Why hundreds of U.S. banks may be at risk of failure
Of about 4,000 banks, 282 banks face threats from commercial real estate and higher interest rates, according to a study by Klaros Group.
Pfizer beats earnings estimates, raises outlook on cost cuts and smaller-than-feared drop in Covid drug sales
The pharmaceutical giant’s quarterly results also benefited from a smaller-than-feared drop in sales for its Covid antiviral pill Paxlovid.
Private payrolls increased by 192,000 in April, more than expected for resilient labor market
Private payrolls increased at a faster than expected pace in April, indicating there are still plenty of tailwinds for the U.S. labor market.
Johnson & Johnson to pay $6.5 billion to resolve nearly all talc ovarian cancer lawsuits in U.S.
The deal would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management.
Demand for riskier adjustable-rate mortgages hits highest level of the year, due to rising rates
The share of ARM applications rose to 7.8% of mortgage demand last week, according to the Mortgage Bankers Association. That is the highest level of the year.
CVS shares plummet as health company slashes profit outlook on higher medical costs
CVS and other insurers have seen medical costs spike as many Medicare Advantage patients return to hospitals to undergo procedures they delayed during Covid.
The Fed would only cut rates to help the U.S. service its soaring debt, fund manager says
The reason the Fed may be tempted to cut rates would be to help the U.S. cover interest payments on the national debt, according to fund manager Freddie Lait.
Trump Media insider trading trial begins with co-founder testifying, ‘I’ve never been paid at all’
Trump Media announced plans to merge with a shell company in late 2021. The legal fallout from the deal is playing out in multiple courtrooms.
Amazon cost cuts drive operating margin into double digits for first time
Amazon’s operating margin jumped past 10%, topping a prior high of 8.2% in 2021.
Tesla shares drop nearly 6% after Musk cuts about 500 jobs in Supercharger team
Tesla is continuing a sweeping reorganization and laying off some 500 employees from its Supercharger team.
