The S&P hit a record high, while the Dow opened higher on Tuesday, helped by strong earnings from Caterpillar and McDonald's.Read More »
Anthony Scaramucci is selling his fund of funds business to a Chinese conglomerate with ties to the government. The firm, the HNA Group, is facing an increasing number of questions at home and abroad, and the deal is subject to review by the US Treasury. The sale reportedly kept Scaramucci out of the White House in January because of the conflicts it raises.
Ford Motor Co. is scheduled to release second-quarter earnings on Wednesday. The report will be the first under new Ford F, +0.44% CEO Jim Hackett, and Wall Street will be keen on hearing his plans to further shake up the storied car maker and boost its stock price. Hackett, an industry outsider and the former chairman of Ford’s mobility subsidiary, replaced Mark Fields, who rose through the ranks at Ford. Hackett has started to make its mark; earlier this month he disclosed the implementation of a “shot clock” at Ford, designed to make the company’s decision-making process speedier. Any excitement about the CEO shake-up and Hackett’s arrival, however, has not translated into share gains. Another
United Auto Workers President Dennis Williams said the union is working with General Motors (GM) to avoid layoffs as U.S. auto sales slump, AutoBlog reported. GM is considering producing more trucks and SUVs while killing off six slow-selling models produced at underused car plants such as Hamtramck in Michigan and Lordstown in Ohio. It's unclear if the plants will start producing newer, more popular models. GM has cut shifts at several of its U.S. plants as inventories of small and midsized cars grow. If GM stopped producing the six models under consideration, it wouldn't happen until 2020. The models at risk are the Chevrolet Volt, Buick LaCrosse, Cadillac CT6, Cadillac XTS, Chevrolet Impala