June 5, 2018
- U.S. Steel (X): United States Steel Corporation announced that it will restart the second of two blast furnaces at its Granite City Works steelmaking plant in Granite City, Illinois and hire 300 people to work at the facility in an effort to meet increased demand for steel manufactured in the United States.
- Wells Fargo (WFC) and Flagstar Bancorp (FBC): Wells Fargo & Company and Flagstar Bancorp, Inc. announced that they entered into an agreement for Wells Fargo to sell 52 of its retail bank branches to Flagstar. Terms of the transaction were not disclosed.
- Tesla (TSLA): Tesla Inc.’s CEO, Elon Musk, told the company’s shareholders today at its annual meeting in Silicon Valley that all of its Model 3 production lines have demonstrated the ability to produce 500 Model 3 sedans per day, and that there’s a good likelihood the company will be able to make 5,000 Model 3s per week by the end of June.
- Facebook (FB): Reuters, The New York Times and The Wall Street Journal reported that Facebook Inc. has data sharing partnerships with at least four Chinese companies, including Lenovo Group, Oppo Electronics Corporation, TCL Corporation and Huawei Technologies Co. Ltd, as well as approximately 60 other companies around the world.
- ZTE Corp. (ZTCOY): Reuters reported that ZTE Corporation, China’s second-largest manufacture of telecommunications equipment, signed an agreement in principle with the U.S. Department of Commerce that would eliminate a ban that the Department placed on the company during April 2017 for shipping products to Iran and North Korea in violation of U.S. sanctions against those countries. As part of a final agreement, the Department of Commerce stated that it would require ZTE to pay a $1 billion fine and to allow U.S. representatives to make site visits to the company without needing to coordinate with Chinese government officials.