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A Toy Maker Sued Trump Over Tariffs and Won. Its Operations Are Still in Tatters.
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Good morning, CFOs. An educational-toy business takes on Trump’s tariffs in federal court; a merger for Bank of New York Mellon?; plus, Tesla’s robotaxis are here.
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Rick Woldenberg and daughter Elana Woldenberg Ruffman, who has posted on TikTok about the pain of tariffs. Photograph by Kevin Serna for WSJ
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On paper, things are looking up for Rick Woldenberg and his Illinois-based educational-toy business.
Tariffs on Chinese imports are down from stratospheric levels. Federal courts have ruled the duties were invalid in the first place. And trade deals could further ease import duties.
But on the ground, it is a different story. Crucial equipment has been disassembled, packed and trucked hundreds of miles on mountain roads only to be trucked back on short notice. Staff members are constantly re-evaluating a catalog of more than 2,000 toys and games, deciding which to keep producing and which to put on ice indefinitely. And the business recently had to raise prices.
“We’re moving at the speed of light here—flying the plane while fixing it,” said Woldenberg, who runs the family business. Founded by his grandfather in 1916, it now comprises two companies, Learning Resources and hand2mind.
For weeks, Woldenberg and his roughly 500 employees—most at a suburban Chicago headquarters—have hastened to halt shipments, reroute cargo, raise prices and freeze expansion plans. The companies sued President Trump and other administration officials in federal court, winning a reprieve that is now under appeal and on hold. On Wednesday, the companies asked the Supreme Court to intervene in their favor.
For the full story, read on here.
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Monday
Earnings: FactSet Research Systems, KB Home
S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for June.
The NAR reports existing-home sales for May.
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Tuesday
Earnings: AeroVironment, Carnival, FedEx, and TD Synnex
S&P CoreLogic releases its Case-Shiller National Home Price Index for April.
The Conference Board releases its Consumer Confidence Index for June.
Federal Reserve Chair Jerome Powell delivers the Semiannual Monetary Policy Report before the House Financial Services Committee. He will do the same before the Senate Banking Committee on Wednesday.
Wednesday
Earnings: General Mills, Micron Technology, and Paychex
The Census Bureau reports new home sales for May.
Thursday
Earnings: McCormick, Nike, and Walgreens Boots Alliance
The Census Bureau releases the durable goods report for May.
The BEA releases its third and final estimate of first-quarter gross domestic product growth.
The NAR releases its Pending Home Sales Index for May.
Friday
The BEA releases the personal consumption expenditures price index for May.
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What Else Matters to CFOs
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BNY is the world’s largest custodian bank, keeping records for pension funds and other institutional investors. PHOTO: JEENAH MOON/BLOOMBERG NEWS
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Bank of New York Mellon approached Northern Trust last week to express interest in merging with its smaller rival, people familiar with the matter said, in what would be a monster deal for the financial-services industry.
The chief executives of BNY and Northern Trust had at least one conversation, the people said, though the firms didn’t discuss a specific offer.
BNY is considering its next steps, which might include returning to Northern Trust with a formal bid. It is possible the talks won’t result in a transaction, the people cautioned.
Any deal would be huge. Chicago-based Northern Trust has a market value north of $21 billion after its share price has risen about 9% year to date.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.
Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.
You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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