Tesla tops Toyota to become largest automaker by market value

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GP: A Tesla Model 3 automobile is on display during the first press day of the Paris Motor Show at the Parc des Expositions at the Porte de Versailles on October 2, 2018 in Paris. The Paris Motor Show will present the latest models from the world’s leading car manufacturers at the Paris Expo Exhibition Center from October 4 to 14, 2018.

Chesnot | Getty Images News | Getty Images

Tesla became the world’s most valuable automaker on Wednesday, after the electric vehicle company’s market capitalization surpassed Toyota’s for the first time on record.

Shares of Tesla gained 5% to

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Macy’s, United, FedEx, Boeing, Facebook & more

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Take a look at some of the biggest movers in the premarket:

Macy’s (M) – The retailer reported a first-quarter loss of $2.03 per share, with the loss and its revenue matching the numbers it gave in a preliminary report on June 9. Macy’s is expecting the pandemic to impact the U.S. economy for the remainder of the year, although it is not anticipating another full shutdown.

Capri Holdings (CPRI) – The luxury goods maker reported fiscal fourth-quarter profit of 11 cents per share, missing the 15 cents a share consensus estimate. Revenue at the company formerly known as Michael

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New quarter, Dow futures drop 200 points, reopening plays down premarket

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The front facade of the New York Stock Exchange (NYSE) is seen in New York City, New York, U.S., June 26, 2020.

Brendan McDermid | Reuters

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7:52 am: Senate passes extension for PPP

The Senate agreed to extend the Paycheck Protection Program through Aug. 8 just hours before the program was set to expire. About $660 billion has been approved for use in the program, with about $130 billion remaining. Sen. Marco Rubio, the Florida Republican who is chairman of the Small Business Committee, said on Twitter that “what we

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Robin Hood foundation launches fund to help groups run by people of color

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A foundation led by Army combat veteran and best-selling author Wes Moore is launching a new fund dedicated to financing nonprofit organizations that are solely run by people of color. 

The new Robin Hood initiative, titled the “Power Fund,” is looking to back these groups in the wake of the coronavirus pandemic and nationwide protests after George Floyd was killed by police last month.

Moore, the CEO of the foundation, told CNBC in an interview that Robin Hood is already dedicating $10 million in seed capital to the fund and is seeing support from at least two financial institutions, including

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