Summary: Berkshire Hathaway owns a significant stake in Occidental Petroleum (OXY), which has been increasing since 2020. OXY performed well in Q1 of 2024 despite lower oil prices. Its acquisition of CrownRock and expansion in chemicals and low-carbon products contribute to a positive outlook.
Full articleSummary: Microsoft is holding its annual developer conference - Microsoft Build - from May 21 to 23 in Seattle where significant developments in AI are expected to be announced, including updates for developer offerings and major upgrades to consumer products like Copilot. The event will be live-streamed for the public to watch online.
Full articleSummary: The European Commission has opened investigations into Meta, Facebook and Instagram, for potential breaches of the Digital Services Act related to the protection of minors and spreading political misinformation. The legislation allows fines up to 6% of worldwide annual turnover, possibly around $8.5 billion for Meta.
Full articleSummary: President Joe Biden touts economic success as Dow Jones Industrial Average hits record 40,000, Biden's campaign takes a swipe at Donald Trump for predicting a market crash if Biden was elected, Biden's camp uses Dow milestone to showcase strong economy and contrast with Trump's presidency
Full articleSummary: Microsoft is asking hundreds of its employees in China to consider relocating outside of the country amid growing tensions between the U.S. and China. Nvidia stock is near an all-time closing high as around 700 to 800 Chinese employees are offered to relocate, mostly working in cloud computing and artificial intelligence. The news comes amidst new tariff increases on imported goods from China announced by the Biden administration.
Full articleSummary: Charles Schwab Investment Management Inc. increased its stake in Western Alliance Bancorporation during the fourth quarter. Western Alliance Bancorporation disclosed a quarterly dividend, with a payout ratio of 21.57%. Analysts have given Western Alliance Bancorporation an average rating of 'Moderate Buy'
Full articleSummary: US lawmakers criticized the head of FDIC for failure to address workplace misconduct including discrimination and sexual harassment, calling for his resignation.
Full articleSummary: EFG Asset Management North America Corp. increased its holdings in Medtronic plc by 120.4% during the fourth quarter as per its recent Form 13F filing with the SEC. Several other large investors also made changes to their positions. Analysts have issued various ratings on Medtronic stock, with a consensus rating of 'Hold' and a consensus price target of $94.91. Medtronic stock recently traded up 1.1%.
Full articleSummary: Chevron is selling its remaining UK North Sea oil and gas assets as part of a broader plan to focus on more profitable assets, following a global portfolio review. The move is in preparation for the acquisition of rival Hess and comes after other major oil companies have also sold assets in the declining British basin.
Full articleSummary: Comments from Federal Reserve speakers suggest no rate cuts soon, spot gold price edged lower as investors digest the news.
Full articleSummary: Cisco Systems Inc reported stronger-than-expected results for its fiscal third quarter, resulting in mixed analyst reactions. Analysts rated the stock from Buy to Hold, with differing views on revenue, earnings, and demand outlook.
Full articleSummary: Cisco (CSCO, Financial) reported positive third-quarter results, exceeding expectations and offering a promising revenue outlook for the fourth quarter.
Full articleSummary: Glass Lewis believes the proposed merger terms offer a reasonable valuation and upside potential to Hess shareholders. Chevron offered to acquire Hess to gain access to Guyana's offshore fields.
Full articleSummary: Lockheed Martin Corp.'s F-35 stealth fighter faces delays in its most advanced missions until 2025 due to issues with a $1.8 billion upgrade, leading to potential cuts in the number of jets ordered by Congress.
Full articleSummary: Proxy adviser Glass Lewis recommends Hess shareholders to vote in favor of Chevron's $53 billion all-stock offer, stating reasonable valuation and potential upside. Hess's joint venture partners, Exxon and CNOOC, are in an arbitration case over Guyana assets, which could impact the deal. The Stabroek consortium aims to increase oil production to 1.2 million bpd by 2027.
Full articleSummary: FedEx Express received the Distinction Award at the AmCham Corporate and Social Action: Recognition for Excellence in Singapore for the fourth consecutive year, recognizing its positive economic and social contribution to Singaporean communities.
Full articleSummary: Mastercard and Salesforce announced a new integration to enhance trust across the ecosystem, enabling quicker resolution of transaction disputes and reducing associated costs.
Full articleSummary: Barclays analyst Tim Long maintained a Hold rating on Cisco Systems (CSCO) with a price target of $50.00, citing a combination of factors including recent financial performance, market position, and competitive pressures.
Full articleSummary: Comcast will offer discounted bundles of Netflix, Peacock, and Apple TV Plus to Xfinity cable subscribers, reaching beyond just video streaming services.
Full articleSummary: Singapore student activists question ExxonMobil backing of low carbon solutions lab.
Full articleSummary: Nvidia's upcoming earnings and updates impacting Nvidia and other AI companies are discussed in a recent video.
Full articleSummary: Microsoft plans to offer cloud computing customers a platform of AMD AI chips to compete with Nvidia, launch new Cobalt 100 custom processors at Build developer conference. AMD chips will give an alternative to Nvidia's GPUs which dominate the data center chip market.
Full articleSummary: Pfizer is currently in Phase II clinical development for Abrocitinib, a drug meant for the treatment of conditions like atopic dermatitis and prurigo. GlobalData provides drug-specific phase transition and likelihood of approval scores based on historical drug development data.
Full articleSummary: Chevron's $53 billion deal to buy Hess Corp. received support from Glass Lewis & Co., but was advised against by Institutional Shareholder Services Inc. due to concerns about valuation and uncertainty over an arbitration case with Exxon. The conflicting recommendations are causing uncertainty over the deal's outcome.
Full articleSummary: Proxy adviser Glass Lewis recommends Hess shareholders vote in favor of Chevron's $53 billion all-stock offer as it provides a reasonable valuation and potential upside. The proposed merger's strategic and financial merits are considered sound and reasonable by Glass Lewis. However, there is uncertainty due to an ongoing arbitration case filed by Exxon Mobil and CNOOC over Hess's stake in the lucrative Stabroek oil field in Guyana.
Full articleSummary: Tech Mahindra is collaborating with IBM to promote scalable adoption of AI across hybrid cloud and on-premises environments. The partnership aims to help organizations responsibly bring efficiency and productivity using the IBM watsonx AI and data platform along with Tech Mahindra's AI offerings.
Full articleSummary: CVS Pharmacy #3794 in Salem, Virginia was fined $75,000 by the Virginia Board of Pharmacy for numerous health and safety violations, including improper COVID-19 vaccine administration and theft of pharmaceutical drugs. The pharmacy was charged with breaching several Virginia laws and regulations, implementing corporate policies that compromised safety and management.
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