Tuesday’s Business Headlines – WISH-TV | Indianapolis News | Indiana Weather forecast


INDIANAPOLIS (WISH) — Here’s a look at the headlines from Tuesday’s affairs with Jane King.

Cummins Releases First Quarter Earnings Report

the report from Columbus-based engine manufacturer Cummins posted total revenue of $6.4 billion, up 5% from the same quarter in 2021. The company raised its full-year guidance by 8%, showing optimism for this year.

Cummins says lockdowns in China are hurting its international business and adds that it incurred $158 million in first-quarter expenses related to the indefinite suspension of its operations in Russia. The company also faces higher fuel and labor costs, but says demand for its products is still strong.

Indy’s housing market is nearly 30% overvalued

Home affordability is near the worst on record as mortgage rates soar.

The average rate for the popular 30-year fixed rate started this year at 3.29% and hit 5.55% on Monday, according to Mortgage News Daily. Moody’s says the current Indianapolis housing market is 29% overvalued based on current average incomes and home prices.

Labor market expected to return to pre-pandemic levels

By the end of August, the labor market will have fully recovered all jobs lost during the pandemic, according to Fitch Ratings.

The United States has only about 1.6 million fewer jobs than February 2020 levels. pandemic.

Some Twitter executives say Elon Musk deal puts the company at risk

Some Twitter executives say the $44 billion deal to be acquired by Elon Musk means he risks losing advertisers and employees, who may worry about the company’s uncertain future.

Bloomberg reports that Twitter has suspended hiring and app updates while the acquisition is pending.

The deal could still fall apart, which would also be bad for business and likely affect the company’s stock.

Facebook removes podcasts

Facebook is pulling out of podcasts and plans to completely remove them from the social media service starting June 3.

Facebook will stop allowing people to add podcasts to the service starting this week, according to a note sent to partners.

It will both discontinue its short-form audio product soundbites and remove its central audio hub.


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