Ford said defects caused two fires, although no crashes or injuries have been reported.

The firm now holds about $265bn in assets, down from $549bn, and wants to end federal oversight.

CEO: the savings are necessary to "win in the market, fund our growth, and operate as a healthy business."

The company’s market value has fallen to around $400 million from nearly $10 billion in July.

The deal would raise the minimum wage to $15/hr by 2022 for large businesses and 2023 for smaller firms.

Fairly strong consumer spending offset the drag from efforts by businesses to reduce an inventory overhang. 

Rovi is one of the largest owners of patents for digital entertainment devices. 

Home prices in 9% of the U.S. housing market are now less affordable than their historic norms.

“There is no sane rationale for companies to continue to explore for new sources of hydrocarbons,” it said.

Carriers including JetBlue and Delta may be interested in owning Richard Branson's Virgin America.