Summary: Authentic Brands Group acquired a 55 percent stake in DB Ventures, managing David Beckham's brand, businesses, and Studio 99. Along with ongoing projects like documentaries, including one about Adidas and Puma, the company is focusing on the entertainment side of the business. The company also renegotiated an eyewear contract for the David Beckham brand and acquired the Champion label from HanesBrands for about $1 billion.
Full articleSummary: Bally Sports and Comcast fail to reach a new distribution deal, leading to blackout for Xfinity customers and frustration among sports fans, creating a negative impact on local sports teams such as Twins, Minnesota Lynx, and WNBA.
Full articleSummary: Merck announced that Caroline Litchfield, CFO, will participate in a fireside chat at the Bank of America Securities 2024 Healthcare Conference. The company emphasizes its purpose, research efforts, and global workforce in the announcement.
Full articleSummary: Lockheed Martin awarded an $861.3 million contract to produce High Mobility Artillery Rocket Systems for the U.S. Army, with work expected to be completed by May 31, 2026. Lockheed ramped up production in its first quarter, boosting net sales for its Missile and Fire Control division.
Full articleSummary: Severe storms and tornadoes caused destruction in the Midwest, damaging homes and a FedEx facility in Michigan. No serious injuries were reported, and power outages affected thousands of people. FedEx reported all team members at the facility were safe and accounted for.
Full articleSummary: Intel advised CPU owners experiencing stability issues with high-end 13th-gen and 14th-gen processors to avoid using 'baseline' power settings recommended by motherboard manufacturers and instead opt for Intel's 'default' settings, especially for premium motherboards.
Full articleSummary: Nio, a Chinese EV company, is launching a new affordable EV brand in China with batteries supplied by BYD, intensifying competition with Tesla in the region.
Full articleSummary: AFL is suing Red Hat, a subsidiary of IBM, for alleged racially discriminatory DEI policies leading to the termination of a white male employee. AFL accuses Red Hat of implementing workforce quotas based on race and gender and engaging in discriminatory practices such as terminating approved medical leave.
Full articleSummary: Everpar Advisors LLC purchased a new position in General Dynamics Co. (NYSE:GD) in the 4th quarter, several other institutional investors have also modified their holdings of the business. General Dynamics trading down slightly, but the firm recently increased its dividend. Insider transactions were noted with the CEO and VP selling significant portions of company stock. Analyst ratings changes have been positive for General Dynamics with several brokerages giving buy ratings to the stock.
Full articleSummary: Patrick M Sweeney & Associates Inc. acquired a new position in Caterpillar Inc. valued at approximately $1,067,000. Several other hedge funds also increased their holdings in Caterpillar. Analysts have recently adjusted their ratings on Caterpillar with the majority suggesting a hold or buy rating.
Full articleSummary: Pfizer reported the death of a young patient due to cardiac arrest after receiving gene therapy in a trial for Duchenne muscular dystrophy. The company is investigating the cause of the incident. The gene therapy candidate, fordadistrogene movaparvovec, is also being tested in other studies.
Full articleSummary: Lockheed Martin awarded $861.3 million contract to produce High Mobility Artillery Rocket Systems for U.S. Army, work expected to be completed by May 31, 2026.
Full articleSummary: The Home Depot supports recovery efforts in Acapulco, Mexico after Hurricane Otis, including reopening a store and providing financial aid to affected associates
Full articleSummary: America First Legal, led by Stephen Miller, files a lawsuit against IBM subsidiary Red Hat for alleged anti-white, anti-male discrimination in violation of Civil Rights laws.
Full articleSummary: GE Aerospace completed a fourth round of testing on the XA100 adaptive cycle engine in preparation for future combat aircraft, undertook a major design review of the XA102 engine, and is part of the U.S. Air Force's Next Generation Adaptive Propulsion program.
Full articleSummary: Tesla is planning to lay off 316 workers at its Buffalo, New York site as part of its global workforce reduction by 10%, which includes layoffs in other locations such as Austin and the Bay Area. This comes amid revenue drops, vehicle recalls, and price cutting.
Full articleSummary: New Mexico's top prosecutor announced charges against three men for targeting and soliciting sex with underage children on Meta's social media platforms. The arrests resulted from an undercover operation following a civil lawsuit against Meta for lack of safety measures for children.
Full articleSummary: Inspire Medical Systems, Inc. (NYSE:INSP) reported Q1 2024 earnings beating expectations with a revenue increase of 28% and a net loss of $10 million compared to $15.4 million in the prior year period. The company is increasing its 2024 revenue guidance to $783 million to $793 million and expects to be profitable for the full year 2024.
Full articleSummary: A report from Accountable US revealed that most major drugmakers spend more on marketing costs and shareholder payments than on research and development. The report focused on eight companies, with four of them spending more on combined shareholder payments than on R&D. Merck was the only company in the report that spent more on R&D than on other areas. Additionally, several drugmakers sued to block the government's Medicare negotiation program.
Full articleSummary: Amdocs partners with Nvidia to bring generative AI platform 'Amaiz' to its telco services, aiming to drastically reduce customer call times. Their collaboration focuses on training models with decades of accumulated data to enhance customer experiences.
Full articleSummary: Jennifer Piepszak, Co-CEO of JPMorgan Chase & Co., sold 8,831 shares of the company's stock at an average price of $193.6572 per share, totaling approximately $1.71 million in value. The transaction was part of regular financial management and disclosed in an SEC filing.
Full articleSummary: Apple faces unfair labor practice charge for retaliating against a union leader in Short Hills, N.J., just before the union election voting starts. This charge comes after previous findings of labor law violations by Apple.
Full articleSummary: Sawgrass Asset Management LLC reduced its stake in Comcast Co. by 26.7% in the 4th quarter, selling 142,882 shares. Several other institutional investors increased their positions in Comcast during the same period.
Full articleSummary: Stocks showed a lack of direction on Wednesday but the Dow closed higher for the sixth straight day. The major averages finished mixed, with Dow up 0.4%, S&P 500 slightly down, and Nasdaq dipping 0.2%. Trader sentiment remained uncertain about interest rates but Federal Reserve expected to lower rates in the third quarter. Notable stock movements included Uber's unexpected loss, Twilio's disappointing guidance, and Lyft's positive first quarter results.
Full articleSummary: The Dow Jones Industrial Average closed higher with a six-session winning streak as investors bet on U.S. monetary policy. Other benchmarks saw a slight cooling as Treasury yields rose. Some companies reported mixed quarterly results with Uber dropping nearly 6% while Lyft jumped 7%. Tesla slipped 2% on news of U.S. prosecutors examining potential fraud.
Full articleSummary: Oracle Corp director Michael J. Boskin conducted insider trading activities by selling 45,000 shares of company stock and acquiring 45,000 shares on the same day. The transactions were part of a pre-established trading plan and equity award, adjusting Boskin's direct holdings in Oracle to 87,473 shares.
Full articleSummary: Market veteran Ed Yardeni warns of a growing risk of a stock market melt-up due to the return of the 'Fed Put' and potential interest rate cuts, which could lead to a temporary surge in stock prices.
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