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Morgan Stanley, one of the world’s largest investment banks, is cutting 3% of its workforce, roughly 2,500 employees, across all business divisions.

The job cuts impacted Morgan Stanley’s three major divisions — investment banking and trading, wealth management and investment management — but not its financial advisors, FOX Business confirmed.

The cuts were based on business priorities, location strategy and individual performance, and the bank plans on adding resources in other areas. The layoffs were first reported by The Wall Street Journal.

JACK DORSEY CUTS NEARLY HALF OF BLOCK WORKFORCE AMID MAJOR AI OVERHAUL

The layoffs come after Morgan Stanley, which has around 83,000 global employees, reported a banner year in 2025, posting record annual revenue.

Last quarter, the bank surpassed profit estimates, largely due to a nearly 50% increase in investment banking revenue.

Several U.S. companies have announced significant layoffs this year as they integrate artificial intelligence (AI) tools into their operations.

PRIVATE SECTOR ADDED 63,000 JOBS IN FEBRUARY, ABOVE EXPECTATIONS, ADP SAYS

Last week, Block said it was slashing nearly half of its workforce — more than 4,000 jobs — as the payments firm works to embed AI throughout its operations.

CEO Jack Dorsey said the company planned to enact a single round of large cuts instead of a series of smaller workforce reductions to give the company more room for growth as it adapts to the AI era.

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Amazon has also announced a series of recent reductions totaling approximately 30,000 jobs.

FOX Business’ Eric Revell and Reuters contributed to this report.

A single digital gambler known only as “Magamyman” walked away with $600,000 this weekend after successfully betting on the U.S. military’s strike against Iranian leadership—and he was not alone.

As millions of dollars flooded into controversial prediction markets tied to U.S. strikes on Iran and the death of Ayatollah Ali Khamenei, blockchain investigators say a handful of suspected insiders may have used non-public information to turn the fog of war into a personal windfall.

Just before the U.S.-led strikes that rocked Iran early Saturday, Reuters and other outlets reported a surge of “suspiciously timed bets” that generated significant profits. Blockchain analytics firm Bubblemaps identified six suspected insiders in a post on X, saying they collectively netted $1.2 million on Polymarket just hours before the conflict began.

BETTING COMPANY POLYMARKET OPENS N.Y.C.’S FIRST FREE GROCERY STORE IN DOWNTOWN MANHATTAN

Total trade volume on the fate of Khamenei reached more than $55 million on Kalshi and more than $58 million on Polymarket.

Kalshi faced intensified scrutiny after the federally regulated exchange voided some trades made on the position, “Ali Khamenei out as Supreme Leader?” as fine print indicates that individuals cannot profit directly from death. Instead of settling the “Yes” contracts at the full $1 value, Kalshi invoked a “death carveout” rule, settling positions based on the last traded price before his death was officially confirmed and refunding all trading fees.

“As an exchange, we resolve the market according to the rules, even when there is disagreement with the resolution. I understand many of you are frustrated about the Khamenei market,” Kalshi co-founder Tarek Mansour posted on X.

“No trader lost money on this market. While the rules were clear and we tried our best to highlight them, traders vocalized they were not prominent enough,” Mansour continued. “We learned a lot from this market. We are updating how we present similar markets (e.g., those with a death carveout or where a death might be a likely scenario) so traders can see the exception more clearly before they trade.”

Neither Polymarket nor Kalshi immediately responded to Fox News Digital’s request for comment.

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“Gambling on war and death doesn’t just present national security risks, it also raises serious concerns about potential insider trading—presenting unscrupulous government officials with a chance to profit off the new war in Iran,” Senate Minority Leader Adam Schiff, D-Calif., posted to X on Monday. “These contracts are immoral. [Commodity Futures Trading Commission] can and must ban them.”

However, this is not the first time prediction markets have faced scrutiny for alleged insider trading. Just last month, Kalshi took action by suspending and fining two users — including an employee of the world’s most-subscribed YouTuber, MrBeast — for trading on material, nonpublic information.

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Stanley Black & Decker said it will eliminate roughly 300 positions in New Britain, Connecticut, and close a manufacturing facility that produces single-sided tape measures as part of its ongoing restructuring efforts.

The move is tied to what the company described as a sustained decline in demand for the product category. The New Britain site primarily manufactures single-sided tape measures, which the company said are becoming obsolete in certain markets.

“As a result of a structural decline in demand for single-sided tape measures, we have decided to close our facility in New Britain that predominantly makes these products,” Debora Raymond, vice president of external communications for Stanley Black & Decker, said in a statement to WFSB. “These products are quickly becoming obsolete in the markets we serve.”

EBAY CUTS 800 JOBS ACROSS COMPANY OPERATIONS JUST DAYS AFTER DROPPING $1.2B ON TRENDY GEN Z FASHION APP

Raymond said the company is focused on assisting affected workers through the transition, including exploring opportunities at other locations as well as providing severance and job placement support for both salaried and hourly employees.

The reduction affects approximately half of the company’s roughly 600 employees in New Britain as of 2024. Stanley Black & Decker said its world headquarters in the city will remain open. The company has not disclosed a timeline for the facility’s closure.

The decision comes as Stanley Black & Decker continues executing a multiyear cost-reduction and operational simplification plan. Since late 2023, the company has reduced its global workforce by about 7,000 employees and completed a $2 billion savings program that included facility consolidations and supply chain adjustments.

Stanley Black & Decker has been headquartered in New Britain since the 19th century, and its longstanding presence contributed to the city’s “Hardware City” identity.

Connecticut Gov. Ned Lamont acknowledged the impact on workers and families, saying workforce transitions are difficult but expressed hope that affected employees will find new opportunities.

“Although Stanley has made the decision to discontinue operations for manufacturing outdated products, a change in workforce opportunities is difficult for employees, their families, and any community,” Lamont said in a statement to WFSB. “However, I am hopeful that these skilled workers will be repurposed with the help of Stanley Black & Decker, a company that will still proudly be headquartered here in Connecticut. My administration is working closely with local and state leaders to support affected workers and to reimagine the factory site so it can continue to create opportunity and strengthen New Britain’s economic future.”

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The company has not indicated whether additional workforce actions are planned at other locations.

FOX Business reached out to Stanley Black & Decker for comment.

U.S. stocks fell on Tuesday as investors eye growing tensions in the Middle East and their potential effects on inflation and global trade.

The Dow Jones Industrial Average fell 403.51 points, or 0.83%. The Dow was down 1,278 points, or 2.6%, at the worst levels of Tuesday’s trading session.

The Nasdaq Composite and S&P 500 dropped 1.02% and 0.94%, respectively.

Investors feared that the higher oil prices could fuel inflation and complicate central bank policy decisions already strained by tariff-driven price increases.

US ‘SITTING ON SIGNIFICANT PROVEN RESERVES’: ANALYST SAYS AMERICA CAN WITHSTAND IRAN ENERGY SHOCK

International benchmark Brent crude was up more than 4% at $81 a barrel on Tuesday, while West Texas Intermediate crude climbed over 4% to $74 per barrel.

Oil prices eased on Tuesday after President Donald Trump ​said he had ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial ‌guarantees for maritime trade traveling the Gulf, adding that the U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary.

“No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD. The United States’ ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH,” Trump wrote in a Truth Social post.

Tehran’s threat to attack any vessel attempting to transit the Strait of Hormuz, combined with production halts by several Middle Eastern oil and gas producers, has driven up global shipping rates and prices of crude and natural gas.

The strait, a critical choke point, carries roughly one fifth of the world’s total oil consumption.

The 10-year Treasury yield touched its highest level in more than a week and investors pushed back expectations for a 25-basis-point interest rate cut by the Federal Reserve to September from July, according to LSEG-compiled data.

OIL MARKETS ON EDGE AS IRAN MOVES TO RESTRICT VITAL STRAIT OF HORMUZ SHIPPING LANE, REPORT SAYS

“Investors worry about additional inflation coming down the road. The main concern is that (oil prices) goes to over $100 a barrel and stays there,” said Robert Pavlik, senior portfolio manager at Dakota Wealth.

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Reuters contributed to this report.

Oil prices have climbed after reports that Iranian drones struck a major liquefied natural gas (LNG) facility in Qatar, rattling global energy markets and reigniting debate over energy security.

But while the market reaction was swift, one energy analyst says the United States is structurally better prepared to weather the shock than many of its allies.

“Energy security is national security,” Independent Women’s Center for Energy and Conservation Director Gabriella Hoffman said in an interview with Fox News Digital. “If your energy policy is tied to boosting domestic production and insulating yourself from geopolitical threats, you’re going to be in a stronger position during moments like this.”

In the early morning hours on Saturday, U.S. military forces launched a massive joint military operation against Iran, known as “Operation Epic Fury.” The attacks have already left major leaders dead, including Iranian Supreme Leader Ayatollah Ali Khamenei, and spurred other strikes across the Middle East region.

OIL MARKETS ON EDGE AS IRAN MOVES TO RESTRICT VITAL STRAIT OF HORMUZ SHIPPING LANE, REPORT SAYS

Iranian retaliation involving drone strikes hit energy infrastructure in Qatar on Monday, prompting QatarEnergy to halt LNG production at key facilities. Qatar’s LNG exports account for nearly 20% of global supply.

As a result, global benchmark Brent Crude and U.S. crude futures rose sharply, with Brent up more than 8% toward around $79 a barrel and U.S. crude up about 7.6% on Monday amid supply fears.

European energy and natural gas prices also surged in response, underscoring the continent’s continued dependence on imported LNG following its pivot away from Russian gas. Hoffman also noted that major energy importers such as China are significantly reliant on Qatari LNG supplies.

“Countries that are dependent on Middle Eastern reserves are going to have to look closer to home,” Hoffman said. “If you’re relying heavily on foreign suppliers and something like this happens, you’re more exposed to volatility and instability.”

Hoffman argued the United States is less vulnerable than Europe because of its recent surge in domestic production and LNG export capacity. The U.S. recently became the world’s largest net exporter of petroleum products and continues expanding production capacity under Trump administration directives.

That position, she said, provides insulation from external supply shocks.

“We are scaling up production. We’re approving more infrastructure. We’re cutting red tape,” Hoffman said. “If we’re not approving new projects fast enough, that could eventually hold us back.”

Still, she maintained that the U.S. is “in a much stronger position than we would have been” under Biden-Harris policies that constrained domestic production. Hoffman further argued that Iranian conflict will not fundamentally disrupt American energy goals.

She pointed to prior geopolitical tensions — including developments involving Venezuela — that did not trigger sustained price spikes.

“It’s early,” she cautioned. “We’re still waiting to see how this unfolds. But recent history shows that markets can adjust more quickly than some forecasts suggest.”

“Energy is now a geopolitical tool,” she continued. “If allies see instability from relying on rogue nations or unstable regions, that could increase demand for American LNG.”

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For now, markets remain in a “wait-and-see mode,” according to Hoffman. Much will depend on whether further infrastructure is targeted and whether the conflict escalates.

“We’re sitting on significant proven reserves,” she said. “With the right policies, America can weather this kind of shock… The lesson here… is that energy policy decisions made years ago determine how resilient you are today.”

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Oil prices surged on Monday as fears mounted that the escalating Iran conflict could drag on for weeks, rattling global energy markets.

Global benchmark Brent crude jumped more than 8.5%, or $6.40, to $79.20 a barrel following U.S. and Israeli strikes on Iran that killed Supreme Leader Ali Khamenei.

U.S. West Texas Intermediate also surged 7.8%, or $5.35, to $72.30 per barrel after briefly hitting $75.33 — its highest since June of last year – on Sunday.

OIL MARKETS ON EDGE AS IRAN MOVES TO RESTRICT VITAL STRAIT OF HORMUZ SHIPPING LANE, REPORT SAYS

Analysts at Citi warned that prices could climb further if the conflict persists, projecting Brent could trade between $80 and $90 a barrel in the coming days.

Israel launched fresh strikes on Iran Sunday, with Tehran responding with new missile barrages, further escalating tensions in a region responsible for a significant share of the world’s oil production, Reuters reported.

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Missiles on Sunday also struck several oil tankers near the Strait of Hormuz — the world’s most critical oil export route — killing one crew member and raising alarms across global markets, Reuters reported.

As tensions mounted Sunday, more than 200 vessels — including oil and liquefied natural gas tankers — were anchored near the passage which carries roughly 20% of the world’s oil supply, according to Reuters.

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Iran reportedly moved to restrict navigation along the Strait of Hormuz following the strikes.

Major exporters, including Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Iran, depend heavily on the route.

Reuters contributed to this report.

Block on Thursday announced that it will cut nearly half of its workforce as the payments firm works to embed artificial intelligence (AI) throughout its operations.

The layoffs will affect over 4,000 jobs at the company and CEO Jack Dorsey indicated he moved forward with a single round of large cuts rather than a series of smaller workforce reductions to give the company more room for growth as it adapts to the AI era.

Dorsey explained the decision in a series of posts on X, the social media platform he previously led when it was known as Twitter, saying that he isn’t making the decision because Block is in trouble but because the smaller workforce “gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures.”

He said in his note that the job cuts are “one of the hardest decisions in the history of our company: we’re reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation.”

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Block will offer affected workers 20 weeks of salary as well as one week per year of tenure, equity vested through the end of May, six months of healthcare, corporate devices and $5,000 to put toward whatever they need to aid in their transition, Dorsey said.

Dorsey said that the “intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that’s accelerating rapidly.”

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He went on to say that Block will be built with “intelligence at the core of everything we do. how we work, how we create, how we serve our customers.”

Dorsey added in a follow-up post that the company “over-hired during covid because i incorrectly built 2 separate company structures (square & cash app) rather than 1, which we corrected mid 2024. but this misses all the complexity we took on through lending, banking, and BNPL.”

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Block shares surged following the announcement that nearly half of the company’s workforce will be laid off amid the company’s AI realignment, rising 17% during Friday morning trading.

The company’s stock is up 22% in the last week, though it’s down over 2% year to date.

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Warner Bros. Discovery CEO David Zaslav may have been counting on watching one last round in the Netflix vs. Paramount Skydance boxing match to acquire the media company he runs. What he might not have anticipated was that Netflix wouldn’t even bother re-entering the ring.

Thursday after the market close, WBD announced that Paramount Skydance’s last and best offer of $31 a share for its film studio, streaming platform and cable networks was superior to Netflix’s previously accepted bid of $27.75 a share for the studio and streaming assets.

WBD’s declaration started a countdown clock: Netflix was granted four business days to match or beat Paramount’s new bid, but just an hour and 10 minutes later, Netflix left the arena.

NETFLIX BACKS OUT OF WARNER BROS BIDDING WAR AFTER PARAMOUNT MADE ‘SUPERIOR’ OFFER

In a joint statement, the streamer’s co-CEOs, Ted Sarandos and Greg Peters, said, “The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid.” 

Considering Sarandos’ tone in the final days of the process, the market should have been ready for the quick exit. In an interview Feb. 20 on FOX Business’ “Claman Countdown,” Sarandos, when pressed as to whether he’d match a potentially higher bid by Paramount Skydance, seemingly took a page out of former Berkshire Hathaway CEO Warren Buffett’s “never overpay for an asset no matter how much you want it” playbook.

“We’ve been very disciplined buyers in our careers. Our shareholders know us and they expect us to continue to do what we do, which is remain a disciplined buyer,” Sarandos told FBN.

Netflix shareholders have never fully embraced the merger since the official bidding process began Nov. 20. Since then, Netflix shares have shriveled more than 19%.

Much of the concern focused on whether the $82.7 billion dollar cost might shake Netflix’s solid balance sheet, and whether the deal would pass regulatory muster.

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Thursday evening when WBD confirmed the superiority of Paramount’s bid, Netflix shares saw a relief rally, soaring nearly 10% in after-hours trade.

In its statement, Netflix’s co-CEOs intimated they agreed with shareholders.

“This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” Sarandos and Peters said.

Even as higher-end department stores struggle, off-price retail is thriving, showing that Americans are still spending, just more selectively.

TJX Companies – which owns TJ Maxx, Marshalls and HomeGoods – blew past Wall Street expectations in its fourth quarter earnings report Wednesday morning.

Sales surged 9% year-over-year to $17.7 billion in the fourth quarter, with comparable store sales up 5%. TJX also boosted its quarterly dividend 13% to 48 cents per share, and brought in a net income of $1.8 billion that quarter.

More notably, the report revealed that the retail company plans to repurchase between $2.5 billion and $2.75 billion in stock this fiscal year, as TJX noted “continued strong cash flow.” It’s a major signal management believes the “trade-down” trend isn’t temporary.

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“Thanks to the collective efforts and sharp execution of our teams, we delivered above-plan results on both the top- and bottom-line. Annual sales surpassed $60 billion, marking a major milestone for our Company,” TJX President and CEO Ernie Herrman said in a press release.

“We had an excellent fourth quarter, with sales, profitability and earnings per share all well above our plan,” he continued. “Throughout the year, we stayed focused on our off-price fundamentals to bring customers great values, brands and fashions as well as an exciting treasure-hunt shopping experience every day.”

The off-price store success comes around the same time as traditional department stores struggle to boost sales. Not only did the parent of Saks Fifth Avenue and Neiman Marcus file for bankruptcy in January, but Macy’s and Nordstrom have both reported sluggish sales and pressure on discretionary spending as higher-income shoppers pull back and promotional activity intensifies.

A report published earlier this week by Coherent Market Insights found that the global off-price retail market had an estimated value of $372.5 billion in 2025 and is expected to reach $668.3 billion by 2032. On average, off-price stores offer name-brand items at 30% to 60% lower price points.

Shoppers may lean toward off-price stores, especially as inflation remains elevated. On Friday, the Commerce Department reported that the personal consumption expenditures (PCE) index rose 0.4% in December on a monthly basis and was up 2.9% from a year ago. Those figures were both slightly hotter than the estimate of LSEG economists, who predicted 0.3% and 2.8%, respectively.

Federal Reserve policymakers are focusing on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation.

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Looking ahead to fiscal 2027, TJX expects comparable sales to increase 2% to 3% and diluted earnings per share in the range of $4.93 to $5.02.

“As we begin 2026, the first quarter is off to a strong start and availability of quality merchandise continues to be outstanding,” Herrman said. “Long term, we are excited about the opportunities we see to keep growing our business and capture additional market share around the world for many years to come.”

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Spirit Airlines announced Tuesday that it reached a deal with lenders that will allow it to exit bankruptcy by the late spring or early summer.

The low-cost carrier filed for its second bankruptcy in August 2025 amid mounting losses and dwindling cash reserves. Spirit first filed for Chapter 11 bankruptcy protection in November 2024 after unsuccessful merger talks with JetBlue and Frontier.

The airline will still face challenges under the deal, though it has a clearer path to survival after months of uncertainty, failed acquisitions and infighting amongst its creditors. Spirit has pushed to cut costs and build liquidity to avoid a liquidation scenario.

Spirit told the bankruptcy court that it expects to emerge from the process as a leaner airline that’s focused on routes and time periods with the strongest demand, after cutting some of its high-cost aircraft leases and improving the utilization of its remaining fleet.

SPIRIT AIRLINES FILES FOR SECOND BANKRUPTCY IN UNDER A YEAR AS LOW-COST CARRIER CONTINUES TO STRUGGLE

The air carrier plans to tighten its network around higher-demand periods, boosting aircraft use on peak days while scaling back during off-peak days, while adjusting capacity to account for seasonal swings in air travel.

The company also plans to expand its premium seating options, including Spirit First and Premium Economy, and enhance its Free Spirit and co-brand loyalty programs that would allow it to preserve its low-fare positioning while driving repeat business.

Spirit projects that its total debt and lease obligations will decline under the bankruptcy deal from $7.4 billion before its Chapter 11 filing to about $2.1 billion when it exits bankruptcy. 

SPIRIT AIRLINES SLASHES FLIGHTS, WARNS OF MORE JOB CUTS AMID SECOND BANKRUPTCY

The deal could open the door to an acquisition in the future, as Spirit’s lawyer said during a hearing on Tuesday that it could allow the company to weigh “potential future industry transactions” once the airline is stabilized.

Budget air carriers have faced headwinds from tepid leisure travel demand as well as fare pressure and excess capacity caused by competition from low-fare seats offered by legacy carriers.

BUDGET FLIGHTS HANG IN BALANCE AS BANKRUPT SPIRIT AIRLINES TURNS TO PRIVATE EQUITY FOR LIFELINE: REPORT

Earlier this month, Spirit announced a deal was reached pending court approval to sell 20 of its Airbus jetliners, most of which aren’t currently in revenue service, to ease its financial woes. 

The budget carrier said the fleet reduction wasn’t expected to impact its flight schedule, and that they would be phased out of the fleet starting in April 2026.

Spirit also recalled 500 of the more than 1,300 flight attendants who were furloughed in December due to the company’s financial problems.

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The Association of Flight Attendants-CWA, the union that represents Spirit flight attendants, said in a statement posted to X that they will be recalled in order of system seniority, with those involuntarily furloughed first.

Reuters contributed to this report.

Lamborghini will cancel its plan to release an electric vehicle in 2028 due to what the company is calling a lack of consumer demand.

Lamborghini CEO Stephan Winkelmann spoke with The Sunday Times in an interview and said the EV will no longer join its lineup after the company’s analysis found little demand for the EV, which was named the Lanzador in 2023. The company is owned by Volkswagen through its subsidiary, Audi.

Winkelmann told The Sunday Times the “acceptance curve” for EVs in Lamborghini’s target market was “close to zero” and flattening amid a lack of interest from the luxury automaker’s clientele.

He added in the interview that EV development poses a risk of becoming an “expensive hobby” for Lamborghini and that the automaker plans to make traditional internal combustion engine vehicles “for as long as possible.”

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Winkelmann said Lamborghini customers appreciate an “emotional experience” with their cars and that “EVs, in their current form, struggle to deliver this specific emotional connection,” he told the outlet.

With Lamborghini canceling plans to move forward with the EV, the company plans to replace it in the lineup with a plug-in hybrid electric vehicle (PHEV).

When asked in the interview whether the company will ever have an EV in its lineup, Winkelmann told the outlet, “Never say never, but only when the time is right. For the foreseeable future, only PHEVs. We will continue to develop electrification because we also need to be ready.”

LAMBORGHINI SET ANOTHER SALES RECORD IN 2022 AND IS SOLD OUT INTO 2024

Lamborghini’s plan not to proceed with fielding EVs in its lineup for the foreseeable future comes as other major automakers have taken financial charges from shifting their EV roadmaps due to weaker than anticipated consumer demand.

Stellantis, the parent company of brands such as Chrysler, Dodge, Jeep and Ram, announced a $26.5 billion charge earlier this month as it cut back its EV production. 

Stellantis CEO Antonio Filosa said the “strategic reset” came after the company’s past assumptions about demand for EVs were “over optimistic.”

GM TAKES $7B HIT AFTER SHIFTING EV STRATEGY DUE TO SLOWING DEMAND

General Motors took a $7 billion financial charge after it adjusted its EV strategy to account for the weak demand.

Ford CEO Jim Farley said earlier this month that the “customer has spoken” when discussing a net loss of $11.1 billion in the fourth quarter amid large writedowns to its EV programs.

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Novo Nordisk on Tuesday announced plans to cut the list price of its popular diabetes and weight-loss drugs Ozempic and Wegovy by as much as 50% in the U.S. next year.

The Danish drugmaker indicated the price cuts will be effective on Jan. 1, 2027, and the timing will coincide with new, lower prices for Ozempic and Wegovy under Medicare plans for older Americans.

The company’s announcement indicated the list price for various doses of its Ozempic and Wegovy medicines will be lowered to $675, which represents a 50% price cut for Wegovy and 35% for Ozempic from the current level. The price cuts also apply to Wegovy and Rybelsus pills.

“Lowering the list price of Wegovy and Ozempic is the best approach to address the unprecedented opportunity to help more than 100 million people living with obesity and over 35 million people with type 2 diabetes in the United States,” said Jamey Millar, executive VP of U.S. operations for Novo Nordisk.

NOVO NORDISK EXECUTIVE REPORTS HIGH INTEREST FOR ONCE-DAILY, ORAL WEIGHT-LOSS PILL

“Our actions today answer that call and remove cost barriers so the value of Wegovy and Ozempic can be realized by more patients,” he explained. 

“The lower list price is intended to connect more people with our innovative medicines, specifically those whose out-of-pocket costs are linked to list price, such as individuals with high-deductible health plans or co-insurance benefit designs,” Millar added.

AIRLINES HAVE 580 MILLION REASONS TO LIKE GLP-1 WEIGHT-LOSS DRUGS, ANALYSIS FINDS

Novo Nordisk’s GLP-1 drugs have semaglutide as the active ingredient, which has received FDA approval as a medicine for adults with obesity in the case of Wegovy, while Ozempic is approved for type 2 diabetes. 

Additionally, Ozempic injections are FDA-approved for type 2 diabetes and chronic kidney disease, while both Wegovy and Ozempic are approved for comorbid cardiovascular disease.

The pricing changes don’t impact direct-to-patient or self-pay prices for consumers.

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The market for so-called GLP-1 drugs has become increasingly competitive and a shift to consumer-driven, cash-pay channels is making price points more sensitive. Novo Nordisk is selling Wegovy on its direct-to-consumer website for $349, which is about one-third of its official list price.

Both Novo Nordisk and a leading rival, Eli Lilly, signed deals with the U.S. government to cut prices this year and sell products through TrumpRx.gov – a website that directs consumers to the companies’ direct-to-consumer websites.

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The two companies are facing competition from cheaper compounded versions of the drugs offered by telehealth platforms like Hims & Hers, which are permitted to make and sell the drugs in personalized doses or composition.

Reuters contributed to this report.

Public Storage is relocating its headquarters from California to Texas, becoming the latest major corporation to shift its official base to the Lone Star State as it rolls out a leadership transition and long-term growth strategy.

The S&P 500 self-storage real estate investment trust said its headquarters will move to the Dallas-Fort Worth metro area, while maintaining a long-term presence in Glendale, California. The announcement comes alongside a CEO transition and a broader strategic overhaul branded “PS4.0.”

Founded in California in 1972, Public Storage has grown into the world’s largest owner of self-storage facilities, operating more than 3,500 properties across 40 states and holding a sizable stake in a European storage operator. The relocation marks a significant shift for a company long associated with California’s business community.

Tom Boyle will take over as CEO on April 1, succeeding Joe Russell, who is retiring after a decade in the role. At the same time, the board will install Shankh Mitra, CEO of Welltower, as non-executive chairman.

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The leadership changes are part of what the company calls its “fourth era,” a transition designed to accelerate earnings growth, expand margins and deliver stronger long-term shareholder returns.

For Texas, the move underscores the state’s continued success in attracting high-profile headquarters relocations. The Dallas area offers no state income tax, comparatively lower operating costs and a deep talent pool. While Public Storage did not explicitly cite tax or regulatory reasons for the relocation, it highlighted the region’s depth of talent and innovation as strategic advantages.

For California, the shift adds to a broader trend of corporate headquarters moves, even as many companies retain significant operations in the state. A headquarters relocation often signals where executive leadership, finance functions and future expansion plans will increasingly be concentrated.

Under the company’s PS4.0 initiative, Public Storage is leaning into digital tools, data science and artificial intelligence to reshape how it prices units, markets to customers and manages its portfolio. Executives say consumers increasingly expect fast, seamless digital experiences – even in traditionally brick-and-mortar sectors like self-storage.

For renters, that could mean more online bookings, dynamic pricing that shifts with demand and more personalized digital engagement. For investors, the company is signaling a more aggressive push into acquisitions and development in the still-fragmented self-storage industry. Over the past five years, Public Storage has deployed more than $12 billion into deals and new projects, and leadership has indicated it intends to accelerate that pace.

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The company also said it is revamping executive compensation to more closely tie pay to shareholder returns, reinforcing its emphasis on stock performance and capital discipline.

The nation’s largest retailer of used cars, CarMax, will pay at least $420,000 to resolve allegations that it repossessed vehicles from U.S. service members without court orders, the U.S. Department of Justice announced Monday.

In addition to compensating affected service members, the company will pay a $79,380 civil penalty to the U.S., according to the DOJ.

Federal officials accused CarMax of violating the Servicemembers Civil Relief Act (SCRA) by seizing vehicles owned by members of the armed forces without first obtaining court approval.

“Federal law prohibits businesses from repossessing service members’ vehicles without a court order,” Assistant Attorney General Harmeet K. Dhillon said. “The Department of Justice is proud to defend the rights of those who serve in our military and will continue to vigorously enforce the laws that protect them.”

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The violations allegedly occurred between March 1, 2018, and at least Oct. 24, 2023, affecting at least 28 service members. Each is entitled to a minimum payment of $15,000, plus lost equity in the vehicle and interest on that amount.

SUPREME COURT DEALS BLOW TO TRUMP’S TRADE AGENDA IN LANDMARK TARIFF CASE

As part of the settlement, CarMax – which did not admit or deny the allegations – agreed to revise its policies and procedures to better protect the rights of U.S. service members. FOX Business has reached out to CarMax for comment.

The SCRA is a federal statute designed to safeguard the legal and financial interests of U.S. service members and their families while they are on active duty.

US TARIFF REVENUE UP 300% UNDER TRUMP AS SUPREME COURT BATTLE LOOMS

It bars auto lenders and leasing companies from repossessing a service member’s vehicle without a court order if the borrower made at least one payment before entering military service.

For reservists, those protections begin when they receive official orders to report for active duty.

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Service members or their dependents who believe their rights were violated are encouraged to contact their nearest Armed Forces Legal Assistance Program office.

Volvo Cars is recalling over 40,000 of its flagship electric EX30 SUVs because of a risk of battery packs overheating and catching fire.

The recall involves replacing modules in the high-voltage battery packs in the SUV, which is a crucial model in Volvo’s push to compete with cheaper Chinese brands. The news was first reported by Reuters.

The recall covers a total of 40,323 model year 2024-2026 EX30 Single-Motor Extended Range and Twin-Motor Performance cars that have the high-voltage cells. Volvo is a Sweden-based automaker that is majority-owned by China’s Geely.

VOLVO RECALLS MORE THAN 450,000 VEHICLES OVER BACKUP CAMERA ISSUE

Volvo said it plans to replace affected units free of charge and is urging owners to continue limiting their charging to 70% until repairs can occur to eliminate the fire risk.

“Our investigations have identified that in very rare cases, the affected vehicles can overheat when charged to a high level. In a worst-case scenario this could lead to a fire starting in the battery,” Volvo told FOX Business in a statement.

The automaker said, in total, 40,323 cars are affected globally; of those, it has “identified 189 in the U.S. that will be inspected and fixed if necessary.”

VOLVO REVERSES GOAL TO MAKE ONLY EVS IN 2030

The automaker first told EX30 owners in over a dozen countries – including the U.S., Australia and Brazil – in December to park their vehicles away from buildings and cap charging at 70%, according to regulatory filings and the company.

Volvo may face a high cost for replacing the battery packs, as a Reuters analysis based on what a Chinese battery maker might charge resulted in an estimate of $195 million, excluding logistics and repair costs. Volvo said the calculations were “speculative in nature” and that it’s in discussions with the supplier.

The automaker is pursuing deeper integration with its parent company, Geely, while the batteries were made by a Geely-backed joint venture known as Shandong Geely Sunwoda Power Battery Co. Volvo indicated the supplier has fixed the problem and will supply the new battery cells.

NISSAN RECALLS OVER 640,000 VEHICLES FOR ENGINE AND GEAR ISSUES

Andy Palmer, an auto industry veteran who oversaw the launch of Nissan Motor’s Leaf EV in 2010, said that Volvo has less room for missteps than its rivals because its safety reputation is a central part of its identity as a company.

“Volvo can’t afford a safety issue because that strikes at the heart of their brand,” Palmer said.

Volvo said it is contacting the owners of affected cars to advise them about the next steps in the recall.

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Reuters contributed to this report.

Johnson & Johnson on Wednesday announced plans to invest more than $1 billion in a next-generation manufacturing facility that will produce advanced cell therapy technologies.

The facility will be located in Montgomery County, Pennsylvania, and Johnson & Johnson said the move will expand its U.S. manufacturing capacity along with its pipeline of transformational medicines for cancer, immune-mediated and neurological diseases.

Johnson & Johnson added that the facility will have cutting-edge manufacturing processes and support over 500 skilled biomanufacturing jobs once it’s fully operational, as well as over 4,000 construction jobs.

“For 140 years, Johnson & Johnson has been a leading innovator in American healthcare, and we are honored to continue advancing that legacy in Pennsylvania,” said Johnson & Johnson CEO Joaquin Duato. 

JOHNSON & JOHNSON INVESTING $2B IN US MANUFACTURING, CREATING NEW JOBS

“By uniting scientific excellence with state-of-the-art manufacturing and strategic investment, and by working collaboratively with our communities, we are delivering for patients and creating significant opportunities for workers and families,” Duato added.

The $1 billion investment in the new cell therapy manufacturing facility comes as part of the company’s previously announced plan to invest $55 billion in manufacturing, research and development, and technology in the U.S. through early 2029.

OBAMACARE ENROLLMENT FELL BY MORE THAN 1M ENROLLEES FOR 2026

Johnson & Johnson noted that the facility will deepen its presence in Pennsylvania, which it said has an economic impact of about $10 billion annually.

The company has 10 facilities covering over 2 million square feet in the Keystone State. Johnson & Johnson has manufacturing, research, distribution and office operations in Pennsylvania.

PRESIDENT LAUNCHES TRUMPRX.GOV WEBSITE OFFERING AMERICANS DISCOUNTED PRESCRIPTION DRUG PRICES: ‘HISTORIC’

Pennsylvania Gov. Josh Shapiro, a Democrat, said the announcement shows the state is a “powerhouse for innovation and manufacturing in the life sciences” and added that the Johnson & Johnson announcement shows that companies “know we’ve got the strategy, the workforce, and the speed they need to succeed.”

“Pennsylvania leads in life sciences and advanced manufacturing because we consistently deliver what companies like Johnson & Johnson need to succeed: a skilled workforce, premier research institutions, and proven manufacturing strength,” said Sen. Dave McCormick, R-Pa. “This $1 billion-plus investment in a new Lower Gwynedd facility is a testament to that leadership and will produce life-changing treatments for patients, along with new and good jobs for our Commonwealth.”

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“Pennsylvania is a leader in healthcare innovation with some of the very best health care workers. Proud to see this more than $1 billion investment into Montgomery County and our commonwealth,” said Sen. John Fetterman, D-Pa. “Bringing new jobs, advanced manufacturing and life-saving medicine to and for our communities is always something to celebrate.”

Walmart posted solid fourth-quarter results Thursday as shoppers continued prioritizing value and convenience, helping push online sales to a record share of the retailer’s business.

The company reported fiscal fourth-quarter revenue of $190.7 billion, up 5.6% from a year earlier. U.S. comparable sales rose 4.6%, driven by a 2.6% increase in transactions and a 2% increase in the average amount shoppers spent per visit.

Grocery prices were up just 0.6% from a year earlier, with some categories — including eggs and dairy — seeing price declines.

AMAZON PHARMACY TO EXPAND SAME-DAY PRESCRIPTION DELIVERY TO 4,500 US CITIES

Global e-commerce sales climbed 24% in the quarter, including a 27% increase in the U.S., where online now accounts for 23% of total sales — the highest level in company history. 

Growth was fueled in part by roughly 50% growth in store-fulfilled delivery, as Walmart expanded faster-delivery options that now reach the vast majority of U.S. households within hours.

The retailer said it continued to gain market share across income tiers, including higher-income households — a sign that its pricing and convenience strategy is resonating beyond budget-conscious shoppers.

CHINESE-MADE TEETHING TOYS SOLD ON AMAZON RECALLED OVER FATAL CHOKING RISK

Profits grew faster than overall sales in the quarter. Adjusted operating income rose about 10%, compared with roughly 5% sales growth. The gains were driven by higher-margin businesses, including advertising and membership programs. Advertising revenue climbed 37% globally, including 41% growth for Walmart Connect in the U.S., while membership fee income increased more than 15%. Together, advertising and membership fees accounted for nearly one-third of operating income in the quarter.

Inventory growth remained below the pace of sales growth, reflecting continued supply chain discipline.

Looking ahead, Walmart expects sales to rise 3.5% to 4.5% in the full current fiscal year, with operating profit projected to increase 6% to 8%.

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The results suggest U.S. consumers remain resilient, even as they stay value-focused, while Walmart’s investments in digital services, faster delivery and higher-margin revenue streams continue to strengthen its competitive position.

Discount retailer Dollar Tree is opening new stores in increasingly affluent areas as it seeks to attract higher-income customers who spend more at the store per trip, a new report finds.

An analysis by Bloomberg News found that 49% of new Dollar Tree stores opened in the last six years were located in wealthier parts of metro areas around the country, up from just 41% in the preceding six years.

The share of new stores in ZIP codes with significantly higher incomes compared to the broader metro area rose to 19% in the last six years, up from 16% in the prior six years. At the other end of the spectrum, the share opened in ZIP codes with significantly lower incomes declined to 14% from 20% in the comparable periods, Bloomberg found.

Dollar stores have historically seen an uptick in business during economic downturns as more consumers look to economize, but with higher-income households driving much of consumer spending, the shift comes as a way of attracting those shoppers more frequently.

WHY SHOPPERS MAKING SIX FIGURES ARE GIVING DOLLAR TREE A BOOST

Dollar Tree says that in the last quarter, 60% of new Dollar Tree customers made at least six figures. About 30% were middle-income households earning between $60,000 and $100,000, while the rest were lower-income households earning under $60,000.

While these higher-income customers visit Dollar Tree less than their lower-income peers, the company said that they spend an extra $1 on average per visit and if they were to make one additional visit per year, it would boost annual sales by $1 billion.

INFLATION EASED SLIGHTLY IN JANUARY BUT REMAINED WELL ABOVE THE FED’S TARGET

Dollar Tree CEO Michael Creedon said late last year that the retailer serves “an increasingly broad spectrum of shoppers, from core value-focused households to middle- and higher-income shoppers who are making deliberate choices about how and where they spend.”

He added that the data “demonstrates that Dollar Tree isn’t just for tough times or for those with limited resources.”

DOLLAR GENERAL SEES INCREASE IN HIGHER-INCOME SHOPPERS LOOKING TO STRETCH THEIR DOLLARS

“While the average per household spend for our higher income customers is currently lower, even given their higher income, larger average basket size and ability to spend more, this is a simple function of trip frequency,” Creedon said.

He added that “because many of our higher income customers are still early in their relationship with Dollar Tree, their purchase frequency has significant room to grow.” 

Consumers’ shopping preferences have also contributed to the pivot, as more households trade down to offset higher expenses due to inflation.

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The elevated cost of essentials like groceries and household items has forced even more of them to trade down to stores known for their heavy discounting or everyday low-price models, such as Dollar Tree, Dollar General, Walmart and Aldi.

A nationwide recall has been issued for a baby fruit purée after federal testing found elevated levels of patulin, a toxin that can pose health risks with prolonged exposure.

Initiative Foods announced Friday that it is recalling one lot of its “Tippy Toes” Apple Pear Banana Fruit purée following the test results.

Patulin is a naturally occurring toxin produced by molds that can develop in fruits, particularly apples. Prolonged ingestion of the substance may lead to adverse health effects, including potential immune suppression, nerve damage, headaches, fever and nausea.

According to the U.S. Food and Drug Administration, no illnesses or injuries have been reported.

RECALL EXPANDS TO NEARLY 1M FRIGIDAIRE MINIFRIDGES SOLD AT TARGET OVER FIRE HAZARDS

The product was distributed nationwide in grocery stores in all states except Alaska and may also have been sold in Guam and Puerto Rico, the FDA said.

Consumers are urged to check the “Best By” date stamped on the bottom of each plastic tub for “BB 07/17/2026.” The affected packaging is also marked with code “INIA0120.”

TRIO OF DAIRY GIANTS RECALL INFANT FORMULA OVER CONTAMINATION FEARS

The company advises anyone who purchased the product with that date to stop using it immediately and dispose of it or return it to the place of purchase for a refund.

Consumers with health concerns after consumption should contact a healthcare provider.

13K POUNDS OF READY-TO-EAT GRILLED CHICKEN BREASTS RECALLED OVER POSSIBLE LISTERIA CONTAMINATION

Retailers have been instructed to check inventory and remove the affected lot from sale or distribution.

“At Initiative Foods, the safety of our consumers and their families is our highest priority,” CEO and President Don Ephgrave said. “We are cooperating with the FDA to ensure strict review and enhanced safety measures across all our products. We thank our retail partners and customers for their understanding and prompt action on this matter.”

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For additional recall information, consumers and retailers can call 1(855) 215-5730.

Spirit Airlines reached a deal to sell 20 of its Airbus jetliners and is recalling some of the flight attendants furloughed late last year amid the budget carrier’s financial struggles.

Spirit is in the midst of its second bankruptcy in under two years after it filed for Chapter 11 bankruptcy protection in November 2024 and completed its first restructuring in March 2025. It filed for bankruptcy a second time in August 2025, which prompted the airline to move forward with service cuts and furloughs.

The company said selling the aircraft will improve its financial situation, and the fleet reduction isn’t expected to affect its flight schedule if the court approves the jetliner sales because most of the 20 planes aren’t in service.

“As part of our ongoing restructuring, we have reached an agreement to sell 20 aircraft that have been held for sale for some time. Most of these aircraft are not currently in revenue service,” Spirit said in a statement. 

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“If approved by the court, this transaction will give us greater financial flexibility. The aircraft involved will be phased out of our fleet starting in April 2026. We do not anticipate any changes to our near-term schedule or staffing as a result of this transaction,” Spirit added.

The company formally asked a federal bankruptcy court for approval to proceed with the sale on Wednesday. Income from the transaction would go to paying off debt related to the aircraft while contributing to lower operational costs.

Reuters reported that the first bidder is CSDS Asset Management, an aviation asset manager that agreed to buy the 20 planes for about $533.5 million. If approved, Spirit would seek competing offers starting at around $554 million, according to an agreement with CSDS, and the auction and sale would be held in April.

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Spirit Airlines on Thursday moved to recall 500 of the more than 1,300 flight attendants who were furloughed in December due to its ongoing financial struggles.

“As we continue to make adjustments to meet the evolving needs of our business, we are issuing recall notices to 500 Flight Attendants who were involuntarily furloughed on Dec. 1, 2025. Recalled Flight Attendants will be sent a notice on Feb. 12, 2026, and those who accept will return to duty in the timeframe detailed in the Collective Bargaining Agreement.”

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The Association of Flight Attendants-CWA, the union that represents Spirit flight attendants, said in a statement posted to X that they will be recalled in order of system seniority, with those involuntarily furloughed first.

“This is good news for 500 Flight Attendants and their families and critical to those of us on the line that have faced a grueling operation over the last two months. The company’s goal in recalling Flight Attendants is to ease some of the operational issues since the furloughs,” the union said.

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The union added it will continue to press management on scheduling issues, access to healthcare and other benefits, as well as a dependability policy and other matters.

Reuters contributed to this report.

Billionaire investor and hedge fund manager Bill Ackman is making a big gamble on the future of Mark Zuckerberg and his Meta platforms.

Ackman has allegedly committed an estimated $2 billion to Meta, representing a sizable 10% of Pershing Square’s total portfolio, The Wall Street Journal reported. The move is a public backing of Zuckerberg’s pivot from the “Metaverse” to superintelligence, with Meta as the beneficiary of AI integration.

Pershing Square started buying Meta last November at an average price of $625 per share. Today, Meta stock trades near $670, netting Ackman an early gain.

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While Ackman’s investment shows a bullish stance, Meta’s balance sheet has some market experts nervous. Meta’s “Reality Labs” has lost $83 billion since 2020, and the company cut 1,500, or 10%, of Reality Labs’ workforce last month.

Meta is shifting focus away from its virtual reality endeavors to AI-powered smart glasses, which Zuckerberg believes will be the “main way we integrate superintelligence into daily life.”

Neither Pershing Square nor Meta immediately returned Fox News Digital’s request for comment.

The Facebook and Instagram parent company is also entering a period of unprecedented capital expenditure to build data centers and talent pools needed for artificial intelligence. Meta’s fourth quarter and full-year 2025 report, released last month, shows the company expects to spend $115 billion to $135 billion in 2026, primarily on front-loading artificial intelligence infrastructure.

Meta stock has declined over the past several months and remains lower year over year, according to market data, amid investor concerns that its artificial intelligence spending may be too aggressive. But in Pershing Square’s investor presentation, Ackman called the stock “deeply discounted.”

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Ackman isn’t just betting on Meta, but rather positioning himself as a major stakeholder in America’s future tech economy. Pershing Square has an additional $2 billion stake in Uber and a $1.3 billion stake in Amazon.

Pershing Square also announced Wednesday that it was entirely exiting its position in Hilton, signaling another move away from traditional hospitality toward high-growth technology.

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Ford on Tuesday posted its largest quarterly loss since 2008 amid losses in the automaker’s electric vehicle (EV) division, as well as the impact of tariffs and a fire that impacted an aluminum supplier.

The Detroit automaker reported a fourth quarter net loss of $11.1 billion after previously disclosing large writedowns to its EV programs, which the company is realigning in response to lower-than-expected consumer demand and changing federal subsidies.

“I think the customer has spoken,” Ford CEO Jim Farley said on the company’s earnings call. “That’s the punchline.”

The company lost $4.8 billion on EVs last year and projects 2026 will bring losses in the range of $4 billion to $4.5 billion, adding that the division will continue losing money for at least the next two years. Ford CFO Sherry House said during the earnings call that the automaker is targeting break-even for its EV unit in 2029.

Ford also announced a larger than previously reported financial hit from tariff costs, as the company lost an additional $900 million after the Trump administration said in December that a tariff-relief program would only be retroactive to November, rather than back to May as originally anticipated.

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The automaker’s tariff bill last year was about $2 billion and Ford indicated it expects tariff costs will be roughly the same level this year.

Ford was more reliant on imported aluminum due to a pair of fires that impacted an aluminum plant near Oswego, New York, which isn’t expected to be fully operational again until sometime between May and September.

Despite those headwinds, Ford’s fourth quarter revenue of $45.9 billion beat analysts’ expectations. The company narrowly missed its revised guidance of $7 billion, as it posted earnings before interest and taxes of $6.8 billion for the year.

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Late last year, Farley announced the company is cutting production of the electric F-150 Lightning and refocusing its investment on hybrid vehicles and affordable EVs, resulting in a $19.5 billion charge on its EV assets and product roadmap.

He said the move would allow the company to refocus investments in higher margin areas like American-built trucks, vans and hybrids across its lineup, as well as more affordable EVs.

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The company is planning a $30,000 EV platform and has signaled it will start rolling out an electric pickup on that platform next year. Ford also plans to pursue targeted partnerships in certain markets and investments in hybrid technologies.

“I do believe this is the right allocation of capital. It’s a combination of partnerships where it makes sense, efficient partial electrification investments where we have revenue power, and really hitting the EV market in the core,” Farley told analysts on a call Tuesday.

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Reuters contributed to this report.

Kraft Heinz is pumping the brakes on plans to break up the company, with its new CEO saying the food giant’s challenges are “fixable and within our control” as it shifts focus toward reigniting profitable growth through a $600 million investment push.

In a note in the company’s routine fourth quarter report, CEO Steve Cahillane said that instead of splitting up, the company will double down on rebuilding growth — backing that up with a massive investment in the brand’s marketing, sales and research and development.

“When I decided to join Kraft Heinz, I knew that this was an exciting opportunity to contemporize iconic brands, better serve consumers and customers, and build meaningful shareholder value,” Cahillane said in the press release.

“Since joining the company, I have seen that the opportunity is larger than expected and that many of our challenges are fixable and within our control,” he continued. “My number one priority is returning the business to profitable growth, which will require ensuring all resources are fully focused on the execution of our operating plan.”

MCDONALD’S PLANS MASSIVE OVERHAUL WITH MAJOR CHANGES TO RESTAURANTS AND MENUS

“As a result, we believe it is prudent to pause work related to the separation and we will no longer incur related dis-synergies this year.”

Kraft Heinz announced in September that its board of directors approved a plan to split it into two independent, publicly traded companies through a tax-free spinoff. The aim was to create two more focused organizations with less complexity that would be able to maximize their brands and boost profitability.

Cahillane was slated to lead the business it is calling Global Taste Elevation, overseeing brands like Heinz, Philadelphia and Kraft Mac & Cheese. The other company, called North American Grocery, would oversee its portfolio of grocery staples like Oscar Mayer, Kraft Singles and Lunchables.

As of December, the official names of the new companies were not yet determined, and the company also had not announced who would lead its North American grocery business.

In the fourth-quarter report, Kraft Heinz also announced its commitment of $600 million to marketing, sales, research and development, product improvements and select pricing initiatives across 2026. Cahillane said Kraft’s strong balance sheet and $3.7 billion in free cash flow gives it the financial flexibility to fund this push while still generating excess cash.

“We are confident in the opportunity ahead and believe this investment will accelerate our return to profitable growth,” he said.

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While leadership is optimistic, Kraft’s 2025 numbers showed clear strain — full-year net sales were down 3.5% to $24.9 billion, organic sales were down 3.4%, volume was down 4.1%, and adjusted operating income was down 11.5%.

Kraft’s biggest pressure points were in coffee, cold cuts, frozen meals, bacon and select condiments, as inflation in commodity and manufacturing costs outpaced efficiency efforts. The company reported an operating loss of $4.7 billion last year, largely driven by “non-cash impairment charges.”

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FOX Business’ Daniella Genovese contributed to this report.

Two men from Pennsylvania admitted to repeatedly traveling from Philadelphia to Minneapolis in an effort to defraud Minnesota’s Housing Stabilization Services (HSS) program, prosecutors announced. The men allegedly defrauded approximately $3.5 million from the program and used artificial intelligence to create false records.

The two men, identified as Anthony Waddell Jefferson, 37, and Lester Brown, 53, allegedly set up businesses in Minnesota and enrolled as HSS providers. The men were allegedly supposed to provide housing consulting, transitioning and sustaining services to qualifying individuals.

The state’s HSS program, which was officially launched in July 2020, aims to help people with disabilities, including seniors and those with mental illnesses or substance abuse issues, find and maintain housing. The Justice Department previously said the program “had low barriers to entry and minimal records requirements for reimbursement.”

Attorney General Pam Bondi reacted, “Criminal fraud not only robs taxpayers — it shatters trust in our institutions. Under President Trump’s leadership, today’s convictions are just the beginning. Our prosecutors will work tirelessly to unravel criminal fraud schemes and charge their perpetrators in Minnesota and across the country.”

TREASURY SECRETARY BESSENT VOWS TO LEAVE ‘NO STONE UNTURNED’ IN MINNESOTA FRAUD PROBE

Jefferson and Brown are accused of stealing approximately $3.5 million from HSS for services they falsely claimed to have provided to around 230 Medicaid beneficiaries. The men each pleaded guilty to one count of wire fraud and face up to 20 years in prison, the DOJ said.

“Minnesota will no longer be a haven for fraud under our watch,” Deputy Attorney General Todd Blanche said. “The Justice Department has been investigating billions in taxpayer fraud across the country and has already successfully convicted 66 individuals and counting in Minnesota. The collaboration between the Criminal Division and the U.S. Attorney’s Office is a prime example of how we restore justice and public trust, while holding criminal fraudsters accountable.”

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Jefferson and Brown allegedly visited shelters and Section 8 housing facilities, marketing themselves as “The Housing Guys,” in order to recruit Medicaid beneficiaries to sign up for HSS services that ultimately were not provided, according to the DOJ.

The DOJ also accused Jefferson of hiring family members and associates to work as employees, who, at his direction, created fake client notes that allegedly showed services provided. Some of the documentation allegedly showed that Jefferson had “invented fake employees” and used their names to sign client notes, the DOJ said. 

The department claimed that Brown did not keep notes “despite being required by Program rules to do so.” The DOJ said Jefferson and Brown “fabricated emails” about purported clients and used ChatGPT to create fake client notes.

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“These defendants had no connection to Minnesota or its communities. They traveled across the country for one purpose: to prey upon and steal millions in taxpayer dollars meant for people struggling with homelessness, addiction and disabilities,” said Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division. “Although programs like HSS are run by the states, they are funded with federal tax dollars. The Criminal Division will not stand by while fraudsters put all Americans’ tax dollars at risk.”

Actress Sydney Sweeney rang the opening bell at the New York Stock Exchange (NYSE) on Monday alongside American Eagle Outfitters Chairman and CEO Jay Schottenstein.

Sweeney was also joined by other executives from the retailer as she signed a book on the trading floor.

The actress partnered with American Eagle in 2025 for an advertising campaign that drew significant attention online.

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Sweeney wore jeans and a light blue denim jacket at the NYSE, an apparent nod to the “Sydney Sweeney Has Great Jeans” slogan that was released last summer.

The widely discussed campaign drew criticism, with some detractors arguing that its wordplay blurred the line between fashion marketing and references to genetic traits.

“Genes are passed down from parents to offspring, often determining traits like hair color, personality, and even eye color,” the “Euphoria” star said in the video. “My jeans are blue.”

President Donald Trump defended Sweeney in a Truth Social post, saying in part, “Sydney Sweeney, a registered Republican, has the ‘HOTTEST’ ad out there. It’s for American Eagle, and the jeans are ‘flying off the shelves.’ Go get ‘em Sydney!”

THE WAR ON HOT WOMEN: WHY THE WOKE MOB HATES SYDNEY SWEENEY

American Eagle also responded to the backlash, writing on social media that the ad “is and always was about the jeans.”

“Her jeans. Her story. We’ll continue to celebrate how everyone wears their AE jeans with confidence, their way,” the company said.

“Great jeans look good on everyone.”