Boeing will lay off 10% of its employees as a strike by factory workers cripples airplane production
Boeing is announcing layoffs. The giant aircraft maker said Friday it will lay off about 10% of its workers -- about 17,000 people -- in the coming months. The company has been losing money for more than five years, and now it's dealing with a strike that has shut down factories in the Seattle area. New CEO Kelly Ortberg says in a memo to staff that the job cuts over the coming months will include executives, managers and employees. The company has been ordering rolling temporary furloughs, but said will end because of the impending layoffs.
TikTok was aware of risks kids and teens face on its platform, legal document alleges
TikTok has been aware that its design features are detrimental to its young users and that publicly touted tools aimed at limiting kids' time on the site were largely ineffective. That's according to internal documents and communications exposed in lawsuit filed by the state of Kentucky. The details are among redacted portions of Kentucky's lawsuit that contains the company's internal communications and documents unearthed during a more than two year investigation into the company by various states across the country. The redacted information was inadvertently revealed by Kentucky's attorney general's office and first reported by Kentucky Public Radio.
Elon Musk unveils Tesla's 'Cybercab,' plans to bring autonomous driving tech to other models in 2025
LOS ANGELES (AP) -- Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, though fans of the electric vehicle maker will have to wait until at least 2026 before they are available. CEO Elon Musk said the "Cybercab" doesn't have steering wheels or pedals. Tesla expects the Cybercabs to cost under $30,000. The company also expects to make its Full Self-Driving technology available on its Model 3 and Model Y vehicles in Texas and California next year. The unveiling comes as Musk tries to persuade investors that his company is more about artificial intelligence and robotics as it struggles to sell its core products, an aging lineup of once-cutting-edge electric vehicles.
Wholesale inflation remained cool last month in latest sign that price pressures are slowing
WASHINGTON (AP) -- Wholesale prices in the United States were unchanged last month in another sign that inflation is returning to something close to normal after years of pressuring America's households in the wake of COVID-19. The producer price index -- which tracks inflation before it hits consumers -- didn't move from August to September after rising 0.2% the month before. It rose 1.8% last month from a year earlier, down from a 1.9% year-over-year increase in August. Excluding food and energy prices, which tend to fluctuate from month to month, so-called core wholesale prices rose 0.2% from August and 2.8% from a year earlier, a tick higher than in the previous month.
JPMorgan sets aside more money for potential bad loans but says consumers are on 'solid footing'
NEW YORK (AP) -- JPMorgan says its net income fell to $12.9 billion in the third quarter from $13.2 billion a year ago. Earnings of $4.37 per share did, however, beat Wall Street analysts' forecasts and shares rose more than 4%. The bank set aside more money to cover potentially bad loans but did say it feels the U.S. consumer is on "solid footing." JPMorgan CEO Jamie Dimon said Friday that the bank continues to monitor geopolitical tensions that he called "treacherous and getting worse." Wells Fargo also reported results that topped Wall Street forecasts and its shares rose nearly 6%.
Stock market today: Wall Street rises to close its latest record-setting week as banks jump
NEW YORK (AP) -- U.S. stocks rose to records as JPMorgan Chase, Wells Fargo and other big financial companies rallied on better-than-expected profit reports. The S&P 500 climbed 0.6% Friday to top its all-time high set earlier this week. The Dow Jones Industrial Average jumped 1% and also notched a record. The Nasdaq composite lagged the market with a gain of 0.3% after a slide for Tesla kept it in check. The electric vehicle maker tumbled following the unveiling of its long-awaited robotaxi. Treasury yields were mixed following the latest updates on inflation at the wholesale level and on sentiment among U.S. consumers.
Stellantis, seeking to revive sales, makes some leadership changes
Stellantis, which makes Jeep and Chrysler vehicles, announced a number of significant leadership changes, including the timing of CEO Carlos Tavares' retirement and the departure of its chief financial officer as it struggles to revive sales in North America. Chief Financial Officer Natalie Knight will be replaced by Doug Ostermann, the company's CFO in China. In addition to naming Ostermann's replacement in China, Stellantis also appointed a new chief operating officer in Europe. Stellantis slashed its earnings forecast last month, saying it needed to make larger investments to turn around its U.S. operations amid a wider industry slump and increased competition from China.
AI is having its Nobel moment. Do scientists need the tech industry to sustain it?
Hours after the artificial intelligence pioneer Geoffrey Hinton won a Nobel Prize in physics, he drove a rented car to Google's California headquarters to celebrate. Hinton doesn't work at Google anymore. Nor did the longtime professor at the University of Toronto do his pioneering research at the tech giant. But his impromptu party reflected AI's moment as a commercial blockbuster that has also reached the pinnacles of scientific recognition. That was Tuesday. Then, early Wednesday, two employees of Google's AI division won a Nobel Prize in chemistry for using AI to predict and design novel proteins.
US consumer sentiment slips in October on frustration over high prices
WASHINGTON (AP) -- Americans' outlook on the economy soured a bit after two months of small gains, according to the University of Michigan's consumer sentiment index, released Friday. The index slipped to 68.9 in October from 70.1 in September, which had been its highest reading since May. "Consumers continue to express frustration over high prices," said Joanne Hsu, director of consumer surveys at University of Michigan.
Next Week: United Airlines earnings, retail sales, housing starts
United Airlines reports quarterly results Tuesday. The Commerce Department delivers its latest snapshot of U.S. retail sales Thursday, and its monthly tally of housing starts Friday.