Business

Stellantis, a major player in the automotive industry, has announced plans to lay off approximately 2,450 jobs in the United States by the end of the year. This decision is in line with the end of production of the Ram 1500 'Classic' model at its Michigan plant. Since its debut following the launch of a new Ram 1500 model in 2018, the “Classic” variant has been an affordable option for early buyers and commercial fleets. This vehicle is produced at the Warren Truck Assembly Plant, which also produces models such as the Jeep Wagoneer and Grand Wagoneer, not far from…

The after-hours trading session in the stock market often reveals significant movements that can indicate broader economic trends or react to breaking news. Recently, several well-known companies including Paramount, Expedia, and Elf Beauty have seen significant fluctuations in their stock prices after the conclusion of regular trading hours. Here’s a closer look at these movements and the potential factors that drive them. Fundamental Shares of Paramount Global rose in after-hours trading, likely influenced by recent news about strategic partnerships or content releases that could impact future revenue streams. Entertainment and media companies often see stock volatility based on the performance…

On the busy streets of New York City, amid the daily hustle and bustle, a storefront displays a sign that simply reads “Jobs.” This sign, captured on August 2, 2024, could symbolize a sea change in the U.S. labor market. Initial jobless claims fell more sharply than expected last week, suggesting resilience in an otherwise uncertain labor market. According to the latest data from the Labor Department, new jobless claims fell to a seasonally adjusted 233,000, down 17,000 from the previous week’s revised figure. That number not only beat expectations, but also fell below the 240,000 forecast by the Dow…

During the midday trading session, notable moves were observed in several prominent companies, with Eli Lilly, Under Armour, and Warner Bros. Discovery being the standouts. These moves reflect a variety of economic factors, corporate strategies, and market responses that warrant detailed analysis. Eli Lilly has seen a significant increase in its stock price, likely attributable to recent announcements of breakthroughs in innovative treatments that promise to significantly improve the quality of life of patients with chronic conditions. The positive reception of these advances by the medical community and investors has increased the value of its stock. In the meantime, Under…

Paramount Global has announced a 15% reduction in its U.S. workforce, in line with a global cost-cutting strategy in anticipation of its upcoming merger with Skydance Media. The company disclosed plans to achieve $500 million in cost savings, contributing to a larger $2 billion in synergies expected from its merger with Skydance. The upcoming layoffs, scheduled to begin soon and be completed by the end of the year, will primarily affect departments such as marketing, communications, finance, legal, technology and other support roles, the company noted in its recent earnings conference call. Last month, Paramount confirmed its merger with Skydance…

The CEO of Maersk, a leading global trade indicator, said the U.S. shows no signs of entering a recession, with demand for cargo remaining solid. The announcement was made Wednesday during an interview with CNBC's "Squawk Box Europe." Vincent Clerc, CEO, highlighted the resilience of the container shipping market despite the widespread economic uncertainties of recent years. He stressed that container demand consistently reflects the broader economic health. Clerc stressed that while U.S. inventory levels have risen since the start of the year, they are not alarming and do not suggest a major economic downturn is imminent. He noted fluctuations…

In a recent interview, JPMorgan Chase CEO Jamie Dimon reiterated his view that a U.S. recession remains a likely outcome, assigning a 35% to 40% chance for a mild economic downturn. That reflects his consistent stance since February, when he expressed skepticism about the market’s overly positive sentiment on recession risks. In his conversation with CNBC’s Leslie Picker, Dimon stressed that his assessment remains unchanged, highlighting ongoing global and domestic challenges that could impact economic stability. These include geopolitical tensions, housing market fluctuations, government deficits, and policy actions such as quantitative tightening and upcoming elections, all of which are contributing…

Disney is set to raise subscription fees for its streaming platforms, including Disney+, Hulu and ESPN+, starting in mid-October. The company announced Tuesday that most plans for these services will see a $1-2 per month price increase. The biggest increase will be Hulu’s live TV packages, which will increase by $6 per month. For Disney+, the basic plan will now cost $9.99 per month, while the premium plan will be priced at $15.99. Hulu’s ad-supported plan will cost $9.99 per month, and the ad-free version will cost $18.99. ESPN+, which includes ads, will be priced at $11.99 per month. These…

Unemployment rates among white, black and Hispanic women rose in June, in line with broader economic trends, according to data released Friday by the Labor Department. White adult women saw a slight increase in unemployment, from 3.0% in May to 3.1% in June. Black women saw their unemployment rate increase from 5.2% to 5.7%, while Hispanic women saw an increase from 4.1% to 4.5%. Overall, the national unemployment rate rose to 4.1%, from 4.0% last month. In contrast, unemployment rates for men in all three racial groups declined. The rate for white men fell to 3.2 percent from 3.4 percent,…

MIAMI — With the growing likelihood that Donald Trump will win the 2024 presidential election, Goldman Sachs economists are warning that another term for the former president could have “profound implications” for the euro area economy. “Our baseline estimates point to a significant decline in GDP (gross domestic product) of around 1% with a modest increase in inflation of 0.1 percentage points,” Goldman Sachs’ Jari Stehn and James Moberly noted in a report released Friday, before Saturday’s assassination attempt. "Trump's re-election would therefore pose a significant downside risk to our otherwise constructive growth forecast for the euro area." Uncertainty over…