The Washington Post
United Parcel Service
stock fell the most in seven months after the courier forecast profit margins that fell shy of expectations. U.S. domestic adjusted operating margins will be 10.5 to 12 percent in 2023, the company said Wednesday as it outlined its three-year financial plan. Investors had been expecting about 13 percent, according to analysts who surveyed shareholders before the presentation. UPS didn’t provide an earnings forecast or offer a cost-cutting plan, which also weighed on the stock. The stock closed down 4.2 percent, or $201 a share, after hitting a low of $197 a share in the late morning.
Luxury carmaker Ferrari has tapped Benedetto Vigna, an
Italian executive at Europe’s largest semiconductor chipmaker, as its new chief executive, the company announced Wednesday. Vigna, 52, will join Ferrari in September from Geneva-based Stmicroelectronics, where he has worked for 26 years, most recently running the most profitable operating business, its analog, micro-electromechanical systems and sensors group. Ferrari has announced that its first fully electric supercar will be launched in 2025.
El Salvador’s Legislative Assembly has approved legislation making the cryptocurrency bitcoin legal tender in the country, the first country to do so, just days after President Nayib Bukele made the proposal at a bitcoin conference. The digital currency can be used in any transaction, and any business will have to accept payment in bitcoin, with the exception of those lacking the technology to do so. The U.S. dollar will also continue to be El Salvador’s currency, and no one will be forced to pay in bitcoin, according to the legislation approved late Tuesday. The exchange rate between the two currencies will be established by the market.