Tesla said Wednesday it will ask shareholders to reinstate CEO Elon Musk’s $56 billion pay package, which a Delaware judge voided earlier this year after ruling that the record-setting compensation deal was “deeply flawed.” Tesla also said it would ask shareholders to approve moving the company’s incorporation from Delaware to Texas. Musk had suggested the move after his pay package […]
In-N-Out isn’t your typical burger joint, and it insists expanding its footprint won’t change that. For nearly eight decades, the West Coast restaurant chain has remained a private, family-owned company that has cultivated fiercely loyal customers and a quirky identity despite being located in just a handful of states. But recently it’s been on a […]
Companies often see their stock price jump after announcing job cuts, as Wall Street rallies around the prospects for improved efficiency and profits. But that’s not how investors treated the latest news out of Tesla. Shares of the electric vehicle maker tumbled almost 6%, falling to their lowest since May of last year, after CEO Elon Musk told […]
The Federal Aviation Administration lifted a ground stop for all Alaska Airlines flights Wednesday after grounding the planes earlier as a result of a computer problem at the carrier. The Seattle-based airline said in a statement that an issue arose “while performing an upgrade to the system that calculates our weight and balance.” The FAA […]
Tesla will lay off more than 10% of its global workforce, according to a memo sent to employees by CEO Elon Musk. The company’s shares were down 3% on Monday morning. “As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions […]
Stocks sold off Friday as inflation and geopolitical worries once again dented investor sentiment on Wall Street. A broad decline in major bank shares also weighed on the market. The Dow Jones Industrial Average slid 475.84 points, or 1.24%, closing at 37,983.24. The S&P 500 tumbled 1.46% at 5,123.41. The Nasdaq Composite pulled back by 1.62% at 16,175.09. At one point […]
Federal Reserve Chair Jerome Powell said Tuesday that the U.S. economy, while otherwise strong, has not seen inflation come back to the central bank’s goal, pointing to the further unlikelihood that interest rate cuts are in the offing anytime soon. Speaking to a policy forum focused on U.S.-Canada economic relations, Powell said that while inflation continues to make its […]
Amazon.com’s Amazon Web Services, the world’s largest cloud-service provider, owes tech company Kove $525 million for violating its patent rights in data-storage technology, an Illinois federal jury said on Wednesday. The jury determined that AWS infringed three Kove patents covering technology that Kove said had become “essential” to the ability of Amazon’s cloud-computing arm to “store and […]
Consumer sentiment about the U.S. economy has ticked down but remains near a recent high, with Americans’ outlook largely unchanged this year. The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, slipped to 77.9 this month, down from March’s figure of 79.4. Sentiment is about halfway between its all-time low, reached in […]
Apple’s smartphone shipments dropped about 10% in the first quarter of 2024, hurt by intensifying competition by Android smartphone makers aiming for the top spot, data from research firm IDC showed on Sunday. Global smartphone shipments increased 7.8% to 289.4 million units during January-March, with Samsung, at 20.8% market share, clinching the top phonemaker spot from […]