Ulta plunges on warning of sales slowdown

Down more than 10% Wednesday, after executives warns sales are declining way quicker than they thought.

4/3/24 3:31PM

Shares of cosmetics retailer Ulta tumbled more than 10% Wednesday, after executives spoke of a faster-than-expected sales slowdown for beauty products in early 2024.

“We’ve seen this growth rate come down probably faster than we anticipated,” Ulta Chief Executive Dave Kimbell told an investment conference.

KKW Beauty Launches At ULTA Beauty — Getty Images

He added: “The slowdown we're seeing is broad based across categories.”

Traders extrapolated Ulta’s issues to other makeup vendors. Coty and e.l.f. Beautyalso sank.

Luke Kawa, Tasha Matsumoto

18h

Stocks rise as the Supreme Court strikes down Trump’s tariffs

In response, Trump said he was imposing a 10% global tariff effective immediately under Section 122 of the 1974 Trade Act.

Chicago Bulls Mascot Benny the Bull dunks the ball during the halftime show of the Missouri Valley Conference college basketball game between the Loyola-Chicago Ramblers and the Illinois State Redbirds on February 2, 2019.

Max Knoblauch21h

Lucid cuts 12% of its US workforce in a profitability push

EV maker Lucid announced on Friday it is laying off 12% of its US workforce as part of its efforts to improve profitability.

This is Lucid’s third round of layoffs since March 2023. At the end of 2024, the company said it had 6,800 employees globally.

“This difficult but necessary decision was made to improve operational effectiveness and optimize our resources as we continue on our path toward profitability,” interim CEO Marc Winterhoff told employees in an email published by Business Insider. The company has been without a permanent CEO since February 2025.

Lucid has worked to boost its cash reserves in recent months. Late last year it announced plans to raise $875 million through a private offering of convertible senior notes due in 2031.

Lucid Motors slashes 12% of its workforce as it seeks profitability | TechCrunch

Lucid has worked to boost its cash reserves in recent months. Late last year it announced plans to raise $875 million through a private offering of convertible senior notes due in 2031.

Max Knoblauch23h

The Supreme Court’s tariff ruling isn’t sweeping relief for automakers, but it isn’t nothing either

The Supreme Court on Friday struck down a significant chunk of President Trump’s tariffs, but the decision isn’t a cause for automakers to fully exhale.

Friday’s ruling relates to tariffs imposed under the International Emergency Economic Powers Act and not Section 232. The 25% tariffs on automobiles and auto parts were imposed under Section 232, so those tariffs remain in place.

Still, it’s worth noting that automakers including Ford, GM, and Stellantis aren’t completely on the outside looking in. IEEPA tariffs did cover certain machinery, lower-cost raw materials, and components, which account for a small chunk of automaker production costs.

According to the Center for Automotive Research, IEEPA tariffs account for about $250 per vehicle for the big three Detroit automakers, or $902 million in costs. That’s a far cry from the Section 232 tariff impact of $4,240 per vehicle, per the think tank, but it’s not nothing.

The modest bump in auto stocks compared to retailers on Friday reflects the light relief.

Stocks jump after Supreme Court strikes down Trump’s reciprocal tariffs

The modest bump in auto stocks compared to retailers on Friday reflects the light relief.

Luke Kawa

24h

Supreme Court strikes down Trump’s reciprocal tariffs; Trump responds with 10% global tariff

The president said he has “great alternatives” and can charge even more than he was charging.

President Trump Holds "Make America Wealthy Again Event" In White House Rose Garden

Luke Kawa2/20/26

Nvidia nears $30 billion investment in OpenAI’s funding round, the FT reports

Nvidia is close to investing $30 billion in OpenAI as part of its long-discussed funding round, per the Financial Times.

Bloomberg had previously reported that Nvidia would be investing $20 billion in this round.

The FT says that this investment will effectively be replacing a bigger planned pact between the two companies. The Wall Street Journal had originally reported in late January that Nvidia’s investment of up to $100 billion in OpenAI, which was announced in September, had “stalled” amid private criticisms of the ChatGPT maker by CEO Jensen Huang.

As Microsoft, SoftBank, or Oracle could tell you, being viewed as overly exposed to OpenAI has not been a boon for stocks in recent months.