Walt Disney handily beat Wall Street's earnings expectations on Wednesday, lifted by record results at its theme parks and continued cost-cutting efforts, as it announced an investment in Fortnite-maker Epic Games. Even before the company's investor call, CEO Bob Iger announced in a CNBC interview that the company would take a $1.5 billion stake in Epic and work with the company to create a "huge Disney universe.""This marks Disney’s biggest entry ever into the world of games and offers significant opportun ...

Electric vehicle giant Tesla is reportedly mulling over which positions are absolutely necessary, sparking concerns from employees that job cuts at the automaker are imminent. Citing people familiar, Bloomberg reported Wednesday that Tesla has asked its U.S. managers to assess whether each of their subordinates' jobs are "critical" to the operation, leaving staff rattled over the possibility of layoffs. Ticker Security Last Change Change % TSLA TESLA INC. 187.58 +2.48 +1.34% Tesla, Inc. Tesla did not immedi ...

Ford Motor Co. is considering getting rid of the automated parallel parking feature in its vehicles as part of its cost-cutting measures in 2024, saying few customers utilize it anyway. Chief Operating Officer Kumar Galhotra said during a call with analysts Tuesday, saying the automaker plans to make some material and design changes aimed at improving efficiency and saving money.Galhotra said connected vehicle data has helped the company determine whether customers are using certain features, and from asses ...

Core Insights - Costco CFO Richard Galanti announced plans to step down after nearly 40 years in the role, with Gary Millerchip, the former Kroger finance chief, set to take over on March 15 [1] - Galanti has been a prominent figure during quarterly earnings calls, sharing notable sales figures, including over 4 million pie sales in the days before Thanksgiving and $100 million in gold bar sales in the last quarter [1] - Costco had 129.5 million cardholders at the end of November, and Galanti has indicated that an increase in membership fees is anticipated in the future [1] Company Leadership - CEO Ron Vachris, who began leading Costco last month, expressed gratitude to Galanti for his significant contributions to the company's success and noted his respect among shareholders and employees [2]

Facebook parent Meta shares soared after announcing its first cash dividend ever following its biggest quarterly growth in more than two years.  The company saw its market value rise by over $200 billion on Friday and is on pace for a record one-day market cap gain for any U.S. company, as tracked by Dow Jones Market Data Group. The move netted CEO Mark Zuckerberg a cool $29 billion in just a few hours.Ticker Security Last Change Change % META META PLATFORMS INC. 467.77 +13.05 +2.87% In 2023, the company s ...

In the lead up to Disney’s release of first-quarter financial results on Wednesday afternoon, activist investors have continued to push the entertainment giant. That pressure has come from two entities, Trian Group and Blackwells Capital, who have made their own proposals for Disney's upcoming annual meeting. Activist HeatNelson Peltz and Trian Group Trian Group has continued to pursue board seats for activist investor Nelson Peltz and former Disney CFO James Rasulo, calling for their election to "restore t ...

Toyota announced Tuesday the automaker is pouring another $1.3 billion into its flagship Georgetown, Kentucky, plant, where it will begin producing a new all-electric SUV. The Japanese automaker says the project will bring its investments in the plant to nearly $10 billion. Ticker Security Last Change Change % TM TOYOTA MOTOR CORP. 218.86 +15.83 +7.80% Toyota Motor Corp "Today’s announcement reflects our commitment to vehicle electrification and further reinvesting in our U.S. operations," said Kerry Creech ...

Facebook parent Meta warned investors in its latest annual report that its CEO’s passion for combat sports and other high-risk activities could harm its business if he were to be unavailable as a result of partaking in such activities. In an annual report filed with the Securities and Exchange Commission (SEC), Meta noted that CEO Mark Zuckerberg practices combat sports, including mixed martial arts (MMA) and other activities that pose a high risk to his wellbeing that could impact the social media giant’s ...

The president of UAE-based airline Emirates is warning that Boeing’s manufacturing processes have declined and that the company needs a course correction following a 737 Max 9’s loss of a door plug panel and the aircraft’s subsequent grounding for inspections. Tim Clark, who has served as the president of Emirates since 2003, told the Financial Times that Boeing’s manufacturing quality has been in "progressive decline" and that has landed the aviation giant in "the last chance saloon." He added that Emirate ...

McDonald's sales took a hit in the latest quarter due to the ongoing turmoil in the Middle East. It primarily impacted the international development licensed markets and segment whose same store sales increased a slim 0.7%. This small uptick reflected "the impact of the war in the Middle East," the company said, adding that it's "monitoring the evolving situation" but anticipates that there will be a continued negative impact on systemwide sales and revenue as long as the war continues. Ticker Security Last ...