NEW YORK (AP) — Stocks gave up much of an early gain on Wall Street as trading remained choppy. Banks and retailers were higher but technology turned lower.
Markets have had a bumpy ride in recent weeks as investors worry about rising interest rates and persistently high inflation.
The S&P 500 held on to a gain of 0.3% after being up as much as 1.5% earlier. The Dow Jones Industrial Average was little changed and the Nasdaq edged up 0.3%. Twitter fell after Tesla CEO Elon Musk threatened to call of his deal to buy the company, saying Twitter was refusing to hand over data.
Musk threatens to walk away from Twitter deal
DETROIT (AP) — Elon Musk is threatening to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts.
Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter that the social platform included in a filing with the Securities and Exchange Commission. The letter says Musk has repeatedly asked for the information since May 9 so he could evaluate how many of the company’s 229 million accounts are fake.
Biden waives solar panel tariffs, seeks to boost production
WASHINGTON (AP) — President Joe Biden has ordered emergency measures to increase U.S. manufacturing of solar panels. He’s also declared a two-year tariff exemption on panels from Southeast Asia.
The actions aim to jumpstart an industry key to meeting Biden’s climate change-fighting goals. Biden use of the Defense Production Act and other executive actions come amid complaints by industry groups that the solar sector is being slowed by supply chain problems due to a Commerce Department inquiry into possible trade violations involving Chinese products.
The White House says Biden’s actions aim to increase domestic production of solar panel parts, building installation materials, high-efficiency heat pumps and other components like cells used for clean-energy generated fuels.
Bidding war for Spirit Airlines heats up ahead of vote
UNDATED (AP) — The bidding war over Spirit Airlines is ramping up again with JetBlue boosting its offer for the discount carrier just days after rival Frontier upped its own bid for Spirit.
Spirit shareholders are also scheduled to vote Friday on Frontier’s offer.
JetBlue said Monday that it would now provide a $350 million reverse break-up payable to Spirit if a deal between the two isn’t completed for antitrust reasons. This is $150 million more than JetBlue previously offered to pay.
Axon halts plans for Taser drone as 9 on ethics board resign
WASHINGTON (AP) — The company best known for developing the Taser says it’s halting plans to develop a Taser-equipped drone. The decision by Axon comes as a majority of its ethics board resigned over the project.
Axon CEO Rick Smith says last week’s announcement about the drone was designed to initiate a conversation about a potential solution after 19 children and two adults were killed in an elementary school in Ulvalde, Texas. But Smith said Axon would pause its work after a backlash from the public and the ethics board.
Nine members of the board said Monday they’re resigning over Smith’s decision to press forward with his announcement about the project despite their concerns.
AMAZON-NEW YORK-PRODUCTIVITY QUOTA
New York bill targets Amazon’s use of productivity quotas
ALBANY, N.Y. (AP) — New York lawmakers have passed a bill targeting the use of warehouse productivity quotas in the state. The legislation aims to curtail metrics used by Amazon that has come under more scrutiny in the past few years.
Labor and safety advocates have long criticized the e-commerce giant for quotas that log how workers pack and stow packages. The bill, passed Friday, would require the retail giant and other companies to provide workers with information on the quotas they’re assigned and how such things can be used by the employer to discipline employees. It would also prohibit employers from putting in place quotas that prevent workers from bathroom breaks or rest periods.
Australian court makes Google pay $515,000 for defamation
CANBERRA, Australia (AP) — An Australian court has ordered Google to pay a former politician $515,000 over two defamatory YouTube videos.
John Barilaro, a former New South Wales state deputy premier, had sued Google and comedian Jordan Shanks, also known as friendlyjordies, in the Federal Court over the videos. Justice Steven Rares on Monday found Barilaro had been the “subject of a relentless, racist, abusive and defamatory campaign conducted on YouTube,” a platform owned by Google.
Barilaro told reporters outside the Sydney court that he felt “vindicated” by the judgment. His lawyer Paul Svilans said it was the only case he was aware of where Google was sued for defamation through its YouTube operation.