Month: January 2020

(Bloomberg) — BorgWarner Inc. agreed to acquire Delphi Technologies Plc for about $1.5 billion in an all-stock deal that unites two auto suppliers positioning for the industry’s transformational shift to hybrid and electric vehicles.The deal values Delphi Technologies at about $3.3 billion including debt, according to a statement Tuesday. Its shares surged a record 66% to $16.30, the highest intraday since September. BorgWarner plunged as much as 8.4% to $35.14, the lowest since October.Both BorgWarner and Delphi’s engine and transmission businesses are expected to enter a period of decline as carmakers consolidate and pivot to electric cars. The suppliers have …read more […]

(Bloomberg) — 3M Co. dropped the most in nine months after revealing it had received a grand jury subpoena in an environmental probe and saying it would cut 1,500 jobs amid slumping markets including car parts and electronics.The pared workforce is part of a restructuring — affecting “all business groups, functions and geographies” — starting this month that will recast reporting lines and consolidate manufacturing oversight, 3M said in a statement Tuesday as it reported earnings. The company anticipates pretax savings of as much as $120 million a year from the changes.The cuts, on top of 2,000layoffs announced in April, …read more […]

Yahoo Finance’s Brian Sozzi, Alexis Christoforous, and Edmund Heaphy break down what’s happening today overseas. …read more […]

IESE Business School Associate Professor of Strategic Management Mike Rosenberg joins Yahoo Finance’s Alexis Christoforous and Brian Sozzi to discuss the spread of the Coronavirus and its effects on big business operating in the country on The First Trade. …read more […]

Earlier this month, McDonald’s expanded its Beyond Meat vegan burger trials in Canada, catering to the growing demand for plant-based proteins in fast-food restaurants. Many experts said a nationwide rollout of chicken sandwiches and not plant-based options would put McDonald’s ahead in the fast-food battle. “We’re giving our customers more of what they crave: mouthwatering chicken and breakfast options,” the company’s vice president of menu innovation, Linda VanGosen, said in a statement. …read more […]

(Bloomberg) — When Tesla Inc. reports earnings Wednesday, Elon Musk will be trying for a repeat performance.The electric-car maker’s shares have been on an unprecedented ascent since the chief executive officer crammed his last release with positive updates. Tesla didn’t just blow earnings estimates out of the water, returning to profitability faster than Wall Street was expecting. Musk also reported being ahead of schedule opening a China plant and bringing out the Model Y crossover, kicking off a rally that’s been buoyed since then by record deliveries.Tesla will have to clear a higher bar this time. Analysts are expecting an …read more […]

(Bloomberg) — Harley-Davidson Inc. capped its fifth straight year of lower U.S. sales with quarterly profit and revenue that missed estimates, sending shares plunging as much as 8.7% in premarket trading.Adjusted earnings rose to 20 cents a share in the quarter, the Milwaukee-based manufacturer said in a statement Tuesday, missing analysts’ average estimate for 25 cents. Motorcycle revenue and shipments fell more than expected, dragging Harley’s stock to the lowest levels since September in early Tuesday trading.Harley’s Chief Executive Officer Matt Levatich is trying to attract new and younger riders to stanch the bleeding in the U.S., its biggest source …read more […]