ReportWire

Tag: Products/Services

  • GM stock sinks to 3-year low after report that faulty air-bag parts may lead to massive recall

    GM stock sinks to 3-year low after report that faulty air-bag parts may lead to massive recall

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    General Motors Co.’s stock ended at its lowest in three years on Thursday following a news report saying that the carmaker may face a massive recall in connection with defective air-bag inflators.

    The Wall Street Journal reported Thursday that at least 20 million GM
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    -2.35%

    vehicles are built with the potentially dangerous air-bag part, made by auto supplier ARC Automotive of Tennessee.

    GM stock fell 2.4% to close at $30.31, its lowest since Sept. 30, 2020, when it closed at $29.59. The stock has been down for five straight sessions, and off more than 8% in the period.

    The report, citing people familiar with the matter, said that GM would be among the “most exposed” automaker to the recall, which involves 52 million inflators made by ARC.

    At least two people have been killed and several others injured after the inflators exploded with too much force during a crash, sending shrapnel flying, the report said.

    The National Highway Traffic Safety Administration has not yet released how many vehicles would be in the recall, or the specific models that would be affected, it said.

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  • Why McDonald’s is bringing back its McRib for the umpteenth time

    Why McDonald’s is bringing back its McRib for the umpteenth time

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    Call it the long goodbye, fast food-style.

    McDonald’s
    MCD,
    +0.27%

    is planning to bring back its beloved McRib sandwich, just one year after giving the porky treat a “farewell tour.” The menu item is set to return next month, according to the company.

    “While it won’t be available nationwide, some lucky fans may find their favorite elusive saucy sandwich at their local McDonald’s restaurants this November,” McDonald’s said in a statement to MarketWatch on Wednesday.

    Not that the news should come as a complete surprise. McDonald’s has always employed a scarcity tactic in marketing the McRib. That is, the key to the sandwich’s appeal has been that it’s never around for long, leaving fans (including Homer Simpson) to devour it while they can.

    As Restaurant Business, a trade publication, observed last year: “If consumers think there is a shortage of a product, or that it won’t be around for long, they will rush out to get it. Think of the Great Toilet Paper Shortage in 2020 and how many people rushed out to get some the moment they thought they might run out.”

    The publication quoted McDonald’s CEO Chris Kempczinski about this approach, particularly in relation to the “farewell tour”: “The McRib is the GOAT of sandwiches on our menu. And so like the GOATs Michael Jordan, Tom Brady, and others, you’re never sure if they’re fully retired or not.”

    By all accounts, the strategy has worked: A Wall Street Journal story once noted that McDonald’s sold more than 60 million of the sandwiches over a three-year period — in spite of the fact (or maybe because of the fact) it’s available in such limited fashion.

    Further proof of the McRib’s success: It has spawned some competition. In 2021, Arby’s released a Country Style Pork Rib sandwich as a limited-time fall offering — and took cheeky aim at McDonald’s in its marketing, referring to the McRib as a “rib-shaped sandwich” (there’s some truth to that — the McRib features a boneless pork patty with no actual ribs).

    Naturally, the McRib’s return has sparked plenty of reaction on social media. One commenter on X (formerly Twitter) referred to the fact the sandwich seemingly has nine lives. Another said that McDonald’s retracting of its “farewell tour” announcement has left them having “trust issues.”

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  • Novartis Says Kidney Drug Phase 3 Trial Reaches Positive Interim Result

    Novartis Says Kidney Drug Phase 3 Trial Reaches Positive Interim Result

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    By Adria Calatayud

    Novartis said an interim analysis from a phase 3 trial to evaluate its investigational iptacopan drug in patients with kidney disease nephropathy achieved positive results, meeting its primary goal.

    The Swiss pharmaceutical company said Monday that an analysis of study data at nine months showed a clinically meaningful and statistically significant reduction in protein in urine. The company said this demonstrated superiority of iptacopan relative to placebo in reducing protein in urine.

    The safety profile of the drug was consistent with previously reported data, Novartis said.

    Novartis said it plans to review the trial’s interim results with the U.S. Food and Drug Administration to enable a potential regulatory submission for accelerated approval.

    The study will now continue to assess the iptacopan’s ability to slow disease progression over two years, the company said. Results from the primary goal at the end of the study are expected in 2025.

    Write to Adria Calatayud at adria.calatayud@dowjones.com

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  • Apple says it will fix app software problems blamed for making iPhone 15 models too hot to handle

    Apple says it will fix app software problems blamed for making iPhone 15 models too hot to handle

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    Apple Inc. is blaming a software bug and other issues tied to popular apps such as Instagram and Uber for causing its recently released iPhone 15 models to heat up and spark complaints about becoming too hot to handle.

    The Cupertino, Calif., company
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    +0.30%

    said Saturday that it is working on an update to the iOS17 system that powers the iPhone 15 lineup to prevent the devices from becoming uncomfortably hot and is working with apps that are running in ways “causing them to overload the system.”

    Instagram, owned by Meta Platforms
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    ,
    modified its social media app earlier this week to prevent it from heating up the device on the latest iPhone operating system.

    Read: The Magnificent Seven could be considered the messy seven after a ‘meh’ third quarter

    Uber
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    and other apps such as the video game Asphalt 9 are still in the process of rolling out their updates, Apple said. It didn’t specify a timeline for when its own software fix would be issued but said no safety issues should prevent iPhone 15 owners from using their devices while awaiting the update.

    “We have identified a few conditions which can cause iPhone to run warmer than expected,” Apple in a short statement provided to The Associated Press after media reports detailed overheating complaints that are peppering online message boards.

    The Wall Street Journal amplified the worries in a story citing the overheating problem in its own testing of the new iPhones, which went on sale a week ago.

    Read: Here’s what Apple’s iPhone 15 says about the world

    It’s not unusual for new iPhones to get uncomfortably warm during the first few days of use or when they are being restored with backup information stored in the cloud — issues that Apple already flags for users. The devices also can get hot when using apps such as video games and augmented reality technology that require a lot of processing power, but the heating issues with the iPhone 15 models have gone beyond those typical situations.

    In its acknowledgement, Apple stressed that the trouble isn’t related to the sleek titanium casing that houses the high-end iPhone 15 Pro and iPhone 15 Pro Max instead of the stainless steel used on older smartphones.

    Apple also dismissed speculation that the overheating problem in the new models might be tied to a shift from its proprietary Lightning charging cable to the more widely used USB-C port that allowed it to comply with a mandate issued by European regulators.

    Although Apple expressed confidence that the overheating issue can be quickly fixed with the upcoming software updates, the problem still could dampen sales of its marquee product at time when the company has faced three consecutive quarters of year-over-year declines in overall sales.

    The downturn has affected iPhone sales, which fell by a combined 4% in the nine months covered by Apple’s past three fiscal quarters compared with a year earlier.

    Apple is trying to pump up its sales in part by raising the starting price for its top-of-the-line iPhone 15 Pro Max to $1,200, an increase of $100, or 9%, from last year’s comparable model.

    Investor worries about Apple’s uncharacteristic sales funk already have wiped out more than $300 billion in shareholder wealth since the company’s market value closed at $3 trillion for the first time in late June.

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  • Hollywood writers strike declared over after boards approve new contract with studios

    Hollywood writers strike declared over after boards approve new contract with studios

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    LOS ANGELES — Leaders of the screenwriters union declared their nearly five-month-old strike over Tuesday after board members approved a contract agreement with studios, bringing Hollywood at least partly back from a historic halt in production.

    The governing boards of the eastern and western branches of the Writers Guild of America and their joint negotiating committee all voted to accept the deal, two days after the tentative agreement was reached with a coalition of Hollywood’s biggest studios, streaming services and production companies. After the vote they declared that the strike would be over and writers would be free to start on scripts at 12:01 a.m. Wednesday.

    Late-night talk shows — the first to go dark when writers walked out on May 2 — are likely the first shows that will resume. Scripted shows will take longer to return, with actors still on strike and no negotiations yet on the horizon.

    The writers still have to vote to ratify the contract themselves in early October, but lifting the strike will allow them to work during that process, the guild told members in an email.

    After Tuesday’s board votes, the contracts were released for the first time to the writers, who had not yet been given any details on the deal, which their leaders called “exceptional.”

    The three-year agreement includes significant wins in the main areas writers had fought for — compensation, length of employment, size of staffs and control of artificial intelligence — matching or nearly equaling what they had sought at the outset of the strike.

    The union had sought minimum increases in pay and future residual earnings from shows of between 5% and 6%, depending on the position of the writer. The studios had wanted between 2% and 4%. The compromise deal was a raise of between 3.5% and 5%.

    The guild also negotiated new residual payments based on the popularity of streaming shows, where writers will get bonuses for being a part of the most popular shows on Netflix
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    Max and other services, a proposal studios initially rejected. Many writers on picket lines had complained that they weren’t properly paid for helping create heavily watched properties.

    The writers also got the requirement they sought that shows intended to run at least 13 episodes will have at least six writers on staff, with the numbers shifting based on the number of episodes. They did not get their desire for guaranteed staffs of six on shows that had not yet been ordered to series, settling instead for a guaranteed three.

    Writers also got a guarantee that staffs on shows in initial development will be employed for at least 10 weeks, and that staffs on shows that go to air will be employed for three weeks per episode.

    On artificial intelligence, the writers got the regulation and control of the emerging technology they had sought. Under the contract, raw, AI-generated storylines will not be regarded as “literary material” — a term in their contracts for scripts and other story forms a screenwriter produces. This means they won’t be competing with computers for screen credits. Nor will AI-generated stories be considered “source” material, their contractual language for the novels, video games or other works that writers may adapt into scripts.

    Writers have the right under the deal to use AI in their process if the company they are working for agrees and other conditions are met. But companies cannot require a writer to use AI.

    Still-striking members of the Screen Actors Guild-American Federation of Television and Radio Artists returned to the picket lines earlier Tuesday for the first time since the writers struck their tentative deal, and they were animated by a new spirit of optimism.

    “For a hot second, I really thought that this was going to go on until next year,” said Marissa Cuevas, an actor who has appeared on the TV series “Kung Fu” and “The Big Bang Theory.” “Knowing that at least one of us has gotten a good deal gives a lot of hope that we will also get a good deal.”

    Writers’ picket lines had been suspended, but they were encouraged to walk in solidarity with actors, and many were on the lines Tuesday, including “Mad Men” creator Matthew Weiner, who picketed alongside friend and “ER” actor Noah Wyle as he has throughout the strikes.

    “We would never have had the leverage we had if SAG had not gone out,” Weiner said. “They were very brave to do it.”

    The Alliance of Motion Picture and Television Producers, which represents the studios in negotiations, chose to deal with the longer-striking writers first, and leaders of SAG-AFTRA said they had received no overtures on resuming talks. That’s likely to change soon.

    Actors also voted to authorize their leadership to potentially expand their walkout to  include the lucrative videogame market, a step that could put new pressure on Hollywood studios to make a deal with the performers who provide voices and stunts for games.

    The Screen Actors Guild-American Federation of Radio and Television Artists announced the move late Monday, saying that 98% of its members voted to go on strike against videogame companies if ongoing negotiations are not successful. The announcement came ahead of more talks planned for Tuesday.

    Acting in videogames can include a variety of roles, from voice performances to motion capture work as well as stunts. Video game actors went on strike in 2016 in a work stoppage that lasted nearly a year.

    Some of the same issues are at play in the video game negotiations as in the broader actors strike that has shut down Hollywood for months, including wages, safety measures and protections on the use of artificial intelligence. The companies involved include gaming giants Activision Blizzard
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    ,
    Electronic Arts
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    ,
    Epic Games, Take 2 Productions
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    as well as Disney
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    and Warner Bros.′
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    videogame divisions.

    “It’s time for the videogame companies to stop playing games and get serious about reaching an agreement on this contract,” SAG-AFTRA President Fran Drescher said in a statement.

    Audrey Cooling, a spokesperson for videogame producers, said they are “continuing to negotiate in good faith” and have reached tentative agreements on more than half of the proposals on the table.

    So far this year, U.S. consumers have spent $34.9 billion on videogames, consoles and accessories, according to market research group Circana.

    The threat of a videogame strike emerged as Hollywood writers were on the verge of getting back to work after months on the picket lines.

    The alliance of studios, streaming services and producers has chosen to negotiate only with the writers so far, and has made no overtures yet toward restarting talks with SAG-AFTRA. That will presumably change soon.

    SAG-AFTRA leaders have said they will look closely at the writers’ agreement, which includes many of the same issues, but it will not effect their demands.

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  • Intel’s Big Chip-Making Push in Germany Hits Bottleneck

    Intel’s Big Chip-Making Push in Germany Hits Bottleneck

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    Intel’s Big Chip-Making Push in Germany Hits Bottleneck

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  • A stranger in your hotel room? Kitty-litter shortages? Online attacks are causing real-world effects.

    A stranger in your hotel room? Kitty-litter shortages? Online attacks are causing real-world effects.

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    It was past midnight when Alessandra Millican and a friend entered the Bellagio hotel room that was costing them hundreds of dollars a night, but unexpected noises made them stop cold.

    “We started hearing grunts,” she said. “It’s somebody waking up — we were halfway through the room and we realized there’s somebody sleeping in here.”

    Millican…

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  • Apple event: iPhone 15, Apple Watch Series 9 and everything else on the way

    Apple event: iPhone 15, Apple Watch Series 9 and everything else on the way

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    Apple refreshed its iPhone and Apple Watch lineups at a Tuesday event that focused on camera and processing improvements for the phones as well as new gesture controls for the watch.

    Apple
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    -1.71%

    kept prices the same on three of its iPhone models, while boosting the starting price of the iPhone 15 Pro Max for the first time when it eliminated what previously was the smallest and cheapest configuration. The least expensive iPhone 15 Pro Max will cost $1,199 for 256GB of storage, which is what that configuration cost a year ago, though at that time there was also a cheaper 128GB option. Apple previously had stuck with a $1,099 base price on the iPhone Pro Max since it rolled out that model in 2019.

    Both the iPhone 15 Pro and the iPhone 15 Pro Max will feature Apple’s custom designed A17 Pro processor, a faster chip that the company says will boost the mobile gaming experience.

    The Pro models are getting slight design enhancements, including new titanium casing and slimmer edges. Apple says that the use of titanium, rather than stainless steel, makes the models lighter than their predecessor.

    Perhaps the best camera upgrade is exclusive to the Pro Max. That phone will have a better telephoto camera supporting up to five-times zoom, compared with three times before, and will be able to capture three-dimensional video that can be viewed with Apple’s soon-to-launch Vision Pro headset.

    See also: Vision Pro could be Apple’s biggest hit since iPhone

    The iPhone 15 and iPhone 15 Plus will receive enhancements, too, including speed boosts via Apple’s A16 processor and camera upgrades that will support better use of portrait mode. The satellite connectivity feature that launched on last year’s iPhones will expand to include roadside assistance as well.

    After facing criticism for the iPhone’s “notch,” Apple turned that space into a Dynamic Island on Pro models last year. Now that technology is coming to the base-level models as well, so users will be able to use that space for more functional means like changing songs.

    iPhone users may be able to throw away their Lightning cables if they get the new models, as all four will charge with the more universal USB-C connectivity, as will other Apple devices such as AirPods Pro. Apple did not spend a lot of time addressing the change from its proprietary “Lightning” connecter, which was forced by new European rules requiring universal connections.

    More on iPhone 15: Apple increases base price on highest-end iPhone for first time

    Apple also detailed the new Apple Watch Series 9 lineup, which includes the second version of the Apple Watch Ultra. The new base Apple Watches will have a new S9 chip that could lead to speed and efficiency improvements and faster load times, the same 18-hour battery life, a new FineWoven fabric band and up to 2000 nit brightness display. The Apple Watch Ultra 2 has features including 36 hours of battery life, an S9 SiP chip, and a 3000-nit brightness display

    The new Apple Watch Series 9 also features a new “double-tap” gesture, which allows people to answer calls and interact with their watch by tapping their index finger and thumb together when their non-watch hand is being previously occupied.

    For more: New Apple Watch Series 9 — cost, new features, and when it comes out

    The new Apple Watch models are set to become available for preorder immediately following the Sept. 12 launch event, and will be available for regular purchase on Friday Sept. 22.

    Apple said the new Apple Watch would be its first fully carbon-neutral device, and dedicated a solid chunk of its hour-and-a-half presentation to discussing environmental sustainability efforts. The company is aiming to be completely carbon-neutral across its operations and supplier operations by 2030.

    Apple also noted that it will no longer use leather in Watch bands, nor any other product. The company also moved up its goal for ditching all plastic packaging — it now expects to accomplish that by the end of 2024.

    See: Apple to drop plastic packaging by end of next year, no leather cases for iPhone15

    Apple added new pink colors to its iPhone and Watch lineup as well. The company also added two new tiers to its iCloud product, which will offer options for 6 and 12 terabytes of remote storage after previously topping out at 2 terabytes.

    Apple stock declined during and after the event, ending the day’s session with a 1.7% drop at $176.30 that helped push the Dow Jones Industrial Average
    DJIA
    to a slight daily decline. That’s a larger decline than Apple’s average daily performance on iPhone event days historically, but the past has also shown that shares typically rise between the September announcement and the actual launch of the phones.

    Market snapshot: Stocks fall after Apple unveils iPhone 15, with U.S. inflation data looming

    Apple’s stock has increased 35.7% so far this year, easily outpacing the 16.9% increase of the S&P 500 index.
    SPX

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  • New Apple Watch Series 9: cost, new features, and when it comes out

    New Apple Watch Series 9: cost, new features, and when it comes out

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    Apple’s AAPL keynote event on Tuesday debuted several new products including the iPhone 15, and the much-anticipated Apple Watch Series 9.

    Prices for Apple’s refreshed new watch start at $399 — the same price as the previous watch models when they first debuted.

    Among the new features in the Apple Watch Series 9 is a new S9 chip that could…

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  • The iPhone 15 is coming: Everything to expect from Apple’s big event

    The iPhone 15 is coming: Everything to expect from Apple’s big event

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    For Apple fans, it’s almost that time of year again. 

    The company is expected to launch the iPhone 15 at an event Tuesday, but don’t get too excited about the new phone. This year, the biggest change from Apple
    AAPL,
    +0.35%

    could be the iPhone’s price.

    Apple tends to introduce new iPhones every year in the fall, and lately, the company has been keeping prices the same even as it upgrades the technology. That may not be the case this year, though, with some thinking that Apple could boost the price of its Pro-level models by $100 or $200 compared with what an iPhone 14 Pro currently sells for.

    That’s notable because iPhones are already pretty expensive, with the cheapest iPhone 14 Pro option selling for $999 and the priciest iPhone 14 Pro Max configuration going for $1,599.

    “Given the popularity of the iPhone 14 Pro models compared to the iPhone 14 models, Apple may believe consumers will be willing to pay more without much fuss,” Monness, Crespi, Hardt & Co. analyst Brian White wrote in a recent report. “Moreover, Apple may feel a price hike is warranted given the inflationary forces that have disrupted the economy over the past couple of years.”

    Morgan Stanley’s Erik Woodring is less certain that Apple will hike prices broadly. The company could boost the price of its Pro Max phone by $150 to account for an expected new rear-facing periscope lens, but it’s “very un-Apple-like to raise prices across the board in the midst of a smartphone market down 11%,” he wrote. He said he expects the company to keep prices the same on the regular Pro model and its two base-level options.

    One key issue for iPhone enthusiasts — and Apple investors — is when the new phones will be ready for sale. Most of the iPhone models Apple introduced last year hit stores in mid-September, but there are some concerns about potential production delays this year.

    Read: Waiting for the iPhone 15? You might have to hold out longer than you think.

    “The broad availability of the iPhone 15 Pro Max could be October given some manufacturing challenges,” BofA Securities analyst Wamsi Mohan wrote recently.

    iPhone feature updates have become more incremental in recent years, and Apple watchers aren’t expecting anything groundbreaking this time around either. New iPhones always tend to be a little faster than their predecessors, and this year’s models might charge more quickly too. There’s a catch, though, as Apple is expected to switch out its proprietary Lightning cable for the more universal USB-C cord. 

    While the Pro models get a lot of attention, White said that those looking to buy base-level models could see some enhancements. Reports “have highlighted the potential for the iPhone 15 and iPhone 15 Plus to be graced with certain features found on last year’s more expensive Pro models, including the A16 chip, Dynamic Island, and a 48-megapixel camera,” he wrote.

    Why go Pro? Apple could move to a titanium frame from its prior stainless-steel casing and make camera enhancements. Mohan highlighted the potential for a periscope-type telephoto lens on Max versions.

    Apple fans “should also see more casing quality color differentiation between the Pro and regular series to help drive vanity switchers to the higher-priced models,” Jefferies analyst Andrew Uerkwitz wrote recently.

    There could be a dark blue color option for the iPhone Pro line this year, for example, according to 9to5Mac. That said, those content with the base-level model might be enticed by a pink version of that phone, with 9to5Mac noting that that’s one of several rumored pastel color options.

    Read: Here’s why Wall Street may be overreacting about Apple’s China’s challenges

    Apple is also expected to refresh its Apple Watch lineup at Tuesday’s event. Bloomberg News has reported that the Apple Watch Series 9 could feature a faster processor, though it will have the same general design as past models. Apple is also expected to keep the look the same on an upgraded version of its Ultra Watch, and that might come in a black color option.

    The event kicks off at 1 p.m. Eastern time Tuesday and will be available for live viewing on Apple’s site.

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  • The iPhone 15 Can’t Come Soon Enough for Apple

    The iPhone 15 Can’t Come Soon Enough for Apple

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    The new iPhone 15 is coming in September. History says the month is a wash.


    LCG Auctions

    Not even


     


    Apple was invincible to this tough August. And if investors are pinning their hopes on the iPhone 15 launch in just a couple of weeks, they could very we…

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  • Roche Lung Cancer Drug Shows Promise in Phase 3 Trial

    Roche Lung Cancer Drug Shows Promise in Phase 3 Trial

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    By David Sachs

    Roche said Friday that its Alecensa drug demonstrated the ability to reduce recurrence of lung cancer for patients in the early stage of the disease.

    The Swiss pharmaceutical company said the results, from a Phase 3 study of 257 people which compared the treatment with platinum-based chemotherapy, met its primary goal of disease-free survival in people with early-stage non-small cell lung cancer. About half of people with this type of lung cancer experience a recurrence of the disease after surgery, Roche said.

    Roche said that it found no unexpected safety issues and will submit the data to global health authorities.

    Write to David Sachs at david.sachs@wsj.com

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  • Shopify Is Offering Amazon’s ‘Buy With Prime.’ 3 Benefits From the Deal.

    Shopify Is Offering Amazon’s ‘Buy With Prime.’ 3 Benefits From the Deal.

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    Shopify


    unveiled a deal that permits merchants on its platform to offer shoppers the choice to buy items using


    Amazon


    Prime perks. Analysts anticipate a boost in merchant usage, among other benefits for the tech firms involved.

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  • Ford is going all in on hybrids. Here’s why.

    Ford is going all in on hybrids. Here’s why.

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    Ford Motor Co. is betting that hybrid vehicles will be the bridge toward an all-electric-vehicle future for perhaps longer than most people expect. It’s a cautious strategy that has its admirers on Wall Street.

    Ford
    F,
    -4.48%

    is not thinking about “extremes” between hybrids and EVs, company Chief Executive Jim Farley said recently. The automaker decided to keep investing in heavy-duty hybrid vehicles and has been surprised by their popularity, he said.

    That’s a “subtle shift of strategy” for Ford, but one that makes sense in the current reality, said Garrett Nelson, an analyst with CFRA.

    On the call with analysts following Ford’s quarterly results last month, Farley noted that Ford’s hybrid offerings are extremely popular. About 10% of F-150 pickup trucks and 56% of smaller Maverick pickup trucks being sold in the U.S. are hybrids, he said.

    “We are adding hybrid options across our [internal-combustion-engine] lineup,” he said. “And we expect to quadruple our hybrid sales in the next five years, and we were already No. 2 in the market last year.”

    The pure-battery EV market has become saturated, and Ford is indicating that it is willing to be flexible, CFRA’s Nelson said.

    “Bottom line, aside from Tesla
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    EVs, the vast majority of other EV models have sold very poorly,” Nelson said, adding that although many people are not interested in EVs, hybrids could be an easier sell.

    Related: Electric vehicles vs. gas-powered cars: Which one is cheaper to buy and own?

    “Consumers are becoming much more educated,” he said. “You can in a lot of cases go on pure battery power and not even use any fuel with these hybrids.”

    Japanese carmakers such Toyota Motor Corp.
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    and Honda Motor Co.
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    have taken that approach from the start, making much bigger bets on hybrids, and “in hindsight that appears to have paid off,” Nelson said.

    Indeed, “hybrids are a much easier purchase in today’s environment,” said Karl Brauer, an analyst with iSeeCars.com.

    “They cost less than electric vehicles, they don’t involve range anxiety, and Ford has managed to make them quite practical in how it pairs the technology with the F-150,” Brauer said.

    Hybrids are more expensive to buy than internal-combustion-engine vehicles, but they are cheaper than electric vehicles because their batteries are significantly smaller — even those in plug-in hybrids, which are capable of driving several dozen miles solely on an electric charge. About a third of the cost of an EV is the cost of the battery.

    Hybrids have one more critical advantage over EVs, Brauer said — they can be produced and sold for a profit.

    Ford’s strategy contrasts with a more aggressive EV push by General Motors Co.
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    ,
    Nelson said.

    GM late Wednesday unveiled its Cadillac Escalade IQ, a luxury EV that starts at around $130,000 and has 450 miles of range. GM expects to begin making the vehicle in the summer of 2024, with sales beginning in late 2024.

    GM’s future lineup includes a number new EV models as well as electric versions of popular vehicles that were previously available only as gas-powered models. That includes an electric Chevy Equinox for next year and a return of the Chevy Bolt, among the cheapest EVs available in the U.S.

    See also: GM is bringing back the Bolt. What do we know so far about the updated EV?

    GM will cease production of the Bolt later this year but has promised to bring it back using the company’s new shared EV platform. Observers expect the new Bolt to be available around 2025.

    GM’s EV strategy is generally viewed as more risky.

    Tesla started a price war earlier this year, cutting prices of its EVs several times. Ford also cut prices, most notably on the F-150 Lightning, the electric version of a pickup truck that’s been the best-selling vehicle in the U.S. since the 1980s.

    Hybrids also do away with so-called charge anxiety, because their gas-powered engines kick in when needed.

    Related: EVs zoomed ahead with a 8.2% slice of auto financing pie in second quarter

    According to a Consumer Reports survey in June, about 6 in 10 respondents said that concerns about charging were holding them back from purchasing an EV, and about 5 in 10 cited range as a reason they wouldn’t buy one just yet.

    Tesla has made its fast-charging ports the de facto standard in the U.S., and several automakers, including Ford and GM, have inked deals to allow their EV owners to power up at Tesla’s Supercharger network, which has charging stations located near major highways.

    An often-cited 2022 study about the reliability of public, open-to-all fast-charging stations in nine counties in the San Francisco Bay Area found a range of issues with the stations, from charging and payment failures to annoyances such as spaces being occupied by gas-powered vehicles or EVs that are not actively charging.

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  • FDA approves first-ever pill for postpartum depression in new mothers

    FDA approves first-ever pill for postpartum depression in new mothers

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    The Food and Drug Administration late Friday approved the first-ever pill that can be taken at home for postpartum depression.

    The medication, called zuranolone, and jointly developed by pharmaceutical companies Biogen Inc.
    BIIB,
    +0.44%

    and Sage Therapeutics
    SAGE,
    +0.25%
    ,
    is taken daily for two weeks, the FDA said in its release.

    In a pair of clinical trials involving women who experienced severe depression after having a baby, the drug improved symptoms including anxiety, trouble sleeping, loss of pleasure, low energy, guilt or social withdrawal as soon as three days after the first pill.

    “Postpartum depression is a serious and potentially life-threatening condition in which women experience sadness, guilt, worthlessness — even, in severe cases, thoughts of harming themselves or their child,” said Tiffany Farchione, M.D., director of the Division of Psychiatry in the FDA’s Center for Drug Evaluation and Research.

    ”And, because postpartum depression can disrupt the maternal-infant bond, it can also have consequences for the child’s physical and emotional development,” she said.

    Women who are breastfeeding or had mild or moderate depression weren’t included in the trials.

    Until now, the only available option for this condition has been an intravenous injection that the FDA approved in 2019. It requires patients to stay in a hospital for two-and-a-half days.

    Postpartum depression affects one in eight new mothers in the U.S., according to the Centers for Disease Control and Prevention. Researchers suggest the actual rate may be higher and that half of such cases go undiagnosed. 

    Research finds that postpartum depression is more intense and lasts longer than the typical worries, sadness or tiredness that many women experience after giving birth. The condition can make it harder for mothers to bond with their babies and may increase the likelihood of developmental delays in infants.

    Drug overdoses and suicides are leading causes of maternal death in the U.S., contributing to nearly one in four pregnancy-related deaths, according to the CDC. 

    Zuranolone stimulates a brain receptor called GABA that slows down the brain and helps control anxiety and stress. The drug, through trials, is thought to calm women suffering from postpartum depression enough to allow them to rest, which also improves symptoms.

    Shares of Biogen are up 23% over the past year, and Sage has lost 14%, while the S&P 500
    SPX
    is up 8% over the same time.

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  • Ford revenue jumps 12%, but stock dips as Wall Street spooked by shifting EV production goal

    Ford revenue jumps 12%, but stock dips as Wall Street spooked by shifting EV production goal

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    Ford Motor Co. late Thursday reported quarterly profit that was about three times higher than last year’s and a 12% increase in its revenue, moving it to raise its outlook for 2023, but the beat-and-raise was overshadowed by a delay in EV production goals.

    Ford stock
    F,
    +0.44%

    initially rose about 3% after the positive results, with Chief Executive Jim Farley telling investors that the company’s goal is to match an “exciting, long-term vision” of itself with “boringly predictable execution quarter after quarter, year after year.”

    Share gains started to fade, however, as investors zeroed in on the shifted production goal, and ended the extended session down 1.2%. Ford said it expects to reach a production rate of 600,000 EVs in 2024; when it reported first-quarter earnings in May it said it would reach that milestone by the end of this year.

    The company’s EV production growth has been “disappointing,” CFRA analyst Garrett Nelson said Thursday.

    Nelson said he was “cautious” on Ford in light of the stock’s run so far this year and the possibility that “higher-for-longer” interest rates would weigh on sales after a strong first half of the year. Looming labor negotiations with the United Auto Workers are another reason for caution, he said.

    Ford earned $1.9 billion, or 47 cents a share, in the second quarter, nearly three times higher than in the year-ago period and a 4% margin, the company said. Adjusted for one-time items, the automaker earned 72 cents a share.

    Revenue rose 12% to $45 billion, Ford said, and its cash and liquidity are “persistently strong.” The revenue increase included a 39% rise for Ford’s EV business.

    Analysts polled by FactSet expected Ford to report adjusted earnings of 54 cents a share on sales of $43.17 billion.

    Supply-chain “disruptions” have persisted but are now easing, and Ford has “more work to do” to streamline its systems, reduce costs and improve quality, Farley said in the call.

    EV adoption is still in the upswing, Farley said, but the number of companies entering the market is growing even at the higher end of the market. With its varied offers, though, Ford is building EV “loyalists” to its brand, Farley said.

    Ford lifted its EBIT guidance range for the full year to between $11 billion and $12 billion. It also adjusted upward its expectations for 2023 adjusted free cash flow to between $6.5 billion and $7 billion. Capital expenditures would be between $8 billion and $9 billion, the automaker said.

    The guidance presumes “headwinds” including “global economic uncertainty and inflationary pressures, higher industrywide customer incentives and continued EV pricing pressure,” Ford said, as well as increased warranty costs and costs associated with union contract negotiations.

    On the positive side, “tailwinds” accounted for in the guidance included “improved” supply chain, higher industry volumes, upside from the its all-new Ford Super Duty truck and lower commodity costs, Ford said.

    Ford earlier this month surprised Wall Street by cutting the price of its sought-after electric pickup truck, the F-150 Lightning.

    Ford earnings close the cycle for major U.S. automakers, as Tesla Inc.
    TSLA,
    -3.27%

    reported second-quarter earnings last week and General Motors Co.
    GM,
    +1.78%

    earlier this week.

    Shares of Ford have gained 19% so far this year, matching the advance for the S&P 500 index
    SPX,
    -0.64%
    .
    The stock holds an outperformance, however, in the past three months, up 19% to the S&P’s 11%.

    See also: GM, Hyundai and other car manufacturers to build 30,000 fast EV chargers in challenge to Tesla

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  • H&M to Launch in Brazil During 2025

    H&M to Launch in Brazil During 2025

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    By Dominic Chopping

    STOCKHOLM–Sweden’s Hennes & Mauritz Monday announced plans to launch physical and online stores in Brazil during 2025.

    The fashion retailer said it will initially enter major cities in southeast Brazil with a view to further increase its presence across the country over time.

    In Latin America, H&M is currently present in Mexico, Peru, Uruguay, Chile, Colombia, Ecuador, Guatemala, Panama, and Costa Rica, and it said that with a population of over 210 million in Brazil there is considerable potential for expansion.

    To support the initiative H&M said it is partnering with Dorben Group, a Latin American luxury and fashion retail partner.

    Write to Dominic Chopping at dominic.chopping@wsj.com

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  • FDA approves Alzheimer’s treatment Leqembi, clearing the way for Medicare coverage

    FDA approves Alzheimer’s treatment Leqembi, clearing the way for Medicare coverage

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    The U.S. Food and Drug Administration on Thursday granted full approval to the Biogen BIIB and Eisai Co. Ltd. ESALF Alzheimer’s treatment Leqembi, a step that secures Medicare reimbursement for the first drug shown to slow the progress of the disease, rather than just treating its symptoms.

    Leqembi, also known as lecanemab, is a monoclonal antibody designed to reduce the buildup of amyloid beta plaque in the brain, a marker of Alzheimer’s disease.

    The…

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  • Meta launches Threads, its app to rival Twitter, a day early

    Meta launches Threads, its app to rival Twitter, a day early

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    Meta Platforms Inc. launched Threads, its rival to Twitter, a day early Wednesday.

    “Let’s do this. Welcome to Threads,” Meta Chief Executive Mark Zuckerberg posted on the new app.

    The text-based app, a spinoff of Meta’s META Instagram, had been set to launch Thursday morning, but instead went live for users in the U.S. and more than 100 other…

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  • Meta’s Twitter-rival Threads: How to sign up, what it costs and what we know so far

    Meta’s Twitter-rival Threads: How to sign up, what it costs and what we know so far

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    Meta’s Twitter-rival Threads launches tomorrow: What we know so far

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