inflation, labor cooling
The figures are consistent with expectations that the economy will moderate in the fourth quarter following the strongest growth pace in nearly two years.
U.S. economy grew 5.2% in third quarter, more than first estimated
Even with the downward revision, consumer spending remained robust, underpinned by a resilient jobs market and a flurry of travel and events.
Car dealers press Biden to ease U.S. electric vehicle mandates
A group of 3,700 auto dealers is calling on the Biden administration to pull back on federal regulations that will mandate that two out of every three vehicles sold in the United States in 2032 will be battery electric.
Cyber Monday sales hit record $12.4 billion even as savings dwindle
Spending increased 9.6% from a year ago, making it the biggest online shopping day ever, according to Adobe Inc., which compiles the data.
U.S. launches $3B effort to boost advanced chip packaging
The Commerce Department says the U.S. has just 3% of the world’s packaging capacity—compared with an estimated 38% in China—which Washington worries has left the country vulnerable.
CEO Altman to depart OpenAI after board loses confidence in his ability to lead
OpenAI is a leading player in AI, and has been in talks to sell employee shares to investors at a valuation of $86 billion, a figure that would make the company one of the largest startups in the world.
Amazon to sell $2,350 Astro robot for businesses in bid to boost interest
The new model—designed to work as a rolling security guard—costs $750 more than the consumer version, which launched two years ago.
Wall Street tapping women, minority-owned banks for billion-dollar bond deals
After being relegated to bit parts for decades, women- and minority-owned investment banks are slowly stepping into larger roles as corporations push their go-to banking partners to team up with diverse firms.
Study: Letting people work from home boosts revenue growth
The survey is one of the first broad-based looks at how different work arrangements impact corporate performance.
Lilly experimental drug lowers heart disease risk factor in just one dose, study finds
Lilly’s lepodisiran, given at the highest dose, reduced a heart disease-linked protein to undetectable levels for 48 weeks, according to the study.
Honda to give autoworkers 11% raise following UAW’s labor victories
Employees at Honda’s Indiana Auto Plant in Greensburg are among those who will qualify for raises.
Worst sales reports in years show weakening U.S. consumer trends
With more than 80% of S&P 500 firms having reported, fewer than half have beaten revenue estimates for the third quarter—the lowest share since the same period in 2019, according to data compiled by Bloomberg Intelligence.
JetBlue-Spirit merger trial tests U.S. airline deal crackdown
The U.S. crackdown on airline consolidation faces a new test this week with the trial of a government lawsuit claiming the $3.8 billion takeover of Spirit Airlines Inc. by JetBlue Airways Corp. would reduce competition and boost fares for passengers.
Freelancer reliance rises in U.S., with 20% of work done by them
The shift is allowing firms to save on headcount, which lowers costs, and on real estate expenses.