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FOR YEARS ExxonMobil was the top dog among the world’s private-sector oil companies. It was the biggest of the Western majors, and the best-managed. It regularly posted higher returns on capital than its peers and enjoyed superior stockmarket valuations. This led to an arrogance among its chief executives that infuriated not just greens but even other oilmen. In 2003 Lee Raymond, a former boss with a ferocious temper, bragged that “everyone at this company works for the general good—and I’m the general of that general good.”More recently ExxonMobil appeared to have lost some of this braggadocio. Between 2016 and 2020, together with the rest of the industry, it eked out meagre returns as oil prices languished. At the same time it was hounded by climate activists and asset managers concerned about environmental, social and governance (ESG) issues. The lowest point came three years ago when it suffered an unprecedented defeat at the hands of Engine No.1, an obscure activist fund that managed to get three climate-minded directors elected to its board. More

Stellantis plans to offer a $25,000 all-electric Jeep vehicle in the U.S. “very soon” to better attract mainstream consumers amid slower-than-expected EV adoption, CEO Carlos Tavares said.
Stellantis currently offers an all-electric version of its Avenger SUV in Europe, starting at about 35,000 euros.
The importance of an affordable EV has grown more apparent as Chinese automakers such as BYD and Nio grow their sales outside of China.

Stellantis CEO Carlos Tavares photographed next to a Jeep Avenger at the Paris Motor Show on Oct. 17, 2022.
Nathan Laine | Bloomberg | Getty Images

Stellantis plans to offer a $25,000 all-electric Jeep vehicle in the U.S. “very soon” to better attract mainstream consumers amid slower-than-expected electric vehicle adoption, CEO Carlos Tavares said Wednesday.
Tavares disclosed few details about the upcoming vehicle, saying it will be priced around $25,000 in the U.S. to emulate Stellantis’ pricing of the Citroen e-C3 SUV, a low-cost model starting at 23,300 euros, or about $25,200, in Europe.

“In the same way we brought the 20,000 Euro Citroen e-C3, you will have a $25,000 Jeep very soon,” he said Wednesday during a Bernstein investor conference. “We are using the same expertise because we are a global company and this is totally fluid across the engineering world of Stellantis.”
Stellantis currently offers an all-electric version of its Avenger SUV in Europe, starting at about 35,000 euros, or about $37,800, according to its website. The vehicle is not sold in the U.S., where the automaker has focused on plug-in hybrid electric Jeep vehicles.
Offering a new EV for around $25,000 has long been a target for automakers such as Stellantis, Tesla and others. The importance of such a vehicle has grown more apparent as Chinese automakers such as BYD and Nio grow their sales of less-expensive EVs outside of China.
“If you ask me what is an affordable BEV, I would say 20,000 euros in Europe and $25,000 in the U.S.,” Tavares said. “So our job is to bring the safe, clean and affordable BEV to the U.S., $25,000. We’ll do it.”

Electric Jeep Wagoneer S.

Jeep’s first all-electric vehicle for the U.S. is expected to be the large Wagoneer S SUV, due later this year. The company is scheduled to officially reveal the vehicle Thursday in New York. A Jeep Wrangler-inspired off-road vehicle called the Recon also is expected as soon as this year.

Tavares said Wednesday that the company expects to achieve cost parity between its all-electric vehicles and traditional internal combustion engine vehicles in the next “three years, max” to better compete with the growing “China invasion” of affordable EVs.
“It’s a very challenging period, very chaotic, very Darwinian,” Tavares said regarding the Chinese competitors, EV transition and potential consolidation of the automotive industry. “We are in the storm, and this storm is going to last a few years.”
Tavares’ comments come amid increasing geopolitical tensions surrounding China-made EVs in the U.S., Europe and other regions. Many in and around the automotive industry fear the less-expensive, China-made vehicles will flood the markets, undercutting domestic-produced EVs.

Electric Jeep Recon SUV.

Tavares also said tariffs such as those the U.S. is implementing against Chinese EVs may delay their expansion to the U.S. but will not completely stop it.
“Yes, time helps, but you cannot stop the competition,” Tavares said. “Putting you behind a protectionist bubble is not going to help you to be competitive. … If your strategy is to shrink and stay inside of the bubble, it will buy you time, but certainly it will cut your future.”
The Biden administration’s 100% tariff announced earlier this month, up from a current import tax of about 25%, covers EVs imported from China but could still leave room for the often-cheap Chinese models to undercut domestic prices and leaves loopholes for imports made by Chinese automakers in other countries, such as neighboring Mexico. It also does nothing to address current or future gas-powered vehicles imported from the Communist country to the U.S.

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General Motors’ new entry-level 2025 Cadillac Optiq electric vehicle will start at $54,000, the company said Wednesday.
The compact-sized crossover is set to be Cadillac’s fourth EV when it goes on sale later this year.
The Optiq will be sold in 10 regions, including North America, China and Europe.

2025 Cadillac Optiq

DETROIT – General Motors’ new entry-level 2025 Cadillac Optiq electric vehicle will start at $54,000, the company said Wednesday.
The compact-sized crossover is set to be Cadillac’s fourth electric vehicle when it goes on sale later this year. It follows the $59,000 Lyriq midsize crossover, the $300,000-plus bespoke Celestiq sedan and the upcoming $130,000 Escalade IQ SUV. Pricing excludes EV incentives, such as federal credits of up to $7,500.

“Cadillac has always defined American luxury, and Optiq is an example of how our bold, innovative spirit is propelling us into the EV future,” John Roth, vice president of Cadillac, said in a release.
The Optiq will be sold in 10 regions, including North America, China and Europe, where it debuted Wednesday at a new Cadillac showroom in Paris.
It comes as automakers attempt to expand the appeal of EVs with less-expensive models following slower-than-expected sales for the emerging vehicles.

2025 Cadillac Optiq

The Optiq is also an opportunity for GM to reenter the European market after the automaker sold its operations there in 2017. It could also help GM regain ground in China following notable sales and earnings declines in recent years.
The design of the vehicle is similar to Cadillac’s current EVs, including sleek vertical and horizontal lights and a black grille. It also has a large 33-inch diagonal LED interior display and uses GM’s Super Cruise hands-free driver-assistance system.

The vehicle, offered in Luxury and Sport trims, includes an 85-kilowatt-hour battery pack with a standard dual motor all-wheel drive propulsion system that offers a Cadillac-estimated 300 horsepower and 354 pound-feet of torque.
Optiq’s electric range on a single charge is estimated at 300 miles. GM said the vehicle is capable of adding about 79 miles of range in about 10 minutes with a DC fast charger.
The vehicle will be produced at GM’s Ramos Arizpe plant in Mexico.

Interior of the 2025 Cadillac Optiq with GM’s Super Cruise hands-free driver-assistance system. More

Every day seems to bring fresh bets on artificial intelligence (AI). In the past few weeks CoreWeave, an AI cloud-computing company, and H, a French AI startup, have raised hefty sums of money. On May 26th it was Elon Musk’s turn. The tech billionaire’s startup, christened xAI, said it had raised $6bn at a valuation of $24bn. Investors include Silicon Valley stalwarts such as Sequoia Capital and Andreessen Horowitz, two venture-capital (VC) giants, and an investment fund with ties to the Saudi royal family. Their backing puts xAI’s firepower in the big leagues, alongside model-builders such as OpenAI, the creator of ChatGPT, and Anthropic (see chart). Can Mr Musk compete with the AI superstars?This is not his first foray into AI. Mr Musk co-founded OpenAI, then left after falling out with Sam Altman, its boss. In April he told investors that Tesla, his electric-vehicle maker, should be viewed as an AI firm. Never one for modest ambitions, Mr Musk wants his latest venture, which he launched last July, to “advance our collective understanding of the universe”. More

Dick’s Sporting Goods raised its full-year guidance after shoppers spent more on new sneakers and athletic gear at its big-box stores.
The company’s comparable sales grew 5.3%, well ahead of the 2.4% uptick that analysts had expected.
The footwear and apparel markets have been sluggish over the last year but are beginning to show some signs of life.

A shopping cart sits in front of a Dick’s Sporting Goods store on August 26, 2020 in Daly City, California. 
Justin Sullivan | Getty Images News | Getty Images

Dick’s Sporting Goods on Wednesday said customers are spending more on new sneakers and athletic gear, leading the retailer to raise its full-year earnings guidance. 
The company’s shares jumped about 4% in premarket trading.

The big-box sports store’s comparable sales grew 5.3% during its fiscal first quarter, well ahead of the 2.4% growth that analysts had expected, according to StreetAccount. 
The company said that growth was driven by increased transactions, meaning more customers are shopping at Dick’s, and higher average ticket values, showing that shoppers are spending more, too. 
Here’s how Dick’s did in the period compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: $3.30 vs. $2.95 expected
Revenue: $3.02 billion vs. $2.94 billion expected

The company’s reported net income for the three-month period that ended May 4 was $275 million, or $3.30 per share, compared with $305 million, or $3.40 per share, a year earlier. 
Sales rose to $3.02 billion, up about 6% from $2.84 billion a year earlier.

The strong quarter led Dick’s to raise its full-year guidance.
The retailer is now expecting earnings per share to be between $13.35 and $13.75, up from its previous range of $12.85 to $13.25. That’s ahead of the $13.25 that analysts had expected, according to LSEG. 
CEO Lauren Hobart said she expects “robust demand from athletes” in the quarters ahead, which underscores the company’s outlook. Even so, the sales guidance falls a bit flat after the retailer’s first-quarter revenue beat.
Dick’s now expects comparable sales to rise between 2% and 3%, compared with previous guidance of up 1% to 2%. The low end of that range is only in line with the 2% growth that analysts had expected, according to StreetAccount. 
Dick’s is expecting full-year revenue to be between $13.1 billion and $13.2 billion, which is also in line with estimates of $13.16 billion, according to LSEG. 

A jolt for footwear and apparel

Over the last year, consumers beaten down by stubborn inflation and high interest rates have pulled back on discretionary items like new clothes and shoes, but the apparel and footwear markets have shown some signs of life over the last couple of weeks. 
Dick’s performance indicates that consumers are willing to shell out for new releases and other staples from big brands like Nike, Hoka, Adidas and On Running, and are spending on things that they may not necessarily need, but are nice to have. 
Similar trends were spotted at other retailers. Last week, Ross Stores, Ralph Lauren, Urban Outfitters and TJX Cos. all reported positive comparable sales. Even Target mentioned that apparel was a bright spot in an otherwise dim quarter after the retailer saw sluggish clothes sales in the prior-year period. Demand for new Hoka sneakers and Ugg boots drove a 21% jump in sales at Deckers, and even Shoe Carnival, which caters more to lower-income consumers, saw sales grow about 7%, ahead of Wall Street’s estimates, according to LSEG. 
More insights about the state of consumer health, and the impact it’s having on the apparel and footwear markets, are still to come. Abercrombie & Fitch reported its strongest first quarter in history on Wednesday and American Eagle is set to post earnings later in the afternoon. Foot Locker, Birkenstock and Gap will report on Thursday.
Read Dick’s full earnings release here.
— Additional reporting by CNBC’s Robert Hum.

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Satellite-to-phones service provider AST SpaceMobile announced a partnership with Verizon on Wednesday, adding to the company’s recent deal with AT&T.
AST chairman and CEO Abel Avellan touted the agreements as “essentially eliminating dead zones and empowering remote areas of the country with space-based connectivity.”
Verizon’s deal effectively includes a $100 million raise for AST, as well, via prepayments and a debt investment.

The company’s Block 1 BlueBird satellites undergoing thermal vacuum testing in preparation for launch.
AST SpaceMobile

Satellite-to-phones service provider AST SpaceMobile announced a partnership with Verizon on Wednesday, adding to the company’s recent deal with AT&T to provide remote coverage across the United States.
AST SpaceMobile is building satellites to provide broadband service to unmodified smartphones, in the nascent “direct-to-device” communications market.

The company’s chairman and CEO, Abel Avellan, touted AST’s agreements with Verizon and AT&T as “essentially eliminating dead zones and empowering remote areas of the country with space-based connectivity.”
Verizon’s deal effectively includes a $100 million raise for AST, as well, in the form of $65 million in commercial service prepayments and $35 million in debt via convertible notes. The companies said that $45 million of the prepayments “are subject to certain conditions” such as needed regulatory approvals and signing of a definitive commercial agreement.
AST stock jumped more than 18% in premarket trading from its previous close at $5.33 a share. The company’s stock has more than doubled in the past month.

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The Verizon partnership follows a similar pattern to AT&T’s work with AST. Back in January, AT&T was a co-debt investor in the company alongside Google and Vodafone. The companies then established the commercial agreement earlier this month, which “lays out in much more detail how we will ultimately offer service together,” AST’s Chief Strategy Officer Scott Wisniewski said in a statement to CNBC.
AT&T told CNBC on Wednesday that it welcomed AST’s partnership with Verizon.

“[It] reinforces the shared commitment to providing nationwide space-based broadband direct to everyday cell phones,” AT&T Head of Network Chris Sambar said in a statement.
A variety of major players are pursuing the direct-to-device, or D2D, opportunity, seeing a chance to expand the mobile communications market to any place on Earth that “cellular signals are unreachable through traditional land-based infrastructure,” as Srini Kalapala, senior vice president of technology and product development at Verizon, described in a statement Wednesday.

A view from onboard the satellite, captured after deploying the 693-square foot array.
AST SpaceMobile

Smartphone makers, service providers and satellite companies alike are working or partnering on D2D projects. Rivaling AST’s deals is SpaceX’s Starlink, which has teamed up with T-Mobile. Additionally, Apple has been spending heavily to provide its Globalstar-supported “Emergency SOS with Satellite” service, which it rolled out with iPhone 14 models.
AST expects to launch its first five commercial satellites later this year. SpaceX, boasting more than 3 million Starlink customers, is aiming to roll out the addition of its T-Mobile-supported phone service later this year. Elon Musk’s company earlier this month completed what it said was the “first video call” via social media using its satellites connected to unmodified phones.
Correction: Apple has been spending heavily to provide its Globalstar-supported “Emergency SOS with Satellite” service. An earlier version misstated a company name.

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Telehealth company Ro launched a new tracker to help patients find a popular class of weight loss and diabetes drugs called GLP-1s amid shortages of those treatments in the U.S.
The tool could be valuable for Americans scrambling to find GLP-1s, such as Novo Nordisk’s Wegovy and Ozempic.
Ro’s tool aims to make GLP-1 supply information more transparent and accessible for everyone, regardless of whether they are enrolled in any of the company’s programs.

GLP-1 Supply Tracker from Ro. 
Courtesy: Ro

Telehealth company Ro on Wednesday launched a new tracker to help patients find a popular class of weight loss and diabetes drugs called GLP-1s amid shortages of those treatments in the U.S.
The supply tracker could be a valuable tool for many Americans scrambling to get their hands on GLP-1s, such as Novo Nordisk’s weight loss injection Wegovy and diabetes drug Ozempic. Demand for those medications has far outpaced supply over the past year, forcing Novo Nordisk and Eli Lilly, the dominant players in the market, to invest heavily to scale up manufacturing.

The tracker aims to make GLP-1 supply information more transparent and accessible for everyone, regardless of whether they are enrolled in any of Ro’s programs. The company is one of several digital health companies offering weight loss programs that can give users a GLP-1 prescription and access to coaching and other services. 
The tracker is an interactive tool that gives people real-time supply information by drug, dose size and pharmacy location. Existing drug shortage databases, including one managed by the U.S. Food and Drug Administration, often don’t share localized data. 
“We’re trying to make it as easy as possible for patients and providers to get a snapshot of what’s available, what’s not, and do that in the fastest way,” Ro co-founder and CEO Zachariah Reitano told CNBC in an interview. 
He added that the GLP-1 shortages feel like a “national health-care crisis.” 
“I don’t think that people are fully registering that lifesaving and life-altering medications that could benefit well over 100 million people in the U.S. are currently on a significant shortage, and that patients every month are having trouble,” Reitano said.

Ro chose to make the tool free for anyone to use because a “basic inventory management system” for GLP-1s does not exist, making it a major contribution to the broader community that relies on those medications, according to Reitano. He added that opening up the tracker to everyone also makes it more likely for both Ro patients and people not enrolled in the company’s programs to access GLP-1s.

Arrows pointing outwards

Ro Telehealth GLP-1 Supply Tracker.
Courtesy: Ro

Anyone, including doctors, can submit an update to Ro’s tracker by filling out a report about availability or a shortage of a GLP-1 at a specific pharmacy in their area. Users have the option to automatically report that information to the FDA. 
Ro will update the tracker based on its own supply data, which is generated when the company’s patients log that they have successfully picked up their medication at a pharmacy. Ro will also update the tracker with the latest information from the FDA, according to the company.
In order to ensure that a medication is really in shortage, Reitano said the tracker factors in a combination of the speed, location and number of submissions. One report over a period of two months might not influence the tracker, for instance.
Reitano said Ro has been building the GLP-1 tracker for about two months. The company hasn’t been collaborating with the FDA directly, but providing the agency more real-time data can help it keep its shortage list as up to date as possible, he said.
This, in turn, means doctors will be able to make more informed choices about the best medication to prescribe to patients, Reitano said
“If that list is outdated to reality, then you’re going to write a prescription assuming that the patient is able to get access to it,” Reitano said. “They’re not or they might be able to start but not continue, and that causes disruptions in their treatment.” 
Individuals can sign up to receive automated email alerts about when a specific GLP-1 drug becomes available at a nearby pharmacy. The tracker also alerts patients about changes to the supply of a GLP-1 on the FDA’s drug shortage database. 
The alerts include instructions to request that a pharmacy transfer their prescription to another location with supply in stock. Any patient can also message Ro’s care team to transfer their prescriptions on their behalf.

GLP-1 Supply Tracker from Ro. 
Courtesy: Ro

Ro leans further into GLP-1s

Ro, founded as Roman in 2017, has been helping patients treat obesity since 2020. Reitano told CNBC in March that after the FDA approved Wegovy in 2021, patient inquiries about the medication began flooding in by the “tens of thousands.” 
As a result, the company launched a GLP-1 program called the Ro Body Program early last year.
Ro can prescribe medications like Ozempic and Wegovy, and it also offers compounded versions of GLP-1s if the branded versions are in shortage. Compounded GLP-1s are custom-made alternatives to brand drugs designed to meet a specific patient’s needs.

More CNBC health coverage

Since launching the Body Program, Ro has become all too familiar with the challenges that can arise from a lack of supply. The company temporarily paused advertising for the program because of shortages last year, and it offered refunds and credits to patients who weren’t able to pick up their medication within 30 days of getting a prescription. 
Reitano said the company made more than 50,000 calls between July and August last year to try to transfer prescriptions to different pharmacies. 
Reitano hopes the tracker will make it easier for patients and providers to find GLP-1 supply and inform the FDA about shortages in real time, especially as demand for the medications grows even more. 
But he said his “biggest hope” is that Ro’s supply tracker will become “useless” three years from now as more GLP-1 supply comes onto the market and alleviates shortages. 
“That’s better for us, it’s better for patients, it’s better for the health-care system as well,” Reitano told CNBC.

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Abercrombie & Fitch’s winning streak is still on fire.
The apparel retailer posted 22% fiscal first-quarter sales growth, far ahead of expectations.
Abercrombie, which also runs the Hollister banner, has spent the better part of the last decade transforming itself into a retailer that’s nearly unrecognizable from its 2000s heyday.

An Abercrombie & Fitch signage is seen on a store on Fifth Avenue on August 25, 2022 in New York City. 
Michael M. Santiago | Getty Images

Abercrombie & Fitch reported its strongest first quarter in its history on Wednesday, continuing a winning streak that again exceeded expectations.
The retailer’s sales jumped 22% compared to last year, while profits were nearly seven times higher and came in well ahead of Wall Street’s estimates.

Shares were up about flat in premarket trading.
Here’s how the apparel company did in its first fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: $2.14 vs. $1.74 expected
Revenue: $1.02 billion vs. $963.3 million expected

The company’s reported net income for the three-month period that ended May 4 was $113.9 million, or $2.14 per share, compared with $16.6 million, or 32 cents a share, a year earlier. 
Sales rose to $1.02 billion, up about 22% from $836 million a year earlier.
“We successfully navigated seasonal transitions with relevant assortments and compelling marketing, leveraging agile chase capabilities and inventory discipline, driving sales above our expectations,” CEO Fran Horowitz said in a news release. “Growth was broad-based across regions and brands with Abercrombie brands registering 31% growth and Hollister brands delivering growth of 12%.”

Abercrombie has been one of the biggest winners in retail. As it stares down a tough year of comparisons, the company is building on the double-digit sales growth it saw in 2023.
The retailer’s comparable sales grew 21%, on top of the 3% growth it saw in the year-ago period. Abercrombie is expecting sales to increase again in the current fiscal year, and increased its revenue guidance.
For the full year, the retailer now expects sales to grow about 10%, compared to a previous outlook of between 4% and 6%. Analysts had expected growth of about 7%, according to LSEG.
For the current quarter, Abercrombie anticipates sales will increase by a mid-teens percentage, ahead of estimates of up 9%, according to LSEG.
Horowitz plans to build on the company’s success by developing its Hollister brand, which accounts for about half of the company’s overall sales, and bringing more categories to its namesake banner. In March the retailer debuted the “A&F Wedding Shop” – a collection of apparel for brides and attendees that can be used not only for the day of but also for other wedding parties, like bachelorette festivities and rehearsals. 
Pieces in the collection, which include a range of dresses, bikinis, pajamas, skirts and other items, range between $80 and $150. The mid-tier price point for a day that’s typically very costly for many couples gives Abercrombie an in with the value-seeking consumer and a foothold in the overall bridal wear market, which is expected to reach $83.5 billion in the U.S. by 2030, according to ResearchAndMarkets.com. 
Over the last six years, Abercrombie has been working to transform itself from an exclusionary retailer that used loud branding and shirtless models to drive sales into a company that’s focused on inclusivity and geared towards working millennials. 
The company’s transformation is years in the making, but began to bear fruit in 2023 when the retailer posted a 16% annual sales gain at the same time the U.S. apparel market shrunk. Its stock surged 285% in 2023 and is up another 73% so far this year as of Tuesday’s close, outpacing the S&P 500’s gains of 11%. 
Read the full earnings release here.  More