The National Transportation Safety Board on Tuesday questioned key witnesses from Boeing, Spirit AeroSystems and the Federal Aviation Administration on the mid-air cabin panel blowout of an Alaska Airlines 737 MAX 9 door plug in January.During the start of its two-day investigative hearing, the board released 3,800 pages of factual reports and interviews from the ongoing investigation.The incident badly damaged Boeing’s reputation and led to the MAX 9 being grounded for two weeks, a ban by the FAA on expand ...

Economists at Goldman Sachs raised the likelihood of the US economy slipping into a recession within the next 12 months from 15% to 25% while continuing to view the risk of recession as limited, according to a report.Goldman economists led by Jan Hatzius, the firm’s chief economist and head of global investment research, wrote that they “continue to see recession risk as limited” in a report to clients on Sunday that was reviewed by Bloomberg.They said the US economy appears to be “fine overall” and noted t ...

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. The soda company ...

Intel's stock price nosedived more than 25% on Friday trading, one its worst trading days in 40 years. The company lost roughly $30 billion in market value after it gave a disappointing forecast and said it would cut 15% of its workforce, deepening worries about its ability to catch up with Taiwan's TSMC and other chipmakers. "Intel's issues are now approaching the existential in our view," Bernstein analyst Stacy Rasgon said. 4 Intel shares plunged nearly 30% on Friday after it announced mass layoffs and d ...

Attorneys for Elon Musk and Tesla’s corporate directors are asking a Delaware judge to vacate her ruling requiring the company to rescind a massive and unprecedented pay package for Musk.Friday’s hearing follows a January ruling in which Chancellor Kathaleen St. Jude McCormick concluded that Musk engineered the landmark 2018 pay package in sham negotiations with directors who were not independent. The compensation package initially carried a potential maximum value of about $56 billion, a sum that has fluct ...

Oil giant Chevron is moving its headquarters to Texas from California, the latest company to exit the Golden State.The company on Friday announced its planned corporate relocation to Houston from San Ramon, where it has long been based.“The company expects all corporate functions to migrate to Houston over the next five years,” Chevron said. “Positions in support of the company’s California operations will remain in San Ramon.”Chevron said about 2,000 of its employees work in San Ramon at the moment and 7,0 ...

Chipmaker Intel Corp. is cutting 15% of its massive workforce — about 15,000 jobs — as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD.In a memo to staff, Intel CEO Pat Gelsinger said Thursday the company plans to save $10 billion in 2025. “Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate,” he wrote in the memo published to Intel’s website. “Our revenues have not grown as expected – and we’ve ...

Apple on Thursday reported a return to sales growth in its fiscal third quarter as iPhone revenue topped Wall Street targets, helping cushion a bigger-than-expected sales decline in major market China.The company said revenue rose 4.9% to $85.78 billion in the three months ended June 29, beating the average analyst estimate of $84.53 billion, according to LSEG data.Sales of iPhones fell 0.9% to $39.30 billion, a smaller decline than the 2.2% drop analysts expected, as demand picked up ahead of the launch of ...

Amazon forecast current quarter sales below estimates, and shares fell sharply after hours even though second-quarter profit beat Wall Street estimates.Amazon’s focus on successes in its AWS cloud computing did not cheer investors who sent shares of the Seattle-based company down more than 6% in extended trading.“We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued re-acceleration in AWS growth,” CEO Andy Jassy said in a release announcing the results.Amaz ...

Core Insights - Wayfair's shares have dropped over 11% following the CEO's statement that demand for household goods has reached levels comparable to the "financial crisis" of 2008 [1] - The company reported second quarter earnings that fell short of Wall Street expectations, indicating ongoing struggles since the pandemic [1] - High interest rates and inflation have contributed to a slowdown in new home purchases, further impacting demand for home furnishings [1] Company Actions - Wayfair has implemented significant workforce reductions, cutting 5% of its staff (approximately 870 jobs) last year and an additional 1,650 jobs in January [1] - The company acknowledges over-hiring during the pandemic and is working to return to its core principles [1] - To attract customers, Wayfair is offering substantial discounts, including 60% off bedding and bath linens, which is atypical for this time of year [3] Industry Context - The home furnishings sector is experiencing a significant correction, with demand declines similar to those observed during the 2008-2010 recession [3] - The finance chief of Wayfair noted that the current category correction resembles a GDP recession, highlighting the severity of the situation [3]