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The United Auto Workers union is expected to announce a new tentative labor contract with $Ford Motor(F.US)$ on Wednesday night after intense bargaining throughout the day, according to people with knowledge of the talks. The UAW, now in the sixth week of its strike at the three Detroit automakers, has called for work stoppages at three Ford factories and sent more than 16,000 U.S. factory workers at the Dearborn, Mich., based car company to picket lines. The two sides have moved closer on key bargaining issues in recent days, the people said. As part of the proposed contract, Ford has agreed to give factory workers a 25% wage increase over the life of the agreement, including a 11% bump in the first year, according to people familiar with the details. The wage increase would bump the top

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AT&T(T.US) 17.650 17.680 -10.41% +0.17% Post By Emily Bary Shares of $AT&T(T.US)$ Inc. were on track for their worst day since 2000 Thursday after the company fell short of free-cash flow expectations but reiterated its full-year target on the closely watched metric. Free-cash flow for the first quarter came in at $1 billion, whereas analysts were modeling $3.2 billion. AT&T (T) said previously that the first quarter tends to be seasonally slow on the metric due to the timing of device payments, incentive compensation and other factors, and executives reiterated many of those points Thursday. Capital investments, device payments and incentive compensation "all peaked in the first quarter," Chief Financial Officer Pascal Desroches said on the company's earnings call. Amir Rozwad

MACRO Fed's Mester Signals Support for Another Hike But Urges Prudence "I anticipate that monetary policy will need to move somewhat further into restrictive territory this year, with the fed funds rate moving above 5% and the real fed funds rate staying in positive territory for some time," Federal Reserve Bank of Cleveland President Loretta Mester said Thursday. "Precisely how much higher the federal funds rate will need to go from here and for how long policy will need to remain restrictive will depend on economic and financial developments," said Mester, a usually hawkish voice who doesn't vote on rates this year. US Recurring Jobless Claims Jump to Highest Since November 2021 Continuing claims, or the number of people who have already filed an initial application and are now clai

Tesla(TSLA.US) 162.990 163.090 -9.75% +0.06% Post ARK Next Generation Internet ETF(ARKW.US) 49.870 50.590 -2.94% +1.44% Post ARK Innovation ETF(ARKK.US) 37.390 37.460 -3.78% +0.19% Post Shopify(SHOP.US) 48.000 48.401 -2.14% +0.84% Post Cathie Wood-led ARK Investment Management bought a huge stake in $Tesla(TSLA.US)$on Thursday after the EV-maker's shares fell over 9% following CEO Elon Musk's comments on price cuts. What Happened: Funds operated by ARK purchased over 256,000 shares of the EV-maker at an estimated valuation of over $41.7 million based on Thursday's closing price. The purchase was done via the flagship $ARK Innovation ETF(ARKK.US)$ and the $ARK Next Generation Internet ETF(ARKW.US)$ Tesla is the top holding in ARKK with a weight of 9.38%, according to data available on the f

Tesla(TSLA.US) 162.990 163.090 -9.75% +0.06% Post By Stephen Wilmot It shouldn't have been a surprise that big price cuts have a big impact on margins, but such is the magical thinking around $Tesla(TSLA.US)$ that somehow it was. The electric-vehicle maker reported an 11.4% operating margin for the first quarter, down from 19.2% a year ago. Analysts were expecting 12.2%, according to FactSet. This was the performance metric Wall Street was most focused on after a series of aggressive price cuts by the company, and the stock fell about 4% in after-hours trading. Tesla's margin decline wasn't just about price cuts. It sold 36% more vehicles in the quarter, but the cost of those vehicles grew by 39%. That implies inflation in the bill of materials despite Tesla's growth, which should allow it