Boeing has said that if the contract offer had been approved, the average annual wage would have risen to $102,600 – up from $75,000. Dan Gillian, Boeing Air Dominance's vice-president and general manager and a senior St Louis site executive, told the St Louis Business Journal: "We're disappointed our employees rejected an offer that featured 40% average wage growth and resolved their primary issue on alternative work schedules. We are prepared for a strike and have fully implemented our contingency plan to ...

Uber appealed to the supreme court, which on Tuesday unanimously dismissed the US company's case. In a separate case, the Estonian ride-hailing and food delivery startup Bolt this year defeated an appeal by the UK tax authority HMRC about on what it has to pay VAT on at 20%. HMRC has since been granted permission to challenge the ruling that Bolt is only liable for VAT on its margin, rather than the full cost of the trip, at the court of appeal. Uber's rival taxi operators will not have to pay 20% VAT on th ...

Core Viewpoint - The resurgence of meme stocks is driven by retail traders, reminiscent of the 2021 craze, with potential for even larger rallies as they mobilize online and disregard Wall Street skepticism [1][6]. Group 1: Retailer Performance - Retailers such as Kohl's, GoPro, Wendy's, and Krispy Kreme experienced significant stock rallies, with Kohl's up 32%, GoPro up 66%, and Krispy Kreme up 41% over the week [6]. - American Eagle Outfitters saw a 10% increase in shares after actress Sydney Sweeney was announced as the face of its marketing campaign [3]. Group 2: Market Dynamics - The current market environment, characterized by high trading volumes and speculative behavior, is conducive to meme stock rallies, similar to the conditions during the Covid era [6][10]. - The meme-stock phenomenon is often detached from traditional economic fundamentals, with investors supporting brands for emotional or ideological reasons rather than financial metrics [7][10]. Group 3: Community Influence - The wallstreetbets forum empowers retail traders to share research and ideas, leading to a decentralization of financial analysis and investment power [5]. - The community's influence is evident as retail traders push stock prices significantly, demonstrating the power of collective action [5]. Group 4: Cultural Impact - The meme culture surrounding stocks, such as Wendy's, illustrates how humor and social media can drive investment decisions, often independent of market fundamentals [8][10]. - The evolving landscape of finance, including the rise of blockchain and AI trading, reflects a shift in how retail traders engage with the market [4].

Coca-Cola has laid out plans to launch a product made with US cane sugar this year, days after Donald Trump claimed the company had agreed to replace high-fructose corn syrup. The announcement came Tuesday in Coca-Cola's earnings report. It confirmed a 16 July post on Trump's Truth Social platform in which the president said Coca-Cola "agreed" to use "REAL Cane Sugar in Coke in the United States". "This will be a very good move by them – You'll see," Trump's post said. "It's just better!" The drink maker's ...

Core Viewpoint - Chevron has successfully completed its $55 billion acquisition of Hess, gaining access to a significant oil discovery in the Stabroek Block off the coast of Guyana, following a legal victory over Exxon Mobil [1][2]. Group 1: Acquisition Details - The acquisition is one of the largest energy deals in the past decade, aimed at improving Chevron's performance [2]. - The Stabroek Block is estimated to hold over 11 billion barrels of oil, making it one of the fastest-growing oil provinces globally [2]. Group 2: Legal Context - Exxon and CNOOC, Hess's partners in Guyana, had previously filed arbitration disputes claiming pre-emptive rights to purchase Hess's stake, which delayed the acquisition for over a year [3]. - The International Chamber of Commerce (ICC) ruled against Exxon and CNOOC, with no appeals process available [4]. Group 3: Integration Plans - Chevron was preparing for the integration of Hess even while awaiting the arbitration verdict, with IT teams from both companies meeting regularly [5]. - Employees of Hess were informed about the option to request severance packages post-acquisition [5]. Group 4: Market Reaction - Following the news of the acquisition, shares of both Chevron and Exxon experienced a slight decline in morning trading [6].

Core Points - Meta Platforms and its current and former directors, including Mark Zuckerberg, have agreed to settle claims seeking $8 billion for alleged damages related to privacy violations [1][3] - The settlement details were not disclosed, and the trial was adjourned before entering its second day [2] - Shareholders aimed to hold the defendants liable for fines and legal costs incurred by the company, including a $5 billion FTC fine in 2019 for failing to protect user data [3][4] Group 1 - The lawsuit involved allegations that Meta's board members failed to oversee compliance with a 2012 FTC agreement and that Zuckerberg and Sandberg operated Facebook as an illegal data harvesting entity [7] - The case was linked to the Cambridge Analytica scandal, which highlighted significant data privacy issues and led to the record FTC fine [7][10] - An expert witness testified about weaknesses in Facebook's privacy policies, although he did not confirm any violations of the 2012 agreement [8] Group 2 - The trial was expected to include testimonies from notable figures, including former board members Peter Thiel and Reed Hastings [6] - The settlement has been criticized for lacking public accountability, as it prevents a thorough examination of the company's practices [5][12] - Meta has claimed to have invested billions into user privacy protections since the FTC fine in 2019 [10]

Core Points - An $8 billion trial against Meta Platforms shareholders has commenced, focusing on allegations that the company illegally harvested Facebook user data, violating a 2012 agreement with the FTC [1][5] - The trial features testimony from key figures including Mark Zuckerberg, Sheryl Sandberg, and other board members, with the plaintiffs claiming misleading privacy disclosures [2][3] - The case stems from the Cambridge Analytica scandal, which led to a $5 billion FTC fine against Facebook for data protection violations [4][5] Group 1: Trial Details - The trial is presided over by Chief Judge Kathaleen McCormick in a non-jury setting, with significant testimonies expected from high-profile defendants [2][3] - The plaintiffs are seeking reimbursement for the FTC fine and other legal costs, estimated to exceed $8 billion [5] - The defendants have characterized the allegations as "extreme" and assert that Facebook took measures to comply with the FTC agreement [6][7] Group 2: Legal Context - This lawsuit is notable as it is the first of its kind to go to trial, alleging that board members failed to oversee their company effectively [7] - Known as a Caremark claim, such lawsuits are challenging to prove under Delaware corporate law, although recent trends show an increase in these claims being allowed to proceed [8] - The trial follows recent changes in Delaware corporate law aimed at making it more difficult for shareholders to challenge deals with controlling shareholders [9][10] Group 3: Additional Allegations - Plaintiffs also allege that Zuckerberg sold Facebook shares anticipating a decline in stock value due to the Cambridge Analytica scandal, profiting at least $1 billion [12] - Defendants plan to present evidence that Zuckerberg did not engage in insider trading and followed a stock-trading plan designed to prevent such actions [12]

Core Insights - Nvidia has become the first public company to reach a $4 trillion market value, driven by a significant rise in demand for artificial intelligence technologies [1] - The company's market value has more than tripled in about a year, surpassing both Apple and Microsoft in growth rate [2] - Nvidia's market value represents approximately 7.3% of the S&P 500 index, highlighting its substantial impact on the market [3] Company Performance - Nvidia's stock price increased by approximately 2.4% to $164, reflecting ongoing investor confidence [1] - The company rebounded about 74% from its April lows, indicating a strong recovery despite challenges such as US export controls on advanced chips to China [3] Market Context - The S&P 500 has reached an all-time high, influenced by optimism around trade agreements and the performance of tech stocks [4] - Analysts predict that other tech giants, including Microsoft, will soon join Nvidia in the $4 trillion market valuation club, emphasizing the ongoing AI revolution [4][5]

Shares in Tesla are heading for a sharp fall in the US as investors fear Elon Musk's launch of a new political party will present further problems for the electric carmaker. Tesla stock was down more than 7% in pre-market trading on Monday, threatening to wipe approximately $70bn (£51bn) off the company's value when Wall Street opens. If the shares fell by that much, the value of Musk's stock would fall by more than $9bn to about $120bn. The Tesla and Space X boss remains comfortably the world's richest per ...

Core Viewpoint - Tesla is experiencing a significant decline in quarterly deliveries, indicating a potential second consecutive annual sales decline due to waning demand linked to CEO Elon Musk's political stance and an aging vehicle lineup [1]. Delivery Performance - Tesla delivered 384,122 vehicles in Q2, a decrease of 13.5% from 443,956 units in the same quarter last year [2]. - Analysts had anticipated deliveries of approximately 394,378 vehicles, with some estimates dropping as low as 360,080 units [2]. Market Reaction - The market's response to Tesla's delivery figures was somewhat positive, as analysts had recently lowered their forecasts, suggesting that the results were not as poor as initially feared [3]. Stock Performance - Tesla's stock has declined by 25% this year, primarily due to concerns over brand damage in Europe and the U.S. linked to Musk's political affiliations [4]. - Following a public split between Musk and Trump in early June, Tesla lost around $150 billion in market value, although the share price has seen some recovery since then [4]. Product Strategy - Despite Musk's earlier claims of a sales turnaround, Tesla's delivery drop occurs in a growing global EV market [5]. - The company updated its best-selling Model Y crossover, which temporarily halted production and led to some buyers delaying purchases [5]. Revenue and Valuation - Tesla's revenue and profit are heavily reliant on its core EV business, with much of its valuation tied to Musk's ambitions of transforming its vehicles into robotaxis [6]. Robotaxi Initiative - Tesla launched a limited robotaxi service in Austin, Texas, with restrictions and only a small number of vehicles on the road [7]. - The U.S. National Highway and Transportation Safety Administration has initiated an investigation into this autonomous ride service launch [7]. Future Sales Expectations - Tesla plans to produce a more affordable vehicle, likely a pared-down Model Y, by the end of June [8]. - Analysts predict a second consecutive annual sales decline for Tesla this year, with the company needing to deliver over a million units in the second half to meet Musk's growth targets, which is considered a challenging goal [8].