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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…

When Hannah graduated from King’s College London in 2019 with a degree in business management, she hoped to build a career in marketing. But after struggling to land work in her field, she took a job at a makeup counter — a position that barely covered the cost of her apartment in central London. After a friend introduced her to stripping, she began working occasional shifts to help make ends meet. Hannah quickly realized she could make far more money at the club, so she ditched her retail job to work independently as a stripper.When the pandemic hit and strip…

Proponents of boosting the declining US birth rate are targeting Americans’ biggest expense: housing. They say what parents and would-be parents need are cheaper homes that would give their families the room and financial security to grow.A recent report by the Institute for Family Studies, a conservative think tank that pushes for policies to increase the birth rate, concluded that housing costs were the single biggest factor stopping Americans from having as many kids as they want.”Housing cost concerns are more influential on young adults’ plans than childcare costs, work schedules, job stability, student debt, healthcare access, paid leave, desire…

On Wednesday nights, Connie Sloan drives two hours from her Tucson suburb to Phoenix for work, cruising up the highway to her country playlist as the sinking Arizona sun casts shadows on her steering wheel. She crashes at a friend’s house before waking up early for her nursing shift at a nearby hospital.It has been Sloan’s routine for years: She drives 100 miles on Wednesdays, works 12-hour shifts for three days, then returns home on Saturdays. The schedule can be grueling, especially at 69 years old, but she needs her roughly $3,000 monthly paycheck to supplement her Social Security. It…

PDD Holdings, owner of budget e-commerce platform Temu, reported a steep profit decline in the latest quarter, partly due to President Donald Trump’s tariffs.The Chinese company posted a 38% profit loss in the quarter that ended on March 31, compared to the year before. Its profits in the quarter totalled 16.09 billion yuan, or $2.22 billion.PDD Holdings’ CEO, Lei Chen, said in a Tuesday earnings call that the profit decline was, first of all, due to intensifying competition in the e-commerce industry domestically in China. The company’s Pinduoduo platform, the domestic equivalent of Temu, faces tough competition from players like…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldElon Musk has strongly criticised Donald Trump’s showpiece tax bill, claiming it “undermines” the work done by his government cost-cutting team, in comments that are likely to widen the rift between the billionaire and the president he bankrolled last year.In a preview of an interview with CBS Sunday Morning released late on Tuesday, the Tesla chief executive, who until recently led the so-called Department of Government Efficiency, or Doge, said he was “disappointed to see the massive spending bill, which…