BUSINESS NEWS TODAY – THURSDAY, JULY 2, 2026
Stock futures are relatively flat, with the S&P 500 up 0.09%, the Dow up 0.11%, and the Nasdaq rising 0.12%.
Bitcoin is rebounding, trading above $61,000 on Thursday morning.
Biggest gainers from Wednesday’s trading are DSC Holdings Ltd. (+39.67%) and Regencell Bioscience Holdings Limited (+31.86%). Biggest losses are ChronoScale Corp (-20.61%) and Nebius Group N.V. (-17.01%).
On Wednesday, July 1:
- The S&P 500 lost 16.13 points to 7,483.23
- The Dow Jones Industrial Average dropped 13.96 points to 52,305.24
- The Nasdaq composite fell 173.69 points to 26,040.03
For The Week:
- The S&P 500 has added 129.21 points (1.8%)
- The Dow has gained 429.13 points (0.8%)
- The Nasdaq has increased 742.41 points (2.9%)
For The Year:
- The S&P 500 has added 637.73 points (9.3%)
- The Dow has increased 4,241.95 points (8.8%)
- The Nasdaq has added 2,798.04 points (12%)
FedEx Sells Logistics Subsidiary For $1.4 Billion
The CMA CGM Group, a leading global player in sea, land, air and logistics solutions, today announced an agreement to acquire FedEx Supply Chain, a subsidiary of FedEx Corp, at an enterprise value of $1.4 billion. The acquisition, expected to close in 2026, would nearly triple the size of the North American contract logistics operations of CEVA Logistics, a subsidiary of the CMA CGM Group.
The acquisition reinforces CMA CGM’s more than 25-year commitment and investment in the United States supply chain and accelerates its strategy to provide comprehensive end-to-end logistics solutions. By integrating FedEx Supply Chain’s assets and nearly 10,000 team members, CEVA Logistics will become a leading contract logistics provider in North America. The combined entity would operate approximately 150 warehouses, expanding CEVA’s overall presence in North America to a combined workforce of 20,000 people located at more than 240 locations.
Following the execution of this transaction, CMA CGM and FedEx expect also to enter into multi-year commercial agreements related to air and ocean freight. CMA CGM will become a preferred ocean carrier for FedEx, offering ocean transport and carrier services under a non-exclusive agreement. The companies will also work together on select air cargo capacity solutions to enhance their respective global networks in the interest of higher aircraft utilization and flexible long-haul capacity.
Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, stated:
“The acquisition and partnership with FedEx represent a major step in the development of CEVA Logistics and our logistics activities in North America. We are strengthening our ability to provide customers with integrated supply chain solutions. These deals also reinforce our long-term commitment to investing in the United States and supporting the resilience and efficiency of its supply chain.”
Raj Subramaniam, President and CEO of FedEx, added: “Today’s announcement enables FedEx to further increase our focus on providing our unique expertise for high-value verticals, including healthcare, automotive, aerospace and data centers. By streamlining our portfolio, FedEx is better positioned to execute our long-term vision and continue to serve as the heartbeat of the industrial economy, delivering unmatched connectivity, reliability, and value to our customers globally. We look forward to leveraging our complementary relationship with global logistics solutions provider CMA CGM to support the next chapter for FedEx Supply Chain and its team members.”
Sony To End Physical Game Production In 2027
As consumer preferences and the broader entertainment industry continue to shift away from physical discs to digital, physical game disc production for all new games releasing on PlayStation consoles will be discontinued starting January 2028. Following this date, new games will be available on PlayStation Store and at retailers in digital formats only. This transition has no impact on games that already released, or will be releasing, prior to January 2028 in disc format.
This is a natural direction for Sony Interactive Entertainment to adapt to consumer trends as the general preference for digital media significantly outpaces physical discs. This transition will enable us to align more closely with how most of our community prefers to access and play games today.
We’ll continue to prioritize our resources to drive innovation in how players can access games and provide choices as to where players prefer to purchase new games, whether that’s at retailers or PlayStation Store. We remain committed to delivering a world-class gaming experience to our fans and we thank you for your continued support.
General Mills Reports Strong Quarterly Earnings
Fourth Quarter Highlights
- Net sales of $4.6 billion were up 1 percent; organic net sales¹ were in line with last year
- Operating loss totaled $2.1 billion, driven by certain non-cash goodwill and brand intangible asset charges and a non-cash valuation loss related to the planned divestiture of the Brazil business; adjusted operating profit of $705 million was up 13 percent in constant currency
- Diluted loss per share totaled $3.74 compared to earnings per share (EPS) of $0.53 last year; adjusted diluted EPS of $0.95 was up 27 percent in constant currency
Full Year Highlights
- Net sales of $18.4 billion were down 5 percent, including a 6-point headwind from the net impact of divestitures and acquisitions and a 2-point benefit from the 53rd week; organic net sales¹ were down 2 percent
- Operating profit of $886 million was down 73 percent, driven primarily by the goodwill and brand intangible asset charges and the valuation loss; adjusted operating profit of $2.8 billion was down 16 percent in constant currency
- Diluted loss per share totaled $0.16 compared to EPS of $4.10 last year; adjusted diluted EPS of $3.55 was down 16 percent in constant currency
MINNEAPOLIS–(BUSINESS WIRE)– General Mills, Inc. (NYSE: GIS) today reported results for its fourth quarter and fiscal year ended May 31, 2026. Fiscal 2026 was a 53-week year, with the extra week falling in the fourth quarter.
“We finished fiscal 2026 on a positive note, delivering fourth-quarter adjusted results that met our expectations while continuing to strengthen our foundation to position General Mills for long-term success,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “With our price investment work behind us, our focus in fiscal 2027 is to improve our topline growth by driving a step change in the remarkability of our brands. This includes a significant increase in innovation and renovation centered on the benefits that matter most to today’s consumers.
“At the same time, we are laser focused on increasing our efficiency to help offset elevated inflation, fund our growth investments, and generate stronger earnings and cash flow,” Harmening continued. “We’re targeting $3 billion in cumulative cost savings by fiscal 2030, primarily through our Holistic Margin Management productivity program and our global transformation initiative, with $750 million expected to be delivered in fiscal 2027.
“With plans to strengthen our remarkability and a sharp focus on efficiency and capital discipline, I’m confident we’re on the path to restoring profitable growth and driving shareholder value over the long term.”
Guided by its Accelerate strategy, General Mills is investing in its brands to restore profitable organic net sales growth, with initiatives that touch all elements of the company’s Remarkable Experience Framework: product, packaging, brand communication, omnichannel execution, and consumer value. With a stronger foundation of brand remarkability, General Mills believes it is better positioned to deliver stronger, more sustainable, and more profitable growth and value creation over the long term.