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Trump narrows Fed chair candidates to four, excluding Treasury Secretary Bessent

  

SUMMARY:  

  • Trump names Warsh and Hassett among finalists 
  • Scott Bessent ruled out; two other candidates unnamed 
  • Decision follows ‘s resignation from the Fed 
  • Warsh has criticized Fed policy; Hassett backs Trump’s agenda 

 

WASHINGTON (AP) — President said Tuesday that he’s whittled down his list of potential chair candidates to four as he considers a successor to Jerome Powell — a choice that could reset the path of the U.S. economy.

Asked on CNBC’s “Squawk Box” for a future replacement to Powell, Trump named , director of the National Economic Council, and , a former member of the Federal Reserve Board of Governors.

“I think Kevin and Kevin, both Kevins, are very good,” Trump said during an interview on CNBC’s “Squawk Box.”

He said two other people were also under consideration, but Treasury Secretary Scott Bessent is not among them.

“I love Scott, but he wants to stay where he is,” Trump said. He did not name his other two top candidates but used the opportunity to disparage Powell, whom he has dubbed “too late” in cutting .

The news that Trump plans to make a decision on the Fed chair “soon” comes as the Republican president has been highly critical of current Powell, whose term ends in May 2026. Trump recently floated having the Fed’s board of governors take full control of the U.S. central bank from Powell, whom he has relentlessly pressured to cut short-term interest rates in ways that raise questions about whether the Fed can remain free from White House politicking.

Trump has openly mused about whether to remove Powell before his tenure as chair ends, but he’s held off on dismissing the Fed chair after a recent Supreme Court ruling suggested he could only do so for cause rather than out of policy disagreements. The president has put pressure on Powell by claiming he mismanaged the Fed’s $2.5 billion renovation project, but he’s also said that he’s “highly unlikely” to fire Powell.

One of the Fed’s governors, Adriana Kugler, made a surprise announcement last Friday that she would be stepping away from her role. That created an opening for Trump, who called her departure “a pleasant surprise,” to name a new Fed governor. Trump told CNBC it’s “a possibility” that his pick to replace Kugler could also be his choice to replace Powell.

Here’s what to know about the two known candidates:

Kevin Hassett

Hassett, director of the White House National Economic Council, has been supportive of the president’s agenda — from his advocacy for income tax cuts and tariffs to his support of the recent firing of BLS Commissioner Erika McEntarfer.

Hassett served in the first Trump administration as chairman of the Council of Economic Advisers. He has a doctoral degree in economics from the University of Pennsylvania and worked at the right-leaning American Enterprise Institute before joining the Trump White House in 2017.

As part of Hassett’s farewell announcement in 2019, Trump called him a “true friend” who did a “great job.” Hassett became a fellow at the Hoover Institution, which is located at Stanford University. He later returned to the administration to help deal with the pandemic.

On CNBC on Monday, Hassett said “all over the U.S. government, there have been people who have been resisting Trump everywhere they can.”

Kevin Warsh

A former Fed governor who stepped down in 2011, Warsh is currently a fellow at the Hoover Institution. He has been supportive of cutting interest rates, a key goal of Trump’s.

“The president’s right to be frustrated with Jay Powell and the Federal Reserve,” Warsh said on Fox News’ “Sunday Morning Futures” last month.

Warsh has been increasingly critical of Powell’s Federal Reserve and in July, on CNBC, called for sweeping changes on how the Fed conducts business as well as a new Treasury-Fed accord “like we did in 1951, after another period where we built up our nation’s debt and we were stuck with a central bank that was working at cross purposes with the Treasury.”

He said the Fed’s “hesitancy to cut rates, I think, is actually quite a mark against them.”

“The specter of the miss they made on inflation” after the pandemic, he said, “it has stuck with them. So one of the reasons why the president, I think, is right to be pushing the Fed publicly is we need regime change in the conduct of policy.”

“He’s very highly thought of,” Trump said in June when asked directly about Warsh.

Palantir books its first $1 billion in quarterly sales and dodges DOGE axe

  

SUMMARY:  

  • posts $1B in quarterly sales for the first time 
  • Q2 profit rose 33% to $327M as AI demand drives growth 
  • Stock rose above $170 premarket, eyeing fifth 2025 record 
  • Company raises full-year outlook amid accelerating profits 


NEW YORK (AP) — Shares of Palantir Technologies sailed past previous record highs Tuesday after booking its first $1 billion sales quarter and raising its performance expectations for the year.

The stock rose above $170 Tuesday after breaking previous records four times this year in the global artificial intelligence race. The previous high for the stock was set just over a week ago when its stock closed at $158.80.

Since going public in 2020 when it posted a $1.17 billion annual loss, the artificial intelligence software company has swung swiftly to a profit and sales are booming. Profit rose 33% to $327 million in the second quarter.

Its $1 billion quarterly revenue haul was fueled by a 53% spike in government sales, despite massive spending cuts under President and his Department of Government Efficiency, once led by the world’s richest man Elon Musk.

“DOGE has had zero negative impact on Palantir’s U.S. government business, which achieved its fastest growth rate since the second quarter of 2021,” wrote William Blair analysts Louie DiPalma and Bryce Sandberg. “Palantir is clearly benefiting from AI industry momentum across its government and commercial customer bases.”

The company also recorded a 93% jump in business sales. Overall U.S. revenue surged 68% to $733 million.

Late Monday, Palantir raised its annual revenue expectations to between $4.14 billion and $4.15 billion. It also raised its U.S. commercial revenue guidance to more than $1.3 billion, which would mean that Palantir achieved a growth rate of at least 85%.

“This was a phenomenal quarter,” CEO Alex Karp said in a statement accompanying the earnings release. “We continue to see the astonishing impact of AI leverage.”

Karp believes AI will benefit everyone, saying during a call with industry analysts on Monday that Palantir is, “bullish on all aspects of American life, including and especially people in the blue collar.”

He said Palantir wants to “arm the working class or blue collar workers with AI agency enhancing skills,” and said that the company will reach out to labor leaders to help familiarize workers with the technology.

“People with less than a college education are creating a lot value and sometimes more value than people with a college education using our product,” Karp said.

Palantir, headquartered in Denver, specializes in software platforms that pull together and analyze large amounts of data.

Not wasting away: Hooker Furnishings to launch Margaritaville collection

SUMMARY:

A familiar brand is making its home furnishings debut at High Point Market in October.

Hooker Furnishings has announced that it is partnering with Margaritaville for a global launch in High Point, North Carolina, bringing a beloved consumer brand to home furnishings.

Inspired by musician and his signature iconic brand, the Margaritaville collection represents an exclusive licensing partnership that addresses consumer demand for home furnishings that provide a “full lifestyle experience,” according to company officials. The collection spans multiple Hooker Furnishings divisions including Sunset West, Hooker Furniture, Hooker Upholstery, HF Custom, Bradington-Young and H Contract.

“This isn’t just a furniture collection — it’s a fully immersive brand experience,” said Jeremy Hoff, CEO of Hooker Furnishings. “With nearly 80% unaided brand awareness among consumers, Margaritaville resonates deeply across nearly every demographic. We’ve captured that emotional connection and translated it into a fresh merchandising opportunity.

“It’s easy to think of Margaritaville as being only coastal, but that’s truly not the case. Fans of the brand embrace a spirit of escape and joy that translates to virtually any environment — whether it’s a mountain retreat, a city loft, or somewhere in between,” said Hoff.

The Margaritaville collection will feature four unique lifestyle aesthetics with a nod toward regional adaptability, officials said, noting that the lines within the collection include:

  • Island Reserve – Coastal casual styling with high-performance fabrics and artisan textures. Indoor-outdoor versatility included.
  • JWB Signature – Sophisticated comfort with elevated finishes. Woods, leathers and a nod to Jimmy Buffett‘s lifestyle passions.
  • Paradise Valley – Grounded, nature-inspired luxury for non-coastal markets. Rugged, relaxing and retail-ready, channeling the mountain lifestyle that Jimmy called heaven on earth.
  • Somewhere – Playful, colorful and expressive, this collection leans into the spirited Caribbean lifestyle. A standout story that makes a statement.

To support success at retail, Hooker Furnishings is launching an immersive Margaritaville Experiential Display Program that officials said is designed to foster an emotional connection with consumers, drive engagement and increase store traffic. The furniture collection will be merchandised alongside Margaritaville-branded products from additional sub-licenses including top-of-bed, lighting, décor, mirrors, rugs, wall art and mattresses.

To kick off High Point Market, Margaritaville and Hooker Furnishings will co-sponsor High Point Market Authority’s Saturday night concert featuring the legendary Coral Reefer Band, founded by Jimmy Buffett and highlighting Buffett’s easygoing, Caribbean-inspired music.

“Margaritaville is more than a destination; it’s a state of mind,” said Scott Coble, director of consumer products licensing at Margaritaville. “This new collection brings that lifestyle into the home like never before, delivering both design and comfort with the emotional resonance consumers have come to know and love. Whether you’re furnishing a coastal getaway, an urban retreat or your own personal oasis, Margaritaville captures the essence of escapism in every piece.”

The Margaritaville Collection will debut at High Point Market from Oct. 25–29 in Hooker Furnishings’ showroom on the third floor of Showplace, in a new 14,000-square-foot Margaritaville-branded space that was designed in conjunction with The McBride Design Group, which has partnered with Margaritaville for over 25 years.

Wall Street holds steadier following a whipsaw couple of days

  

SUMMARY:  

  • up 0.1%, Dow gains 77 points in early Tuesday trading 
  • , DuPont rise on strong earnings and forecasts 
  • Fed rate cut hopes grow after weak U.S.  
  • Tariff worries linger; India’s Sensex slips on U.S. tensions 

 

NEW YORK (AP) — U.S. stock indexes are slipping Tuesday following the latest discouraging signal on the U.S. economy.

The S&P 500 was down 0.4% in afternoon trading, coming off its best day since May, which followed its worst day since May. The Industrial Average was down 49 points, or 0.1%, as of 12:16 p.m. Eastern time, and the Nasdaq composite was 0.4% lower.

A weaker-than-expected report on activity for U.S. businesses in the transportation, retail and other services industries added to worries that President ‘s tariffs may be hurting the economy. But increased hopes for coming cuts to by the , along with a stream of stronger-than-expected profit reports from U.S. companies, are helping to keep the losses in check.

Edgewell Personal Care, the company behind the Schick, Playtex and Banana Boat brands, fell 21.3% after reporting lower profit and revenue for the latest quarter than analysts expected. CEO Rod Little said it was a very weak season for sun care in North America, while tariffs are acting as a drag on profits.

Caterpillar slipped 0.5% after likewise reporting a profit that fell short of analysts’ expectations. Its operating profit sank 18% from a year earlier, largely due to tariffs making its manufacturing costs more expensive.

All kinds of companies have been telling investors how much they expect tariffs to shave off their earnings this year, and trade policy was one of the most common topics U.S. services businesses talked about in the latest monthly survey compiled by the Institute for Supply Management about their activity.

“Tariffs are causing additional costs as we continue to purchase equipment and supplies,” one company in the health care and social assistance business said, for example. “Though we need to continue with these purchases, the cost is significant enough that we are postponing other projects to accommodate these cost changes.”

Another business in the real estate, rental and leasing industry told the institute that economic “uncertainty remains the dominant theme. However, the tariff talk has turned out to be much more bluster than actual policy, and businesses have seemed to tune out the noise.”

Even the threat of tariffs isn’t seeming to slow the juggernaut of investment flowing into artificial-intelligence technology.

Palantir Technologies jumped 6.9% after the provider of AI platforms reported a stronger profit for the latest quarter than analysts expected. The AI darling also raised its forecast for revenue over the full year, and its stock climbed further after it had already doubled for the year so far coming into the day.

“We continue to see the astonishing impact of AI leverage,” CEO Alex Karp said.

Axon Enterprise leaped 14.7% after the company, which sells Tasers, body cameras and software to public safety departments, reported a much stronger profit than analysts expected. It also cited growth in its AI offerings, which can save time for transcriptions and other tasks, and raised its forecast for revenue this year.

On the losing side of was American Eagle Outfitters, which dropped 7.6% to give back some of its 23.6% jump from the day before. That’s when Trump weighed in on the debate surrounding the retailer’s advertisements, which highlight actor Sydney Sweeney’s great jeans.

Some critics thought the ad’s reference to the blonde-haired and blue-eyed actor’s “great genes” may be extolling a narrow set of beauty standards, while Trump said that being “WOKE is for losers.”

Yum Brands fell 3.7% after the company behind KFC, Taco Bell and Pizza Hut reported results for the latest quarter that came up just short of analysts’ expectations.

The pressure is on companies to report bigger profits after the U.S. surged to record after record from a low point in April. The big rally fueled criticism that the broad market had become too expensive.

For stock prices to look like better bargains, either companies need to produce bigger profits, or interest rates need to fall. The latter may happen in September, when the Federal Reserve has its next meeting.

Expectations have built sharply for a rate cut at that meeting since a report on the U.S. job market Friday came in much weaker than economists expected. Lower interest rates would make stocks look less expensive, while also giving the overall economy a boost. The potential downside is that they could push inflation higher.

Treasury yields sank sharply after Friday’s release of the jobs report, and they haven’t recovered. The yield on the 10-year Treasury eased to 4.20% from 4.22% late Monday and from 4.39% just before the release of the jobs report. That’s a significant move for the bond market.

In stock markets abroad, indexes rose across much of Europe and Asia.

India’s Sensex was an outlier and dipped 0.4% on concerns about trade tensions with the United States as the Trump administration pushes for cutbacks in the country’s oil purchases from Russia.

Virginians spend $478M in June sports wagers

Virginians bet about $477.85 million on in June, winning more than $417.09 million, according to recently released Virginia data. That’s about 15% more than they wagered in June 2024.

About $472.78 million of June’s gross sports revenues came from mobile operators, with the remaining roughly $5.07 million coming from casino retail activity. Virginia currently has three : the Hard Rock Hotel & Casino Bristol, Rivers Casino Portsmouth and Caesars Virginia in Danville. In June the state’s casinos reported a total of $78.5 million in adjusted gaming revenues.

Casino development continues in the commonwealth. Construction on the $750 million Norfolk casino began in February. In Petersburg, the $1.4 billion Live! Casino & Hotel Virginia held a groundbreaking in March. Rivers Casino Portsmouth and Rush Street Gaming have plans to begin building a $65 million hotel in Portsmouth this summer. S.B. Ballard Construction Co. was announced as the hotel’s general contractor in July.

The licensed operators included in June’s sports revenue reporting were:

  • Betfair Interactive US (FanDuel) in partnership with the Washington Commanders
  • Crown Virginia Gaming (Draft Kings)
    BetMGM
  • Rivers Portsmouth Gaming (Rivers Casino Portsmouth)
  • Caesars Virginia
  • Bally’s Interactive
  • Penn Sports Interactive
  • Colonial Downs Group
  • HR Bristol
  • Hillside (Virginia)
  • DC Sports Facilities Entertainment
  • Betr VA
  • PlayLive Virginia
  • Sporttrade Virginia

Virginia places a 15% tax on activity based on each permit holder’s adjusted gross revenue (total wagers minus total winnings and other authorized deductions). With 12 operators reporting net positive AGR for June, state taxes for the month totaled nearly $8.7 million.

Of that, 97.5% — about $8.46 million — will be deposited in the state’s general fund. The remaining approximately $216,860 will go to the Problem Treatment and Support Fund Allocation, which the Virginia Department of Behavioral Health and Developmental Services administers.

U.Va.’s new interim president is former law dean

Summary

  • Former law school dean named of U.Va.
  • He replaces short-term acting president Jennifer “J.J.” Wagner Davis
  • resigned as president in June under pressure from Trump administration

The has tapped former U.Va. School of Law Dean Paul G. Mahoney as the university’s interim president. Set to take office on Aug. 11, he is expected to serve until a permanent hire is made to replace former U.Va. leader Jim Ryan, who resigned in late June and left last month.

Mahoney is a David and Mary Harrison Distinguished Professor in the law school and was its dean from 2008 to 2016, according to U.Va.’s announcement Monday. He will succeed acting president Jennifer “J.J.” Wagner Davis, U.Va.’s executive vice president and chief operating officer. She took office following Ryan’s departure, which came under pressure from the Trump administration.

Mahoney inherits a university in turmoil, as the U.S. Department of Justice’s Civil Rights division, led by two U.Va. alumni, launched an investigation this spring into the university’s dismantling of its diversity, equity and inclusion initiatives, which was ordered by a board vote in March. According to letters and news reports, the DOJ accused Ryan of slow-walking the dissolution of DEI offices and programs, as well as simply renaming them and making other cosmetic changes, although critics of the Trump administration claim this was a ploy to drive out Ryan.

Mahoney joined U.Va.’s law school faculty in 1990 and is a member of the Council on Foreign Relations and the American Academy of Arts and Sciences, as well as a former member of the U.S. Securities and Exchange Commission’s Investor Advisory Committee. Before coming to U.Va., Mahoney worked for the New York law firm Sullivan & Cromwell and clerked for Justice Thurgood Marshall of the U.S. Supreme Court. He specializes in securities regulation, corporate finance and contracts, and earned degrees from Yale Law School and MIT.

“I am honored and humbled to serve as the interim president of the University of Virginia and to support the extraordinary students, faculty, staff, alumni and parents who make this institution great,” Mahoney said in a statement. “I thank the board for the trust they have placed in me, and for arriving at this decision in a manner consistent with the university’s core values of shared governance, academic freedom and student self-governance. As a longtime member of this community, I care deeply about U.Va’s education, research and patient-care mission and look forward to continuing that important work together.”

The board of visitors has named a committee to oversee the search for Ryan’s permanent replacement.

A school alum and former professor, Ryan said he was resigning as president to preserve federal funding for research and student financial aid, which he said was at risk if he remained president. Meanwhile, the governor-appointed board of visitors, which has hiring and firing power over the university’s president, has received criticism from state Democratic lawmakers for pushing ahead on its search for Ryan’s successor.

Nine state Senate Democrats sued U.Va.’s rector and the rectors of George Mason University and Virginia Military Institute to prevent them from seating eight appointees after they were rejected by a Senate committee in June. Last week, a judge ordered a temporary injunction against the three universities, although the state is appealing the decision.

House of Delegates Speaker Don Scott said during a news conference last month that U.Va.’s board “probably should put a freeze on any hiring, because we will not support whatever it is that they do,” calling the board “illegitimate,” and adding that the gubernatorial appointees have “been told that they will not be appointed permanently.”

Stocks rebound after jobs report, rate cut hopes rise

  

SUMMARY:  

  • rose 0.8%, Dow added 310 points, Nasdaq up 1.2% 
  • Market recovers from Friday’s steep losses after weak jobs data 
  • Trump tariffs blamed for economic slowdown concerns 
  • Investors expect possible Fed rate cut in September 

 

U.S. stocks are rallying and recovering much of their sharp losses from last week, when worries about how President ‘s tariffs may be punishing the economy sent a shudder through .

The S&P 500 jumped 1.1% in midday trading to claw back more than two thirds of Friday’s drop. The Industrial Average was up 426 points, or 1%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 1.5% higher.

Idexx Laboratories helped lead the way and soared 26.6% after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected. It also raised its forecast for profit over the full year.

Tyson Foods likewise delivered a bigger-than-expected profit for the latest quarter, and the company behind the Jimmy Dean and Hillshire Farms brands climbed 4.1%.

They helped offset a 2.8% drop for Berkshire Hathaway after Warren Buffett’s company reported a drop in profit for its second quarter from a year earlier. The weakening was due in part to the falling value of its investment in Kraft Heinz.

The pressure is on U.S. companies to deliver bigger profits after their stock prices shot to record after record recently. The jump in stock prices from a low point in April raised criticism that the broad market had become too expensive.

Stocks just sank to their worst week since May not so much on that criticism but on worries that Trump’s tariffs may be hitting the U.S. economy following a longer wait than some economists had expected. Job growth slowed sharply last month, and the unemployment rate worsened to 4.2%.

Trump reacted to the disappointing jobs numbers by firing the person in charge of compiling them. He also continued his criticism of the Federal Reserve, which could lower in order to shoot adrenaline into the economy. The Fed has instead been keeping rates on pause this year, in part because lower rates can send inflation higher, and Trump’s tariffs may be set to increase prices for U.S. households.

Friday’s stunningly weak jobs report did raise expectations on Wall Street that the Fed will cut interest rates at its next meeting in September. That caused Treasury yields to slump in the bond market, and they were mixed on Monday.

The yield on the 10-year Treasury eased a bit to 4.20% from 4.23% late Friday.

The two-year yield, which moves more closely with expectations for Fed action, held at 3.69%.

“In our view, if the Fed starts to cut rates at its September meeting, we believe this would be supportive for markets,” according to David Lefkowitz, head of US equities at UBS Global Wealth Management.

Such hopes, combined with profit reports from big U.S. companies that have largely come in better than expected, could help steady a U.S. that may have been due for some turbulence. Before Friday, the S&P had gone more than a month without a daily swing of 1%, either up or down.

This upcoming week may feature fewer fireworks on Wall Street following last week’s jobs report and profit updates from some of the U.S. stock market’s most influential companies. This week’s highlights will likely include from The Walt Co., McDonald’s and Caterpillar, along with updates on U.S. business activity.

On Wall Street, Wayfair jumped 10.8% after the retailer of and home decor said accelerating growth helped it make more in profit and revenue during the spring than analysts expected.

rose 1.6% after awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion. The move, coming six months after a judge ordered the company to revoke his massive pay package, could remove potential worries that Musk may leave the company.

CommScope soared 75% after reporting a stronger-than-expected quarterly profit and saying that it will sell its connectivity and cable business to Amphenol for $10.5 billion in cash. Amphenol rose 3.1%

They helped offset a drop of 10.2% for On Semiconductor, which only matched analysts’ expectations for profit in the latest quarter. The company, which sells to the auto and industrial industries, said it’s beginning to see “signs of stabilization” across its customers.

Boeing slipped 0.5% after workers who build fighter jets for the troubled aerospace giant went on strike overnight.

In stock markets abroad, indexes rose across much of Europe and Asia.

South Korea’s Kospi rose 0.9%, and France’s CAC 40 climbed 1.1%, while Japan’s Nikkei 225 was an outlier with a drop of 1.2%.

___

This version has been corrected to say that the U.S. stock market had its worst week last week since May, not April.

Boeing faces strike by 3,000 fighter jet workers

  

SUMMARY:  

  • 3,000+ workers strike at three U.S. fighter jet plants 
  • Walkout led by International Association of Machinists union 
  • Second labor disruption for Boeing in under a year 
  • Strike adds pressure as Boeing works to restore its reputation 

 

A strike by thousands of workers that build for Boeing at three U.S. plants is the second labor disruption for the plane builder in less than a year.

The strike that began just after midnight Monday involving more than 3,000 members of the International Association of Machinists and Aerospace Workers arrives as Boeing is attempts resuscitate its reputation.

Boeing, once a beacon of and the gold standard in the global aircraft industry, has been rocked by fatal crashes, investigations and changes in leadership.

Following is a quick rundown of events that have buffeted the Arlington, Va., company.

___

January 2013: 787s worldwide are grounded nearly three weeks after lithium ion batteries that are part of the planes led to a fire in one plane and smoke in a second.

August 2015: The first 737 Max plane rolls off the production line and within a year are undergoing flight tests.

Oct. 29, 2018: Lion Air Flight 610, a Boeing 737 Max 8, plunges into the Java Sea off the coast of Indonesia minutes after takeoff from Jakarta, killing all 189 people on board. Questions are raised over a new Boeing flight-control system called MCAS that Boeing did not disclose to pilots and airlines. Indonesian investigators say the Flight 610 pilots struggled for control as the automated system pushed the nose of the plane down more than two dozen times.

March 1, 2019: remains enamored with Boeing as commercial aircraft orders rocket. Shares of Boeing Co. close at an all-time high of $430.35.

March 10, 2019: Ethiopian Airlines Flight 302, a Boeing 737 Max 8, crashes after takeoff from Addis Ababa, Ethiopia, killing 157 passengers and crew members. Shares of Boeing begin a long, downward slide and have yet to recover.

March 2019: Within days of the second crash, the U.S. Federal Aviation Administration and regulators in nations around the world order the grounding of all 737 Max jets.

Dec. 23, 2019: Boeing ousts CEO Dennis Muilenburg, who was seen as pressuring the FAA to lift the Max grounding order.

Jan. 7, 2021: U.S. Justice Department charges Boeing with fraud but won’t prosecute the company for misleading regulators about the 737 Max if it pays a $2.5 billion settlement.

Jan. 5, 2024: A panel covering an unused emergency exit blows off a 737 Max 9 during an Alaska Airlines flight. Pilots land the plane safely.

Feb. 26, 2024: A panel of outside experts, convened after the two deadly crashes, reports Boeing’s safety culture falls short despite the company’s efforts to fix it.

March 11, 2024: A LATAM Airlines Boeing 787-9 Dreamliner flight between Australia and New Zealand suddenly plunges, injuring 50 people. Boeing tells airlines to inspect switches on pilots’ seats after a published report said an accidental cockpit seat movement likely cause the rapid loss of altitude.

March 25, 2024: Dave Calhoun, who replaced Muilenburg, says he will step down as CEO by year-end as part of a broader shakeup of Boeing leadership.

July 7, 2024: Boeing agrees to plead guilty to conspiracy to defraud the U.S. government for misleading regulators who approved pilot-training standards for the Max.

July 31, 2024: Boeing names Kelly Ortberg as its new chief executive. Ortberg is a trained engineer and was CEO of aerospace supplier Rockwell Collins for eight years. Many see his appointment as an attempt by Boeing to get back to its roots.

Sept 13, 2024: About 33,000 Boeing factory workers walk off the job in a strike that will cripple production at one of the preeminent manufacturers in the U.S. for almost two months. It is the first labor action taken against the company in 16 years.

May 23, 2025: The Justice Department reaches a deal with Boeing that takes criminal prosecution off the table for allegedly misleading regulators about the 737 Max jetliner before the two fatal planes crashes. Boeing agreed to pay or invest more than $1.1 billion, including an additional $445 million for crash victims’ families, removing the risk of a criminal conviction that would have jeopardized the company’s status as a federal contractor.

Tesla grants Musk $29B in stock after court setback

  

SUMMARY:  

  • to award 96M shares worth $29B 
  • Musk must pay $23.34/share, matching 2018 package price 
  • Delaware judge earlier voided Musk’s massive compensation 
  • Court found Tesla board’s pay negotiations were not independent 

 

Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion, just six months after a judge ordered the company to revoke his massive pay package.

The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company’s CEO.

In December Delaware Chancellor Kathaleen St. Jude McCormick reaffirmed her earlier ruling that Tesla must revoke Musk’s multibillion-dollar pay package. She found that Musk engineered the landmark pay package in sham negotiations with directors who were not independent.

At the time McCormick also rejected an equally unprecedented and massive fee request by plaintiff attorneys, who argued that they were entitled to legal fees in the form of Tesla stock valued at more than $5 billion. The judge said the attorneys were entitled to a fee award of $345 million.

The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk’s 2018 compensation package.

That pay package carried a potential maximum value of about $56 billion, but that sum has fluctuated over the years based on Tesla’s stock price.

Musk appealed the order in March. A month later Tesla said in a regulatory filing that it was creating a special committee to look at Musk’s compensation as CEO.

Wedbush analyst Dan Ives feels Musk’s may alleviate some Tesla shareholder concerns.

“We believe this grant will now keep Musk as CEO of Tesla at least until 2030 and removes an overhang on the stock,” Ives wrote in a client note. “Musk remains Tesla’s big asset and this comp issue has been a constant concern of shareholders once the Delaware soap opera began.”

Tesla shares have plunged 25% this year, largely due to blowback over Musk’s affiliation with President . But Tesla also faces intensifying competition from both the big Detroit automakers, and from China.

In its most recent quarter, Tesla reported that quarterly profits plunged from $1.39 billion to $409 million. Revenue also fell and the company fell short of even the lowered expectations on .

Under pressure from shareholders last month, Tesla scheduled an annual shareholders meeting for November to comply with Texas state law.

A group of more than 20 Tesla shareholders, which have watched Tesla shares plummet, said in a letter to the company that it needed to at least provide public notice of the annual meeting.

Investors have grown increasingly worried about the trajection of the company after Musk had spent so much time in Washington this year, becoming one of the most prominent officials in the Trump administration in its bid to slash the size of the U.S. government.

Tesla’s stock rose more than 2% before the market open.

NFL on the verge of selling media assets to ESPN for an equity stake in the network, AP sources say

SUMMARY:

  • to gain control of Network, , and 7 more games
  • NFL to receive equity stake in ESPN under multibillion-dollar deal
  • ESPN plans direct-to-consumer service launch by end of August

The NFL and ESPN are expected to announce an agreement next week under which most of the league’s significant holdings would go to the network.

People familiar with the transaction said the multibillion-dollar deal would give the NFL an equity stake in ESPN.

The people spoke to The Associated Press on condition of anonymity because the deal has not been finalized. It was first reported by The Athletic.

The NFL and ESPN had no comment.

The NFL has been trying to sell its media properties for nearly five years. ESPN and the league have been involved in on-again, off-again talks for the past three years.

The proposed move comes as ESPN is expected to soon launch its direct-to-consumer service, possibly before the end of August. The service would give cord cutters access to all of ESPN’s programs and networks for $29.99 per month. Most cable, satellite and viewers who have streaming services will receive the service for free as part of their subscription.

ESPN would get access to the popular RedZone channel, as well as and an additional seven regular-season games (six international and a Saturday afternoon late-season contest).

A couple of weeks ago, ESPN announced that NFL Network host ‘s three-hour program would air on ESPN Radio as well as stream on + and ESPN+. “The Rich Eisen Show” is not affiliated with NFL Network.

ESPN has carried NFL games since 1987 and “” since 2006. Under the current TV contract, it will have the 2027 and 2031 Super Bowls for the first time.

NFL Network started in November 2003 and was the second major pro league to have its own network. NBA TV started in 1999, MLB Network in 2009 and NHL Network in the United States in 2007.