| Lithium producers SQM and Albemarle saw their shares drop by double-digit percentages after Chile's President Gabriel Boric said he would nationalize the country's Lithium industry on Thursday. The move would transfer lithium operations from these private companies to a state-owned enterprise when their contracts expire.
On Friday, Lyft announced a round of layoffs. The company is expected to cut 1,200 jobs or 30% of its workforce, just one week into CEO David Risher’s tenure. Shares of the ride-sharing company jumped around 6% on the news. Walmart is selling its plus-size apparel brand Eloquii, which it purchased for a reported $100M in 2018, to FullBeauty Brands for an undisclosed sum. Eloquii is the third direct-to-consumer brand Walmart has offloaded this year, in addition to menswear brand Bonobos and outdoor retailer Moosejaw. On May 10, executives from drugmakers Eli Lilly, Nova Nordisk, and Sanofi will testify before the Senate Health Committee on insulin prices, Senator Bernie Sanders said today. The three firms, which combined control 90% of the global insulin market, announced plans to cut their insulin prices by 70% or more earlier this year. Volkswagen announced plans to invest $5B in a battery-cell factory in Canada, a facility that will create thousands of jobs when it opens in 2027. VW has made significant investments in North America since the Inflation Reduction Act was signed into law, revealing similar projects in St. Thomas, Ontario, and South Carolina last month. Proctor & Gamble shares rose more than 3% on Friday after the consumer packaged goods maker reported better-than-expected earnings for the quarter ending Mar. 31. Revenue reached $20.07B, topping estimates of $19.32B, with earnings per share of $1.37, above the $1.32 expected.
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