Jonathan Wong
The Latest
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SEC and Federal Prosecutors Target Andrew Left in Major Fraud Case
Andrew Left, a well-known short seller and founder of Citron Capital, has been charged with securities fraud by federal prosecutors and the Securities and Exchange Commission (SEC). The charges allege that Left used his public platform to manipulate stock market activity, illegally profiting to the tune of at least $16 million from 2018 through 2023. 
Andrew Left, a well-known short seller and founder of Citron Capital, has been charged with securities fraud by federal prosecutors and the Securities and Exchange Commission (SEC). The charges allege that Left used his public platform to manipulate stock market activity, illegally profiting to the tune of at least $16 million from 2018 through 2023. -
Stellantis Reports 48% Profit Drop Amid Operational Struggles and Market Glut
Stellantis, the automotive giant owning brands such as Jeep, Chrysler, and Dodge, reported a significant decline in profitability for the first half of 2024, underscoring the challenging environment for automakers grappling with excess inventory and cooling demand. The company's net profit plunged by 48% year-over-year to €5.65 billion ($6.13 billion), while revenues fell 14% to €85.02 billion. 
Stellantis, the automotive giant owning brands such as Jeep, Chrysler, and Dodge, reported a significant decline in profitability for the first half of 2024, underscoring the challenging environment for automakers grappling with excess inventory and cooling demand. The company's net profit plunged by 48% year-over-year to €5.65 billion ($6.13 billion), while revenues fell 14% to €85.02 billion. -
American Airlines Slashes Annual Profit Forecast Amid Sales Strategy Misstep and Industry Oversupply
American Airlines has drastically reduced its profit forecast for the year following a sales strategy that backfired and an industry-wide oversupply of flights forcing fare discounts. The Fort Worth, Texas-based airline now anticipates earning an adjusted 70 cents to $1.30 per share this year, a stark drop from the $2.25 to $3.25 per share forecasted in April and below Wall Street expectations of $1.10 to $2.60 per share, according to data from LSEG. 
American Airlines has drastically reduced its profit forecast for the year following a sales strategy that backfired and an industry-wide oversupply of flights forcing fare discounts. The Fort Worth, Texas-based airline now anticipates earning an adjusted 70 cents to $1.30 per share this year, a stark drop from the $2.25 to $3.25 per share forecasted in April and below Wall Street expectations of $1.10 to $2.60 per share, according to data from LSEG. -
Southwest Shakes Up Tradition with Assigned Seating, Premium Seats, and Red-Eye Flights
Southwest Airlines, a stalwart of the low-cost carrier market, is implementing significant changes to its long-standing business model by transitioning to assigned seating and introducing premium seating options. This marks a dramatic departure from its 50-year tradition of open seating, where passengers were assigned boarding groups but chose their seats once on board. The changes aim to enhance customer satisfaction and improve profitability amid intense industry competition. 
Southwest Airlines, a stalwart of the low-cost carrier market, is implementing significant changes to its long-standing business model by transitioning to assigned seating and introducing premium seating options. This marks a dramatic departure from its 50-year tradition of open seating, where passengers were assigned boarding groups but chose their seats once on board. The changes aim to enhance customer satisfaction and improve profitability amid intense industry competition. -
Conn’s HomePlus Files for Bankruptcy, Closing Nearly Half of Its Stores
Conn's HomePlus, a venerable 134-year-old furniture and electronics retailer, has filed for Chapter 11 bankruptcy and announced plans to close nearly half of its 170 stores. 
Conn's HomePlus, a venerable 134-year-old furniture and electronics retailer, has filed for Chapter 11 bankruptcy and announced plans to close nearly half of its 170 stores. -
AT&T Beats Expectations with Subscriber Surge, But Faces Challenges
AT&T, one of the largest telecom operators in the United States, reported second-quarter results on Wednesday that exceeded Wall Street's expectations for wireless subscriber additions, driven by strong demand for its higher-tier unlimited plans. This news sent the company's shares up by 4% in premarket trading. 
AT&T, one of the largest telecom operators in the United States, reported second-quarter results on Wednesday that exceeded Wall Street's expectations for wireless subscriber additions, driven by strong demand for its higher-tier unlimited plans. This news sent the company's shares up by 4% in premarket trading. -
Tesla Stock Dips After Earnings Miss, Investors Eye Robotaxi and AI Prospects
Tesla's stock took a significant hit on Wednesday, dropping over 8% in pre-market trading after the company reported second-quarter earnings that fell short of Wall Street expectations. T 
Tesla's stock took a significant hit on Wednesday, dropping over 8% in pre-market trading after the company reported second-quarter earnings that fell short of Wall Street expectations. T -
Musk Stays Silent on Key Robotaxi Features as Tesla Autonomous Vehicle Unveiling Delayed to October,
Tesla's highly anticipated robotaxi, a fully autonomous vehicle, continues to stir curiosity and skepticism as CEO Elon Musk remains tight-lipped about crucial details. During a recent earnings call, Musk dodged several questions regarding the robotaxi's design, particularly whether it would feature traditional controls like steering wheels and pedals. This omission leaves a significant question mark over the timeline and regulatory path for the vehicle's deployment. 
Tesla's highly anticipated robotaxi, a fully autonomous vehicle, continues to stir curiosity and skepticism as CEO Elon Musk remains tight-lipped about crucial details. During a recent earnings call, Musk dodged several questions regarding the robotaxi's design, particularly whether it would feature traditional controls like steering wheels and pedals. This omission leaves a significant question mark over the timeline and regulatory path for the vehicle's deployment. -
GM Halts Production of Cruise Origin Robotaxi Amid Regulatory and Safety Concerns
General Motors (GM) has announced a significant shift in its autonomous vehicle strategy by indefinitely suspending the production of its custom-designed Cruise Origin robotaxi. This decision follows a series of regulatory and safety challenges that have plagued the project, leading GM to refocus its efforts on a modified version of the Chevy Bolt EV for its self-driving initiatives. 
General Motors (GM) has announced a significant shift in its autonomous vehicle strategy by indefinitely suspending the production of its custom-designed Cruise Origin robotaxi. This decision follows a series of regulatory and safety challenges that have plagued the project, leading GM to refocus its efforts on a modified version of the Chevy Bolt EV for its self-driving initiatives. -
Delta Faces Federal Investigation Amid Widespread Flight Cancellations
The U.S. Department of Transportation has launched an investigation into Delta Air Lines following a series of widespread flight cancellations and delays resulting from a global technology outage. Transportation Secretary Pete Buttigieg announced the investigation on Tuesday, emphasizing the need to ensure that the airline adheres to federal laws and treats its passengers fairly during these disruptions. 
The U.S. Department of Transportation has launched an investigation into Delta Air Lines following a series of widespread flight cancellations and delays resulting from a global technology outage. Transportation Secretary Pete Buttigieg announced the investigation on Tuesday, emphasizing the need to ensure that the airline adheres to federal laws and treats its passengers fairly during these disruptions.
