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☆ G.M. Sold Millions of Cars That Were More Polluting Than Allowed, E.P.A. Says
▼ + stars: | 2024-07-03 | by ( Coral Davenport | ) www.nytimes.com time to read: +1 min

The Biden administration reached a settlement with General Motors after determining that the automaker sold nearly six million cars that emitted more planet-warming carbon dioxide than the company had claimed, violating federal regulations. An investigation by the Environmental Protection Agency found that in those years G.M. had sold about 4.6 million full-sized pickup trucks and sport-utility vehicles, and 1.3 million midsize sport-utility vehicles, that it claimed met the pollution standards, but in fact hadn’t. “E.P.A.’s vehicle standards depend on strong oversight in order to deliver public health benefits in the real world,” said E.P.A. “Our investigation has achieved accountability and upholds an important program that’s reducing air pollution and protecting communities across the country.”

Persons: “, ”, Michael S, Regan Organizations: Biden, General Motors, Obama, Environmental Protection Agency

☆ Ford sales edge 1% higher in the second quarter, led by trucks
▼ + stars: | 2024-07-03 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +1 min

Ford sales rose 1% during the second quarter over the year-earlier period, led by a 5% gain in truck sales, the automaker said Wednesday. Ford truck sales, which include pickups and vans, totaled 308,920 vehicles during the period, the company's best second-quarter performance for the category since 2019, Ford said. Sales of Ford electric vehicles totaled 23,957 during the second quarter, up 61%. GM said total sales of 696,086 made for its highest quarterly sales mark since the fourth quarter of 2020. Auto industry forecasters including Cox Automotive and Edmunds expect second-quarter sales industrywide to be roughly flat year over year.

Persons: Ford, Edmunds, — CNBC's Michael Wayland Organizations: Ford, Motors, GM, Auto, Cox Automotive Locations: Chicago , Illinois

☆ Tesla sales fall again as more automakers crowd electric vehicle market
▼ + stars: | 2024-07-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Tesla sales fell for the second straight quarter. In the fourth quarter BYD briefly passed Tesla in global EV sales. But the better-than-expected Tesla sales were enough to lift shares of Tesla (TSLA) by more than 9% in midday trading. The strong EV sales were balanced by a slight drop - about 0.3% - in sales of traditional gasoline powered cars. Toyota’s US EV sales soared even more, rising 301% to 11,600.

Persons: Tesla, Elon Musk, —, BYD, CNN’s Laura He, Peter Valdes, Dapena Organizations: New, New York CNN, clamoring, Tesla, Volkswagen, General Motors, Ford, GM, EV, Blazer EV, Cadillac, Toyota Locations: New York, China, Europe, North America

☆ GM reports best U.S. quarterly sales since 2020
▼ + stars: | 2024-07-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The Detroit automaker on Tuesday reported sales of 696,086 for the second quarter, up 0.6% from a year earlier and its highest quarterly units sold since the fourth quarter of 2020. Still, EVs made up only 3.2% of its total second-quarter sales. Sales of GM's full-size pickup trucks were roughly 229,000 during the second quarter, up about 6% from a year earlier and the best quarterly sales since 2021. GM's second-quarter sales are expected to slightly outpace the overall industry. Kia, which reports sales on a monthly basis, reported a 6.5% decrease in its June sales.

Persons: EVs, Edmunds, CDK, Jessica Caldwell, Caldwell Organizations: DETROIT —, Motors, Detroit, Auto, Cox Automotive, CDK, GM, Asbury Automotive Group, AutoNation Inc, Inc, Lithia Motors Inc, Sonic Automotive Inc, Automotive News, Toyota, Hyundai, Kia Locations: Lincolnwood , Illinois, DETROIT, North America

☆ An alphabet soup of 'electrified' vehicles awaits new car buyers as EV sales stall
▼ + stars: | 2024-06-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +9 min

A car shopper today has their pick of traditional internal combustion engine (ICE) vehicles; mild-hybrid electric vehicles (MHEVs); hybrid electric vehicles (HEVs); plug-in hybrid electric vehicles (PHEVs); fuel cell electric vehicles (FCEVs) and battery-electric vehicles (BEVs), also commonly known as EVs. Here's a breakdown: Internal combustion engine (ICE): A "traditional" vehicle with an engine that's fueled with gasoline or diesel. Hybrid electric vehicle (HEV): Think of the Toyota Prius, a vehicle that has a hybrid powertrain system combined with an engine. Plug-in hybrid electric vehicle (PHEV) : These vehicles feature an internal combustion engine combined with a hybrid system, including a larger battery than traditional hybrid vehicles as well as a plug to recharge the vehicle's battery. : These vehicles feature an internal combustion engine combined with a hybrid system, including a larger battery than traditional hybrid vehicles as well as a plug to recharge the vehicle's battery.

Persons: Paul Waatti, Heather Seymour, Seymour, Stellantis, Waatti, Michael Wayland, Antonio Filosa, Russell Wager, Jérémie Papin, BEV Organizations: DETROIT —, Pacifica, Toyota, CNBC, Motors, Chevrolet, Kia America, EV, Kia, GM, Detroit, GM Energy, Ford Motor, Auto, Nissan, ICE, Toyota Prius Locations: U.S, Stellantis, St, Johns , Florida, Detroit, Japan, South Korea, Germany

☆ Chinese automakers expected to achieve 33% global market share by 2030
▼ + stars: | 2024-06-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Much of the growth, from a forecast 21% market share this year, is expected to come outside of China. The rapid expansion of Chinese automakers is a growing concern for legacy automakers and politicians globally. In North America, Chinese automakers are forecast to only achieve a 3% market share, largely in Mexico, where one in five vehicles are expected to be Chinese brands by 2030. In most other major regions of the world, AlixPartners reports that the share of Chinese automakers is expected to exponentially grow. Chinese brands in China also are expected to grow from 59% to 72% in market share, according to AlixPartners.

Persons: AlixPartners, Mark Wakefield Organizations: Auto Guangzhou, China Import, Export, Visual China, Getty Images, AlixPartners, General Motors, Nurphoto, Getty Locations: Guangzhou, Guangdong Province of China, China, Japan, North America, U.S, AlixPartners, Mexico, Central, South America, Southeast Asia, East, Africa, Bangkok, Nonthaburi Province, Thailand

Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Best Buy : Jim said Best Buy's pullback in recent days has created a buying opportunity in the electronics retailer. Salesforce : The stock has in recent weeks clawed back some of its post-earnings plunge , even before Thursday's 6% surge. Wynn Resorts : Wynn is another stock in the portfolio that, it's become increasingly clear, trades based on its exposure to China. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Jim, Wall, Abbott, Johnson, We're, haven't, it's, Walt Disney, Estee Lauder, levered, Eli Lilly, Lilly, Morgan Stanley, Goldman Sachs, OpenAI, Jensen Huang, Nikesh Arora's, Stanley Black, Decker, TJX, We've, Wells, Charlie Scharf poaches, Wynn, Jim Cramer, Michael M Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Abbott Laboratories, Prime, Web, Broadcom, VMWare, Costco Wholesale, Costco, Coterra Energy, DuPont, Walt, Disney, Nvidia, Ford Motor, Ford, Blue, Motors, GE Healthcare, GE, Management, Honeywell, Linde, Microsoft, Palo Alto Networks, Procter & Gamble, Constellation Brands, Modelo, Corona, Fed, TJX, JPMorgan, Wynn Resorts, Wynn, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: China, Covid, Dover, Eaton, Palo Alto, U.S, Wells Fargo, Las Vegas

☆ Vietnam’s VinFast looks to tiny EV, priced at less than $10,000, to change its fortunes
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +3 min

The Vinfast VF6 all-electric vehicle is on display at the 2022 Los Angeles Auto Show on Nov. 18, 2022 in Los Angeles, California. Vietnamese automaker VinFast, for a short time the third-most valuable car company in the world, has a big problem: It just can't sell enough cars. Designed specifically for the Vietnamese and other Asian markets, the VF3 is priced for "mass appeal," according to VinFast. VinFast's future matters for Vietnam, both because its ambitions dovetail with the Communist Party's own goals, and because of parent company Vingroup's large role in the Vietnamese economy. "We will never let VinFast go," he told Vingroup shareholders at their annual general meeting in April, according to state media.

Persons: Le Thi, VinFast, It's, Vingroup, Pham Nhat Vuong, Tu Le Organizations: Angeles Auto, Nasdaq, General Motors Corp, Ford Motor Co, Communist, Vingroup's, U.S . Securities, Exchange Commission, Sino Locations: Los Angeles , California, Le, U.S, VinFast, North Carolina, California, Vietnam, Ukraine, Asia

Quiet in the C-suiteThree years ago, corporate leaders openly spoke out against Donald Trump over his role in the Jan. 6, 2021, Capitol attack. But as the former president leads in many polls this time around, most in the C-suite are staying quiet. In 2021, C.E.O.s including Mary Barra of General Motors and Doug McMillon of Walmart publicly urged a peaceful transition of power. Only a handful of executives have publicly supported Trump, who was willing to go after perceived enemies in corporate American when he was in office. It’s highly unlikely that tally will reach 902, the number of times the topics were mentioned in 2020 during the same period.

Persons: Donald Trump, Mary Barra, Doug McMillon, Trump, Biden, It’s Organizations: Capitol, General Motors, Walmart

☆ Waymo opens robotaxi service to all San Francisco users
▼ + stars: | 2024-06-25 | by ( Jennifer Elias | ) www.cnbc.com time to read: +2 min

A Waymo rider-only robotaxi is seen during a test ride in San Francisco on Dec. 9, 2022. Waymo robotaxis are now open to all users in San Francisco, expanding the self-driving ride-hailing service, which has been available in the city to a limited number of riders. In a blog post on Tuesday, Waymo said nearly 300,000 people have signed up for the service, called Waymo One, since the Alphabet-owned company opened its waitlist. As of February, the company had approximately 700 vehicles in the Waymo One fleet, including about 300 cars as part of its San Francisco service. The company said it has logged 3.8 million rider-only miles in San Francisco as of the end of March.

Persons: Waymo, We're Organizations: Waymo, General Motors, National, Traffic Safety Administration Locations: San Francisco, Phoenix, Los Angeles, Austin , Texas, California

☆ Companies are repurchasing stock at record levels. Here are the buyback kings
▼ + stars: | 2024-06-25 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Tech and communication services companies have been dominating share buyback activity within the S & P 500 this year, according to Jill Carey Hall, Bank of America's equity and quantitative strategist. Earlier this year, Apple announced a massive $110 billion share buyback program, while Alphabet authorized a $70 billion repurchase . Buyback fans include legendary investor Warren Buffett, as Berkshire Hathaway spent $2.6 billion in the first quarter of 2024 to repurchase shares. And the company has a strong track record of stock buybacks. GM's board authorized a new $6 billion buyback program earlier this month, which follows an accelerated $10 billion plan from November 2023.

Persons: Jill Carey, Hall, Warren Buffett, Berkshire Hathaway, Motors, Morgan Stanley, Joe Laetsch, Laetsch, Johnson Organizations: Tech, Jill Carey Hall , Bank, Apple, Berkshire, CNBC, GM, General Motors, Marathon Petroleum, MPC, DuPont, Synchrony, Comcast Locations: Detroit, NBCUniversal

☆ There may be a comeback trade opportunity in Ford emerging, according to top analyst Jonas
▼ + stars: | 2024-06-25 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Adam Jonas, a well-known auto analyst at the investment bank, said Ford remains his top pick in the auto sector. Now, Jonas said Ford could take the spotlight as the focus within the sector shifts from electric vehicle investment to capital discipline. It comes at a tumultuous time for automakers as they grapple with softer-than-anticipated electric vehicle demand. Given an ongoing "unwind" in the electric vehicle story, he said Ford has the potential to flip the stock performance. Jonas' $17 price target for Ford implies the Detroit-based company's stock can rally around 39% over the next 12 months.

Persons: Morgan Stanley, Adam Jonas, Ford, Jonas, outperformance Organizations: Ford, General Motors, GM Locations: Detroit

☆ GM's Cruise names former Amazon, Microsoft Xbox executive as new CEO
▼ + stars: | 2024-06-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT – General Motors' Cruise autonomous vehicle unit on Tuesday announced former Amazon and Microsoft executive Marc Whitten as its new CEO. His appointment comes at a crucial time for Cruise, which is testing and relaunching its autonomous vehicles on public roadways. Following the incident, several key leaders, including Cruise CEO and co-founder Kyle Vogt, departed the company. The probe also investigated allegations of a cover-up by Cruise leadership, but investigators did not find evidence to support those claims. Cruise was a crucial part of GM's plan to double revenue to $280 billion by the end of this decade.

Persons: Marc Whitten, Whitten, Kyle Vogt, Marc, Mary Barra, Cruise, Rowe Price, Nick Mulholland, Craig Glidden, Glidden, Grant Dixton, Dixton, Mary Organizations: DETROIT, Motors, Amazon, Microsoft, Cruise, GM, Honda Motor, Walmart, Rivian, Activision Blizzard, Boeing Locations: San Francisco, Phoenix , Houston, Dallas, Dubai

☆ Electric SUV maker Fisker files for bankruptcy
▼ + stars: | 2024-06-18 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Fisker, a US electric vehicle startup, said Tuesday it had filed for bankruptcy. Fisker added then that it was in discussions with an existing investor about possibly putting more money into the company. Its sole product is the Fisker Ocean electric SUV. The Ocean was also the subject of a review that month by American YouTuber Marques Brownlee titled, “This is the Worst Car I’ve Ever Reviewed.”“Do not buy this version of the Fisker Ocean,” reads the video’s description. Fisker filed for bankruptcy Monday, choosing the common Chapter 11 route, which allows companies to try to resolve their financial problems through reorganization.

Persons: London CNN —, Fisker, American YouTuber Marques Brownlee, ”, Henrik Fisker, BYD, Tesla Organizations: London CNN, Automotive News, Hyundai, Kia, Ford, General Motors, International Energy Agency Locations: American, EVs, United States, Europe, “

☆ Top BofA auto analyst says Detroit automakers need to exit China as soon as possible
▼ + stars: | 2024-06-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – The traditional Detroit automakers – General Motors , Ford Motor and Stellantis – should exit the Chinese market "as soon as they possibly can," Bank of America's top automotive analyst said Tuesday. Murphy, who has previously asked General Motors about exiting the market, said the "D3" automakers need to focus on their core products and more profitable regions. It's a prospect that would have been unthinkable for the automakers, specifically GM, just a few years ago, but the rise of local Chinese automakers such as BYD and Geely has put growing pressure on the companies. While the Detroit automakers need to rethink the way their doing business in China, Murphy said it's slightly different for U.S. electric vehicle leader Tesla . Murphy said Tesla, like Chinese companies, has a roughly $17,000 cost advantage in EV components compared to the traditional Detroit automakers to assist it in the Chinese market, allowing it to have "more room to run."

Persons: John Murphy, Murphy, Geely, Joe Biden, it's, Tesla Organizations: Automobile Works, FAW, Haima, Co, Detroit, –, Motors, Ford Motor, Bank, BofA Securities, Automotive Press, GM, Ford Locations: China, Haikou, Hainan Province, DETROIT, Detroit

☆ Calls of the Day: Shake Shack, General Motors and Netflix
▼ + stars: | 2024-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCalls of the Day: Shake Shack, General Motors and NetflixThe Investment Committee discuss the latest Calls Of The Day

Organizations: General Motors, Netflix

☆ CNBC Daily Open: Fed watch, Apple pops
▼ + stars: | 2024-06-12 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Siri will get an upgrade with Apple Intelligence and the company will partner with OpenAI, giving users access to ChatGPT. The company's shares rose 1.3% after the automaker announced plans to buy back $6 billion of stock. While many analysts expect Apple's new AI offering to push consumers to buy new iPhones, not all analysts are convinced.

Persons: Siri, OpenAI, Morgan Stanley, Elon Musk, Sam Altman, Greg Brockman, Paul Jacobson Organizations: CNBC, Nasdaq, Nvidia, Apple, Dow Jones, Treasury, OPEC, Apple Intelligence, OpenAI, GM, Motors Locations: San Francisco

☆ CNBC Daily Open: Apple shares pop, Musk drops OpenAI lawsuit
▼ + stars: | 2024-06-12 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Musk drops OpenAI suit Elon Musk dropped his lawsuit against OpenAI, CEO Sam Altman and President Greg Brockman, which alleged breach of contract and fiduciary duty. Apple pops Apple 's shares rose to a record high a day after it announced its push into artificial intelligence. Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. For more, CNBC's Jeff Cox explains there could be a huge impact from the consumer price index and the Fed meeting.

Persons: Paul Jacobson, Elon Musk, Sam Altman, Greg Brockman, Siri, OpenAI, Morgan Stanley, Goldman Sachs, David Malpass, Dennis Lockhart, Jeff Cox, — CNBC's Lim Hui Jie, Lisa Kailai Han, Alex Harring, Spencer Kimball, Hayden Field, Samantha Subin, Ashley Capoot, Michael Wayland Organizations: New York Stock Exchange, CNBC, General Motors, GM, OpenAI, Microsoft, Apple, Apple Intelligence, Federal Reserve, Brent, Bank, Biden, Strategic Petroleum Reserve, Atlanta Fed Locations: New York City, U.S, San Francisco

The investor pitch claimed GM had already committed to an investment, along with the Menlo Park-based VC firm Tribe Capital. "GM agreed to let us collect the ground truth data in their factories," Foundation said in the document. "GM has never invested in Foundation Robotics and has no plans to do so," spokesman Darryll Harrison said in an emailed statement. The contents of the document were confirmed by someone with direct knowledge of Tribe Capital. Tribe Capital and its cofounder Sethi declined to comment, while Pathak didn't respond to messages seeking comment.

Persons: General Motors —, Darryll Harrison, cofounders, Mike LeBlanc, LeBlanc, Sankaet Pathak, Arjun Sethi, Sethi, Pathak Organizations: Synapse, General Motors, Robotics Labs, CNBC, GM, Menlo, Tribe, Foundation, Foundation Robotics, Robotics, New Foundation Foundation, Cobalt Robotics, McKinsey, Tribe Capital Locations: Mexico

☆ GM board approves new $6 billion share buyback authorization
▼ + stars: | 2024-06-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors on Tuesday announced a new $6 billion stock repurchase authorization has been approved by its board. The new buyback authorization comes as an accelerated $10 billion share repurchase program announced in November 2023 is expected to be completed by the end of this month. This allows us to continue returning cash to shareholders," GM CFO Paul Jacobson said in a release. The new authorization will allow GM to opportunistically repurchase shares after the completion of the existing reauthorization, the automaker said. The announced buyback plans come amid uncertainty surrounding the adoption of all-electric vehicles, which GM has bet heavily on, and stalling customer demand for new vehicles.

Persons: Paul Jacobson, Jacobson Organizations: DETROIT, Motors, GM

☆ GM trims 2024 EV forecast amid slower-than-expected demand
▼ + stars: | 2024-06-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors is trimming its expected sales and production of all-electric vehicles this year, as U.S. adoption of EVs occurs slower than expected. GM Chief Financial Officer Paul Jacobson said the company now expects production of 200,000 to 250,000 EVs this year, down from a previously announced range of 200,000 to 300,000. Jacobson said GM expects EVs to make up 8% of U.S. sales industrywide this year. GM expects its EVs to be profitable on a production, or contribution-margin basis, once it reaches production of 200,000 units. EV sales totaled 16,425 units, or 2.8% of the automaker's overall sales during the period.

Persons: Paul Jacobson, Jacobson, EVs Organizations: DETROIT, GM, Deutsche Bank Locations: North America

☆ Another huge GM buyback makes it plain to see that Ford must follow suit to boost its stock
▼ + stars: | 2024-06-11 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

General Motors approved yet another stock buyback — adding to our frustration that portfolio name Ford has yet to embark on a repurchase program of its own. GM on Tuesday announced a new $6 billion buyback — weeks before its November $10 billion repurchase authorization is set to be completed. "I'm very upset with Ford," Jim Cramer said during the Morning Meeting for Club members. While encouraged by Ford's successful pivot, we believe a sizeable stock buyback would be a catalyst for Ford shares as it has been for GM. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Ford, Jim Cramer, Mary Barra, GM's buyback, John Lawler, repurchases, . Ford, Ford's, Jim Cramer's, Jim, Danielle DeVries Organizations: Motors, Ford, GM, Club, CNBC, Deutsche Bank, New York Locations: .

☆ Three-Stock Lunch: Goldman Sachs, General Motors & VF Corporation
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: Goldman Sachs, General Motors & VF CorporationDavid Trainer, New Constructs CEO, joins 'Power Lunch' to discuss investment plays for three stocks, including Goldman Sachs, General Motors, and VF Corporation.

Persons: Goldman Sachs, David Trainer Organizations: General Motors, VF Corporation

☆ UAW President Shawn Fain under investigation by federal monitor
▼ + stars: | 2024-06-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Shawn Fain, who led the United Auto Workers union in its strike against all three unionized American automakers last fall, is under investigation by a federal monitor overseeing the union. It dredges up past union corruption issues that sent previous union officials to prison, an issue that helped Fain win a narrow upset victory to lead the union last year. Fain was a guest of President Joe Biden at the State of the Union speech, where Biden recognized and praised him. Biden also joined Fain on the picket line during last year’s auto strike, the first sitting president to visit a picket line. Fain, a former critic of both former President Donald Trump and the Biden administration, has become a vocal supporter of Biden, who has been endorsed by the UAW.

Persons: Shawn Fain, Fain, Margaret Mock, “, Neil Barofsky, Rich Boyer, Boyer, Barofsky, Mock, ” Barofsky, ”, We’re, Stellantis, Joe Biden, Biden, Donald Trump Organizations: New, New York CNN, United Auto Workers, UAW, Volkswagen, Stellantis, TARP, General Motors, Ford, State Locations: New York, Tennessee, Mercedes, Alabama

☆ Stocks making the biggest moves premarket: Eli Lilly, General Motors, Shopify
▼ + stars: | 2024-06-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Eli Lilly — Eli Lilly shares rose 2% after a panel of FDA advisors recommended the approval of its Alzheimer's drug known as donanemab. General Motors — The automaker's stock added more than 1% after its board authorized a $6 billion stock buyback program . Shopify — The e-commerce stock rose about 1% after JPMorgan initiated coverage with an overweight rating. Apple — Apple shares slipped less than 1% a day after the iPhone maker's Worldwide Developers Conference, where it revealed its artificial intelligence plans , called Apple Intelligence. GameStop — GameStop shares slipped 1% before the bell, continuing its volatile ride.

Persons: Eli Lilly, General Motors, Siri, Keith Gill's, Lee Cole, —, Jesse Pound, Sarah Min Organizations: General, JPMorgan, Apple, Apple Intelligence, Technology, Reuters, Apollo, Kyndryl Holdings, GameStop, Calavo, —, Calavo Growers

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