OMAHA, Neb. (AP) — CSX railroad struggled to keep up with demand in the first three months of the year but still managed to deliver 22% more profit thanks to higher shipping rates offsetting a slight decline in the number of shipments it handled. The Jacksonville, Florida-based railroad said Wednesday it earned $859 million, or…
By Jonathan Stempel (Reuters) -Elon Musk will not be subjected to a “gag order” preventing him from discussing a lawsuit claiming he defrauded Tesla Inc shareholders by tweeting in 2018 about taking his electric car company private, a federal judge ruled on Wednesday. U.S. District Judge Edward Chen in San Francisco agreed with Musk and…
By Dawn Chmielewski and Tiyashi Datta (Reuters) – Netflix Inc’s plans to get tough on account sharing failed to reassure Wall Street that the world’s largest streaming video company had found a way to spark new growth. The company’s stock was down 36% in trading Wednesday, a day after Netflix said it would ask subscribers…
CHICAGO (AP) — United Airlines reported Wednesday that it lost $1.38 billion in the first quarter of 2022 but said it expects to return to profitability in the current three-month period as post-pandemic travel ramps back up. The Chicago-based airline posted revenue of $7.67 billion in the quarter that ended March 31. That was down…
DETROIT (AP) — Tesla reported Wednesday that its first-quarter net earnings were over seven times greater than a year ago, powered by strong sales despite global supply chain kinks and pandemic-related production cuts in China. The electric vehicle and solar panel company made a record $3.32 billion from January through March. Excluding special items such…
By Jessica DiNapoli NEW YORK (Reuters) – Household goods maker Procter & Gamble Co said in a securities filing on Wednesday that it may not be able to stay in business in Russia because of sanctions, restrictions on financial institutions, supply challenges and monetary controls. P&G and many of its competitors scaled back their business…
By Noel Randewich and Sinéad Carew (Reuters) – The collapse of Netflix’s stock on Wednesday after the company reported its first loss of customers in a decade is the latest drastic sign that Wall Street is abandoning streaming services and other pandemic winners and questioning whether they still merit growth stock valuations. With Netflix shares…
By Rajesh Kumar Singh CHICAGO (Reuters) – United Airlines Holdings on Wednesday forecast a profit for the second quarter as it expects booming travel demand to generate the highest quarterly revenue in the company’s history. After a speed bump caused by the Omicron-driven surge in COVID-19 cases early in the year, travel demand has surged…
WASHINGTON (Reuters) – A group of 21 U.S. lawmakers sent a letter to Facebook chief executive Mark Zuckerberg on Wednesday voicing concern about what they called disinformation on the platform aimed at Spanish speakers about Russia’s invasion of Ukraine. The disinformation is spread by Moscow-backed outlets like RT en Espanol, among others, said the letter…
By Leticia Augusto and Ricardo Brito SAO PAULO/BRASILIA (Reuters) -Brazilian government officials have warned that the TCU federal audit court on Wednesday may further delay a ruling on the privatization of Eletrobras, which could derail plans to complete the process before this year’s election. For months, TCU auditors have reviewed the plan to relinquish state…
