12:00 PM EDT, 06/12/2024 (MT Newswires) -- Stocks responded positively to the latest batch of inflation data, which came in below expectations, as all three major US indexes were up in late-morning trading. Investors are now waiting for the latest Federal Reserve announcement on interest rates, which will come at 2 p.m. ET today.

In company news, Caterpillar's ( CAT ) board of directors approved on Wednesday a roughly 8% hike to the company's dividend to $1.41 per share, as well as a $20 billion increase to its current share repurchase authorization. The dividend will be payable on Aug. 20 to shareholders of record on July 22, the company said. The repurchase authorization, which was launched in 2022 with no expiration date, grants Caterpillar ( CAT ) the authority to repurchase up to about $21.8 billion of its common stock. Shares of the company were about flat in midday trading.

The European Commission said Wednesday it plans to impose provisional duties of up to 38.1% on some imported Chinese electric vehicles in addition to the 10% import duty levied on imports of battery EVs. Additionally, the commission said Tesla (TSLA) may face an "individually calculated" tariff rate on its cards made in China and imported to Europe, CNBC reported Wednesday, citing Valdis Dombrovskis, the EU commissioner for trade. Separately, Tesla Chief Executive Elon Musk's $56 billion pay package received a vote of approval from the Florida State Board of Administration, according to media notes posted on the board's website Wednesday. Tesla shares were up 4.8%.

Ford Motor ( F ) said Wednesday it plans to eliminate another 1,600 jobs at its assembly plant in Valencia, Spain, in addition to the 1,100 it cut last year, Reuters reported, citing a spokesperson. The company, which employs 4,700 workers at the factory, told labor groups that it plans to permanently eliminate 600 jobs while keeping the option open to rehire 1,000 workers when it boosts production of hybrid vehicles in 2027, the report quoted the spokesperson as saying. Ford shares were up 0.5%.

FedEx ( FDX ) announced on Wednesday its intention to cut between 1,700 and 2,000 European back-office and commercial jobs as part of an ongoing effort to reduce costs. The company said the changes will include removing positions and consolidating teams as it works to streamline its European workforce. Some regional activities will be relocated to select shared activity centers in countries that are "best aligned" with the company's needs and existing real estate footprint. FedEx ( FDX ) is projecting annualized savings of between $125 million and $175 million from the move, according to a regulatory filing. Shares of the company were down 1.2%.

Southwest Airlines ( LUV ) Chief Executive Bob Jordan has "no plans to resign" despite pressure from activist investor Elliott Investment Management, media outlets reported Wednesday, citing Jordan. On Monday, Elliott disclosed a $1.9 billion stake in Southwest ( LUV ) and called for new leadership at the company. Southwest ( LUV ) shares were up 1.2%.

The US Court of Appeals for the Second Circuit on Wednesday vacated an injunction against Amazon.com ( AMZN ) granted by a district judge who determined there was "reasonable cause" to believe the company committed an unfair labor practice by firing an employee engaged in protected concerted activity. The injunction was seeking, among other things, the worker's reinstatement. The district court concluded that ordering Amazon ( AMZN ) to cease and desist from committing certain violations of the National Labor Relations Act was "just and proper," but ordering the reinstatement of the employee was not. The appeals court found that the district court did not "adequately articulate why the cease-and-desist order was just and proper," especially given its stance on the worker's reinstatement. Shares of Amazon ( AMZN ) were up 0.4%.

KKR & Co. ( KKR ) received a private credit loan of about AU$500 million ($335 million) from Goldman Sachs' ( GS ) asset management unit and Blackstone (BX) to help fund its purchase of Perpetual Ltd.'s wealth management and corporate trust businesses, Bloomberg reported Wednesday. KKR agreed in May to acquire 100% of Perpetual's wealth management and corporate trust businesses for AU$2.18 billion in cash. KKR shares were up 1.6%, while those of Goldman and Blackstone were up 1.5% and 5.1%, respectively.

Price: 327.11, Change: -0.20, Percent Change: -0.06