Business

CNBC reports: Macy’s cut its full-year profit guidance on Wednesday even as it beat Wall Street’s quarterly earnings expectations, as the retailer’s CEO said it will hike prices of certain items to offset tariffs. In an interview with CNBC, CEO Tony Spring said about 15 cents to 40 cents per share of the guidance cut is due to tariffs. He …

CBS News reports: President Trump said again Tuesday he’s working to take mortgage giants Fannie Mae and Freddie Mac public, winding down 17 years of federal control over two central parts of the U.S. housing market — a move that was cheered on by Trump ally and noted Wall Street investor Bill Ackman. Ending the conservatorship of Fannie and Freddie …

CNBC reports: European sales of Tesla vehicles plunged in April, as the U.S. electric carmaker continues to face reputational damage regionally and rising competition. Tesla sold 7,261 cars in Europe in April, down 49% year-on-year, according to the European Automobile Manufacturers’ Association (ACEA). That drop came even as overall battery electric car sales rose 34.1% annually in April. Tesla has …

CNBC reports: Set your alarm. Southwest Airlines customers have only one day to go before the company starts charging to check bags for the first time in more than half a century. Starting Wednesday, Southwest will end its blanket “two bags fly free” policy. It was a perk that was sacrosanct among customers and the airlines’ longtime executives alike, setting …

Axios reports: The Treasury told WSJ businesses will need to start rounding up or down to the nearest 5 cents when there’s not enough pennies to use in everyday cash transactions. Cashless transactions will still be priced at exact change. State and local governments should provide guidance to retailers so that sales taxes are properly collected, WSJ reports. This is …

Wired reports: A fire broke out Thursday at a data center in Hillsboro, Oregon, leased by Elon Musk’s X, forcing an extended response from emergency crews, according to multiple sources who spoke to WIRED. The sources required anonymity as they aren’t authorized to speak publicly about the company. Firefighters arrived at the Hillsboro Technology Park, in a suburb west of …

Bloomberg News reports: Walt Disney Co. notified Florida-based employees who are losing temporary legal residency in the US that their jobs would be terminated next month after the Supreme Court ruled Monday that the Trump administration could revoke protections for 350,000 Venezuelans. The company sent an email to employees under Temporary Protected Status on Tuesday stating they had been placed …

CNBC reports: Nike will raise prices on a wide range of footwear, apparel and equipment as soon as this week as the retail industry braces for tariffs to hit its profits, CNBC has learned. Prices for Nike apparel and equipment for adults will increase between $2 and $10, a person familiar with the matter said. Footwear priced between $100 and …

CNBC reports: Subaru of America is hiking prices on several models, the company said on Monday, the latest automaker to pass along cost increases to consumers as their expenses rise from the Trump administration’s tariffs. Subaru said in a statement that the increases were made in response to “current market conditions,” without citing tariffs or specific price actions. The Subaru …

CNBC reports: Regeneron Pharmaceuticals on Monday announced it will acquire “substantially all” of 23andMe’s assets for $256 million. The drugmaker participated in a bankruptcy auction for 23andMe, a once high-flying genetic testing company that filed for for Chapter 11 bankruptcy protection in March. Regeneron is buying 23andMe’s Personal Genome Service, Total Health and Research Services business lines, according to a …

CBNC reports: In a regulatory filing out Friday, Elon Musk-led automaker Tesla announced a change to its corporate bylaws that will limit shareholders ability to sue the company if investors believe the company’s board or executives committed any breach of fiduciary duties. The filing says the new bylaw went into effect as of May 15, and that Tesla has adopted “an …

Axios reports: Charter Communications has agreed to buy Cox Communications from Atlanta-based Cox Enterprises for approximately $34.5 billion, the companies announced on Friday. The combined company would become America’s largest cable TV and broadband provider by subscribers, leapfrogging Comcast. The combined company eventually will be called Cox Communications, with Charter CEO Chris Winfrey retaining his title and Cox Enterprises CEO …

CBNC reports: Shares of UnitedHealth Group plunged more than 18% on Thursday following a report that the Justice Department is conducting a criminal investigation into the health-care giant over possible Medicare fraud. The DOJ is focusing on the company’s Medicare Advantage business practices, but the exact nature of the potential criminal allegations is unclear, the Wall Street Journal reported late …

CNN reports: Walmart, the world’s largest retailer, warned that is not immune from President Donald Trump’s tariffs. It plans to raise prices on some items as Trump’s global trade war sends the company’s costs higher. “We will do our best to keep our prices as low as possible but given the magnitude of the tariffs, even at the reduced levels …

USA Today reports: Rite Aid added 68 more locations to its list of closures in a May 9 filing in the U.S. Bankruptcy Court for the District of New Jersey. The company, which currently operates 1,240 stores across 15 states, announced on May 5 it had begun Chapter 11 bankruptcy proceedings and would soon begin a process of selling and …

ABC News reports: A panel of judges on the Court of International Trade today heard arguments in a lawsuit challenging Trump’s sweeping tariffs, as the president’s trade war continues to disrupt the international economy and raise the specter of a recession. The lawsuit was filed last month by a group of small businesses, including a New York liquor distributor, Utah …

The New York Times reports: In March, after a steep decline in Tesla’s share price, Elon Musk told employees, “Hang on to your stock.” The chair of Tesla’s board, Robyn Denholm, has not heeded his advice. Ms. Denholm has made $198 million in the past six months selling Tesla stock that she earned for serving on the board, according to a …

Politico reports: Online food delivery firm DoorDash recently gave $1 million to the super PAC boosting Democrat Andrew Cuomo’s New York City mayoral bid — the single largest donation in the race. It follows the company’s lobbying push last year, when it reported spending nearly $500,000 getting an audience with City Hall officials and lawmakers on a bill to let …

Ars Technica reports: Alex Mashinsky, the disgraced founder of the Celsius Network cryptocurrency bank who deceived hundreds of thousands into losing billions with the catchy slogan “unbank yourself”—was sentenced to 12 years in prison on Thursday. In December, Mashinsky pleaded guilty to securities fraud and commodities fraud. Federal prosecutors slammed him for reaping $48 million in profits while causing billions …

Reuters reports: Google has agreed to pay $1.375 billion in a settlement in principle reached with the state of Texas over allegations the company violated users’ data privacy, Texas Attorney General Ken Paxton said on Friday. The agreement settles two lawsuits that covered three products for allegedly violating Texas consumer protection laws. “In Texas, Big Tech is not above the …