FOX Business News

SpaceX, the rocket company headed by Elon Musk, plans to lay off about 10 percent of its more than 6,000 employees, a spokesperson said on Friday. Continue Reading Below The company said it will “part ways” with some of its employees as it faces “extraordinarily difficult challenges ahead.” MORE FROM FOXBUSINESS.COM… “To continue delivering for our customers and to succeed in developing interplanetary spacecraft and a global space-based Internet, SpaceX must become a leaner company,”…

Amazon shares rose more than 4 percent this week as Wall Street shook off concerns that CEO Jeff Bezos’ impending divorce will impact the e-commerce giant’s business. Continue Reading Below The company’s stock ticked slightly downward in trading Friday but managed to remain in positive territory for the third consecutive week. The three-week run is Amazon’s longest stretch of positive results since shares rose for six consecutive weeks from July to August 2018, according to…

Slack is reportedly planning on skipping a traditional initial public offering (IPO) in favor of going public through a direct listing, according to The Wall Street Journal, potentially becoming the second-biggest tech company to do so. Continue Reading Below The company, which runs a popular workplace instant-messaging app, is expected to debut in the second quarter, according to the Journal, which cited people with knowledge of the subject. Although it expects to do so via a…

General Motors said on Friday that its decision to cut 15 percent of its North American workforce and halt production at several plants could contribute between $2 billion and $2.5 billion to profits this year. Continue Reading Below The stock jumped on the news. MORE FROM FOXBUSINESS.COM… Ahead of its fourth-quarter earnings announcement, the largest American automaker strengthened its earnings guidance to between $4.5 billion to $6 billion, while it said per share profits could be $6.50…

The battle between the U.S. and China over tariffs could mean higher prices for consumers in the market for home appliances. Continue Reading Below LG Electronics was forced to hike its prices on washing machines and dryers in response to President Trump’s imposed tariffs. MORE ON FOXBUSINESS.COM Dr. I.P. Park, president and CTO of LG Electronics, told FOX Business’ Liz Claman that the company has absorbed the effects of tariffs on its sales by building…

Equity futures are cautiously in the green, suggesting shares may rally for a sixth day. Continue Reading Below Dow Jones futures were rising by 0.1 percent. The S&P 500 added less than 0.1 percent and the Nasdaq Composite was little changed. MORE FROM FOXBUSINESS.COM Stocks spent Thursday in a tug-of-war between discouraging company news and encouraging statements from the Federal Reserve chairman. Initially, downbeat company reports held sway; but by the market’s close, stocks had…

U.S. stocks opened lower Friday after a five-session winning streak that pulled two key equity averages out of correction territory. Continue Reading Below Shortly before the opening bell the Labor Department reported that, as of December, inflation was 2.2 percent, on a year-over-year basis. MORE FROM FOXBUSINESS.COM American equities appeared caught in a downdraft of European stocks. London’s FTSE traded down 0.5 percent, Germany’s DAX fell 0.8 percent and France’s CAC was off 0.9 percent. China’s shanghai…

U.S. stocks closed down Friday, ending a five-session winning streak that had pulled two key equity averages out of correction territory. Continue Reading Below Despite the negative closing, all three major stock averages ended the week higher: The Dow Jones Industrial Average up 2.4 percent; the S&P 500 up 2.54 percent and the Nasdaq Composite up 3.45 percent. MORE FROM FOXBUSINESS.COM In addition, all three averages booked their third week of gains. A number of…

Saudi Arabia is finally shedding some light on its proven oil reserves, and I guess it is better late than never. Yet, they are doing this for their own selfish reasons — and not in the interest of transparency for the good of the global economy. Continue Reading Below A new report shows that for Saudi oil production it may be a new dawn. The Saudis have finally shown their cards. For the first time…