Trending Market News

Ford is recalling 412,774 Explorer vehicles in the United States due to a rear suspension defect. The issue involves toe links in the rear suspension that may fracture, potentially causing drivers to lose steering control and creating a significant safety hazard.

• The recall affects over 413,000 Ford Explorer vehicles sold in the U.S.
• Rear suspension toe links may fracture, leading to loss of steering control
• The recall was announced by the U.S. National Highway Traffic Safety Administration (NHTSA)

Standard Chartered reported a 16% increase in full-year pretax profit to $6.96 billion, driven by strong global banking and wealth inflows. However, the result fell short of analyst expectations of $7.2 billion. The emerging markets-focused bank, which generates most revenue in Asia and Africa, also announced a $1.5 billion share buyback.

• Full-year pretax profit reached $6.96 billion, up from $6 billion the previous year but below the $7.2 billion average analyst estimate
• Revenue growth was driven by robust global banking operations and strong wealth management inflows across key markets
• The bank announced a $1.5 billion share buyback program alongside its earnings results

Bitcoin fell more than 5% on Tuesday, dropping below $64,000 as investors reacted to escalating tariff tensions and broader geopolitical risks. The decline represents a significant drop in the cryptocurrency's value amid growing market uncertainty.

• Bitcoin broke through the $64,000 price level with a decline exceeding 5% in a single trading session
• The cryptocurrency selloff was driven by investor concerns over escalating tariff tensions and geopolitical uncertainty
• The decline continues broader volatility in digital asset markets as macroeconomic risks weigh on risk-on investments

Apple plans to relocate some Mac Mini desktop computer production from Asia to the United States, according to The Wall Street Journal. Manufacturing will begin later this year at a Foxconn facility in north Houston, marking a shift in Apple's supply chain strategy. The announcement was made by Apple's chief operating officer Sabih Khan.

• Production will take place at a Foxconn facility located in north Houston, Texas
• The manufacturing transition from Asia to the U.S. is scheduled to begin later this year
• The move represents part of Apple's broader effort to diversify its manufacturing footprint beyond Asia

Zurich Insurance Group's Australian unit has agreed to acquire ClearView Wealth, an Australian life insurer, for A$408.3 million ($288.3 million). The deal represents a strategic expansion for Zurich in the Australian life insurance market.

• The acquisition price is A$408.3 million (US$288.3 million) at an exchange rate of 1.4162 Australian dollars per US dollar
• ClearView Wealth is an Australian life insurance company being acquired by Zurich's local subsidiary
• The transaction expands Zurich Insurance Group's presence in Australia's life insurance sector

JPMorgan Chase CEO Jamie Dimon announced he will remain as chief executive of the largest U.S. bank for a 'few years' and potentially continue as executive chairman thereafter. The announcement was made at the bank's investor day event in New York on February 23, providing clarity on leadership succession timing at the major financial institution.

• Dimon plans to serve as CEO for several more years before potentially transitioning to an executive chairman role
• The announcement addresses ongoing speculation about succession planning at JPMorgan, the largest U.S. bank by assets
• The commitment was made publicly at the bank's investor day event, signaling continuity in strategic leadership

FedEx filed a lawsuit against the U.S. government seeking a full refund of tariffs paid under Trump-era policies, following a Supreme Court ruling last week that declared these unilaterally imposed tariffs illegal. This appears to be the first suit filed by a major U.S. company seeking tariff refunds after the high court decision.

• The Supreme Court ruled that tariffs Trump imposed under the International Emergency Economic Powers Act are illegal
• FedEx is seeking a 'full refund' of all tariff payments made under the now-invalidated Trump tariff program
• Other companies had previously filed similar refund lawsuits before the Supreme Court ruling, but FedEx appears to be the first major company to sue after the decision

Keurig Dr Pepper raised an additional $1.5 billion in equity funding from long-term investors to help finance its approximately $18 billion acquisition of Dutch coffee company JDE Peet's. The deal is expected to close in early April, with the combined business planned to split into Global Coffee Co and Beverage Co by year-end. The company has also scrapped plans for a partial public listing of its beverages unit.

• The additional financing reduces projected debt to about 4.5 times earnings post-acquisition, down from 4.6 times projected in October when the company raised $7 billion
• Keurig Dr Pepper is no longer considering a partial public listing of the beverages unit, one of two entities it planned to carve out after the merger
• The acquisition aims to help Keurig Dr Pepper compete with industry leader Nestle and better manage high commodity costs, with funding led by Apollo and KKR

Japan's Astellas Pharma and Vir Biotechnology announced a partnership to develop and commercialize VIR-5500, an experimental prostate cancer drug currently in early Phase 1 testing. Vir will receive $335 million upfront and near-term payments, with potential milestone payments reaching up to $1.37 billion plus double-digit royalties on international sales. Astellas will lead U.S. commercialization and hold exclusive rights outside the United States.

• Upfront deal structure includes $240 million cash, $75 million equity investment at 50% premium, and $20 million near-term milestone payment totaling $335 million
• Vir eligible for up to $1.37 billion in additional milestone payments plus double-digit royalties on sales outside the U.S.
• VIR-5500 is in early Phase 1 testing for advanced metastatic prostate cancer, with Astellas leading U.S. commercialization and holding exclusive international rights

Paramount Skydance has submitted an increased offer for Warner Bros Discovery, exceeding its initial $108.4 billion bid ($30 per share), in an effort to outbid Netflix's $27.75 per share offer. The bidding war for Warner Bros' assets, including HBO Max and franchises like 'Harry Potter' and 'Game of Thrones', intensifies competition for streaming market dominance. Warner Bros gave Paramount a February 23 deadline to submit its best and final offer after rejecting earlier bids.

• Paramount's revised bid improves on its initial $108.4 billion offer and includes backing from Oracle billionaire Larry Ellison, while competing against Netflix's $27.75 per share proposal
• Activist investor Ancora Capital, with a $200 million stake in Warner Bros, has threatened to vote against the Netflix deal and hold the board accountable if they refuse to engage with Paramount
• Any deal faces intense regulatory scrutiny from U.S. and European authorities, with concerns that a Netflix-Warner Bros combination would create the biggest global streaming player with roughly half a billion subscribers

Citigroup announced agreements to sell a 24% stake in its Mexican subsidiary Banamex to a group of institutional investors and family offices for approximately $2.5 billion. The transaction, expected to close this year, will reduce Citi's ownership in Banamex from 73% to 49%. The investor group includes prominent names such as General Atlantic, Blackstone, Qatar Investment Authority, and Banco BTG Pactual.

• The sale values the 24% stake at around $2.5 billion, with the deal expected to be completed in 2025
• Major investors in the consortium include General Atlantic, Blackstone-managed funds, Liberty Strategic Capital, Qatar Investment Authority, Chubb, Banco BTG Pactual, and a Sura asset management unit
• After the transaction, Citigroup will retain a 49% stake in Banamex, marking a significant reduction from its current majority ownership position

Uber is acquiring SpotHero, a parking app platform. This breaking news story indicates Uber's expansion into parking services, potentially integrating parking solutions into its ride-hailing ecosystem. The acquisition details and financial terms have not yet been disclosed.

• The acquisition adds parking reservation capabilities to Uber's transportation services portfolio
• SpotHero provides parking spot booking and payment services across multiple cities
• Financial terms and timeline for the deal have not been announced as this is breaking news

Keysight Technologies forecast second-quarter profit and revenue above Wall Street estimates, driven by strong demand from data centers expanding to support AI workloads. The electronic equipment maker's stock rose following the announcement on Monday. The company also exceeded first-quarter expectations, with its communications solutions unit seeing particular strength.

• Second-quarter revenue guidance of $1.69-$1.71 billion significantly exceeds analyst estimates of $1.51 billion
• Communications solutions unit revenue jumped 27% to $1.12 billion in Q1, driven by AI-focused data center infrastructure investments
• First-quarter revenue of $1.6 billion beat estimates of $1.54 billion, though outlook excludes potential impacts from Trump administration tariff actions

Tesla is suing California's Department of Motor Vehicles to overturn a ruling that found the company engaged in false advertising regarding its Autopilot and Full Self-Driving features. The California Office of Administrative Hearings previously determined Tesla violated the law by falsely promoting its cars' self-driving capabilities, though the DMV opted not to suspend Tesla's manufacturing or sales licenses after the company revised its marketing language. The lawsuit is critical for Tesla as its future success depends heavily on delivering true robotaxi capabilities.

• Tesla's attorneys argue the DMV 'wrongfully and baselessly' labeled the company a false advertiser, claiming it was impossible to purchase or use the systems without seeing clear statements that they do not make vehicles autonomous
• Tesla now markets its system as 'Full Self-Driving (Supervised)' on a subscription basis only, but faces separate class action lawsuits from customers seeking refunds and was held partly liable for a fatal collision involving Autopilot that resulted in a $243 million verdict
• The company's future hinges on robotaxi development after EV sales declined last year; Tesla is currently testing automated vehicles in Austin and has begun production of the Cybercab, a two-seater without a steering wheel or pedals

Diamondback Energy missed Wall Street's fourth-quarter profit expectations as the U.S. shale producer faced headwinds from declining oil prices. WTI crude fell 20% in 2025 and 8% in Q4, with Diamondback's average realized price dropping to $58 per barrel from $69.48 a year earlier. The company posted adjusted earnings of $1.74 per share while increasing production to offset weaker pricing.

• Oil prices declined significantly with WTI falling 20% in 2025 and 8% in Q4, pressured by oversupply concerns and potential Venezuelan barrels returning to market
• Diamondback's average realized price was $58 per barrel in Q4, down 16.5% from $69.48 per barrel in the prior-year quarter
• Production increased to 969,120 barrels of oil equivalent per day, up from 883,424 boepd year-over-year, as record U.S. output helped cushion the price impact

Panama officially transferred control of two strategic canal ports from CK Hutchison's subsidiary to Maersk's APM Terminals after the Supreme Court ruled the concessions unconstitutional. The move ends CK Hutchison's two-decade operation of the Balboa and Cristobal terminals and reflects efforts to reduce Chinese influence over infrastructure handling 5% of global maritime trade.

• The Supreme Court ruling annulled concessions for Balboa and Cristobal port terminals operated by Hong Kong-based CK Hutchison's Panama Ports Company for over 20 years
• Maersk's APM Terminals will manage the ports temporarily under separate contracts while Panama develops a new long-term concession framework
• The transfer aligns with U.S. President Trump's push to curb Chinese influence over the Panama Canal amid growing U.S.-China rivalry over global trade routes

FDA Commissioner Marty Makary defended the agency's support for mRNA vaccines while justifying the Trump administration's decision to cut federal funding for mRNA research, arguing that pharmaceutical companies earned over $50 billion from COVID vaccines and can afford their own research. The HHS previously ended over $700 million in Moderna funding for pandemic preparedness, including bird flu vaccine development. Makary stated taxpayer funds should instead support research into rare diseases and underfunded conditions.

• HHS cut more than $700 million in Moderna funding for mRNA vaccines against pandemic threats like bird flu, despite an ongoing outbreak infecting workers
• Makary argued companies making mRNA vaccines earned over $50 billion and should self-fund research rather than rely on taxpayers
• The FDA has approved two mRNA vaccines for RSV from Moderna and GSK during Makary's tenure, and he expressed interest in reviewing mRNA cancer treatments

Amazon announced plans to invest $12 billion in new AI data centers in northwestern Louisiana, part of its broader $200 billion AI spending plan for the year. The facilities in Caddo and Bossier Parishes will create 540 full-time jobs and support approximately 1,700 additional roles. This investment comes as tech giants race to expand data center capacity to meet surging AI computing demands.

• Amazon's total AI spending is expected to reach $200 billion in 2026, exceeding all other hyperscalers and contributing to a combined $700 billion industry expenditure
• The company will pay 100% of costs for new energy infrastructure and invest up to $400 million in public water infrastructure, using only surplus water to address local resource concerns
• Amazon's stock declined for nine consecutive days following its February earnings report, losing over $450 billion in market value as Wall Street reacted skeptically to the massive capital expenditure plans

AbbVie announced a $380 million investment to build two new active pharmaceutical ingredient manufacturing facilities at its North Chicago, Illinois campus, expanding domestic production capacity for neuroscience and obesity medicines. The investment is part of a broader effort to scale up U.S. manufacturing amid the Trump administration's tariffs on pharmaceutical imports. Construction will begin in spring 2026, with full operations expected by 2029.

• The new facilities will create 300 jobs including engineers, scientists, manufacturing operators and lab technicians in North Chicago
• Construction timing allows AbbVie to potentially avoid tariffs on branded drugs imposed in October, which exempt producers who had already broken ground on U.S. plants
• The investment is part of AbbVie's larger commitment made in January to invest in U.S.-based R&D over the next decade, with the company planning to announce additional investments in 2026

PayPal is reportedly attracting takeover interest from potential buyers after its stock value dropped by nearly half. The payments company has held meetings with banks following unsolicited acquisition interest, with at least one major competitor considering acquiring the entire company while others are interested in specific assets.

• PayPal's stock has declined approximately 50% from previous levels, making it a potential takeover target
• At least one large rival is evaluating a full company acquisition, while other suitors are interested only in certain PayPal assets
• PayPal has fielded meetings with banks amid the unsolicited takeover interest but declined to comment on the report