Jonathan Wong
The Latest
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Apple Stock Drops as CEO Tim Cook Warns $900 Million Tariff Hit
Apple Inc. warned on Thursday that it expects a $900 million hit to its bottom line this quarter due to the Trump administration's sweeping tariffs on Chinese imports, prompting a significant shift in its global supply chain. The tech giant said it is moving the majority of iPhone production for the U.S. market from China to India as part of efforts to avoid the newly imposed duties. 
Apple Inc. warned on Thursday that it expects a $900 million hit to its bottom line this quarter due to the Trump administration's sweeping tariffs on Chinese imports, prompting a significant shift in its global supply chain. The tech giant said it is moving the majority of iPhone production for the U.S. market from China to India as part of efforts to avoid the newly imposed duties. -
Trump Ends $800 Import Loophole, Hitting Shein and Temu With 145% Tariffs; 1.3 Billion Packages Affected
President Donald Trump has formally closed the decades-old "de minimis" tariff exemption for imports from China and Hong Kong, triggering a wave of price increases and operational shifts for e-commerce giants Shein and Temu. The rule change, which took effect Friday at 12:01 a.m. Eastern, ends duty-free access for shipments valued under $800-a key mechanism both companies used to dominate the U.S. discount market. 
President Donald Trump has formally closed the decades-old "de minimis" tariff exemption for imports from China and Hong Kong, triggering a wave of price increases and operational shifts for e-commerce giants Shein and Temu. The rule change, which took effect Friday at 12:01 a.m. Eastern, ends duty-free access for shipments valued under $800-a key mechanism both companies used to dominate the U.S. discount market. -
McDonald’s U.S. Sales Drop 3.6% in Steepest Decline Since 2020 as Economic Anxiety Mounts
McDonald's posted its steepest U.S. sales decline since the pandemic as inflationary pressures and rising economic anxiety weighed on lower- and middle-income diners. Comparable sales in the United States dropped 3.6% in the first quarter, the sharpest fall since the second quarter of 2020, and a signal that discretionary consumer spending may be softening more than anticipated. 
McDonald's posted its steepest U.S. sales decline since the pandemic as inflationary pressures and rising economic anxiety weighed on lower- and middle-income diners. Comparable sales in the United States dropped 3.6% in the first quarter, the sharpest fall since the second quarter of 2020, and a signal that discretionary consumer spending may be softening more than anticipated. -
Kohl’s CEO Fired Over Secret Deal With Ex-Lover—$2.5M Bonus Clawed Back
Kohl's abruptly terminated CEO Ashley Buchanan this week, just four months into his tenure, following an internal investigation that revealed he directed the company to enter into undisclosed vendor transactions involving a former romantic partner, according to people familiar with the matter and company disclosures. The department store chain characterized the dismissal as "for cause," citing "unethical conduct" that violated corporate policies. 
Kohl's abruptly terminated CEO Ashley Buchanan this week, just four months into his tenure, following an internal investigation that revealed he directed the company to enter into undisclosed vendor transactions involving a former romantic partner, according to people familiar with the matter and company disclosures. The department store chain characterized the dismissal as "for cause," citing "unethical conduct" that violated corporate policies. -
Tesla Denies Report Board Sought to Replace Elon Musk as CEO
Tesla and its board moved swiftly Thursday to reject a report that suggested the electric vehicle maker was actively searching for a replacement for CEO Elon Musk amid growing investor unease, political controversy, and a steep drop in sales. 
Tesla and its board moved swiftly Thursday to reject a report that suggested the electric vehicle maker was actively searching for a replacement for CEO Elon Musk amid growing investor unease, political controversy, and a steep drop in sales. -
Eli Lilly Revenue Soars 45% to $12.73 Billion on Obesity Drug Demand, Shares Drop After CVS Cuts Zepbound
Eli Lilly reported first-quarter revenue of $12.73 billion Thursday, a 45% increase from a year ago, driven by soaring demand for its blockbuster diabetes and weight-loss drugs, Mounjaro and Zepbound. The Indianapolis-based drugmaker beat Wall Street expectations on both earnings and sales, but trimmed its full-year profit forecast due to a $1.57 billion deal charge and mounting pricing pressure in the weight-loss drug market. 
Eli Lilly reported first-quarter revenue of $12.73 billion Thursday, a 45% increase from a year ago, driven by soaring demand for its blockbuster diabetes and weight-loss drugs, Mounjaro and Zepbound. The Indianapolis-based drugmaker beat Wall Street expectations on both earnings and sales, but trimmed its full-year profit forecast due to a $1.57 billion deal charge and mounting pricing pressure in the weight-loss drug market. -
CVS Lifts 2025 Earnings Forecast After $94.6 Billion Quarter, Shares Jump 7%
CVS Health reported stronger-than-expected earnings and revenue for the first quarter Thursday, raising its full-year guidance as improvement in its insurance business helped ease investor concerns. The company posted adjusted earnings per share of $2.25, beating Wall Street's consensus estimate of $1.70, and revenue of $94.59 billion, ahead of expectations for $93.64 billion. Shares rose nearly 7% in premarket trading. 
CVS Health reported stronger-than-expected earnings and revenue for the first quarter Thursday, raising its full-year guidance as improvement in its insurance business helped ease investor concerns. The company posted adjusted earnings per share of $2.25, beating Wall Street's consensus estimate of $1.70, and revenue of $94.59 billion, ahead of expectations for $93.64 billion. Shares rose nearly 7% in premarket trading. -
China’s CIC to Sell $1 Billion in U.S. Private Equity Stake
China Investment Corporation is preparing to sell approximately $1 billion worth of U.S. private equity fund stakes in the secondary market, according to multiple people familiar with the matter, as the $1.33 trillion sovereign wealth fund moves to rebalance its portfolio against the backdrop of escalating tensions between Beijing and Washington. 
China Investment Corporation is preparing to sell approximately $1 billion worth of U.S. private equity fund stakes in the secondary market, according to multiple people familiar with the matter, as the $1.33 trillion sovereign wealth fund moves to rebalance its portfolio against the backdrop of escalating tensions between Beijing and Washington. -
Yum Brands Posts Mixed Q1 as Taco Bell Drives Growth, Pizza Hut Sales Slide 2%
Yum Brands reported stronger-than-expected same-store sales growth in the first quarter, led by robust demand at Taco Bell and KFC's international operations, even as revenue fell short of Wall Street expectations and Pizza Hut posted another quarterly decline. 
Yum Brands reported stronger-than-expected same-store sales growth in the first quarter, led by robust demand at Taco Bell and KFC's international operations, even as revenue fell short of Wall Street expectations and Pizza Hut posted another quarterly decline. -
Snap Falls Over 14% After Pulling Guidance Despite Revenue Beat, Flags Ad Headwinds
Snap Inc. reported stronger-than-expected first-quarter revenue Tuesday, but its shares fell more than 14% in after-hours trading after the company declined to provide forward guidance, citing macroeconomic concerns and volatility in the advertising market. The company said it anticipates continued pressure from economic conditions that could weigh on advertiser spending through the second quarter. 
Snap Inc. reported stronger-than-expected first-quarter revenue Tuesday, but its shares fell more than 14% in after-hours trading after the company declined to provide forward guidance, citing macroeconomic concerns and volatility in the advertising market. The company said it anticipates continued pressure from economic conditions that could weigh on advertiser spending through the second quarter.
