Boeing and the Air Force announced Friday that they reached an agreement on the pricing for a $2.56 billion contract to develop two rapid prototype E-7A Wedgetail aircraft. The E-7A Wedgetail is an airborne early warning and control (AEW&C) aircraft that's based on the Boeing 737, but it features advanced electronics and a fixed radar antenna mounted on top of the fuselage that gives the aircraft a distinctive appearance. Wedgetail is the Air Force's planned replacement for the aging fleet of E-3 Sentry air ...

Tesla stopped taking orders for the cheapest model of its Cybertruck electric pickup, which was priced at $61,000. Now, its $100,000 version is the cheapest model available for order on the automaker's website. Consumers and investors have closely monitored the supply and demand of Tesla's Cybertruck after CEO Elon Musk invested heavily in the EV truck line in recent years with the goal of producing 200,000 annually.Musk said last fall that Tesla had 1 million reservations for the truck. Some customers have ...

Chevron's announcement last week that it would relocate its corporate headquarters from California to Texas occurred in part because it was becoming increasingly difficult to do business in California, a Chevron executive said Thursday. Andy Walz, Chevron's president of Americas products, told reporters that the headquarters move comes after the company had gradually moved a number of employees from the San Ramon headquarters to the new headquarters in Texas in recent years as keeping them in the Golden Sta ...

Core Insights - Eli Lilly and Co. reported second-quarter earnings that exceeded Wall Street expectations, driven by strong sales of its weight-loss drugs Mounjaro, Zepbound, and Verzenio [1] - The company raised its full-year revenue outlook by $3 billion, now projecting between $45.4 billion and $46.6 billion [1] Financial Performance - Eli Lilly achieved global revenue of $11.3 billion in the second quarter, surpassing the expected $9.92 billion [1] - Adjusted earnings per share were reported at $3.92, exceeding Wall Street's estimate of $2.60 [1] Product Sales - Mounjaro's global revenue reached $3.09 billion, a significant increase from $979.7 million in the same quarter last year [2] - U.S. revenue for Mounjaro was $2.41 billion, up from $915.7 million year-over-year [2] - Zepbound, launched in November 2023, generated $1.24 billion in U.S. revenue [2] Market Outlook - The weight-loss drug sector is projected to reach $105 billion by 2030, with potential growth up to $144 billion according to Morgan Stanley [3] - Despite a recent forecast reduction from Novo Nordisk regarding its weight-loss drug Wegovy, Eli Lilly plans to increase supply of its own weight-loss medications [3]

Disney on Wednesday warned of softness in its theme-park business in the third-quarter. Disney’s Experience segment, the business unit that houses its theme parks, cruises and consumer products, generated revenues of nearly $8.39 billion and operating income of $2.22 billion in the three-month period. Those results represented a 2% increase and 3% decrease year over year, respectively.CLICK HERE TO READ MORE ON FOX BUSINESS "Segment revenue growth was impacted by moderation of consumer demand towards the en ...

CVS Health on Wednesday cut its 2024 earnings outlook and announced its goal to cut $2 billion in costs through a multi-year productivity initiative as medical costs continue to rise. CVS reported that its adjusted earnings for the year will now be in the range of $6.40 to $6.65 per share, down from its earlier projection of at least $7 per share. This change reflects the "continued pressure in the Health Care Benefits segment," the company said.As part of its cost-cutting efforts, the retail pharmacy chain ...

Apple's lucrative deal with Google could be under threat after a U.S. judge ruled that the Alphabet-owned search giant was operating an illegal monopoly. A potential remedy for Google to avoid antitrust actions could involve terminating the agreement, which makes its search engine a default on Apple devices, Wall Street analysts said on Tuesday.Ticker Security Last Change Change % GOOGL ALPHABET INC. 158.29 -0.96 -0.60% AAPL APPLE INC. 207.23 -2.04 -0.97% Google pays Apple $20 billion annually, or about ...

Warren Buffett's Berkshire Hathaway is selling about half of its stake in Apple and increasing its cash stockpile to almost $277 billion, according to figures released Saturday. Berkshire's quarterly report suggests that the 93-year-old Buffett, one of the world's most revered investors, is growing wary that stock market valuations have gotten too high, or that the broader U.S. economy may be in a precarious position.A stock market selloff on Friday followed a weaker-than-expected jobs report on Thursday, w ...

Months after the federal government gave Intel $8.5 billion in grants to help bring back chipmaking to the U.S., the company said it is cutting 15% of its workforce, which translates to around 17,000 jobs.  The tech company announced the job cuts as part of a massive cost-cutting and restructuring plan. "This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history," Intel CEO Pat Gelsinger said in a note to employees this week. "Simply put, we mus ...

Coca-Cola announced Friday it will pay $6 billion in back taxes and interest after a ruling in a case dating back nearly 20 years with the IRS. The dispute covers fiscal years 2007-09, which is when the IRS claimed Coca-Cola should have reported a higher income as a result of international transfer pricing."The company looks forward to the opportunity to begin the appellate process and, as part of that process, will pay the agreed-upon liability and interest," Coca-Cola said in a statement.  BOAR'S HEAD REC ...