Tuesday's business headlines - WISH TV Indianapolis, IN

May 3, 2022

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

Cummins releases first quarter earnings report

The report from Columbus-based engine maker Cummins showed total revenues of $6.4 billion, up 5% from the same quarter in 2021. The company raised its full-year guidance up 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 is also dealing with higher fuel and labor costs, but says there’s still strong demand for its products.

Indy housing market nearly 30% overvalued

Home affordability is nearly the worst on record as mortgage rates spike.

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

Labor market to increase back to pre-pandemic levels

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

The United States is only about 1.6 million jobs shy of February 2020 levels. That means payrolls would need to grow by about 400,000 jobs per month to get back to pre-pandemic levels.

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

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

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

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

Facebook removing podcasts

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

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

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

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