Ford cutting up to 8K jobs for EV investment

Ford Motor Co. is preparing to cut as many as 8,000 jobs in the coming weeks as the automaker tries to boost profits to fund its push into the electric-vehicle market, according to people familiar with the plan.

The eliminations will come in the newly created Ford Blue unit responsible for producing internal combustion engine vehicles, as well as other salaried operations throughout the company, said the people, who asked not to be identified revealing internal discussions. The plan has not yet been finalized and details could still change.

The move would mark a significant step in Chief Executive Officer Jim Farley’s plan to cut $3 billion of costs by 2026. He has said he wants to transform Ford Blue into “the profit and cash engine for the entire enterprise.” In March, Farley radically restructured Ford, cleaving its carmaking in two by creating the “Model e” unit to scale up EV offerings and “Ford Blue” to focus on traditional gas burners like the Bronco sport-utility vehicle.

The job cuts are expected to come among Ford’s salaried ranks in a variety of operational functions, according to the people familiar. They may come in phases, but are likely to begin this summer, the people said. Ford employs about 31,000 salaried workers in the US, where the bulk of the cuts are expected.

Ford declined to comment on possible job cuts.

Macy’s will open Toys R Us shops inside stores

Macy’s announced it will launch in-store Toys R Us shops in all of its U.S. retail locations over the next several months.

Since August, Macy’s has sold Toys R Us products exclusively online, the company said Monday. The new “in-store shops” will open between late July and mid-october. They’ll range from 1,000 square feet to 10,000 square feet in flagship locations, including at the Macy’s in the historic Marshall Field and Co. Building on State Street in Chicago’s Loop.

“We hope Toys ‘R’ Us kids of all ages discover the joy of exploration and play within our shops and families create special memories together,” said Nata Dvir, Macy’s chief merchandising officer, in a statement. “The customer response to our partnership with Toys ‘R’ Us has been incredible and our toy business has seen tremendous growth.”

Stores will include “handson demonstration tables for customers to interact with various toy assortments,” the company said. Flexible footprints will allow Macy’s to expand the stores during the holiday season.

Toys R Us sought Chapter 11 bankruptcy protection in 2017 and announced plans the following year to shutter its more than 700 remaining U.S. stores.

Wall Street adds to gains after big rally

A choppy day on Wall Street ended with more gains for stocks Wednesday, as investors welcomed another batch of encouraging profit reports from U.S. companies.

The S&P 500 rose 0.6%, tacking more onto its big gains from a day earlier, when the benchmark index soared 2.8%, its best day in weeks. The Dow Jones Industrial Average managed a modest 0.2% gain after recovering from a midafternoon pullback. The Nasdaq composite climbed 1.6%.

Netflix climbed 7.4% higher after it said it lost fewer subscribers during the spring than expected. It, though, remains the worst stock in the S&P 500 for the year, down by nearly two thirds.

Amazon climbed 3.9%, and Nvidia jumped 4.8%, which helped boost the tech-heavy Nasdaq composite index.

On the losing end was Baker Hughes, which tumbled 8.3% after it reported weaker results for the spring than analysts expected. Northern Trust fell 4% after its profit fell short of forecasts.