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LIVE BUSINESS UPDATES: Stock market closed Good Friday, jobs data, McDonald’s cuts

Stock and bond markets are closed for Good Friday, hiring slows in March, McDonald’s restructuring includes pay package cuts, the Masters tournament to deliver winning golfer payday worth millions. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.


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Exxon eyes potential deal with shale driller Pioneer Natural Resources: report


Exxon Mobil Corp has held preliminary talks with Pioneer Natural Resources Co about a possible acquisition of the U.S. fracking giant, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Discussions between the two companies about a potential deal have been informal, the newspaper said, adding that Exxon executives have discussed a potential tie-up with at least one other company.

Exxon declined to comment on the report. Pioneer did not immediately respond to Reuters' requests for comment.

Posted by Reuters

McDonald's cuts pay packages for some employees: report


McDonald's Corp is cutting pay packages for some employees as part of a restructuring that includes layoffs and the shutting down of some offices, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Reuters on Monday reported that the number of corporate employees the company was planning to lay off this week will tally in the "hundreds."

The fast-food chain has offered some employees a chance to remain at the company with reductions in their compensation packages, including changes to titles and benefits such as bonuses and equity grants, the WSJ report said.

Job cuts and changes at McDonald's are affecting employees in the United States and abroad, at the company's Chicago headquarters and in its field offices, and across departments including marketing and operations, the report added.

McDonald's declined to comment on the report.

Posted by Reuters

Rivian recalls vehicles for reverse light beam visibility


Electric vehicle maker Rivian is recalling more than 5,000 2022-2023 R1S models.

The National Highway Traffic Safety Administration said the reverse light beam may not be visible from certain angles. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 108, "Lamps, Reflective Devices, and Associated Equipment."

Rivian will repair or replace the reverse lights, free of charge. Owner notification letters are expected to be mailed May 20, 2023.

Posted by Reuters

Medical Properties Trust expects $300M hit to earnings

Medical Properties Trust Inc.

Medical Properties Trust, expects the book value of some of it's properties in Utah, used by its tenant Steward Health Care Systems to drop from $1.2B to $900M in book value according to a Wall Street Journal report.

MPT bought up large amounts of hospital real estate during the pandemic. The loss stems from the possibility that some of MPT's largest tenants could be in financial distress.

MPT is one of America's biggest hospital property owners. Once known for it's stable dividends, it has become the target over short selling.

Posted by FOX Business

Dollar General cited for safety hazards by Labor Department

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Dollar General is facing a Department of Labor complaint that it exposed workers to dangerous safety hazards — including blocked emergency exit routes and electrical panels.

The allegations come from a November 2022 inspection of a store in Jersey Shore, Pennsylvania.

The findings continue the nationwide discount retail chain’s history of federal workplace safety violations that have generated $15 million in penalties since 2017.

Dollar General has 15 business days from receipt of its citations and penalties to comply, request an informal conference with OSHA’s area director, or contest the findings.

Posted by Reuters

Used US electric vehicle sales jump as prices fall


Used electric vehicle sales in the United States rose 32% in the first three months of 2023 as prices fell, data provider Cox Automotive said on Friday.

The group said the average retail listing prices for used EVs was around $43,400, down 4% from the same quarter last year and significantly below the average new EV price of about $59,000.

The group said used EV prices were probably cut due to aggressive price reductions by Tesla for new vehicles.

On Thursday, Tesla cut prices in the United States between 2% and nearly 6%, the fifth such cut this year. 

Posted by Reuters

Paramount explores sale of majority stake in streaming service Noggin: report


Paramount Global is exploring the sale of a majority stake in Noggin, its online learning service for children, the Wall Street Journal reported on Friday, citing people familiar with the situation.

The company is looking at an opportunity to develop Noggin, which is known for content like "PAW Patrol" and "Peppa Pig", into an interactive learning platform, and is seeking an investor for the job, the report said.

Paramount wants to retain a stake in Noggin, the report added. Paramount Global declined to comment.

Posted by Reuters

Tesla recalls vehicles over suspension part


Tesla is recalling just over 400 Model 3 vehicles in the United States because front suspension lateral link fasteners may loosen.

Tesla will tighten or replace the lateral link fasteners to address the issue that could allow the lateral link to separate from the sub-frame.

Tesla said it has 25 warranty claims and 2 field reports since January 2019 which are related or could relate to the recall but no reports of crashes or injuries.

Posted by Reuters

Microsoft agrees to $3M settlement over sanctions violations


The United States and Microsoft Corp reached a settlement on Thursday over the tech firm's apparent violations of sanctions and export controls, which it disclosed voluntarily, the government and the company said.

Microsoft has agreed to remit about $3 million to settle its potential civil liability for more than 1,300 apparent sanctions violations in relation to restrictions on Cuba, Iran, Syria and Russia involving the export of services or software from the U.S. to sanctioned jurisdictions, the U.S. Treasury Department said in a statement.

A majority of the violations, which took place between 2012 and 2019, involved blocked Russian entities or persons located in the Crimea region of Ukraine, and occurred as a result of Microsoft's failure to identify and prevent the use of its products by prohibited parties, the Treasury Department said.

Posted by Reuters

South Korea to offer $5.3B in financing to support battery investment in North America

South Korea on Friday said it will provide 7 trillion won ($5.32 billion) in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with the U.S. Inflation Reduction Act.

Government support will include lowering lending rates and insurance premiums by as much as 20% as well as providing more loans and tax credits for Korean firms' battery and material production facilities in the region, the industry ministry said.

"Both the government and businessmen should cooperate to find solutions together to effectively cope with situations changing rapidly after the Inflation Reduction Act," Trade Minister Lee Chang-yang said while presiding over a meeting with major battery cell makers and materials firms.

South Korea's LG Energy Solution Ltd (LGES), Samsung SDI Co Ltd and SK On comprise three of the world's five biggest EV battery cell makers, commanding more than a quarter of the global market and supplying the likes of Tesla Inc, Volkswagen AG and General Motors Co.

Posted by Reuters

GM Cruise recalls 300 robotaxis after crash involving bus


General Motors' Cruise autonomous vehicle unit has recalled 300 robotaxis to update software after one of them rear-ended a municipal bus in San Francisco.

Cruise says in government documents posted Friday that the robotaxi inaccurately predicted how the bus would move as it pulled out of a bus stop on March 23. The “articulated” two-section bus slowed as it was leaving the stop and was hit by the self-driving vehicle.

Cruise characterized the crash as a fender-bender and said no one was hurt. The company says in documents sent to the National Highway Traffic Safety Administration that it did the software update on March 25.

Posted by Associated Press

Samsung to cut chip output to ride out downturn

Samsung Electronics Co Ltd said on Friday it would make a "meaningful" cut to chip production, following the lead of smaller rivals, as it grapples with a sharp global downturn in semiconductor demand that has sent prices plummeting.

The unusual output cut by the world's biggest memory chipmaker - with no previous announcement recalled by Samsung officials and analysts - came after it flagged a worse-than-expected 96% plunge in first-quarter profit.

Investors brushed off the profit miss, betting the move by the industry leader would support chip prices that had fallen by about 70% over the last nine months.

Posted by Reuters

Toyota to launch 10 new battery EV models by 2026


Toyota Motor Corp will introduce 10 new battery-powered models and target sales of 1.5 million EVs a year by 2026, aiming for steep growth in a market where it has long been lapped by rivals.

The world's largest automaker by sales will also set up a new, specialised unit to focus on next-generation battery EVs, senior executives said at a briefing on Friday as they outlined plans under its new leadership team.

Toyota, including its Lexus luxury brand, now has just three battery models on the market and last year sold fewer than 25,000 of those worldwide

Posted by Reuters

Tesla price cuts


Tesla CEO Elon Musk is cutting prices on select models again, shaving a few thousand dollars off select vehicles. Shares of Tesla have advanced 50% this year, blowing past the S&P 500's 7% advance.

Posted by FOX Business

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