Ford Motor announced on Thursday that it was revising its production targets for electric vehicles (EVs) due to slower-than-expected adoption rates. The automaker now anticipates reaching a production rate of 600,000 EVs per year sometime in 2024, a delay from its earlier estimate of achieving that level by the end of 2023. Additionally, Ford had
Business
Macy’s, the well-established department store chain with a history spanning 165 years, is grappling with declining sales and a struggling stock amid a thriving market. In an effort to keep up with newer competitors such as direct-to-consumer brands, online giants like Amazon and Shein, and big-box players like Target, Macy’s is placing its bets on
UnitedHealth Group, the largest healthcare company in the United States, experienced a surge in stock prices after reporting impressive second-quarter revenue and adjusted earnings that surpassed Wall Street’s predictions. Despite concerns over rising medical costs and an increase in demand for non-urgent surgeries and outpatient services, the company managed to ease investor worries. UnitedHealth Group’s
In a strategic move to accelerate the development of artificial intelligence (AI) models for drug discovery, chipmaker Nvidia has announced its plan to invest $50 million in Recursion Pharmaceuticals. Following this announcement, Recursion’s stock experienced a significant surge of 80%, while Nvidia’s shares also rose by more than 2%. This investment aims to leverage Nvidia’s
Hollywood is on the brink of another strike if the negotiations between the Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA) and the Alliance of Motion Picture and Television Producers (AMPTP) fail to reach an agreement by midnight in Los Angeles. In the event of a strike, an additional 160,000 actors
Only approximately one-third of patients who are prescribed weight loss drugs, such as Wegovy, a popular injection developed by Novo Nordisk, continue taking the medication after a year. Surprisingly, the total healthcare costs for this group actually increased, according to an analysis conducted by Prime Therapeutics, a leading pharmacy benefit manager in the United States.
Bank of America, the second-largest bank in the United States, has been found to engage in deceptive practices that have harmed hundreds of thousands of its customers in recent years, according to the Consumer Financial Protection Bureau (CFPB). The CFPB stated that the bank charged multiple overdraft fees of $35 for the same transaction, failed
Bed Bath & Beyond has canceled its auction for the Buy Buy Baby chain after failing to find a buyer willing to keep the stores operating. Although the auction was unsuccessful, there are still parties interested in the assets of the baby retailer. Bidders withdrew from the auction when they realized that the chain’s value
Several major US banks, including JPMorgan Chase, Wells Fargo, and Morgan Stanley, have announced their intention to raise their quarterly dividends after successfully completing the Federal Reserve’s annual stress test. JPMorgan plans to increase its payout from $1 to $1.05 per share starting in the third quarter, pending board approval. According to JPMorgan CEO Jamie
The inventory of homes available for purchase in the resale market has been dwindling, and the situation is only set to worsen. According to Realtor.com, the number of homes for sale this month was actually 7% higher than in June of the previous year. However, this positive trend quickly reversed, as the number of homes