Michelle Chapman

Disney reported a strong third quarter, with its Experiences division recording a 20% rise in operating income to $3.02 billion. U.S. theme parks led the growth, posting a 27% increase in operating income and a 3% rise in attendance driven by domestic tourists, annual passholders, promotions and new attractions, offsetting a 13% decline at international parks linked to weaker overseas tourism. Disney's streaming businesses, Disney+ and Hulu, increased revenue by 11% to $5.53 billion through subscriber growth, price increases and advertising. The company also announced a content-sharing agreement with TikTok and agreed to sell its 50% stake in A+E Global Media to Hearst for $1.2 billion.

The Walt Disney Company reported a solid third quarter, with revenue up 7% to $25.25 billion and adjusted earnings of $2.06 per share, exceeding analyst expectations. Its Experiences division generated $9.97 billion in revenue and $3.02 billion in operating income, driven by a 27% increase at U.S. theme parks that offset a 13% decline at international parks and Experiences. Disney also announced a global partnership with TikTok to bring fan-created Disney content to Disney+. The company expects a strong box office finish to the year, supported by releases including “Toy Story 5,” although international tourism remains a concern amid policies and rhetoric associated with Donald Trump's return to the White House.

McDonald’s reported $2.36 billion in second-quarter profit and $7.1 billion in revenue, but US same-store sales growth slowed to 0.8 percent as consumers became more cautious and high petrol prices affected lower-income customers. The company is responding with value offerings, including the McValue menu featuring items priced at $3 or less, while appointing Skye Anderson as president of McDonald’s USA to improve performance in its largest market.

McDonald’s reported second-quarter profit of $2.36 billion and revenue of $7.1 billion, while global same-store sales rose 1.3%. U.S. same-store sales increased only 0.8%, reflecting cautious consumer spending, high gasoline prices and economic pressure on lower-income customers. The company is using its simplified McValue menu and other promotions to attract budget-conscious diners, and CEO Chris Kempczinski said the U.S. business needs to improve. Skye Anderson was appointed president of McDonald’s USA, sending shares up 1.6% before the market opened.

Johnson & Johnson has proposed paying $5.5 billion to resolve remaining lawsuits alleging that its talc products caused ovarian cancer, conditional on at least 95% of claimants participating. The company plans to pay up to $3 billion initially, with no further payments due until 2028. The proposal follows a bankruptcy court’s rejection of a $9 billion settlement sought by subsidiary Red River Talc and a federal judge’s order challenging plaintiffs to substantiate pending claims after witnesses failed to establish direct causation. Johnson & Johnson says it would likely prevail in continued litigation but views the settlement as a way to end the long-running dispute; its shares rose more than 2% before the market opened.

A cyclospora outbreak linked to iceberg lettuce served at Taco Bell locations in five states led federal investigators to trace the ingredient to a supplier in Mexico, reportedly Taylor Farms. The incident is placed alongside major outbreaks involving McDonald’s, Wendy’s, Chipotle, Taco Bell and Jack in the Box, including the 1992–93 Jack in the Box E. coli outbreak that helped prompt nationwide hazard-control requirements. Chipotle later paid a record $25 million criminal fine over food-safety violations tied to illnesses between 2015 and 2018, while affected chains responded with ingredient recalls, restaurant closures, employee retraining and other safety measures.

Ford is recalling more than 741,000 vehicles in the United States, including selected Ford F-150, Explorer and Expedition models and Lincoln Aviator and Navigator models made from 2018 to 2021. A transmission defect may cause the parking pawl to engage while a vehicle is moving, damage park-system components and prevent the vehicle from staying securely in park without the parking brake. Ford has reported 24 property-damage allegations and nine alleged injuries. Dealers will provide a free software update, inspect for damage and replace components as needed.

Ford is recalling more than 741,000 vehicles in the US due to a transmission defect that can damage the park system and allow vehicles to roll unexpectedly. The recall covers several Ford and Lincoln models from 2018 to 2021. Ford has reported cases of property damage and injuries linked to the issue. Dealers will update software and inspect or repair transmission components at no cost to owners, who will be notified by mail.

Average U.S. gasoline prices fell just below $4 per gallon, the first time since March, following President Donald Trump’s agreement with Iran to end hostilities, limit Tehran’s enriched-uranium stockpile and waive U.S.-backed sanctions. Prices remain highly uneven across states, and analysts expect any broader decline to take weeks or months because shipping through the Strait of Hormuz, oil production, refinery purchasing cycles and supply chains remain disrupted. Businesses and consumers may continue facing elevated costs for fuel, food, fertilizer and other goods.

Yum! Brands plans to sell Pizza Hut in a deal valued at $2.7 billion, with LongRange Capital acquiring the business outside mainland China for about $1.5 billion and Yum China Holdings buying the mainland China operations for roughly $1.2 billion. Expected to close in the third quarter of 2026, the transaction follows declining sales, competition, outdated restaurants and the planned closure of 250 underperforming US locations. Pizza Hut has also faced controversy over an AI system that a franchisee claims slowed deliveries and caused $100 million in losses. Yum! Brands CEO Chris Turner said the new owners’ restaurant expertise could position the brand for growth.

Yum! Brands plans to sell Pizza Hut in transactions valued at $2.7 billion: LongRange Capital will acquire the business outside mainland China for about $1.5 billion, while Yum China Holdings will purchase the mainland China operation for approximately $1.2 billion. The sale follows declining sales, underperforming U.S. locations, strong fast-food competition and controversy over an AI delivery system that a franchisee alleges caused major losses and slower deliveries. Both deals are expected to close in the third quarter of 2026.

Yum! Brands plans to sell Pizza Hut for approximately $2.7 billion. Private equity firm LongRange Capital will acquire the business outside mainland China for about $1.5 billion, while Yum China Holdings will purchase the mainland China operations for roughly $1.2 billion. The transactions are expected to close in the third quarter after declining comparable-store sales prompted Yum! Brands to review strategic options for the struggling chain.

Fox Corporation is set to acquire Roku in a cash-and-stock transaction valued at approximately $22 billion including debt, paying $96 in cash and 0.9693 Fox Class A shares per Roku share. The deal would give Fox access to the Roku Channel, first-party data and more than 100 million global streaming households, potentially making the combined company the third-largest U.S. television player by viewing share. Fox shareholders are expected to own about 73% of the combined company and Roku shareholders 27%. Completion is expected in the first half of the following year, subject to shareholder and regulatory approval; Fox shares fell after the announcement while Roku shares rose nearly 3%.

Ford is recalling nearly 420,000 2018–2022 Expedition and Lincoln Navigator vehicles because front seat belts may lock, fail to extend or retract too quickly, potentially causing injury in a crash. The recall follows two warranty claims, two field reports and one injury, with dealers inspecting and replacing affected retractors free of charge. Separately, Ford issued a do-not-drive warning covering about 4,600 2021–2026 Bronco Sport and 2022–2026 Maverick vehicles because improperly installed or repaired suspension ball joints could detach and cause a loss of control. The report also notes a prior recall of more than 422,000 vehicles over windshield wiper arms that could break and reduce visibility.

Former short seller Andrew Left was convicted in California of participating in a securities fraud scheme and 12 counts of securities fraud after prosecutors alleged he used Citron Research commentary and social media to move stock prices and profit from positions established before publication. The Justice Department said the scheme targeted retail investors and undermined fair markets. Left, who faces up to 25 years in prison and is scheduled to be sentenced on August 31, rejected the verdict and said he would continue fighting it.

BP ousted chairman Albert Manifold over serious concerns involving governance standards, oversight and conduct. Ian Tyler was appointed interim chair effective immediately while the company begins searching for a permanent successor. BP shares fell 6% before the NYSE opening.

Estée Lauder and Spanish beauty company Puig have ended merger discussions that could have combined major brands including MAC, Clinique, Charlotte Tilbury and Jean Paul Gaultier. Estée Lauder said it remains confident in operating independently, despite previously announcing potential cuts of up to 7,000 jobs by fiscal 2026. Puig, which owns brands including Nina Ricci, Jean Paul Gaultier and Dr. Barbara Sturm, became publicly traded on the Madrid Stock Exchange in 2024. Estée Lauder shares rose more than 12% in early trading after the announcement.

A group of senior American executives from technology, finance, agriculture and aerospace companies has been invited to accompany President Donald Trump on his trip to Beijing, where he is expected to meet Chinese President Xi Jinping and discuss Iran, trade and artificial intelligence. The report profiles Elon Musk, Tim Cook and Boeing CEO Kelly Ortberg, highlighting Musk's strained relationship with Trump and legal disputes involving X, Cook's efforts to limit Apple's exposure to tariffs and shift iPhone production toward India, and Boeing's recovery challenges amid reduced Chinese aircraft purchases and ongoing sales talks. Other invitees include leaders from BlackRock, Blackstone, Cargill, Citi, GE Aerospace, Goldman Sachs, Mastercard, Meta, Micron, Qualcomm and Visa.

eBay shares rose more than 8% in premarket trading after GameStop, led by CEO Ryan Cohen, proposed a roughly $56 billion cash-and-stock takeover. GameStop says eBay could help it compete with Amazon through its retail stores, shipping infrastructure, and live-commerce offerings. GameStop claims it could cut eBay’s costs by $2 billion annually, while Cohen would lead the combined company. GameStop shares fell more than 3% after the proposal was announced.

Ford is recalling nearly 1.4 million F-150 pickup trucks in the United States because an intermittent transmission range sensor signal can cause an unintended shift into second gear, abruptly reducing wheel speed and potentially causing drivers to lose control. The recall covers trucks with six-speed automatic transmissions manufactured from March 2014 through August 2017. Ford is aware of two injuries and one potentially related accident, and will provide owners with a free powertrain control module update.

Ford is recalling nearly 1.4 million F-150 pickup trucks in the United States built between March 2014 and August 2017 because a gearshift sensor issue can cause an unintended temporary downshift into second gear, potentially making the rear tires slide and increasing crash risk. Ford has identified two injuries, one possibly related accident, 444 warranty claims, and 105 customer reports connected to the problem. Owners will be notified by mail and can receive a free powertrain control module software update at Ford or Lincoln dealerships.

General Motors is recalling more than 270,000 Chevrolet Malibu vehicles from the 2023–2025 model years in the United States because a defective rearview camera system may show a distorted or blank image. The National Highway Traffic Safety Administration says the flaw increases collision risk. Moisture can enter the camera housing because of a bonding defect, and owners will receive free camera replacements at authorized dealerships, with recall notices expected from May 18.

General Motors is recalling more than 270,000 Chevrolet Malibu vehicles from model years 2023 through 2025 in the United States because a defect in the rearview camera housing can allow moisture to enter and cause a distorted or blank display. The National Highway Traffic Safety Administration says the malfunction can reduce drivers' ability to see behind the vehicle and raise the risk of a collision. Dealers will replace the cameras free of charge, with owner notification letters expected from 18 May; GM reports no known accidents or injuries linked to the defect.

Estée Lauder Companies has confirmed that it is in merger discussions with Spanish beauty and fragrance company Puig, while stressing that no agreement has been reached. The potential combination would create a company valued at more than $40 billion and strengthen Estée Lauder’s position in fragrances. The talks come as Estée Lauder faces several years of declining revenue, a major restructuring and potential cuts of up to 7,000 jobs by fiscal 2026. Estée Lauder shares fell 8%, while Puig’s rose more than 15% after the discussions became public.

Uber plans to invest up to $1.25 billion in Rivian and, with fleet partners, initially purchase 10,000 autonomous Rivian R2 vehicles, with an option for up to 40,000 more by 2030. Robotaxi deployments are expected to begin in San Francisco and Miami in 2028 before expanding to 25 cities across the US, Canada and Europe by 2031. The investment will be distributed through 2031 and tied to regulatory approval and autonomous-driving milestones, while Rivian’s shares rose 10% in premarket trading.

Novo Nordisk has dropped its patent-infringement lawsuit against Hims & Hers after reaching an agreement to sell branded oral and injectable GLP-1 medications, including Wegovy and Ozempic, through the telehealth company’s platform. Hims will stop advertising compounded GLP-1 drugs, following an earlier reversal of plans to offer an off-brand Wegovy alternative amid FDA warnings about compounded-drug ingredients. Hims shares rose more than 40% after the deal was announced, while Novo Nordisk reserved the right to revive the lawsuit.

The average U.S. gasoline price rose 11 cents overnight to about $3.11 per gallon, according to AAA. Prices were already increasing as refiners shifted to summer fuel blends, while the conflict involving the United States and Iran drove crude futures sharply higher amid concerns about disruptions to global oil supplies. U.S. crude reached $77.36 a barrel and Brent crude $81.29.

OpenAI has secured a $110 billion investment from Amazon, Nvidia and SoftBank, raising its pre-money valuation to $730 billion. Amazon is contributing $50 billion, while Nvidia and SoftBank are each investing $30 billion, with additional investors expected. The funding will support infrastructure expansion and the wider deployment of frontier AI. OpenAI and Amazon will expand their existing partnership, including an expanded multiyear cloud agreement, customised models for Amazon developers and AWS distribution of OpenAI Frontier. OpenAI said the new arrangements do not alter its longstanding relationship with Microsoft. Sam Altman said ChatGPT has more than 900 million weekly active users and over 50 million consumer subscribers.

Thomas Pritzker is retiring immediately as executive chairman of Hyatt Hotels and will not seek reelection to the company’s board after documents released by the U.S. Department of Justice revealed emails reflecting his association with Jeffrey Epstein and Ghislaine Maxwell. Pritzker apologized, condemned Epstein and Maxwell, and said he regretted failing to distance himself sooner. The report also notes that Dubai replaced DP World chairman Sultan Ahmed bin Sulayem, whose name appeared in the Epstein documents, with Essa Kazim, while Yuvraj Narayan became group CEO.

The Walt Disney Company reported fiscal first-quarter adjusted earnings of $1.63 per share, exceeding analysts' expectation of $1.57, while revenue reached $25.98 billion. Results were supported by the box-office performance of Zootopia 2 and Avatar: Fire and Ash. Disney Entertainment revenue rose 7%, Experiences revenue increased 6%, and Experiences operating income climbed 6% to $3.31 billion. Shares rose 2% before markets opened.

Dow Inc. plans to eliminate approximately 4,500 jobs as part of a broader effort to simplify operations, increase the use of artificial intelligence and automation, and achieve major cost savings. The company expects $600 million to $800 million in severance costs, while its shares fell before the market opened. The cuts follow previously announced job reductions and European plant closures, and come amid a wider wave of layoffs at companies including Amazon, UPS, Pinterest and Home Depot. Weak hiring, elevated operating costs, tariff-related expenses and declining consumer confidence are contributing to anxiety in the U.S. labor market as businesses redirect spending toward AI.

The U.S. Commerce Department is investing $1.6 billion in USA Rare Earth, including proposed federal funding and a senior secured loan, to support a Texas mine and an Oklahoma magnet-manufacturing facility. The investment gives the government an equity stake and options to acquire additional shares. The move is part of the Trump administration’s broader effort to reduce U.S. dependence on China, which processes more than 90% of the world’s critical minerals. It follows federal support for MP Materials and a partnership involving Vulcan Elements and ReElement Technologies, alongside expanded Pentagon funding and proposed legislation to strengthen domestic critical-mineral supply chains.

Netflix has revised its proposed acquisition of Warner Bros. Discovery’s studio and streaming businesses into an all-cash transaction valued at $27.75 per share, or about $72 billion, while preserving additional value for Warner shareholders through shares in Discovery Global. Warner’s board and leadership support the deal, which is expected to reach a shareholder vote by April. Paramount Skydance is pursuing a competing $77.9 billion all-cash offer for Warner Bros. Discovery’s entire company, including CNN and Discovery, alongside a tender offer, proxy fight and Delaware lawsuit. The contest is likely to face extensive antitrust scrutiny, political attention from President Donald Trump and opposition from industry groups concerned about job losses and reduced content diversity.

The Trump administration has effectively approved conditional exports of Nvidia’s H200 artificial-intelligence chips to approved commercial customers in China. The chips must undergo third-party review, remain available in adequate supply for U.S. customers, cannot be used for military purposes, and cannot exceed 50% of Nvidia’s sales to U.S. customers. Nvidia welcomed the decision, while Democratic senators warned that the chips could strengthen China’s military, cyberwarfare and manufacturing capabilities. The H200 is less advanced than Nvidia’s Blackwell and forthcoming Rubin chips, which remain excluded from the approval. The decision follows earlier agreements by Nvidia and AMD to provide the U.S. government with 15% of revenues from certain China chip sales in exchange for export licenses.

Aldi plans to open more than 180 U.S. stores this year, add distribution centers in Florida, Arizona, and Colorado, and continue a $9 billion U.S. investment through 2028. The expansion is driven by consumers trading down from name brands and traditional grocers as food prices remain well above pre-pandemic levels, with beef and coffee prices rising particularly sharply. Aldi expects to approach 2,800 U.S. stores by year-end and remains on track toward its goal of 3,200 stores by 2028. Discount chains, Walmart, and Amazon are increasing competitive pressure across the grocery sector.

Meta has signed agreements with TerraPower, Oklo and Vistra to support up to 6.6 gigawatts of new and existing nuclear power by 2035 for its AI data centers. The deals include funding for TerraPower’s Natrium reactors, purchases from Vistra’s Ohio and Pennsylvania plants, and support for a 1.2-gigawatt Oklo power campus in Ohio. The agreements follow Meta’s previously announced 20-year deal with Constellation Energy and are intended to provide reliable electricity while strengthening the US nuclear supply chain and supporting jobs.

General Motors will record approximately $6 billion in fourth-quarter charges as slower electric-vehicle sales and the end of the U.S. EV tax credit force it to scale back or reassess ambitious electrification plans. The charges include non-cash impairments, supplier settlements and contract cancellation fees. GM had pledged $27 billion for electric and autonomous vehicles, expanded EV charging investment and an eventual transition to mostly electric vehicles, but policy shifts between the Biden and Trump administrations have disrupted those goals. Meanwhile, China’s BYD has surpassed Tesla as the world’s largest EV automaker, underscoring growing competitive pressure on U.S. manufacturers.

Apple Card will transition from Goldman Sachs to JPMorgan Chase as its issuing partner, with completion expected in about two years. Existing cardholders can continue using their cards normally during the transition, while the 3% cashback benefit, high-yield savings account and Mastercard payment network are expected to remain unchanged for now.

JPMorgan Chase will replace Goldman Sachs as the issuer of Apple Card in an expected transition taking about 24 months. Apple says cardholders can continue using their cards normally, while features such as 3% cash back and the affiliated high-yield savings account will remain. Mastercard will continue providing the payment network. The deal is expected to add more than $20 billion in card balances to Chase and strengthen its position as the leading U.S. credit-card issuer, while Goldman Sachs anticipates a financial benefit from releasing loan-loss reserves despite reduced revenues and termination costs.

US energy stocks rose sharply after President Donald Trump announced plans for the United States to take control of Venezuela’s oil industry following the capture of Nicolás Maduro. Analysts expect Venezuelan output to dip initially but potentially recover to 1.3–1.4 million barrels per day within two years and reach 2.5 million barrels per day over the next decade if investment and institutional reforms materialize. However, political risk, damaged infrastructure, sanctions, and weak global oil prices could delay major investment. Refiners and oilfield-service companies gained particularly strongly because Venezuela produces heavy crude needed for diesel, asphalt, and other industrial fuels.

Build-A-Bear Workshop reported a strong quarter and continued recovery, with revenue rising nearly 3% to $122.7 million and earnings of 62 cents per share, ahead of analyst expectations. However, tariffs increasingly offset the retailer’s financial progress, reducing quarterly profit and sending shares down 13%. CFO Voin Todorovic said tariff effects would remain elevated through the fourth quarter and into the next fiscal year, although the company maintained its forecast for mid-to-high-single-digit fiscal 2025 revenue growth. The company’s rebound has been supported by social-media popularity and increased purchases from adult fans, who tend to spend more.

More than 260,000 cases of shredded cheese sold under private-label brands in 31 U.S. states and Puerto Rico have been recalled by Great Lakes Cheese Co. because of possible metal fragment contamination. Affected products include mozzarella, Italian-style, pizza-style, mozzarella-provolone, and mozzarella-parmesan cheeses sold at retailers including Target, Walmart, and Aldi. The FDA classified the recall as Class II and warned that metal fragments could cause dental or gastrointestinal injuries.

Home Depot lowered its fiscal 2025 adjusted earnings forecast, now expecting a roughly 5% decline, despite raising its sales-growth outlook to about 3%. Third-quarter adjusted earnings missed Wall Street expectations for the third consecutive quarter, while revenue rose to $41.35 billion and comparable U.S. sales increased only slightly. CEO Ted Decker blamed weaker-than-expected demand on fewer violent storms, consumer uncertainty and a prolonged U.S. housing slump. Customer transactions fell 1.4%, although average spending increased, and the company has warned that tariffs could lead to modest price increases in some categories.

The Walt Disney Company reported quarterly earnings above analyst expectations, although revenue fell short of forecasts. Strong growth in streaming and theme parks offset weaker television network and film results. Disney’s direct-to-consumer operating income rose to $352 million, while Disney+ paid subscribers increased to 132 million and combined Disney+ and Hulu subscriptions reached 196 million. The company is still negotiating a licensing agreement with YouTube after Disney content, including ABC and ESPN, was temporarily removed from YouTube TV. Disney also plans to stop reporting paid subscriber figures for Disney+ and Hulu beginning in fiscal 2026. Meanwhile, the company is preparing for CEO Bob Iger’s departure at the end of 2026 and is considering both internal and external successors.

Kimberly-Clark has agreed to acquire Kenvue, the maker of Tylenol, in a $48.7 billion deal that would create a consumer health and household-goods company with roughly $32 billion in annual revenue. The transaction follows renewed political pressure over an unproven claim linking Tylenol to autism, promoted by President Donald Trump and Health Secretary Robert F. Kennedy Jr. Kenvue, recently spun off from Johnson & Johnson, has also faced activist-investor pressure and a CEO transition. The deal requires shareholder approval and is expected to close in the second half of the following year; Kimberly-Clark shares fell while Kenvue shares rose after the announcement.

Tesla is recalling more than 63,000 Cybertrucks in the United States because their front lights may be excessively bright and distract other drivers. The recall applies to certain 2024–2026 models and will be resolved through a free software update; no related crashes, injuries or deaths have been reported. The recall comes amid a new National Highway Traffic Safety Administration investigation into 58 incidents involving Tesla’s Full Self-Driving mode, as well as earlier recalls over detachable Cybertruck exterior panels. Tesla also reported a 37% year-over-year decline in third-quarter profit, its fourth consecutive quarterly profit drop, despite higher sales partly driven by customers claiming an expiring federal electric-vehicle tax credit.

Ford is recalling more than 625,000 vehicles in the United States over two safety issues. The recall covers 332,778 Mustangs whose seatbelts may not properly restrain occupants during a crash, as well as certain 2020–2022 F-Series Super Duty trucks whose rearview cameras may not display images correctly in specific lighting conditions. Affected owners are expected to receive letters with details and are advised to visit a Ford dealership.

Ford has recalled more than 625,000 vehicles in the United States over two safety issues. A recall affecting 332,778 Mustangs addresses seatbelts that may fail to properly restrain occupants in a crash, with dealers to inspect and replace parts and potentially remove contacting carpet sections. A separate recall covers certain 2020–2022 F-250, F-350 and F-450 Super Duty trucks whose rear-view cameras may fail to display images correctly in some lighting conditions. Ford reported 10 related issues but no crashes or injuries; dealers will update the image-processing software for free, with interim owner notices expected on October 20 and a final remedy anticipated in March 2026.

Nestlé plans to eliminate 16,000 jobs globally over the next two years as it accelerates a cost-cutting drive to improve financial performance. The cuts include 12,000 white-collar positions and 4,000 manufacturing and supply-chain roles, with the company targeting 3 billion Swiss francs in cost savings by the end of next year. The restructuring comes amid leadership upheaval, rising coffee and cocoa costs, tariffs and broader pressure on food manufacturers. Investors responded positively, sending Nestlé shares up nearly 8%.

General Motors expects a $1.6 billion negative impact in the next quarter after the U.S. electric-vehicle tax credit ended and emissions rules were relaxed. The charges include $1.2 billion in non-cash impairment and related costs tied to EV capacity adjustments, plus $400 million in contract cancellations and commercial settlements. GM warned that further charges could affect future operations and cash flow, although it said its Chevrolet, GMC and Cadillac EVs currently in production would remain available. The company’s shares fell 3% in premarket trading.

JPMorgan Chase plans to invest up to $10 billion directly in U.S. companies tied to national security, focusing on critical-mineral supply chains, advanced manufacturing, defense and aerospace, energy resilience, artificial intelligence, cybersecurity and quantum computing. The initiative forms part of the bank’s broader $1.5 trillion, 10-year Security and Resiliency Initiative. JPMorgan expects to finance about $1 trillion in these industries over the next decade, with the potential to increase that by $500 billion, while hiring additional specialists and forming an external advisory council. The bank recently helped arrange a $400 million Defense Department investment in MP Materials and is financing the company’s second U.S. magnet factory.

Fifth Third Bancorp plans to acquire Comerica in an all-stock transaction valued at $10.9 billion, creating the ninth-largest U.S. bank with about $288 billion in assets. The combined institution will expand its presence across the Southeast, Texas, Arizona and California while strengthening Fifth Third’s Midwest operations. Comerica shareholders would receive 1.8663 Fifth Third shares per share, with Fifth Third investors owning about 73% of the combined company. The transaction is expected to close in the first quarter of 2026, subject to shareholder approval; Comerica shares rose while Fifth Third shares declined after the announcement.

The U.S. Department of Energy is set to acquire a 5% stake in Lithium Americas and a separate 5% stake in its Thacker Pass lithium project in Nevada, which is being developed with General Motors. The project is intended to reduce U.S. dependence on China, the world’s leading lithium processor, and is expected to produce 40,000 metric tons of battery-grade lithium carbonate annually in its first phase—enough for about 800,000 electric vehicles. Lithium Americas has also reached a non-binding agreement in principle with the DOE for an initial $435 million loan draw and a deferral of $182 million in debt service. The deal reflects the Trump administration’s broader use of direct government investment in strategic companies and has received bipartisan support, while Lithium Americas shares rose more than 33% before trading opened.

Kenvue shares recovered most of a 7.5% decline in premarket trading after Donald Trump repeatedly urged pregnant women and mothers not to use Tylenol, citing alleged links to autism. The announcement appeared to rely on existing research rather than significant new evidence. Kenvue rejected any connection between acetaminophen and autism and warned that avoiding the drug during pregnancy could leave women choosing between untreated fevers and riskier alternatives. Analysts expect limited new litigation risk and a positive stock-market reaction, although negative headlines could reduce Tylenol consumption.

The US National Highway Traffic Safety Administration has opened a preliminary investigation into 2021 Tesla Model Y vehicles after receiving nine reports that low battery voltage caused electronic exterior door handles to stop working. Four people reportedly broke windows to regain access, including in situations involving children in the back seat. The investigation will assess the scope and severity of the problem, Tesla’s power-supply design and the reliability of the relevant systems.

American Eagle Outfitters’ shares surged after the retailer reported that its controversial Sydney Sweeney denim campaign generated record new-customer acquisition and increased brand awareness. Despite criticism over its use of “genes” in place of “jeans” and debates about race and beauty standards, the campaign did not appear to damage sales. The company reported second-quarter revenue of $1.28 billion, down 1%, but expects low-single-digit comparable-store sales growth in the third and fourth quarters and plans to continue the Sweeney campaign. Executives also credited a Travis Kelce partnership with helping restore consumer momentum.

Kraft Heinz plans to split into two companies in the second half of 2026, a decade after the Kraft and Heinz merger. One company will contain shelf-stable meal brands including Heinz, Philadelphia cream cheese and Kraft Mac & Cheese, while the other will include Oscar Mayer, Kraft Singles and Lunchables. The company cited its current structure’s complexity and difficulty allocating capital as reasons for the move. Headquarters in Chicago and Pittsburgh are expected to remain unchanged.

Pop Mart is preparing to release new Labubu products, including mini vinyl plush pendants priced at $22.99, $18.99 blind boxes, and a $114.99 long-fur Rock the Universe doll. The Labubu character, created by artist Kasing Lung, has become highly popular since Pop Mart began selling key-ring plush toys in 2023. The range’s success follows a doubling of Pop Mart’s revenue in 2024 and an almost 400 percent profit increase in the first half of the year.

Pop Mart will release mini Labubu vinyl plush pendants and a new long-fur Rock the Universe doll on August 29. The mini pendants will be sold in alphabet-themed colours for $22.99, while letter blind boxes will cost $18.99 and the long-fur doll $114.99. The products will be available through Pop Mart's website, app and official TikTok accounts. Labubu's popularity has helped drive substantial growth for Pop Mart, whose revenue more than doubled in 2024 and whose plush-toy revenue rose more than 1,200%; the company also reported a nearly 400% increase in attributable profit for the first half of the year.

Nexstar Media Group has agreed to acquire Tegna for $6.2 billion, or $22 per share, in a deal that would combine two major U.S. local television operators. The transaction requires regulatory approval and Tegna shareholder approval, with closing expected in the second half of 2026. Supporters point to cost savings, expanded advertising options and stronger competition with technology companies, while media researchers warn that consolidation could lead to layoffs, duplicated programming and less diverse local news. The deal comes as the Trump administration and FCC Chair Brendan Carr pursue broadcast deregulation, including the repeal of outdated rules and the loosening of limits on station ownership.

Taylor Swift’s announcement of her upcoming album The Life of a Showgirl, along with her association with the color orange, prompted a wave of brand marketing. Companies including United Airlines, Google, Shake Shack, Walmart and Netflix quickly used orange-themed posts and promotions to connect with Swift’s enormous fan base. Her Eras Tour demonstrated the broader economic impact of her popularity, generating major spending in hotels, restaurants and other local businesses, while brands now seek to benefit directly from her cultural influence.

Eastman Kodak has warned that there is substantial doubt about its ability to continue operating because it lacks committed financing and sufficient liquidity to cover debt due within the next 12 months. The company held $155 million in cash and equivalents as of June 30, including only $70 million in the United States, causing its shares to fall more than 13 percent. Kodak, which filed for bankruptcy in 2012, is nearing completion of a pharmaceutical manufacturing plant intended to begin production later this year.

Eastman Kodak has warned that it may be unable to meet debt obligations due within the next 12 months, raising substantial doubt about its ability to remain in business. The warning sent Kodak shares down more than 13 percent. The Rochester-based company had $155 million in cash and cash equivalents as of June 30, but lacks committed financing or sufficient liquidity for its upcoming obligations. Kodak is also working to settle pension-plan commitments while attempting to reshape its business around commercial printing and pharmaceutical manufacturing. Once a dominant photography company, Kodak filed for bankruptcy protection in 2012 after failing to adapt to digital photography and competition.

Tesla awarded CEO Elon Musk 96 million restricted shares valued at about $29 billion, with the shares vesting at $23.34 each. The award follows Delaware court rulings that Tesla must revoke Musk’s earlier multibillion-dollar compensation package because it was approved through sham negotiations with insufficiently independent directors. Musk has appealed the ruling, while Tesla’s board argues that shareholders later ratified the plan with fuller disclosures. The new award is intended to increase Musk’s stake and help retain him, but analysts note that Tesla’s falling sales, the company’s declining share price this year, and Musk’s political involvement could make the package difficult to justify.

General Motors reported second-quarter profit of $1.89 billion, down 35% from a year earlier, while adjusted earnings and revenue exceeded analyst expectations. The automaker maintained its lowered full-year forecast and said it expects $4 billion to $5 billion in gross tariff exposure in 2025, with a $1.1 billion net tariff impact in the second quarter. GM plans to invest $4 billion to shift some production from Mexico to U.S. plants and is pursuing manufacturing, cost and pricing measures to offset tariff costs. CEO Mary Barra reaffirmed the company’s long-term commitment to electric vehicles despite slowing U.S. EV growth and the scheduled expiration of a $7,500 tax credit for many models. Trump administration tariffs are affecting the broader auto sector, while Stellantis separately expects a substantial first-half loss linked partly to U.S. tariffs.

Stellantis expects a €2.3 billion ($2.68 billion) net loss in the first half of 2025, driven by U.S. tariffs, production losses and roughly €3.3 billion in pre-tax charges. The charges primarily reflect canceled programs, platform impairments, restructuring and the effect of legislation ending the CAFE penalty rate. The automaker suspended its financial guidance in April and recently appointed Antonio Filosa as CEO after Carlos Tavares’ departure.

Ford is recalling more than 694,000 Bronco Sport and Escape vehicles equipped with 1.5-liter engines after fuel injectors were found capable of cracking and leaking, potentially causing fires. The recall covers certain 2021–2024 Bronco Sport and 2020–2022 Escape vehicles. Ford identified injector cracking in eight vehicles that experienced underhood fires, although it is unaware of related injuries. Owners will initially receive a free engine-control-software update, with a final remedy to follow. Recall notices are expected to be mailed beginning August 18, and owners can reference recall number 25S76 when contacting Ford.

Chevron completed its $53 billion acquisition of Hess after an International Chamber of Commerce ruling in Paris rejected Exxon Mobil’s challenge. The deal gives Chevron access to Hess’s stake in Guyana’s prolific Stabroek Block, one of the decade’s biggest oil discoveries, as Guyana rapidly emerges as a major offshore producer. Exxon disagreed with the ruling’s interpretation but accepted the arbitration process and said it looked forward to working with Chevron in Guyana.