Jonathan Wong
The Latest
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BP to Reward Shareholders with $7 Billion Buyback Despite Falling Profits
British oil giant BP PLC announced a substantial $7 billion stock buyback plan for 2024, even as it grapples with a near 30% decline in profits for the first half of the year. This move comes as the company faces criticism for prioritizing shareholder returns over more aggressive climate action. 
British oil giant BP PLC announced a substantial $7 billion stock buyback plan for 2024, even as it grapples with a near 30% decline in profits for the first half of the year. This move comes as the company faces criticism for prioritizing shareholder returns over more aggressive climate action. -
BMW, Chrysler, Ford, and Maserati Among Automakers Issuing Major Car Recalls
The National Highway Traffic Safety Administration (NHTSA) recently issued multiple recalls affecting over 313,000 vehicles from various automakers, including BMW, Chrysler, Ford, and Maserati. These recalls address a range of issues from safety hazards to incorrect information labels, reflecting ongoing efforts to maintain vehicle safety standards. 
The National Highway Traffic Safety Administration (NHTSA) recently issued multiple recalls affecting over 313,000 vehicles from various automakers, including BMW, Chrysler, Ford, and Maserati. These recalls address a range of issues from safety hazards to incorrect information labels, reflecting ongoing efforts to maintain vehicle safety standards. -
McDonald's Q2 Earnings Miss Expectations Amid Consumer Pullback
McDonald's reported disappointing second-quarter earnings on Monday, highlighting the ongoing challenges faced by the fast-food giant as consumers become more price-sensitive. The company missed Wall Street estimates across the board, revealing that even dominant players in the fast-food industry are not immune to current economic pressures. 
McDonald's reported disappointing second-quarter earnings on Monday, highlighting the ongoing challenges faced by the fast-food giant as consumers become more price-sensitive. The company missed Wall Street estimates across the board, revealing that even dominant players in the fast-food industry are not immune to current economic pressures. -
Apple Reaches Landmark Labor Agreement with Maryland Store Workers
In a groundbreaking move for labor relations within the tech industry, Apple and the union representing employees at its Towson, Maryland store have reached a tentative agreement. This marks the first labor deal for Apple store workers in the United States and signifies a major milestone in the growing movement for unionization across the tech sector. 
In a groundbreaking move for labor relations within the tech industry, Apple and the union representing employees at its Towson, Maryland store have reached a tentative agreement. This marks the first labor deal for Apple store workers in the United States and signifies a major milestone in the growing movement for unionization across the tech sector. -
Abbott Ordered to Pay $495M Over Infant Formula Linked to Severe Disease
A St. Louis jury on Friday delivered a landmark verdict against Abbott Laboratories, ordering the healthcare company to pay $495 million in damages over claims that its specialized formula for premature infants caused a severe bowel disease in a young girl. This case is the first of hundreds of similar lawsuits against the company, marking a significant moment in ongoing legal battles concerning the safety of infant formulas. 
A St. Louis jury on Friday delivered a landmark verdict against Abbott Laboratories, ordering the healthcare company to pay $495 million in damages over claims that its specialized formula for premature infants caused a severe bowel disease in a young girl. This case is the first of hundreds of similar lawsuits against the company, marking a significant moment in ongoing legal battles concerning the safety of infant formulas. -
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.
