All articles tagged with #whirlpool
Whirlpool’s Amana refrigerator plant in Iowa laid off more than half its workers as production shifts to Mexico, underscoring how Trump’s tariffs and talk of a manufacturing boom have not reversed the long decline in U.S. factory jobs; the broader sector has lost over 100,000 jobs since he took office, with tariffs raising costs and failing to spur sustained domestic investment.
Whirlpool will lay off about 350 workers at its Amana, Iowa plant on March 9 as part of a modernization plan, underscoring persistent job losses in U.S. manufacturing despite tariff pledges. Unions have pressed the White House for help, while economists point to tariffs, automation, and offshore competition as ongoing headwinds; February manufacturing payrolls fell even as overall private employment rose, highlighting a sector still struggling to rebound.
Whirlpool is cutting about 341 jobs at its Amana, Iowa plant and shifting more work to Mexico, a move unions say signals a deliberate offshoring pattern even as the company praises Trump-era tariffs; the Amana plant workforce has dwindled from roughly 3,000 to about 1,300, while Whirlpool opened a Mexico facility and continues to cite tariff-driven investments as supporting US manufacturing, despite critics arguing tariffs raise costs and fail to stop job losses.
Whirlpool is cutting nearly 350 jobs at its Amana, Iowa, refrigerator plant—about a quarter of the 1,500 employees—as part of a multi-year modernization to broaden and diversify production. Layoffs begin March 9, with potential additional reductions later; the company will offer on-site HR support and unemployment guidance, and recall rights for affected workers are limited.
Billionaire hedge fund manager David Tepper sold major stakes in stocks like Intel and UnitedHealth, and is now heavily investing in Whirlpool, signaling a contrarian move towards recovery-focused investments amid market fluctuations.
North Carolina state Senator DeAndrea Salvador discovered her 2018 TED Talk had been altered using deepfake technology by an ad agency working for Whirlpool in Brazil, leading to a lawsuit, after receiving suspicious emails about AI manipulation.
US stocks were mixed as the Dow Jones fell about 0.3% and the S&P 500 was little changed, while tech stocks rose 0.2%. Investors are awaiting the PCE inflation report and consumer confidence has fallen from a two-year high. Macy's plans to close 150 stores, and Whirlpool's guidance reflects continued pressures in the housing market.
UPS, General Motors, Whirlpool, and Spotify are among the stocks making significant moves in premarket trading, with UPS reporting better-than-expected earnings and revenue, General Motors announcing a new electric van, Whirlpool posting strong quarterly results, and Spotify revealing a partnership with Facebook to develop a music-listening feature.
Several stocks are experiencing significant movement in after-hours trading, including Whirlpool, F5, and Cleveland-Cliffs.
Whirlpool Corp. has lowered its full-year profit outlook due to increased promotions and weaker discretionary purchases in North America, its largest market. The company now expects adjusted earnings to be around $16 per share, below the average analyst estimate of $16.17. Whirlpool's shares fell by as much as 17% following the announcement. CEO Marc Bitzer attributed the softer demand to higher mortgage rates and low consumer confidence, leading to increased discounting and promotions. However, Whirlpool is still gaining market share in North America. The company reported a 3% growth in net sales in the third quarter, with adjusted earnings of $5.45 per share. Demand weakness in Europe and soft consumer sentiment in Asia also impacted results.
Whirlpool Corporation has unveiled a new $60 million "state-of-the-art" technology center in St. Joseph, Michigan, as part of a three-phase plan to expand and replace the existing facility.
NXP Semiconductors' stock rose 1% after reporting better-than-expected earnings and revenue for the second quarter, surpassing analysts' estimates. Meanwhile, Cadence Design Systems' shares fell 4% as the company's revenue missed expectations. Whirlpool's stock dipped 2% despite beating earnings estimates, as its revenue fell short. F5 Networks saw a 7% increase in its shares after posting strong financial results, exceeding both earnings and revenue expectations.
First Republic Bank's shares fell 7.8% after its deposit flight was worse than expected, despite beating analysts' estimates for earnings per share in the first quarter. Whirlpool's shares rose 3% after its earnings and revenue beat analysts' estimates. Cadence Design Systems fell 3.2% in after-hours trading due to weak earnings and revenue guidance for the second quarter, despite beating analysts' estimates for the first quarter.
CarMax beats earnings expectations, causing shares to soar; Newmont raises price proposal to acquire Newcrest Mining, causing stock to drop; JPMorgan initiates coverage of Upstart and LendingClub, with underweight and overweight ratings respectively; Goldman Sachs upgrades Whirlpool to buy and predicts a 20% rally; Moderna delays flu vaccine due to lack of enrolled cases in late-stage trial; Baird initiates coverage of Bumble with outperform rating; Wolfe Research initiates coverage of Array Technologies with outperform rating; Goldman Sachs predicts WW International could triple in value due to new obesity drug on-ramp solution.
Analysts have upgraded their ratings on Apple, Nvidia, First Republic, and Whirlpool, while downgrading Meta and FedEx. Wells Fargo has upgraded Warner Bros. Discovery, while Wedbush has put a $5 target on First Republic. Citi has recommended buying Bumble, predicting a potential 20% rally in the stock.