Jonathan Wong
The Latest
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GM Quarterly Profit Drops 35% as Trump Tariffs Cost Automaker $1.1 Billion
General Motors reported a 35% decline in second-quarter profit Tuesday, driven by a $1.1 billion hit from President Donald Trump's new tariffs, which the company warned will have an even greater impact in the second half of 2025. GM reaffirmed its full-year forecast but acknowledged that trade headwinds could shave as much as $5 billion from its bottom line. 
General Motors reported a 35% decline in second-quarter profit Tuesday, driven by a $1.1 billion hit from President Donald Trump's new tariffs, which the company warned will have an even greater impact in the second half of 2025. GM reaffirmed its full-year forecast but acknowledged that trade headwinds could shave as much as $5 billion from its bottom line. -
Alaska Airlines Resumes Operations After System-Wide Ground Stop, FAA Confirms
Alaska Airlines was forced to ground all its mainline and Horizon Air flights late Sunday following a system-wide IT outage, leaving passengers stranded and operations disrupted across the United States. The airline lifted the ground stop by 11 p.m. Pacific time, according to statements by both Alaska Airlines and the Federal Aviation Administration (FAA). 
Alaska Airlines was forced to ground all its mainline and Horizon Air flights late Sunday following a system-wide IT outage, leaving passengers stranded and operations disrupted across the United States. The airline lifted the ground stop by 11 p.m. Pacific time, according to statements by both Alaska Airlines and the Federal Aviation Administration (FAA). -
Stellantis Posts $2.7 Billion First-Half Loss as Tariffs, Restructuring and Weak U.S. Sales Weigh Heavily
Stellantis reported a €2.3 billion ($2.7 billion) net loss for the first half of 2025, marking a dramatic reversal from its €5.6 billion profit a year earlier, as U.S. tariffs, restructuring costs, and sluggish demand in core markets continue to batter the automaker's financial performance. 
Stellantis reported a €2.3 billion ($2.7 billion) net loss for the first half of 2025, marking a dramatic reversal from its €5.6 billion profit a year earlier, as U.S. tariffs, restructuring costs, and sluggish demand in core markets continue to batter the automaker's financial performance. -
Sarepta Shares Plunge 38% After Third Gene Therapy Death Sparks FDA Scrutiny
Sarepta Therapeutics saw its shares plunge more than 35% Friday after a third patient death tied to its gene therapy programs deepened regulatory scrutiny and rattled investor confidence. The Food and Drug Administration is reportedly preparing to request a voluntary halt in shipments of Sarepta's approved treatment, Elevidys, according to a person familiar with the matter who spoke to CNBC. 
Sarepta Therapeutics saw its shares plunge more than 35% Friday after a third patient death tied to its gene therapy programs deepened regulatory scrutiny and rattled investor confidence. The Food and Drug Administration is reportedly preparing to request a voluntary halt in shipments of Sarepta's approved treatment, Elevidys, according to a person familiar with the matter who spoke to CNBC. -
Chevron Finalizes $53B Hess Deal After ICC Rules Against Exxon in Guyana Oil Dispute
Chevron Corp. has completed its $53 billion acquisition of Hess Corp. following a decisive legal victory over Exxon Mobil in a high-stakes dispute concerning oil rights in Guyana. The ruling by the International Chamber of Commerce (ICC) cleared the final hurdle to one of the largest energy mergers in over a decade, granting Chevron a critical stake in the Stabroek Block-an offshore field estimated to hold more than 11 billion barrels of oil. 
Chevron Corp. has completed its $53 billion acquisition of Hess Corp. following a decisive legal victory over Exxon Mobil in a high-stakes dispute concerning oil rights in Guyana. The ruling by the International Chamber of Commerce (ICC) cleared the final hurdle to one of the largest energy mergers in over a decade, granting Chevron a critical stake in the Stabroek Block-an offshore field estimated to hold more than 11 billion barrels of oil. -
Uber to Deploy 20,000 Lucid Robotaxis in $300 Million Deal with Nuro
Uber Technologies announced Thursday a sweeping six-year partnership with electric vehicle manufacturer Lucid Motors and autonomous driving startup Nuro to roll out more than 20,000 robotaxis across major U.S. cities, signaling an aggressive push into driverless ride-hailing as competition with Waymo and Tesla intensifies. 
Uber Technologies announced Thursday a sweeping six-year partnership with electric vehicle manufacturer Lucid Motors and autonomous driving startup Nuro to roll out more than 20,000 robotaxis across major U.S. cities, signaling an aggressive push into driverless ride-hailing as competition with Waymo and Tesla intensifies. -
PepsiCo Tops Q2 Estimates With $2.12 EPS Despite North America Volume Declines
PepsiCo reported second-quarter earnings that beat Wall Street expectations, with adjusted earnings per share of $2.12 and revenue of $22.73 billion, despite ongoing weakness in its North American food and beverage divisions. The results, released Thursday, boosted Pepsi shares roughly 2% in premarket trading. 
PepsiCo reported second-quarter earnings that beat Wall Street expectations, with adjusted earnings per share of $2.12 and revenue of $22.73 billion, despite ongoing weakness in its North American food and beverage divisions. The results, released Thursday, boosted Pepsi shares roughly 2% in premarket trading. -
Goldman Sachs Profit Jumps 22% to $3.72 Billion as Trading and Deal Activity Surge Past Forecasts
Goldman Sachs reported second-quarter earnings of $3.72 billion, or $10.91 per share, surpassing analyst expectations as its trading and investment banking divisions delivered strong results. The Wall Street giant's profit rose 22% from the same period a year earlier, with total revenue climbing 15% to $14.58 billion, exceeding the $13.47 billion consensus forecast compiled by LSEG. 
Goldman Sachs reported second-quarter earnings of $3.72 billion, or $10.91 per share, surpassing analyst expectations as its trading and investment banking divisions delivered strong results. The Wall Street giant's profit rose 22% from the same period a year earlier, with total revenue climbing 15% to $14.58 billion, exceeding the $13.47 billion consensus forecast compiled by LSEG. -
Bank of America Tops Profit Estimates on Trading Surge, But Misses Revenue Target Amid Investment Banking Drag
Bank of America posted a 3% increase in second-quarter profit, driven by robust trading revenues and higher net interest income, although overall revenue came in slightly below Wall Street expectations. The Charlotte-based lender reported net income of $7.12 billion, or 89 cents per share, surpassing analysts' forecast of 86 cents per share compiled by LSEG. 
Bank of America posted a 3% increase in second-quarter profit, driven by robust trading revenues and higher net interest income, although overall revenue came in slightly below Wall Street expectations. The Charlotte-based lender reported net income of $7.12 billion, or 89 cents per share, surpassing analysts' forecast of 86 cents per share compiled by LSEG. -
Apple Commits $500 Million to MP Materials to Boost U.S. Rare Earth Magnet Supply
Apple Inc. (NASDAQ:AAPL) announced a $500 million commitment to MP Materials (NYSE:MP) to expand the domestic supply of rare earth magnets used in its products, marking a significant step in the U.S. push to reduce dependence on China for critical materials. The multiyear deal will support new manufacturing and recycling facilities in Texas and California and aligns with broader national security priorities championed by the Trump administration. 
Apple Inc. (NASDAQ:AAPL) announced a $500 million commitment to MP Materials (NYSE:MP) to expand the domestic supply of rare earth magnets used in its products, marking a significant step in the U.S. push to reduce dependence on China for critical materials. The multiyear deal will support new manufacturing and recycling facilities in Texas and California and aligns with broader national security priorities championed by the Trump administration.
