FDA, Abbott agree on terms to reopen factory

On Monday evening, baby formula producer Abbott announced it had reached a deal with the Food and Drug Administration, laying out a path to reopen a factory in Sturgis, Michigan, that shut down amid recalls earlier this year, contributing to the current shortage. In a statement, the company confirmed that it has entered into a consent … Read more

U.S. Retail Sales Grew 0.9% in April

U.S. Retail Sales Grew 0.9% in April

U.S. shoppers increased retail spending in April for the fourth straight month, taking on higher prices with inflation close to its highest level in four decades. Retail sales—a measure of spending at stores, online and in restaurants—rose a seasonally adjusted 0.9% in April from the prior month, the Commerce Department said Tuesday.

F.D.A. and Abbott Reach Agreement on Baby Formula to Try to Ease Shortage

F.D.A. and Abbott Reach Agreement on Baby Formula to Try to Ease Shortage

The Food and Drug Administration on Monday reached an agreement with Abbott Laboratories on the steps needed to reopen the company’s shuttered baby formula plant, which could begin to ease the shortage of infant formula that has frightened and exasperated parents nationwide. The F.D.A. said it expected Abbott to restart production in about two weeks, … Read more

Walmart, Home Depot, Citigroup and more

Walmart, Home Depot, Citigroup and more

Take a look at some of the biggest movers in the premarket: Walmart (WMT) – Walmart slumped 7% in premarket trading after missing bottom-line expectations for the first quarter. The retail giant earned $1.30 per share, 18 cents a share below estimates as inflationary pressures offset the positive impact of better-than-expected sales. Home Depot (HD) … Read more

Elon Musk says Twitter deal can’t happen until bot dispute is resolved

Elon Musk says Twitter deal can’t happen until bot dispute is resolved

Without citing a source, Musk claimed in a tweet that Twitter is “20% fake/spam accounts” and suggested Twitter’s filings with the Securities and Exchange Commission were misleading. The company has said that less than 5% of its daily active users are spam accounts. “My offer was based on Twitter’s SEC filings being accurate,” Musk tweeted. … Read more

Musk seeks proof on share of spam bot on Twitter for deal to progress

Musk seeks proof on share of spam bot on Twitter for deal to progress

May 17 (Reuters) – Elon Musk said on Tuesday his $44 billion offer would not move forward until Twitter Inc (TWTR.N) shows proof that spam bots account for less than 5% of its total users, hours after suggesting he could seek a lower price for the company. “My offer was based on Twitter’s SEC filings … Read more

GOP Rep. Kat Cammack rages at huge stockpile of baby formula at border center

GOP Rep. Kat Cammack rages at huge stockpile of baby formula at border center

A Republican congresswoman took a trip to the US-Mexico border to expose the stockpiling of baby formula being sent to border facilities while American families continue to face empty shelves amid a nationwide shortage. Rep. Kat Cammack, of Florida, was accused of lying about the formula crisis after she shared photos she was sent by … Read more