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STOCK MARKET NEWS: Busch CEO on Mulvaney, Best Buy layoffs, Subway sales process, Walmart change

Anheuser-Busch breaks silence on Mulvaney, Best Buy reportedly laying off hundreds, Subway sale draws more than 10 bidders and Walmart CMO stepping down. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.


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Anheuser-Busch CEO addresses Dylan Mulvaney controversy


The chief executive of Anheuser-Busch CEO says the world’s largest brewer of beer never wants to part of a discussion that divides people.

Brendan Whitworth’s comments come amid backlash for its marketing campaign featuring transgender activist Dylan Mulvaney.

“My time serving this country taught me the importance of accountability and the values upon which America was founded: freedom, hard work and respect for one another. As CEO of Anheuser-Busch, I am focused on building and protecting our remarkable history and heritage,” Whitworth said in a statement.

Posted by FOX Business

Best Buy lays off hundreds of store workers in online push

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Best Buy Co Inc is cutting store jobs across the United States as the electronics retailer looks to trim costs and shift its business more towards e-commerce, the Wall Street Journal reported on Friday, citing people familiar with the situation.

The layoff would affect hundreds of jobs across Best Buy's U.S. stores, the report said, adding that the laid off employees could, however, reapply for open positions within the company or receive severance.

This week, several store workers who specialize in selling more complex products such as computers and smartphones were told their jobs would be eliminated, the report added.

Posted by Reuters

Subway sale process poised to enter second round

Subway has reportedly drawn more than 10 bidders as an auction to sell the sandwich chain moves to a second round, The Wall Street Journal reported Thursday.

Possible suitors include private equity firms, the Journal said.The restaurant chain, founded by the late Fred DeLuca and Dr. Peter Buck is seeking a $10 billion valuation.

Subway has about 37,000 locations in over 100 countries, including over 20,000 in America. Its network of franchisees, meanwhile, totals over 20,000, according to a recent press release.

Posted by FOX Business
Breaking News

Stocks retreat Friday, but post modest weekly gains

All three of the major market averages fell on Friday as the 10-year Treasury yield topped 3.5%, the highest level since March, after a slew of bank earnings and a drop in retail sales.

The Boeing Co.

The Dow Jones Industrial Average paced the selling with Boeing shares the biggest drag, off 5%. In commodities, oil rose 2% for the week to $82.52 per barrel, the second highest level of the year.

Weekly Returns

S&P 500: +0.8%

Nasdaq Composite: +0.3%

Dow Jones Industrial Average: +1.2%

Bitcoin also topped $30,000 this week, the highest level since June of last year. 

Posted by FOX Business

Best Buy lays off hundreds at stores in online push: report


Best Buy Co Inc is cutting store jobs across the United States, the Wall Street Journal reported on Friday, citing people familiar with the situation.

Best Buy did not immediately respond to a Reuters request for comment.

Posted by Reuters

FDA declines to approve Alvotech's application for AVT02, a Humira biosimilar candidate

Teva Pharmaceutical Industries Ltd.

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Generic drugmaker Teva says the Food and Drug Administration (FDA) will not approve its partner’s application for AVT02, a high-concentration biosimilar candidate for Humira (adalimumab).

The FDA issued a complete response letter (CRL) to Alvotech for its Biologics License Application (BLA) for AVT02.

The CRL stated that the application could not be approved at this time based on deficiencies associated with Alvotech’s manufacturing facility that must be satisfactorily resolved.

Additional review of the details following the recent FDA’s re-inspection and CRL are being assessed to determine next steps.

AVT02 is a monoclonal antibody and has been approved as a biosimilar to Humira (adalimumab) in the 27 EU member countries, Norway, Lichtenstein, Iceland, the UK, Switzerland, Canada, Australia and Saudi Arabia. It is currently marketed in sixteen countries in Europe and in Canada. 

Posted by FOX Business

Walmart US merchandising chief Redfield to step down


Walmart Inc U.S. chief merchandising officer Charles Redfield is stepping down after just over a year in the role, according to an internal memo seen by Reuters on Friday, at a time the retailer is navigating a tightening spending environment.

Redfield will assume an advisory role supporting the U.S. business effective May 1, Walmart U.S. CEO John Furner wrote in a memo to US-based associates on Friday, without naming a successor.

The rejig comes at a time when inflation has eroded consumer spending power, denting Walmart's business and prompting the retailer to take up a cautious stance on 2023.

Redfield started his Walmart career as a cashier at Sam's Club and has been with the company for 32 years. He had led the U.S. food and grocery business since 2015 prior to taking up his role as chief merchandising officer.

He was also integral in working with suppliers to lower product prices amid skyrocketing inflation over the past several months, Furner said in the memo.

Posted by Reuters

Supreme Court asked to preserve abortion pill access rules

The Biden administration and a drug manufacturer asked the Supreme Court on Friday to preserve access to an abortion drug free from restrictions imposed by lower court rulings, while a legal fight continues.

The Justice Department and Danco Laboratories both warned of “regulatory chaos” and harm to women if the high court doesn't block an appeals court ruling in a case from Texas that had the effect of tightening Food and Drug Administration rules under which the drug, mifepristone, can be prescribed and dispensed.

The new limits would take effect Saturday unless the court acts before then.

Posted by Associated Press

France's Constitutional Council approves higher pension age

France’s Constitutional Council has approved an unpopular plan to raise the retirement age to 64 that unleashed mass protests.

It is a victory for President Emmanuel Macron after three months of public anger over the legislation that have damaged his leadership.

The move enraged and disappointed unions and other opponents of the pension plan. Protesters were gathered in spots around France on Friday evening as the decision came down.

The council rejected some other measures in the pension bill. But the higher age was central to Macron’s plan and the target of protesters’ anger. Macron can enact the bill within 15 days.

Posted by Associated Press

Peakstone stock soars after Thursday's IPO

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Peakstone Realty Trust began trading on the New York Stock Exchange yesterday under the ticker symbol 'PKST' and was up 56% at noon on Friday.

In connection with this listing, the company previously uploaded to its website ( a variety of investor materials, including a narrated presentation discussing the company’s business plan.

Peakstone Realty Trust is an internally managed, publicly registered real estate investment trust (REIT) that owns and operates newer-vintage portfolio of predominantly single-tenant industrial and office properties.

As of March 31, Peakstone’s portfolio consists of 19 million square feet across 24 states in primarily high growth, strategic coastal and sunbelt markets.

Posted by FOX Business

Meta Materials falls on announcement to issue $25M in new stock

Meta Materials.

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Meta Materials Inc., a developer of high-performance functional materials and nanocomposites, today announced that it has priced an underwritten public offering of 83,333,334 shares of its common stock at a combined public offering price of $0.30 per share and accompanying warrant.

Each warrant is exercisable immediately at an exercise price of $0.375 per share and will expire five years following the date of issuance.

The offering is expected to close on or about April 18, subject to satisfaction of customary closing conditions.

Meta Materials intends to use the net proceeds from the offering for working capital and general corporate purposes, including research and development.

Posted by FOX Business

JPMorgan beats Wall Street estimates on boost from rate hikes


JPMorgan Chase & Co's first-quarter profit beat Wall Street estimates as higher interest income offset weakness in dealmaking, and the biggest U.S. lender remained resilient through the banking crisis in March.

JPMorgan set aside loan loss provisions of $2.3 billion, up 56% from last year. It reported a 52% increase in profit to $12.62 billion, or $4.10 per share, in the three months ended Mar. 31.

Excluding one-time costs, the bank earned $4.32 per share, ahead of analysts' average expectation of $3.41 per share, according to Refinitiv IBES data.

Net interest income, a measure of how much it earns from lending, surged 49% to $20.8 billion. The lender increased its forecast for NII to $81 billion this year, excluding profits from markets, from an earlier $74 billion.

However, its Wall Street investment banking business remained a sore point. Revenue at the unit fell 24%, weighed down by a tepid market for mergers, acquisitions and stock sales. Equity trading revenue slid 12%. Fixed income trading revenue was flat.Overall revenue jumped 25% jump to $38.3 billion.

Posted by Reuters

Consumer sentiment remains pessimistic on inflation

Consumer sentiment was essentially unchanged this month, according to the University of Michigan's monthly report, inching up less than two index points from March.

Sentiment is now about 3% below a year ago but 27% above the all-time low from last June. Rising sentiment for lower-income consumers was offset by declines among those with higher incomes.

While consumers have noted the easing of inflation among durable goods and cars, they still expect high inflation to persist, at least in the short run. On net, consumers did not perceive material changes in the economic environment in April.

Posted by FOX Business

PNC Financial beats profit estimates on boost from higher interest rates


PNC Financial Services Group reported an 18.5% rise in first-quarter profit on Friday, as the Federal Reserve's rate hikes fueled a surge in the U.S. regional lender's net interest income (NII).

PNC, among the top 10 largest U.S. banks by assets, reported a profit of $3.98 per share in the quarter that exceeded analysts' average estimate of $3.67.

Deposits for the first quarter ended March rose marginally to $436.8 billion from $436.3 billion in the previous quarter as customers steered towards larger and relatively safer regional banks in the aftermath of the banking crisis.

Investors are closely watching the performance of mid-sized lenders after the biggest meltdown in the industry since the 2008 global financial crisis.

NII, a key metric that measures the difference between earnings on loans and deposit payouts, jumped about 28% to $3.6 billion from a year earlier.

Net income rose to $1.69 billion from $1.43 billion a year earlier.

Posted by Reuters

UnitedHealth expects Medicare membership gains to boost 2023 profit


UnitedHealth Group Inc beat Wall Street targets for quarterly profit and raised its annual forecast on Friday, as the healthcare giant banks on "market-leading" membership growth in its federal government-backed health insurance plans.

UnitedHealth is among the largest players in the Medicare Advantage market, where private insurers offer an alternative to the original Medicare — the federal government's health insurance plan for people aged 65 and older or those with certain disabilities.

The industry bellwether's strong Medicare outlook offers some relief at a time when health insurers are bracing to lose some members in their Medicaid plans — which cover healthcare costs for people with low incomes — as states remove pandemic-era guidelines to keep members continuously enrolled.

UnitedHealth raised its adjusted 2023 profit forecast to between $24.50 and $25 per share, compared with its earlier estimate of $24.40 to $24.90 and market expectations of $24.94.Excluding items, it reported a quarterly profit of $6.26 per share, beating estimates of $6.13.

Posted by Reuters

Citigroup beats estimates on higher income from loans


Citigroup Inc's first-quarter profit beat Wall Street expectations on Friday as it earned more from borrowers paying higher interest on loans.

While its net interest income rose 23% to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier. It joined other banking giants in preparing for a potential recession and the likelihood of consumers and businesses falling behind on payments later this year.

Citi earned $1.86 per share in the first quarter, beating analysts' average estimate of $1.67, according to Refinitiv data. Net income rose 7% to $4.6 billion, or $2.19 per share, in the three months to March 31 from $4.3 billion, or $2.02 per share, a year earlier.

The lender's deposit growth was flat at $1.33 trillion from a quarter as well as a year ago as investors moved their cash into money market funds to chase greater yields. Its loans also fell marginally to $652 billion.

Citi's investment banking revenue sank 25% from $774 million a year ago, weighed down by the most sluggish market for deals in more than a decade.

Posted by Reuters

Wells Fargo profit beats estimates as higher rates bolster interest income


Wells Fargo & Co on Friday beat profit expectations for the first quarter as the lender earned more from higher interest rates following the U.S. Federal Reserve's tighter monetary policy.

The bank, however, set aside $1.21 billion in the quarter to cover for potential loan losses, compared to a release of $787 million a year earlier.

Deposits at Wells Fargo fell 2% to $1.36 trillion at the end of March, compared with $1.38 trillion at the end of last year.

Net-interest income surged 45% to $13.34 billion.

The bank earned $1.23 per share, excluding one-time items, for the quarter ended March 31. That compared with analysts' average estimate of $1.13 per share, according to Refinitiv IBES data.

In the fourth quarter of 2022, the bank had posted $3.3 billion in operating losses related to lawsuits, customer remediation and regulatory matters linked to the scandal.

Wells Fargo's total revenue rose 17% to $20.73 billion in the first quarter.

Posted by Reuters

BlackRock first-quarter profit beats on robust inflows


BlackRock Inc reported an 18% drop in first-quarter profit on Friday but it beat analysts' estimates as investors continued to pour money into its funds, cushioning the hit to fee income from a global banking rout that rocked financial markets.

The market rout hit BlackRock, which makes most of its money from fees on investment advisory and administration services. Still, net inflows for the first quarter were at $110 billion, compared with $86 billion a year earlier.

BlackRock, the world's largest asset manager, reported an adjusted profit of $7.93 per share. Analysts had estimated a profit of $7.76 per share, according to Refinitiv IBES data.

The New York-based firm ended the first quarter with $9.1 trillion in assets under management (AUM), down from $9.57 trillion a year earlier but up from $8.59 trillion in the fourth quarter.

Quarterly revenue fell to $4.2 billion from $4.7 billion.

Posted by Reuters

Walmart to sell menswear brand Bonobos to Express, WHP Global for $75M

Walmart Inc is selling menswear brand Bonobos to Express Inc and WHP Global for $75 million.

The deal marks the first acquisition since brand management firm WHP Global, which owns Toys "R" Us and fashion labels such as Anne Klein and Joseph Abboud, partnered with Express earlier this year and took a 7.4% stake in the clothing retailer.

WHP Global will acquire the Bonobos brand for a purchase price of $50 million, while Express will acquire the operating assets and assume the related liabilities of the Bonobos business for $25 million, the companies said on Thursday.

Bonobos, which Walmart acquired for $310 million in June 2017, sells menswear ranging from suits and trousers to swimwear and accessories online.

Posted by Reuters

Conglomerate Starboard buys Parler, to shut down social media app temporarily

Digital media conglomerate Starboard said on Friday it has bought Parler for an undisclosed sum and will temporarily shut down the social media app popular with U.S. conservatives to give itself time to roll out a revamped version of the platform.

The move comes months after the collapse of a deal that would have seen American rapper Kanye West, who now goes by Ye, buy the platform's parent company Parlement Technologies.

Starboard, formerly Olympic Media, founded in 2018 houses conservative-leaning platforms American Wire and BizPac Review. It plans to service "unsupported online communities" and build a home for them "away from the ad-hoc regulatory hand of platforms that hate them."

The Arlington, Virginia-based conglomerate did not immediately respond to a Reuters request for details on terms of the deal. However, it said the acquisition will be accretive by the end of second quarter 2023.

Posted by Reuters

Boeing shares tumble as parts issue halts deliveries of some 737 MAXs


Boeing Co's shares fell 6% in premarket trading on Friday after the U.S. planemaker halted deliveries of some 737 MAXs due to a new supplier quality problem by Spirit AeroSystems.

Spirit, which manufactures fuselage, thrust reversers, engine pylons and wing components for the 737 MAX airplanes, slumped 14%.

The latest quality issue pertains to a fuselage fitting supplied by Spirit and is believed to date back to 2019, Boeing disclosed on Thursday.

Boeing warned that the issue will likely affect a "significant" number of undelivered 737 MAX airplanes both in production and in storage, and could result in lowered 737 MAX deliveries in the near term.

Posted by Reuters

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