The Washington Post reported on Monday that Elon Musk, CEO of electric vehicle maker Tesla (TSLA), had asked US president Donald Trump over the weekend to reverse his sweeping new tariffs.
However, the report said that Musk's direct appeals to the president had not been successful. Spokespeople for Tesla (TSLA) and the White House had not responded to Yahoo Finance UK's request for comment at the time of writing.
Musk is a close adviser to Trump, heading up his Department of Government Efficiency (DOGE) and overseeing cuts to government agencies but has faced increasing backlash against his political activities.
Tesla shares closed Monday's session down 2.6%, amid broader stock market volatility, as investors contended with multiple headlines around tariffs.
The White House poured cold water on a rumour that Trump was considering a 90-day pause on implementing the tariffs. Trump also threatened China with an additional 50% tariff if Beijing did not remove 34% levies on US imports.
Shares in US Steel (X) surged 16% on Monday on the news that Trump had ordered a review of the company's blocked deal with Japan's Nippon Steel (5401.T).
In early January, then-President Joe Biden issued an order prohibiting the acquisition of US Steel (X) by Nippon Steel (5401.T) in early January, over national security concerns.
A memo issued by the White House on Monday said the president had directed the committee on foreign investment in the US to conduct a review of the proposed acquisition to determine if "further action" may be appropriate.
According to the memo, the review would include "identifying potential national security risks associated with the proposed transaction and providing adequate opportunity to the parties to respond to such concerns".
Share repurchases are when companies rebuy their own shares and return the funds to investors. When a company repurchases its own shares, this reduces the number of shares held by the public.
Repurchasing shares enabled firms to reduce debt, shore up their finances and consolidate ownership. Buybacks also provide a more flexible way of returning money to shareholders as an alternative to dividends.
Share repurchases also increase the company’s equity value, and help businesses to look more financially attractive to investors. If a board feels that its company’s stock is undervalued, buybacks are one way to solve this, and are often seen as an expression of confidence by the company.
Hock Tan, president and CEO of Broadcom (AVGO), said that the company's repurchase programme "reflects the board's confidence in the strength of Broadcom's (AVGO) diversified semiconductor and infrastructure software product franchises".
Net revenues were up 3% to $1.5bn (£1.2bn) in the first quarter, while adjusted diluted earnings per share came in at $0.38, versus $0.25 for the same period last year.
Michelle Gass, CEO of Levis Strauss (LEVI), said: "We exceeded revenue and profitability expectations in Q1 marking a strong start to the year, another proof point that our transformation strategy is working."
The company maintained its full-year guidance for 2025, other than to reflect its Dockers business as a discontinued operation, though this did not include the impact from the tariffs.
In an earnings call on Monday, Levi Strauss (LEVI) chief financial officer Harmit Singh, said: "Given that the situation is fluid and unprecedented, the impacts are uncertain. We are in the process of scenario planning and determining different mitigation strategies. We recognise this is a quickly evolving macro situation and we have to see where the dust settles to give you the guidance that is going to be as helpful to you as possible."
