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Southwest Airlines Targets 2028 for AWS Cloud and AI Transformation
Southwest Airlines plans to shift core systems to AWS cloud and AI by 2028, supporting its commercial overhaul to assigned seats and bag fees. Shares dipped 1.6%.
Rivian Cuts Jobs, R2 Launch Adds to Financial Strain
Rivian is cutting hundreds of jobs, less than 2% of its workforce, to reduce costs after launching the R2 SUV. Shares closed up 2% as investors weigh cost cuts against margin pressures.
Invenergy Accepts $765M Payout to Exit Offshore Wind Leases
Invenergy will get $765 million to terminate four offshore wind leases, with funds redirected to natural gas and geothermal, as the administration's buyback program nears $2.6 billion.
Auburn's Ikeda's Wins USA Today Best Pie Shop, Boosts Local Retail
Ikeda's California Country Market wins USA Today's Best Pie Shop award, gaining national attention and a boost in customer traffic during peak summer travel season.
Fed Stays Pat on Rates, Signals 2026 Hike; Warsh's Hawkish Debut Shakes Markets
The Fed held rates steady at 3.50%-3.75% in Kevin Warsh's debut as chair, with a hawkish dot plot projecting a 2026 rate hike to 3.8% and higher inflation forecasts. The S&P 500 fell 1.21% and 2-year Treasury yields surged 16 bps.
U.S. DOT Closes Delta Probe Without Penalties, Easing Regulatory Pressure
The DOT closed its probe into Delta's 2024 CrowdStrike outage without penalties, removing a major regulatory risk for the airline.
Arm Surges 5.7% as Bernstein Lifts Target to $500 on AI CPU Boom
Arm shares surged 5.69% to $418.88 after Bernstein hiked its price target to $500, citing a CPU renaissance from agentic AI demand. The rally reflects investor shift to CPUs, but supply issues and an FTC probe remain risks.
ServiceNow Plunges as Software Stocks Sink on Hawkish Fed Outlook
ServiceNow shares plunged nearly 6% as software stocks sank on hawkish Fed rate concerns, despite a price target hike to $130 from Benchmark.
SpaceX Drops 5% in First Full-Session Loss Since IPO
SpaceX dropped 5% to $192, its first full-session loss since the IPO. The decline came amid a broader market selloff after the Fed signaled a possible rate hike.
Ford Drops 3.1% as Fed Hawkishness, China Software Rule Pressure Auto Sector
Ford shares dropped 3.1% to $13.96 after the Fed hinted at rate hikes, compounding weak May sales and a China software license issue for the Lincoln Nautilus.
Coherent Stock Slips Despite $50M CHIPS Grant; AI Optics Demand in Question
Coherent shares slipped 1% to $378.85 despite a $50M CHIPS grant for its Texas InP plant, as high valuation and supply risks overshadow AI optics demand.