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Elon Musk expressed dissatisfaction with President Donald Trump’s giant tax bill, saying it undercut his efforts to slash government spending. Musk, who has announced he’s stepping back from his Department of Government Efficiency — a body that quickly became an exponent of the second Trump administration’s vision — told CBS News in an interview that he was “disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing.” The legislation, which Trump calls his “big, beautiful bill” and includes an array of tax cuts, will go…

Shares of Abercrombie & Fitch soared on Wednesday, even after the retailer slashed its profit outlook due to tariffs, which are expected to hit its business by $50 million. The company is now expecting full year earnings per share to be between $9.50 and $10.50, down from a previous range of between $10.40 and $11.40. Analysts were expecting earnings of $10.33 a share, according to LSEG. Abercrombie also cut its operating margin forecast, another closely watched metric by investors. It’s now expecting its operating margin to be between 12.5% and 13.5%, down from a previous range of between 14% to 15%. The company’s…

2023 Prius Prime on display, April 6, 2023.Scott Mlyn | CNBCPLANO, Texas — Twenty-five years after introducing many Americans to hybrid vehicles with the Prius, Toyota Motor is targeting significant growth in plug-in hybrid electric vehicles, or PHEVs.Such cars can function as an all-electric vehicle for a certain number of miles before they need a traditional gas-powered engine. Unlike traditional hybrids like the Prius that use a small amount of battery technologies, PHEVs also need to be charged with a plug, like an EV, to use the electric range.PHEVs aren’t new. Toyota first introduced the Prius as a PHEV in…

A sign is posted in front of a Dick’s Sporting Goods store on September 04, 2024 in Daly City, California. Justin Sullivan | Getty ImagesDick’s Sporting Goods said Wednesday it’s standing by its full-year guidance, which includes the expected impact from all tariffs currently in effect.The sporting goods giant said it’s expecting earnings per share to be between $13.80 and $14.40 in fiscal 2025 — in line with the $14.29 that analysts had expected, according to LSEG. It’s expecting revenue to be between $13.6 billion and $13.9 billion, which is also in line with expectations of $13.9 billion, according to LSEG.”We are…

Macy’s cut its full-year profit guidance on Wednesday even as it beat Wall Street’s quarterly earnings expectations.In a news release, the department store operator said it reduced its earnings outlook because of higher tariffs, more promotions and “some moderation” in discretionary spending. Macy’s stuck by its full-year sales forecast, however. For fiscal 2025, Macy’s now expects adjusted earnings per share of $1.60 to $2, down from its previous forecast of $2.05 to $2.25. It reaffirmed its full-year sales guidance of between $21 billion and $21.4 billion, which would be a decline from $22.29 billion in the most recent full year. Here’s how…