Tesla Inc. TSLA, -0.48% Chief Executive Elon Musk has launched an artificial intelligence company called X.AI, incorporated in Nevada, The Wall Street Journal reported Friday, citing a state filing. Musk is the only listed director of the company, and Jared Birchall, the director of Musk’s family office, is its secretary, the report said, adding that …
Category Archives: Stock Market
Montana becomes first state in U.S. to ban TikTok
TikTok CEO Shou Zi Chew was called to testify before a U.S. House panel on March 23. Tasos Katopodis/Getty Images Montana lawmakers on Friday passed a first-in-the-nation bill to ban TikTok across the state. The bill, which would go into effect on Jan. 1, 2024, prohibits the use of TikTok on all personal devices and …
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JPMorgan Chase’s stock surges toward biggest 1-day, post-earnings gain in 15 years
JPMorgan Chase & Co.’s stock JPM, +6.97% jumped 7.1% in midday trading, enough to pace the S&P 500’s SPX, -0.74% advancers, after the banking giant reported blowout first-quarter results. The stock was headed for the biggest one-day gain since to soared 13.5% on Nov. 9, 2020, and was also on track for the biggest one-day …
Three Nikola board members to retire in June
Electric-vehicle maker Nikola Corp. NKLA on Thursday said that Gerrit Marx, Lynn Forester de Rothschild and Mark Russell were retiring from its board of directors at its annual meeting on June 7. Marx has been on Nikola’s board since 2019, while Forester de Rothschild joined last year. Russell joined Nikola in 2019 as president, became CEO …
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Sportsman’s Warehouse stock falls sharply after it warns of coming loss and names interim CEO
Sportsman’s Warehouse Holdings Inc. SPWH stock fell 16.5% in premarket trades after the outdoor specialty retailer warned it would fall short of analyst expectations in its coming quarter. The company also named chairman Joseph P. Schneider as interim CEO after Jon Barker announced plans to retire this Friday. The West Jordan, Utah-based company projected first-quarter …
Megan Greene to replace Silvana Tenreyro at the Bank of England
The Bank of England said Megan Greene will replace Silvana Tenreyro as an external member, for a three-year term starting in July. Greene is currently global chief economist at Kroll and according to the central bank “has a broad understanding of financial markets internationally and significant experience of advising leaders on the potential impacts of …
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Goldman Sachs to pay $15 million to CFTC for index-swap violations
Goldman Sachs GS, +0.79% settled charges Monday with the Commodity Futures Trading Commission that it violated standards related to equity index swap transactions. Goldman admitted that it failed to make necessary disclosures for “same-day” swaps to clients in 2015 and 2016, the CFTC said Monday. “The purpose of the CFTC’s Business Conduct Standards is to …
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Walmart sues Capital One in effort to end credit-card partnership: WSJ
Big-box retailer Walmart Inc. WMT, +0.75% this week sued credit-card giant Capital One Financial Corp. COF, +0.09% in an effort to scrap a credit-card partnership between the two, according to The Wall Street Journal. Walmart’s lawsuit alleged that Capital One came up short on its service obligations, failing to replace lost cards or post some …
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First Republic Bank is suspending dividend payment on preferred stock
First Republic Bank FRC, +4.39% on Friday said it would halt paying quarterly cash dividends on its preferred stock. In a filing, the company said the move to suspend those payments, made on Thursday, was “a measure of prudent oversight.” The move for the struggling bank, which teetered as its wealthy clients raced to get …
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Barstool Sports boosting its presence in Chicago, but New York remains headquarters: spokesperson
Barstool Sports Inc., the irreverent and sometimes controversial sports-oriented media company, is opening an office in the booming Fulton Market area just west of the Chicago Loop that, according to Crain’s Chicago Business, could span 40,000 square feet. Barstool was founded in suburban Boston and has been based in Manhattan since 2016. It was acquired …