24/7 Wall St.

Chipotle Mexican Grill Inc. (NYSE: CMG) will close stores as it retrenches. According to Reuters:

Chipotle Mexican Grill Inc said on Wednesday the chain will shut up to 65 underperforming restaurants and revamp its marketing under Chief Executive Officer Brian Niccol, but many questions remain unanswered about what to expect under the new leadership.

Chipotle’s share price has risen more than 80 percent since Niccol’s hiring was announced in February and as the company focused on how to increase online sales.

Amazon.com Inc. (NASDAQ: AMZN) has become more of a competitor to package delivery companies. According to The Wall Street Journal:

Amazon.com Inc. is pushing further onto the turf of its shipping partners United Parcel Service Inc. and FedEx Corp., enabling small businesses to carry its overflowing supply of packages in the all-important last-delivery leg to the consumer’s door.

The online retail giant on Thursday said it is inviting entrepreneurs to form small delivery companies employing up to 100 drivers and leasing between about 20 and 40 Amazon-emblazoned vans, an initiative that should help it rapidly build out its own delivery network across the country.

Apple Inc. (NASDAQ: AAPL) and Samsung have settled a long-running intellectual property battle. According to The Wall Street Journal:

Apple Inc. and Samsung Electronics Co. have quietly settled a dispute over Apple’s design patents, putting an end to a costly, yearslong fight that tested some of the central claims of design theft and patent infringement.

The companies declined to comment on the terms of the out-of-court settlement, which comes nearly four years after they agreed to dismiss all patent disputes outside the U.S.

Ford Motor Co. (NYSE: F) has set a partnership with a Chinese internet company as its sales in the world’s biggest car market have faltered. According to The Wall Street Journal:

Ford Motor Co. plans to team up with Chinese internet-search provider Baidu Inc. to develop new artificial-intelligence technology and digital services, as the auto maker looks to catch up with competitors and regain footing in the world’s largest auto market.

Ford Motor (China) Ltd. and Baidu have signed a letter of intent to explore ways the two companies could collaborate in the Chinese market, including on technology and digital services for connected cars and digital marketing, Ford said in a statement Wednesday.

The heads of Sprint Corp. (NYSE: S) and T-Mobile US Inc. (NASDAQ: TMUS) went before Congress to defend a planned merger. According to The Wall Street Journal:

The bosses of T-Mobile US Inc. and Sprint Corp. said a proposed merger would create more jobs than it eliminates and pledged to keep lowering prices, as the two executives defended their $26 billion deal before Congress.

Sprint Executive Chairman Marcelo Claure and T-Mobile Chief Executive John Legere told a Senate subcommittee their deal to combine the No. 3 and No. 4 U.S. wireless providers would give the new entity resources that the two companies couldn’t access alone.

Citigroup Inc. (NYSE: C) has detailed expansion plans in China. According to CNBC:

Citibank is closing down branches in its fastest-growing region — but the American banking group said that’ll actually help it do better than ever.

The lender’s consumer business in Asia, its largest outside North America, registered its seventh consecutive quarter of growth in the first three months of 2018. Underpinning that momentum is the growth in Citi’s cards business, which the company said was largely a result of its decision about three years ago to “digitize” the way it operates.