Bill Mccoll

Key Takeaways Hertz Global Holdings announced it was cutting its EV fleet by another 10,000 and took a $195 million charge in the first quarter. That charge was part of a $588 million increase in vehicle depreciation, leading to a per-share loss that was more than double estimates. In January, the company took a $245 million charge as it moved to shed 20,000 EVs.

Key Takeaways Phillips 66 reported a drop in first-quarter profits as refining margins thinned. The energy company's realized refining margins were nearly half what they were in the first quarter of 2023. The company noted its results were affected by maintenance, which limited its ability to produce higher-value products.

Key Takeaways Federal transportation regulators have opened an investigation into Tesla's moves to resolve concerns about the electric vehicle (EV) maker's Autopilot system. Tesla agreed to a recall of some 2 million vehicles in December after the National Highway Traffic Safety Administration (NHTSA) cited several accidents they said were directly related to use of the self-driving feature.

Key Takeaways U.S. equities posted solid gains at midday, lifted by strong tech earnings. Google-parent Alphabet's shares jumped to an all-time high, a day after it reported blowout earnings, declared its first-ever dividend, and announced a $70 billion stock buyback program.

Key Takeaways Newell Brands reported better-than-expected first-quarter results Friday as the company said its turnaround plan is working, and shares soared. The maker of consumer and commercial products posted a quarterly loss of 2 cents per share, narrowed from a loss of 25 cents per share in the prior-year period.

AbbVie warned Friday that sales of its blockbuster arthritis drug, Humira, will continue to lose market share to biosimilars.

Key Takeaways Domino's Pizza shares gained in early trading Monday as the chain's loyalty program and agreement with Uber Eats helped boost first-quarter results. The world's largest pizza company beat estimates for profit, revenue, and same-store sales. Domino's began marketing on Uber Eats during the period, and CEO Russell Weiner said the company expects to end the year with 3% higher sales thanks to the deal.

Onsemi shares surged Monday as the chipmaker reported first-quarter profit and sales that beat analysts'estimates, but gave weak guidance for the current quarter. Revenue rose at Onsemi's Power Solutions Group, but fell at the company's other two units. CEO Hassane El-Khoury said the company has faced challenging market conditions.

Major U.S. equity market indexes got a boost from the tech sector and were higher at midday Monday, April 29, 2024.

Key Takeaways Federal regulators are investigating two fatal crashes involving Ford Mustang Mach-E model electric vehicles with a self-driving feature. Officials said the Mach-Es had the BlueCruise system engaged prior to the collisions. The National Highway Traffic Safety Administration (NHTSA) said that the probe would evaluate the performance of BlueCruise feature.