Detroit automakers have targeted May 18 for a restart of some production at U.S. car factories, WSJ reports. Representatives from General Motors, Ford Motor, and Fiat Chrysler agreed on the timeline following talks with Governor Gretchen Whitmer's office and the United Auto Workers union, which warned last week that it was "too soon and too risky" to reopen plants in early May. While terms haven't been finalized, the companies are working with the union on drawing up safety protocols. (WSJ)
PepsiCo on Tuesday reported its first-quarter adjusted earnings rose 10% as consumers stocked up on its drinks and snacks to prepare to spend more time at home. The company reported organic revenue growth of 7.9% as net sales rose to just under $14bn. Pepsi also said Tuesday that it has closed its acquisition of Rockstar Energy, freeing up the company to make distribution deals with other energy drink makers. The company said that it has signed an exclusive U.S. distribution deal with Vital Pharmaceuticals, which makes the fast-growing Bang performance energy drinks. (CNBC)
Caterpillar experienced a sales drop of 21% in the first quarter as the coronavirus pandemic disrupted demand in the construction and mining sectors. The industrial giant on Tuesday reported revenues of $10.6 billion in the first quarter, compared with $13.5 billion in the first quarter of 2019. The heavy equipment maker said about 75% of the company’s primary production facilities continue to operate amid the pandemic, while some facilities that were temporarily closed have reopened. (FT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.