Crypto Analyst Says Bitcoin Can Break $32K Level, Nikola Moves Forward With Test Road Trips Despite Weak Demand & Internal Conflict, Retailers' Subscriptions Under FTC Scrutiny: Today's Top Stories

Benzinga

Can Bitcoin Push Past $32K This Year? Crypto Analyst Says 'We Can Break It' On 'Best Fundamental News'

• A pseudonymous crypto analyst on Thursday said that Bitcoin (BTC/USD) could soon break out of its "indecision zone" and push past a crucial resistance level of $32,000. 
• In a YouTube video update, DonAlt said Bitcoin has been struggling to overcome the resistance for months, but the catalyst of BlackRock BLK, one of the world's largest asset managers, filing for a spot Bitcoin exchange-traded fund (ETF), could be what finally propels BTC beyond the lingering resistance.

Nikola Drives Forward With Test Road Trips Despite Weak Demand, Internal Conflict

• Electric truck maker Nikola Corp NKLA wrapped up its second day of test road trips on Thursday amid weak demand and a founder dispute. 
• The EV manufacturer conducted test runs of its hydrogen-powered fuel cell truck and trailer, with CEO Michael Lohscheller and engineers participating in the drive from Phoenix to Flagstaff. 

3M Pays $10.3B To Settle PFAS-Related Lawsuit

• 3M Co MMM reached a lawsuit settlement deal of $10.3 billion, payable over 13 years, with several U.S.-based public water suppliers (PWS) related to PFAS remediation.
• The agreement resolves current and future drinking water claims by PWS related to PFOA, PFOS, and all other PFAS, including a portion of the Aqueous Film Forming Foam (AFFF) multi-district litigation based in Charleston, South Carolina.
• The agreement terms include funding for testing PFAS and detection of the same in the future in the U.S.

GSK Confidentially Settles First Zantac-Associated Cancer Lawsuit Due For US Trial Next Month

• GSK plc GSK has reached a confidential settlement with James Goetz, and the case he filed in California state court, set to begin trial on July 24, 2023, will be dismissed. 
• The U.S. citizen alleged the company's discontinued heartburn drug Zantac caused cancer.

Boeing Plans $100M Investment In Infrastructure And Programs To Train Pilots In India

• Boeing Co BA has announced a $100 million investment in infrastructure and programs to train pilots in India.
• The announcement was made on the heels of India's Prime Minister Narendra Modi's visit to the U.S.
• Boeing's investment will support India's need for 31,000 new pilots over the next 20 years.
• Also, the aircraft manufacturer has completed a C-17 aftermarket support facility and a new parts logistics center in India to make it a regional maintenance hub.

JPMorgan Agrees To Pay $4M Penalty Over Deleting Electronic Communications

• The brokerage unit of JPMorgan Chase & Co JPM agreed to pay a settlement for the accidental deletion of electronic messages it was meant to keep.
• JPMorgan has been asked to pay $4 million in a settlement with the U.S. Securities and Exchange Commission for transfer to the general fund of the United States Treasury.
• SEC says that the deleted messages could affect future investigations, legal matters, and regulatory inquiries.

CarMax Releases Better Than Expected Q1 Earnings

• CarMax Inc KMX reported a first-quarter FY23 sales decline of 17.4% year-on-year to $7.69 billion, beating the analyst consensus of $7.53 billion.
• The company sold 378,972 units through combined retail and wholesale channels, a decrease of 11.3% year-over-year.
• KMX said vehicle affordability challenges continued to impact Q1 unit sales performance, as headwinds remained due to widespread inflationary pressures, higher interest rates, tightening lending standards, and prolonged low consumer confidence.

Reuters

Retailers' Subscriptions like Prime and Walmart+ Under Scrutiny, FTC To Review Alleged Malpractices

• Big-box chains from Amazon.com Inc AMZN, Walmart Inc WMT, and Best Buy Co Inc BBY to specialty retailers like Savage X Fenty and Adore Me, retailers' subscription programs are facing growing scrutiny for employing unscrupulous tactics to sell subscription plans.
• Many collect monthly fees from shoppers for free delivery, unlimited tech support, or discounts on merchandise.

Facebook Locks Horns With Canada Over Latest Legislation Concerning News Publishers

• Meta Platforms Inc META confirmed plans to end access to news on Facebook and Instagram for all users in Canada once parliament-approved legislation requiring internet firms to reimburse news publishers comes into effect.
• The Senate upper chamber approved the Online News Act Thursday, which will become law after bagging assent from the governor-general.
• Canada's media industry proposed tighter regulation of tech companies to prevent them from elbowing news businesses out of the online advertising market.

Shell Resumes Maintenance Work At Norway's Nyhamna Gas Processing Plant

• Shell PLC SHEL has reportedly resumed maintenance at Norway's Nyhamna gas processing plant, postponed last week due to a problem with the facility's cooling systems.
• The company had halted non-essential operations after discovering a gas formation with hydrogen when cleaning a water-based cooling system.
• Shell had taken measures to carry out maintenance works safely.

Wall Street Journal

Ford Reportedly Planning New Layoffs — US Salaried Employees Expected To Be Hit By Job Cuts

• Automaker Ford Motor Co F is reportedly eyeing a new round of layoffs for its U.S. workforce in the coming weeks.
• The layoffs are expected to include U.S. salaried workers from gas-engine, electric vehicle and software divisions and could be announced as early as next week.
• However, the number of layoffs is not known.

DeSantis, Other Trump Rivals Seek To Court Evangelical Voters Away From Former President For 2024

• As the 2024 Republican presidential race heats up, contenders are vying for the support of evangelical voters, a key demographic that has remained loyal to former President Donald Trump.
• Despite Trump's personal controversies, many evangelicals embraced him as a figure who promoted their priorities through his policies and Supreme Court picks. This enduring support makes him a formidable contender in the 2024 nomination race.

NewYork Post

Lululemon Struggles To Find Buyer For Mirror Despite Slashing Prices

• Lululemon Athletica Inc LULU is struggling to find a buyer for the fitness product Mirror, although the company lowered the price of the asset.
• The company decreased the value it paid for the device by around 90% to just $58 million.
• In June 2020, the company bought Mirror for $500 million. 

Techcrunch

Apple's Potential UPI Game-Changer: Localized Apple Pay and Face ID Authentication

• Apple Inc AAPL eyes the launch of its payments service Apple Pay in India, which is ruled by Walmart Inc's WMT PhonePe, Alphabet Inc GOOG GOOGL Google's GPay and Paytm.
• Apple wants iPhone customers in India to be able to scan QR codes and initiate UPI transactions bypassing any Payment Service Provider app.

CNBC

Starbucks Workers To Strike Over Pride Month Décor

• Starbucks Corp SBUX unionized stores across the U.S. are expected to strike in Seattle over Pride month décor.
• The move comes after the coffee chain and the union acting on behalf of the baristas had a fallout about not allowing Pride month decorations in the stores.
• Starbucks Workers United said more than 150 stores representing about 3,500 workers have decided to participate in the strikes.