A new report into the Federal Aviation Administration’s decision to certify the Boeing 737 MAX may help proponents seeking reforms to the long-standing practice of delegating some aircraft certification tasks to manufacturers. On Wednesday, the Transportation Department’s inspector general released a 52-page report that said Boeing withheld key information about a crucial safety system known as MCAS, that is tied to two fatal crashes and raises questions about whether Boeing employees performing work for the FAA faced undue pressure. On June 16, Senate Commerce Committee chairman Roger Wicker and the top Democrat on the panel Maria Cantwell introduced legislation to strengthen FAA oversight of aircraft certification.

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AAA Northeast’s Robert Sinclair joins The First trade to discuss the difficulties surrounding the summer travel businesses and what these businesses have done to adapt.

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(Bloomberg) — Tesla Inc. displaced Toyota Motor Corp. as the world’s most valuable automaker, underscoring investor enthusiasm for a company trying to transform an industry that’s relied on internal combustion engines for more than 130 years.Shares of Tesla, which have more than doubled since the start of the year, climbed as much as 3.5% in intraday trading Wednesday, giving it a market capitalization of $207.2 billion, surpassing Toyota’s $201.9 billion.Chief Executive Officer Elon Musk has ignored or broken many of the established auto industry’s rules and norms in the 10 years since he took Tesla public, selling cars online and assembling vehicles in high-cost California. But while his company’s value has soared, there remains a gulf in the scale of his company and the world’s biggest car manufacturers.Tesla produced 103,000 vehicles in the first quarter, or about 4% of the almost 2.4 million made by Toyota, which built its brand on affordability and reliability backed by innovations in large-scale manufacturing.Tesla became the world’s second-most valuable automaker in January, when it surpassed Volkswagen AG. It’s now worth more than twice the German giant.After pioneering gas-electric vehicles with the Prius hybrid, Toyota was late to shift to fully electric autos and has wagered heavily on hydrogen fuel cells. The company is now making a series of high-profile investments in EVs and self-driving cars. The manufacturer has forecast an 80% plunge in profit this year and expects it could take until the first half of next year before the auto market recovers to pre-pandemic levels.Toyota’s market valuation includes the 14.3% of shares that Toyota itself holds as treasury stock, worth around $30 billion. Tesla doesn’t hold any treasury shares, according to data compiled by Bloomberg.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]

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A COVID-19 vaccine developed by German biotech firm BioNTech and U.S. pharmaceutical giant Pfizer has shown potential and was found to be well tolerated in early-stage human trials, the companies said on Wednesday. The potential treatment is the fourth early-stage COVID-19 drug to show promise in human testing, along with projects involving Moderna, CanSino Biologics and Inovio Pharmaceuticals. BioNTech said testing of two dosages of its BNT162b1 drug on 24 healthy volunteers showed that after 28 days they had developed higher levels of COVID-19 antibodies than typically seen in infected people.

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Yahoo Finance’s Anjalee Khemlani joins The First Trade to break down the latest headline news about the coronavirus, including Pfizer’s recently released phase 1 data.

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Rates have returned to a record low amid the Fed chief's new warnings about the economy.

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Wall Street was poised for a lower open on Wednesday, after a monster Q2 rally that set the tone for a new quarter.

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“While our stores are reopened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year,” Chief Executive Officer Jeff Gennette said in a statement, adding that the retailer did not expect another total shutdown of stores. Macy’s, which also owns Bloomingdale’s, said net sales for the first quarter through May 2 nearly halved to $3.02 billion. The retailer’s results come as some of its peers, including J Crew, J.C. Penney and Neiman Marcus Group, have filed for bankruptcy after failing to cope with market uncertainties and mounting debt.

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Airstream’s business is soaring as Americans look to the open road amid the coronavirus pandemic.

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