Target slashes bonuses, Walmart holds the eggs, and cheaper Wegovy: Business news roundup
Target’s employee bonuses are being slashed
Target has announced it will reduce bonuses for salaried employees due to weak consumer spending and inflationary pressures.
Bloomberg, citing sources with knowledge of the situation, said employees will receive 87% of their eligible 2024 bonuses, a sharp decline from the previous year, when workers received 100% of their bonuses, with some even seeing their payouts double.
8 key drug patents expiring soon — and what it means for the market
Nothing drives down a drug’s price like competition. According the U.S. Food and Drug Administration (FDA), a drug’s wholesale price drops by an average of 39% after just one generic competitor enters the market. With four generic competitors, prices tumble by 79%. These reductions translate into billions of dollars in savings for American consumers.
Novo Nordisk’s weight loss drug Wegovy is now cheaper for even more patients
Novo Nordisk (NVO), the maker of the blockbuster drug Ozempic, is cutting the price of its weight loss drug by more than half for even more patients that pay without insurance.
Delaware just passed a ‘billionaires bill’ to keep Zuckerberg from following Musk out the door
Delaware lawmakers on Tuesday night passed a bill restructuring its corporate code, as the state tries to prevent companies like Meta (META) from exiting the state.
Walmart is taking the eggs out of Easter to save money
Walmart wants shoppers to celebrate Easter, even if eggs aren’t included in this year’s basket.
The company says its holiday meal for Easter 2025 is cheaper than last year’s, adding that it has something for “everybunny.” This year, Walmart’s (WMT) nine-item meal kit will feed eight for less than $6 per person, with a complete meal priced under $40. In comparison, last year’s kit included 15 items, including eggs, and served up to 10 people, with a total cost of under $80, or less than $8 per person.
Berkshire Hathaway employee finally wins Warren Buffet’s $1 million March Madness bracket
A Berkshire Hathaway (BRK.A) employee has finally won Warren Buffet’s $1 million jackpot for the company’s March Madness bracket.
The employee, who was not named, works for a Berkshire Hathaway subsidiary called FlightSafety International. The worker won the jackpot for correctly guessing 31 of the 32 first-round games.
Starbucks’ CEO wants you to sit and stay awhile. His college coffeehouse could be the answer
In Starbucks (SBUX)’ most recent earnings call, CEO Brian Niccol hit on the company’s “Back to Starbucks” theme, an effort to return the chain to its roots.
Trump’s auto tariffs will have a ‘significant’ impact on Tesla, Elon Musk says
President Donald Trump’s new auto tariffs will have a “significant” effect on Tesla (TSLA), CEO Elon Musk says.
“Important to note that Tesla is NOT unscathed here,” Musk said on his X on Wednesday evening. “To be clear, this will affect the price of parts in Tesla cars that come from other countries. The cost impact is not trivial,” he added in another post.
Gap is betting Old Navy and AI will help solidify its position in retail
Old Navy says its in-store experience is getting a taste of artificial intelligence
Waymo is sending its robotaxis to Washington, D.C. Here’s what to know
The expansion comes as Tesla and other automakers push for a federal approach to regulation