FedEx has launched legal action against the US government seeking a full refund of tariffs imposed under Donald Trump, after the US Supreme Court ruled last week that the levies had been introduced unlawfully.
The case, filed in the US Court of International Trade, names the United States, US Customs and Border Protection and its commissioner Rodney Scott as defendants. FedEx did not specify the amount it is seeking to reclaim but said it is entitled to reimbursement as an importer of record.
The lawsuit marks the first major corporate attempt to recover funds from an estimated $175bn in tariffs collected under Trump’s trade regime. Other companies are expected to follow.
In a 6–3 ruling, the US Supreme Court found that Trump had exceeded his authority by using the International Emergency Economic Powers Act (IEEPA) to impose sweeping import duties during peacetime. The court held that Congress retains sole constitutional authority to levy taxes, including tariffs.
However, the justices did not directly address whether importers would be entitled to refunds. In a dissenting opinion, Justice Brett Kavanaugh noted that the judgment left open questions about how billions of dollars already collected might be returned and warned that large-scale repayments could have significant implications for the US Treasury.
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FedEx said it was taking action to protect its rights following the ruling. “While the Supreme Court did not address the issue of refunds, FedEx has taken necessary action to seek duty refunds from US Customs and Border Protection,” the company said.
The decision represents the first time the Supreme Court has overturned a major policy initiative of Trump’s second term and challenges the administration’s expansive interpretation of executive authority in trade matters.
Despite the setback, Trump signalled he would press ahead with new tariffs under alternative statutory powers. He announced a temporary 10 per cent global tariff, which was subsequently raised to 15 per cent within 24 hours.
US trade representative Jamieson Greer said the policy direction remained unchanged, arguing that tariffs provide leverage in international negotiations.
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Senate Democrats have called for any refunded tariff revenues to prioritise small businesses and consumers. According to analysis by the Tax Foundation, tariffs in 2025 effectively amounted to a $1,000 tax increase on US households, contributing to higher prices and reduced economic output.
If successful, FedEx’s claim could open the door to a wave of refund demands from importers, potentially reshaping the financial legacy of one of the most aggressive trade policies in modern US history.
Amy Ingham
Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.
Rep. Mark Alford, R-Mo. discusses tariffs after the Supreme Court ruling and previews President Donald Trump’s State of the Union address on ‘Mornings with Maria.’
The U.S. Supreme Court upheld a 5th Circuit Court ruling relating to Whole Foods on Tuesday, joining the court in its rebuke of a lower district court’s handling of the case.
Tuesday’s 9-0 opinion, written by Justice Sonia Sotomayor, relates to a lawsuit brought forward in Texas by Sarah and Grant Palmquist. The couple alleged that baby food sold at Whole Foods and manufactured by Hain Celestial Group had harmed their child because it contained heavy metals linked to extensive side effects.
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The Palmquists sued both Whole Foods and Hain in Texas court, alleging product liability and negligence claims against Hain, and state-law breach-of-warranty and negligence claims against Whole Foods.
Hain, a company based in Delaware and New York, sought to have the case brought to federal court. That raised a separate issue, however, as both the Palmquists and Whole Foods are based in Texas and the allegations relate to Texas law.
The Supreme Court ruled that Whole Foods was improperly removed from a case where parents claim baby food harmed their child. (Peter Dazeley/Getty Images)
“Federal courts may exercise diversity jurisdiction only when no adverse party is from the same state, but Whole Foods and the Palmquists are all Texas citizens. As a result, the district court lacked jurisdiction as the case stood upon removal,” the court wrote in its opinion.
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Hain sought to move forward by having Whole Foods removed from the case, arguing they shouldn’t have been included in the first place. A district court agreed and ruled in Hain’s favor, dismissing Whole Foods’ involvement.
Whole Foods will now face a lawsuit in Texas over one of its baby food products. (Noam Galai/Getty Images)
The Palmquists then appealed and the case went to the5th Circuit Court, which rejected the lower court’s ruling, saying Whole Foods was properly joined with Hain in the original lawsuit and the case should have been handled in state court.
The case was then appealed to the Supreme Court, which unanimously upheld the 5th Circuit’s ruling on Tuesday, sending the case back to Texas.
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Tuesday’s ruling does not weigh in on the Palmquists’ basic allegations against Whole Foods and Hain, however.
People walk past the U.S. Supreme Court in Washington, D.C. (Mandel Ngan/AFP via Getty Images)
Their original lawsuit said their child, who was just over 2 years old at the time, “was diagnosed with a range of physical and mental conditions that some doctors attributed to heavy-metal poisoning.”
“In 2021, a subcommittee of the U. S. House of Representatives released a staff report finding that certain baby foods, including Hain’s, contained elevated levels of toxic heavy metals. Following the report’s release, the Palmquists sued both Hain and Whole Foods in Texas state court,” the Supreme Court explained.
The Nasdaq Composite Index has endured choppy trading in February 2026, retreating from recent highs near 23,000 to hover around 22,800 as investors weigh heavy artificial intelligence infrastructure spending against potential economic headwinds, including renewed tariff threats and policy shifts.
The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York
As of February 24, 2026, the tech-heavy Nasdaq Composite (^IXIC) traded near 22,808, up modestly intraday after closing at 22,627.27 on February 23—a 1.13% decline of 258.80 points amid broad selling in tech shares. The index opened February around 23,000-23,500 levels based on early-month data, marking a year-to-date dip of roughly 2-3% from 2025’s close, though it remains well above prior-year lows following strong 2025 gains driven by AI enthusiasm.
The pullback reflects a mix of profit-taking after the index’s climb through late 2025 and fresh concerns over AI’s disruptive potential. Tech stocks, which dominate the Nasdaq’s composition of more than 3,000 listings, have faced scrutiny as companies like Meta Platforms, Amazon, and others commit billions to data centers and custom chips. Investors question whether returns on these massive outlays will materialize quickly enough to justify valuations, especially amid signs of softening software demand and competition from nimble AI startups.
Recent sessions highlighted the volatility. On February 23, the index fell 1.13% as policy uncertainty weighed on sentiment—reports of proposed global tariff increases to 15% from prior levels sparked safe-haven flows into assets like gold while pressuring growth-oriented tech names. Cybersecurity and software firms sank after announcements of advanced AI tools capable of detecting vulnerabilities, raising fears of disruption to established players.
The prior day saw a rebound attempt, with the Nasdaq gaining around 0.9% to close near 22,886 on February 20, buoyed by positive developments in AI hardware. Advanced Micro Devices (AMD) surged on a major multi-year deal with Meta Platforms to supply up to 6 gigawatts of Instinct GPUs for AI infrastructure, valued in the tens of billions and including equity warrants. The partnership diversifies Meta’s compute sources beyond Nvidia and underscores ongoing demand for high-performance chips despite broader market jitters.
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Broader market context shows mixed performance. The S&P 500 has traded flat to slightly negative year-to-date, while the Dow Jones Industrial Average posted modest gains. The Nasdaq’s tech tilt makes it particularly sensitive to AI narratives—earlier in February, the index dipped amid worries over AI capex sustainability, only to rebound on hardware strength before tariff headlines triggered another leg lower.
Analysts remain divided on the outlook. Some view the dip as a healthy correction in a still-bullish AI-driven cycle, with the Nasdaq trading at elevated but justified multiples given earnings growth potential in semiconductors, cloud computing, and software. Others caution that prolonged uncertainty—geopolitical tensions, potential Fed policy scrutiny, and AI “prove-it” year dynamics—could extend volatility. Consensus points to the index’s resilience tied to hyperscaler investments from Microsoft, Google, Amazon, and Meta, which continue building out capacity amid robust enterprise AI adoption.
Key drivers include ongoing AI infrastructure buildout. Nvidia, a Nasdaq heavyweight, faces its next earnings report soon, with expectations focused on data center revenue momentum. Partnerships like AMD-Meta highlight sector diversification, while quantum computing buzz adds long-term speculation—though experts note the technology remains nascent.
Economic indicators provide mixed signals. Solid retail sales and inflation data earlier in the month supported risk assets, but tariff proposals and international trade frictions have introduced caution. The Nasdaq’s composition—skewed toward innovative, high-growth firms—amplifies sensitivity to these factors.
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Looking ahead, February’s final week could bring further swings as investors digest corporate updates and await Q1 guidance from major tech players. Positive AI monetization signs or eased policy concerns might spark a rebound toward 23,000; persistent doubts could test support near 22,500.
The Nasdaq Composite, launched in 1971 and now a benchmark for technology and innovation, continues to reflect the market’s pulse on digital transformation. Despite near-term pressures from AI spending scrutiny and macroeconomic noise, its underlying drivers—AI adoption, semiconductor demand, and cloud expansion—position it for potential recovery as 2026 unfolds.
Investors navigating the index’s volatility emphasize diversification and focus on companies demonstrating clear AI return paths. As the year progresses, the Nasdaq’s performance will likely hinge on whether the AI boom delivers tangible earnings growth or faces a longer “digestion” phase amid elevated expectations.
A Spirit Airlines Airbus A320 taxis at Los Angeles International Airport after arriving from Boston on September 1, 2024 in Los Angeles, California.
Kevin Carter | Getty Images News | Getty Images
Spirit Airlines is gearing up to shrink to a tiny version of its former self in an attempt to survive, according to a new plan it unveiled in U.S. Bankruptcy Court on Tuesday.
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The budget-travel icon said it will get rid of even more of its Airbus fleet as it plans to exit its second bankruptcy in less than a year. It expects to emerge in late spring or early summer, Spirit’s lawyer, Marshall Huebner of Davis Polk, said at a hearing.
The airline has reached an agreement in principle with its creditors for the plan, Huebner said, adding that secured lenders will make “material incremental liquidity available to Spirit via the release of cash collateral.”
In its second bankruptcy, Spirit had held deal talks with Frontier Airlines, and with investment firm Castlelake. Nothing materialized, but Huebner hinted a combination could be back on the table.
“This emergence will allow Spirit to do many things from a position of strength and stability, including to consider potential future industry transactions,” Huebner said.
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Spirit’s new fleet would be made up of mostly older Airbus planes, “with the potential rejection of additional high cost NEO aircraft,” Huebner said, referring to the more modern Airbus A320 family of planes, adding that the exact size of Spirit’s fleet will depend on talks with counterparts like aircraft lessors.
He said Spirit’s annualized fleet cost would be cut another $550 million, down 65% from before its bankruptcy filing last year. The debtors have also eyed another $300 million in cost savings from non-fleet cuts, he said.
Spirit has already reduced some of its Airbus fleet and furloughed pilots and flight attendants to cut costs as it reduced its network, though some cabin crew members were called back to work ahead of spring break.
“Because every single day counts, and every single dollar counts, the airline industry is just as competitive today with this deal in hand as it was last Friday, and we must — and will — lock down what we need from other stakeholders and then begin a high speed march to get this storied company out of Chapter 11 at the earliest possible date so that it can write its next chapters from a position of strength,” Huebner said.
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Spirit’s new plan will be challenging. It would pit a smaller version of Spirit against ever-larger competitors that dominate the U.S. market. Some U.S. budget carriers have struggled due to a surge in labor and other costs post-Covid, a growing consumer shift in favor of more upscale travel and increased competition from larger airlines that offer stripped down fares.
Spirit was uniquely challenged by a massive engine recall from Pratt & Whitney and a failed plan to get acquired by JetBlue Airways, a deal knocked down by a federal judge in early 2024.
Spirit forecast it would generate a net profit of $252 million last year, according to a court filing in December 2024. But it said in an August report that it lost nearly $257 million in a matter of months stretching from March 13, after it exited its first Chapter 11 bankruptcy, through the end of June. It filed for Chapter 11 bankruptcy protection again less than a month later.
Haverty Furniture Companies, Inc. (HVT) Q4 2025 Earnings Call February 24, 2026 10:00 AM EST
Company Participants
Tiffany Hinkle – Assistant Vice President of Financial Reporting Steven Burdette – President, CEO & Director Richard Hare – Corporate Secretary, Executive VP & CFO
Conference Call Participants
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Anthony Lebiedzinski – Sidoti & Company, LLC Cristina Fernandez – Telsey Advisory Group LLC
Presentation
Operator
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Greetings, and welcome to Haverty’s Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce Tiffany Hinkle, Assistant Vice President of Financial Reporting, Investor Relations. Thank you, you may begin.
Tiffany Hinkle Assistant Vice President of Financial Reporting
Thank you, operator. Good morning, and thank you for joining our fourth quarter earnings call. I’m here today with our President and CEO, Steve Burdette; and Executive Vice President and CFO, Richard Hare.
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Before we begin, I’d like to remind everyone that today’s conference call may contain forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those made or implied in such statements, which speak only as of the date they are made and which we undertake no obligation to publicly update or revise. Factors that could cause actual results to differ include economic and competitive conditions and other uncertainties detailed in the company’s reports filed with the SEC.
A replay of this call will be available on our Investor Relations website this afternoon. For commentary about our business, I will now turn the call over to Steve.
Steven Burdette President, CEO & Director
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Good morning, and thank you for joining our 2025 fourth quarter and 2025 year-end conference call.
We are excited to report an increase in both written and delivered comp sales for Q4, marking our second consecutive quarter of positive comps. Our
U.S. stock markets have navigated a turbulent February 2026, with major indices swinging between gains and losses amid persistent investor concerns over artificial intelligence’s disruptive potential, elevated capital spending by tech giants, and renewed tariff threats under the current administration.
Pixabay
As of February 24, 2026, the Dow Jones Industrial Average closed at approximately 48,804 after dropping 822 points—or 1.7%—on February 23, its steepest single-day decline in recent weeks. The S&P 500 fell 1.04% to 6,837.75 that day, putting it in negative territory year-to-date. The Nasdaq Composite declined 1.13% to 22,627.27, reflecting pressure on technology shares that dominate the index.
The pullback accelerated on February 23 as fears of AI-induced industry disruptions combined with policy uncertainty. Cybersecurity and software stocks sold off sharply after reports highlighted advanced AI tools capable of identifying vulnerabilities faster than traditional methods, raising questions about established players’ pricing power and relevance. Broader tariff proposals—potentially raising global duties to 15% or more—added to the caution, prompting safe-haven flows into assets like gold while weighing on growth-oriented equities.
Yet the market showed resilience in subsequent sessions. On February 24, stocks rebounded modestly, with the S&P 500 rising around 0.6% and the Nasdaq 100 climbing 1% as beaten-down software names recovered. Advanced Micro Devices (AMD) surged 7% following Meta Platforms’ announcement of a multi-year, multi-gigawatt partnership to deploy AMD Instinct GPUs for AI infrastructure. The deal, valued in the tens of billions and including equity warrants, underscored continued hyperscaler demand for high-performance computing despite spending scrutiny.
Broader sentiment reflects a rotation away from mega-cap tech dominance that characterized much of 2025. Value stocks, industrials, consumer defensives, and energy sectors have shown relative strength in early 2026, driven by “real economy” tailwinds. Walmart and Costco have contributed significantly to returns, benefiting from cost-conscious consumer spending and AI data center-related demand in supply chains. Energy names like Exxon Mobil have gained from rising oil prices amid geopolitical tensions.
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Analysts point to mixed signals. Morningstar’s February outlook noted the U.S. equity market trading at a 5% discount to fair value estimates, with opportunities in late-cycle tech and other areas amid anticipated higher volatility. Some observers describe 2026 as a “prove-it” year for AI investments, where massive capex from Amazon ($200 billion planned), Meta ($115-135 billion), and others must translate into earnings growth to justify valuations.
Nvidia’s fiscal fourth-quarter 2026 earnings, due after the close on February 25, loom as a major catalyst. As the dominant supplier of AI accelerators, Nvidia’s results—particularly data center revenue and forward guidance—could set the tone for the sector and broader market. Wall Street watches closely for signs that hyperscaler spending sustains momentum or faces delays, with Amazon’s recent $200 billion plan crystallizing both tailwind and risk narratives.
Economic data provides a supportive backdrop. Resilient consumer confidence, solid retail sales, and manufacturing indicators have offset some headwinds. However, policy uncertainty—including tariff implementations and potential trade frictions—continues to introduce volatility. The VIX remains relatively subdued despite choppy price action, suggesting complacency or contained risks for now.
Sector rotation stands out as a key theme. Small-cap and emerging market equities led early-year gains in some analyses, with South Korea and Taiwan benefiting from AI-driven chip demand. U.S. small caps and value stocks have outperformed growth in pockets, reversing 2025’s narrow rally led by a handful of mega-caps.
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Looking ahead, investors eye upcoming corporate updates and economic releases. Positive Nvidia commentary could spark a rebound toward recent highs; softer guidance might extend the correction. Broader catalysts include Q1 earnings season ramp-up and any policy clarity on trade.
The market’s current phase highlights evolving dynamics in 2026. While AI remains a transformative force, investors increasingly demand evidence of monetization and returns amid heavy infrastructure buildouts. Rotation toward defensive, value, and cyclical areas offers diversification as tech grapples with disruption fears.
Despite near-term pressures, many strategists maintain a constructive longer-term view, citing supportive macro conditions, corporate earnings resilience, and innovation tailwinds. Volatility is expected to persist, but underlying growth drivers in AI, infrastructure, and consumer spending position equities for potential advances as the year progresses.
Craig Revel Horwood campaign and Dubai-inspired biscuits drove revenue to £695m
Felix Armstrong www.cityam.com
16:17, 24 Feb 2026
Batley has become famous as the home of Fox’s Biscuits(Image: Lucy Marshall)
The confectionery behemoth behind Jammie Dodgers and Wagon Wheels experienced a surge in profits, thanks to a Strictly Come Dancing judge and a “Dubai-inspired” biscuit driving up sales.
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The conglomerate, encompassing Burton’s Biscuit Company and Fox’s Biscuits, reported a nine per cent increase in revenue, reaching £695m for the year ending August 2025.
Fox’s Burton’s Companies (FBC) recruited Strictly Come Dancing panellist Craig Revel Horwood to spearhead the relaunch of its Fox’s Chocolatey range.
The group posted a pre-tax profit of £14.3m, marking a turnaround from a pre-tax loss of £6.4m in the year to August 2024, as reported by City AM.
The firm maintained its position as the second-largest sweet biscuit producer in the UK and expanded its market share to 13 per cent.
FBC, also the maker of Party Rings and Maryland Cookies, credited its encouraging performance to “innovation”.
The group was established following a merger between Fox’s and Burton’s, both of which were acquired by Italian chocolate firm Ferrero.
Its “Fox’s Fabulous” campaign featured dance show judge Horwood sporting a chocolate face mask and urging Brits to indulge themselves, using his signature “fabulous” catchphrase.
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FBC also launched a “Dubai-style” version of its Fox’s Chocolatey brand, capitalising on the craze for chocolate made with pistachio cream and filo pastry that took the UK by storm last year.
Simon Browne, the group’s chief executive officer, said: “This financial year has been a positive year of growth across all key financial metrics, delivered through maximising the opportunities of consolidating the legacy businesses and a strong new product development pipeline.
“Despite a challenging operating environment, we have successfully outperformed the market and increased our branded sweet biscuit market share.”
Samsung Electronics Co. shares have rallied sharply in early 2026, hitting all-time highs near 200,000 won as explosive demand for AI-related memory chips propels the South Korean tech giant’s recovery and positions it as a key player in the global semiconductor supply chain.
Samsung Electronics AFP
As of February 24, 2026, Samsung (005930.KS) closed at 200,000 won, up 3.63% on the day and marking a fresh peak after climbing from around 193,000 won in recent sessions. The stock has surged more than 60% year-to-date, reflecting a dramatic turnaround fueled by record quarterly profits and aggressive advances in high-bandwidth memory (HBM) technology critical for AI accelerators.
The momentum accelerated following Samsung’s announcement in February that it had begun mass production and commercial shipments of its industry-first HBM4 chips. The sixth-generation HBM delivers consistent transfer speeds of 11.7 Gbps—up 22% from its HBM3E predecessor—with potential peaks at 13 Gbps, addressing data bottlenecks in AI computing. Samsung highlighted improved power efficiency and secure process technology, with plans to deliver HBM4E samples in the second half of 2026.
Analysts view the HBM4 rollout as a pivotal step for Samsung to regain ground in the high-margin AI memory market, where it had lagged rivals like SK Hynix. The company anticipates HBM sales to more than triple in 2026 compared to 2025, with capacity expansions underway to meet surging orders from major clients, including those building Nvidia-powered AI infrastructure.
This optimism stems from Samsung’s blockbuster fourth-quarter and full-year 2025 results, released January 29, 2026. The company posted record quarterly revenue of 93.8 trillion won (about $65.45 billion), up 9% quarter-on-quarter and 24% year-over-year. Operating profit soared to an all-time high of 20.1 trillion won, more than tripling from the prior year and surpassing analyst expectations. For the full fiscal year, revenue reached 333.6 trillion won, up 11%, while operating profit stood at 43.6 trillion won.
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The Device Solutions (DS) division, encompassing semiconductors, drove the performance with quarterly revenue of 44.0 trillion won and operating profit of 16.4 trillion won. Memory profitability improved dramatically amid a global shortage of high-value AI chips, particularly HBM used in Nvidia GPUs and other accelerators. Management attributed the surge to strong demand from hyperscalers investing heavily in AI data centers.
Despite challenges in other segments, such as seasonal softness in home appliances and mobile devices due to trade conditions, the DS strength more than offset declines elsewhere. Currency tailwinds from a stronger U.S. dollar added roughly 1.6 trillion won to operating profit.
Samsung’s push into advanced memory extends beyond HBM4. The company showcased LPDDR6 developments at the International Solid-State Circuits Conference (ISSCC) 2026, achieving transfer speeds up to 14.4 Gbps—a 35% improvement over LPDDR5X—targeting power-efficient solutions for AI-enabled mobile and edge devices. Mass production for LPDDR6 is expected in the second half of 2026.
Investors have rewarded the progress. Samsung shares jumped as much as 7.6% following the HBM4 shipment news, renewing all-time highs. The stock’s valuation reflects renewed confidence in Samsung’s ability to capitalize on AI infrastructure spending, projected to reach hundreds of billions across Big Tech in 2026.
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Wall Street and Seoul analysts remain largely bullish. Consensus targets suggest further upside, with some firms highlighting Samsung’s diversified portfolio—spanning smartphones, displays, foundries, and consumer electronics—as a buffer against sector-specific risks. The company’s foundry utilization rebounded above 80% in early 2026, driven by HBM4 base die production on 4nm processes and orders for Exynos mobile processors.
Competition remains fierce. SK Hynix has led in HBM market share, supplying Nvidia extensively, while Micron pushes aggressively. Reports indicate HBM4 capacity is sold out for 2026 across major suppliers, with long-term agreements locking in demand. Samsung’s pricing strategy—potentially 20-30% higher for next-gen products—could boost margins if sustained.
Broader industry dynamics support the rally. AI demand has diverted manufacturing capacity toward HBM, squeezing supply for standard DRAM and creating shortages that benefit incumbents. TrendForce estimates HBM will consume 23% of total DRAM wafer output in 2026, up from 19% in 2025, with global HBM demand growing 70% year-over-year.
Samsung’s upcoming Galaxy Unpacked event on February 25, 2026, in San Francisco adds another layer of anticipation. The company is expected to unveil the Galaxy S26 series, potentially integrating advanced AI features powered by its memory expertise.
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Looking ahead, Samsung guided for continued semiconductor strength in 2026, with conservative capex in 2025 shifting to increased memory investments. Executives emphasized building comprehensive AI leadership through ethical, high-performance solutions.
While risks persist—geopolitical tensions, supply chain disruptions, and potential AI spending slowdowns—the current trajectory points to sustained momentum. Samsung’s disciplined execution in fixing earlier HBM qualification issues and scaling production has transformed it from laggard to contender in the AI chip race.
For investors, the stock’s climb underscores a broader theme: companies mastering AI-enabling technologies stand to benefit most in the ongoing digital transformation. Samsung Electronics, once challenged by memory market cycles, now appears well-positioned to ride the AI wave into 2026 and beyond.
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