Gasoline prices hit new high, hostile takeover of Spirit by JetBlue, volatility hits stocks: LIVE UPDATES

Elon Musk vs.

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In a Twitter thread with CEO Parag Agrawal, Elon Musk said his comments stink…literally.

The federal judge will pronounce the fate of title 42 in a few days

Former Acting U.S. Attorney General Matthew Whitaker discusses Title 42 politics, pro-abortion activists protesting outside the homes of Supreme Court justices, and FBI Republicans used counter-terrorism tools to target parents in outspoken.

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Dow curbs losses

Symbol Price Switch %Switch
CLC $167.87 +3.16 +1.92%
VZ $48.18 +0.12 +0.25%
M.K.R. $90.41 -0.42 -0.46%

McDonald’s sells its Russian business

Symbol Price Switch %Switch
MCD $245.04 +0.85 +0.35%

McDonald’s announced on Monday that it would sell its Russian business after more than 30 years of doing business in the country as war continues in Ukraine.

The announcement comes after McDonald’s said in early March that it had temporarily closed restaurants in Russia and suspended operations in the market.

Read the full story: McDonald’s sells its Russian business

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Gas rises as US energy crisis rages

The national average for a gallon of gasoline again hit a record high overnight and is expected to continue to rise as the US energy supply crisis rages.

The average price of a gallon of gasoline in the United States hit a record Monday morning at $4,483, according to the latest figures from AAA. Sunday’s price was $4.47 and Saturday’s price was $4.452.

Some states with above-average prices include California at $5.92 per gallon and Hawaii at $5.32.

Diesel also hit its own highest recorded cost just above $5.56. Before Russia was hit with sanctions for invading Ukraine, threatening the already tight global oil market, the national average was $3.53, according to Andy Lipow, president of Lipow Oil Associates.

He estimated that the national average could soon reach $4.50 a gallon.

JetBlue will launch a hostile takeover attempt on Spirit

JetBlue Airways Corp. plans to launch a hostile takeover attempt of discount carrier Spirit Airlines Inc., according to people familiar with the matter, after Spirit rejected JetBlue’s $3.6 billion offer for a deal existing with Frontier Airlines.

JetBlue plans to appeal directly to Spirit shareholders by launching a tender offer for their shares, hoping to pressure Spirit’s management to resume negotiations, the sources said. At the same time, JetBlue plans to urge Spirit shareholders to vote against Spirit’s planned merger with Frontier Group Holdings Inc. on June 10 in a further effort to sway the company’s executives, the people said.

JetBlue is offering $30 per share in cash in its tender offer, but would be prepared to pay its initial offer price of $33 per share if Spirit comes to the negotiating table and provides the data requested by JetBlue, said the people.

The tender offer is expected to begin on Monday, May 16 and remain open until June 30, although JetBlue may extend that period, one of the people said. JetBlue has begun meeting with some of Spirit’s shareholders, another person familiar with the matter said.

Spirit has been the subject of a standoff between two rival carriers who both see the Florida-based airline as key to their ability to grow and challenge the big airlines that dominate the industry in the United States. United. Either the transaction, if approved, would create America’s fifth-largest airline.

Crypto Downtrend Early Monday Morning

Cryptocurrency prices were down early Monday morning.

Bitcoin was trading at around $29,550, down almost 5.25% around 4am, losing around $1,635 so far. It was trading down 8.26% for the week and 23.20% for the month.

Ethereum and Dogecoin were also down early on Monday, trading at around $2,005 (-6.15%) and $0.087, respectively.

Ethereum was down 14.8% for the week and 29.65% for the month. Dogecoin was down 25.5% for the week and almost 37% for the month.

Stocks stirred before the morning; focus on retail section of quarterly reports

US stocks were choppy for most of the night before paring losses hours before the opening bell as the retail sector will be the center of attention this week with several key names coming up. should publish their quarterly results.

Among the big names, Walmart and Home Depot on Tuesday; Target, Lowes and TJX Companies on Wednesday; Ross Stores, BJ’s Wholesale Club and Kohl’s Thursday; and Foot Locker on Friday mornings.

Investors will pay close attention to the numbers, and in particular the indications, for clues about consumer health and the impact that inflationary pressures, supply chain constraints and a tight labor market are having on the profitability.

To date, 459 companies in the S&P 500, or just over 90% of the benchmark, have reported results from January to March, with the numbers well ahead of expectations.

Some analysts worry that if the US Federal Reserve raises interest rates too quickly or too much, it could trigger a recession. A slowdown in the US would almost certainly hurt the Asian region, which exports and manufactures for the US economy.

The Fed said it would continue raising interest rates to temper rising inflation. The benchmark short-term interest rate was at an all-time high near zero for much of the coronavirus pandemic.

Major US defense contractors maintain ties with China despite growing tensions

Several of the largest defense contractors in the United States have ties to Beijing, a Fox News Digital review has revealed.

Raytheon, Bell Flight and Boeing – three major US defense companies – continue to have relationships with companies linked to the Chinese government, while Lockheed Martin has business interests in the country.

Issac Stone Fish, CEO and founder of Chinese risk advisory firm Strategy Risks, warned in a statement to Fox News Digital that Chinese defense contractor relationships pose serious risks.

“Doing a relatively large volume of business in China changes the risk profile of any U.S. business more than ever before, whether for compliance, cyber, reputation, security or other risks,” Fish said.

“These risks are especially critical for companies that protect the national defense and security of the United States,” he continued. “U.S. defense contractors need to better understand their risk exposure to China and the Chinese Communist Party, so they can reduce their risk to China to better meet the needs of the U.S. military and national security.”

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Former Goldman CEO says possibility of recession a ‘very high risk factor’

Former Goldman Sachs CEO Lloyd Blankfein said on Sunday he believed the economy was at risk of sliding into recession as the US Federal Reserve continues to raise interest rates to combat rising inflation.

Speaking on ‘Face the Nation’ on CBS, Blankfein said a recession is “a very, very high risk factor.”

“There’s a way. It’s a narrow way,” said Blankfein, who retired from Goldman Sachs several years ago and now holds the title of senior chairman.

“But I think the Fed has very powerful tools. It’s hard to fine-tune them, and it’s hard to see the effects quickly enough to change them, but I think they respond well. is definitely a risk.

“Last week, Federal Reserve Chairman Jerome Powell acknowledged that raising interest rates “will include some pain,” but added that a far worse outcome would be if prices continue to climb.

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Oil cuts early gains, prices fall as investors take advantage

Oil prices fell on Monday after economic data from China suggested the country’s latest struggle with COVID-19 is hurting fuel consumption. West Texas Intermediate, the US standard, fell 1.1% to $109.27 a barrel. Brent, the global benchmark, fell 1.6%.

Industrial production and retail sales in the world’s second-largest economy fell more than expected in April as China implemented strict containment measures to contain the spread of the disease. It was the first contraction in industrial production since February 2020. Unemployment also hit the second highest level on record.

As worries about a weakening global economy limit oil prices, crude is still up more than 40% this year after Russia invaded Ukraine in February, raising questions about the energy supply. German officials announced over the weekend that Europe’s biggest economy would stop importing oil from Russia by the end of the year, even if the European Union fails to agree on a ban for all members.

Rising crude prices pushed first-quarter profits up more than 80% at Saudi Aramco, the state-backed oil company reported on Sunday.

The war drove up fuel prices almost everywhere and also increased the cost of food and other basic necessities. U.S. gasoline futures are trading at record highs. Energy is driving the fastest consumer price inflation in decades, prompting the Federal Reserve to raise interest rates.

Garland K. Long