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1 | First Republic shares tumbled nearly 50% on Tuesday after it reported a 40% drop in deposits during the first quarter. The bank, whose shares are down almost 95% year-to-date, is exploring selling $50B-$100B in assets to address the disparity between its assets and liabilities. On Wednesday, First Republic shares fell another 30%. 
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2 | Disney stock closed 1.44% lower today after it announced a lawsuit against Flordia Governor Ron DeSantis, claiming he has engaged in "a targeted campaign of government retaliation" against the company. The battle between Disney and DeSantis began when the media giant took a public stand against the governor's "Don't Say Gay" bill last year. |
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3 | Microsoft posted better-than-expected earnings for its fiscal third quarter on Tuesday, reporting $52.86B in revenue, above estimates of $51.02B. The technology company, whose shares jumped 9% in after-hours trading, also beat bottom-line predictions with earnings per share of $2.45, compared to analyst expectations of $2.23. |
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4 | Microsoft competitor Alphabet also beat top and bottom-line estimates when it reported its first-quarter results on Tuesday. The search giant recorded revenues of $69.79B, surpassing expectations of $68.9B, with earnings per share of $1.17, $0.10 higher than analysts' estimates of $1.07. Google also announced that its board of directors authorized a $70B share buyback. |
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5 | McDonald's reported a 4% increase in net sales during its first quarter, driven by a 12.6% increase in same-store sales across its three divisions. Despite the fast-food chain's third consecutive quarter of U.S. traffic growth, McDonald's customers are responding to higher prices by including fewer menu items in their orders, according to CEO Chris Kempczinski. |
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6 | General Motors will cease production of its Chevy Bolt electric vehicle in 2023, marking the end of its most affordable EV model. The Bolt assembly plant in Michigan will begin manufacturing GMC Sierra and Chevrolet Silverado electric trucks starting in 2024. |
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7 | Spotify reached 210 million premium subscribers in its first quarter, during which it laid off 6% of its workforce and ended its live audio efforts. In its earnings call Tuesday morning, CEO Daniel Ek discussed the controversial AI song "Heart of My Sleeve," saying Spotify will try to find a balance between allowing innovation and protecting artists' work. |
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