Market Focus

ConocoPhillips

More job cuts in the oil patch. ConocoPhillips will slash ten percent of its global workforce, or about 1,800 people. Most of the cuts will be employees in North America. The move comes as the company deals with low oil prices. Shares fell nearly three percent to $47.75.

M&T Bank

M&T Bank settled a lawsuit, which charged the company with lending bias in New York City. The firm was accused of practicing discriminatory lending practices. M&T Bank says it’ll upgrade its policies as part of the settlement. Shares were down almost five percent to $112.65.

Dollar Tree

Dollar Tree was the worst performing stock in the S&P 500 today on mixed quarterly results. The retailer beat estimates on the bottom line, but revenue and same-store sales came in lower than expected. The chain’s recent acquisition of Family Dollar was blamed for the disappointing results. The stock tumbled more than 8.5 percent to $69.65.

Chipotle

Chipotle is being sued for deceiving customers. In April, Chipotle announced it would no longer serve foods with genetically modified ingredients. A new lawsuit claims the burrito chain’s food does contain GMOs since its meat, cheese and sour cream is made from animals fed with GMO soy and corn. The chain says it will contest the claims. Shares fell a fraction to $706.71.

Amazon

Amazon Prime may soon be less convenient. According to the Wall Street Journal, Amazon is testing a new program called ship by region, which means items will only be available for free, two-day shipping in certain regions. Shares fell three percent to $496.54.

Hilton

And Hilton is teaming up with Uber. Hilton guests will be able to set up automatic notifications to request a car from the ride-sharing app to go to and from the chain’s locations. Also, members of Hilton’s honors program will be able to use a digital guide of spots frequented by other Uber riders. Shares of Hilton tumbled almost three percent to $24.10.

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