Summary: ExxonMobil completes $59.5B acquisition of Irving-Based Pioneer Natural Resources, doubling its footprint in Permian Basin, leading to a combined company with estimated 16 billion barrels of oil equivalent resource and increased production volume.
Full articleSummary: Lockheed Martin and Howmet Aerospace have settled their dispute over titanium supply for the F-35, after Lockheed sued Howmet for cutting off the supply due to higher prices. The settlement terms were not disclosed, and both parties are working to ensure the continued delivery of titanium.
Full articleSummary: California Supreme Court will decide whether Gilead Life Sciences Inc. must face litigation for negligently delaying development of a safer HIV/AIDS drug to maximize profits from TDF, causing skeletal and kidney injuries.
Full articleSummary: General Electric (GE) reported revenue of $14.49 billion for the quarter ended March 2023, down 15% from the same period last year. However, their EPS increased to $0.27 from $0.24 in the year-ago quarter. GE's performance in key metrics like Aerospace, Power, and Renewable Energy also surpassed analysts' estimates.
Full articleSummary: Caterpillar Inc. will hold a virtual annual shareholder meeting on June 12, 2024, where shareholders owning Caterpillar common stock at the close of business on April 15, 2024, can participate, submit questions, and vote on various items.
Full articleSummary: Nike will make several significant changes to the Nike Vapor Premier uniforms used in Major League Baseball following criticisms from players and fans. Changes include larger name-on-back lettering, full pant customization for players by 2025, and addressing color discrepancies and sweat stains in gray jerseys.
Full articleSummary: Analysts from Bank of America Securities and Loop Capital Markets maintained Hold ratings on Shake Shack (SHAK), while Truist Financial maintained a Buy rating on the stock. Shake Shack reported an increase in quarterly revenue and net profit compared to the previous year.
Full articleSummary: The Dow Jones Industrial Average is in a new bull market, despite retracing almost 5% over the last five weeks. Three Dow stocks that stand out as no-brainer buys in May are Chevron, Amazon, and Intel.
Full articleSummary: Microsoft has faced multiple security breaches caused by various hacking groups, leading to exposure of sensitive data and criticism from security researchers, lawmakers, and regulatory agencies. To address these issues, Microsoft announced the 'Secure Future Initiative' in November 2023, introducing new security practices and making executive pay partially dependent on meeting security goals.
Full articleSummary: Caterpillar Inc. will hold a virtual annual shareholder meeting on June 12, 2024, where shareholders owning Caterpillar common stock as of April 15, 2024, can participate, submit questions, and vote on various items.
Full articleSummary: PayPal plans to revive growth in branded products and raised its full-year adjusted profit forecast, despite struggles from tech giants entering the digital payments space. The company's stock rose 3% after quarterly results showed resilience in consumer spending and cost-cutting measures.
Full articleSummary: Tech companies such as Google, Peloton, and Assurance are laying off employees in efforts to restructure and align costs with revenue. Layoffs are happening across departments due to various reasons like organisational restructuring, cost reduction, and shift in priorities.
Full articleSummary: Conflicting economic signals create confusion for Wall Street traders trying to anticipate Federal Reserve's next move. Bulls have upper hand in the short term due to recent constructive pronouncements and softer employment data. However, divergent economic reports are causing volatility in the market.
Full articleSummary: Nasdaq stock futures fell 1.5% in premarket due to Alphabet missing on earnings and revenue, YouTube's first-ever drop in ad revenue, Meta and Amazon also fell due to worries on Big Tech earnings; Microsoft slid post-earnings.
Full articleSummary: Boeing has faced a tumultuous 2024 with multiple whistleblowers raising concerns, including one who tragically died, a series of plane incidents in the air, and allegations of quality control issues in aircraft manufacturing, impacting stocks, among them BA, UAL
Full articleSummary: Stock market had the best day in over two months on Friday as traders welcomed cooler-than-expected U.S. employment data, with S&P 500 rising 1.3%, Dow Jones Industrial Average up 1.2%, Nasdaq composite ending 2% higher driven by technology sector gains.
Full articleSummary: Home Depot (NYSE:HD) has outperformed the market over the past 20 years by 4.31% on an annualized basis producing an average annual return of 12.31%. Currently, Home Depot has a market capitalization of $338.65 billion.
Full articleSummary: Comcast has blacked out 15 regional sports networks offered by Bally Sports due to a contract dispute with their distributor, affecting games played by a dozen Major League Baseball teams.
Full articleSummary: PepsiCo's Long-Term Incentive Plan amendment and appointment of KPMG LLP as independent auditor for fiscal year 2024 received shareholder approval at the Annual Meeting of Shareholders.
Full articleSummary: The Justice Department argues that Google's dominance in internet search is an illegal monopoly supported by hefty spending to block competition. Google defends its position by emphasizing its excellence in delivering search results and customer preference. The antitrust trial involves discussions on Google's contracts with companies like Apple to make its search engine the default option and allegations of manipulating ad algorithms to boost revenue.
Full articleSummary: Comcast RISE returns in 2024, offering grants and resources to small businesses for growth and inclusion across five cities. The program aims to support businesses through grants, business consultation, educational resources, and more.
Full articleSummary: Wall Street reacted to possible changes in the Federal Reserve's stimulus program. Cisco Systems surged 12.6% after beating estimates and raising dividend, while Wal-Mart fell 1.7% on weak sales. Hewlett-Packard and technology sector saw gains.
Full articleSummary: Wall Street sentiment adjusted due to Federal Reserve stimulus speculation. Dow Jones gained 60 points on poor industrial production, then fell 42 points as San Francisco Fed Bank head hinted at easing stimulus. Cisco Systems surged 12.6% after beating estimates and raising dividend.
Full articleSummary: FedEx introduces a new program where they will take photos of packages at the recipient's doorstep to provide proof of delivery, similar to Amazon's program launched in 2018.
Full articleSummary: Investing $1,000 in Bristol Myers Squibb in 2019 would now amount to $1,324, resulting in an average annual gain of 5.8%, significantly lower than the S&P 500's average annual gain of 12.9%. The stock is currently down 35% from its 52-week high with a dividend yield of 4.91%, growing at an annual average of 8% over the past five years. However, the company faces challenges such as patent expiration, despite surpassing Wall Street expectations in their last earnings report.
Full articleSummary: Wall Street saw a strong finish on the back of positive jobs data supporting future interest rate cuts, with the Dow securing its best single-session gain since March 27 and a third-straight weekly win. The S&P 500 and Nasdaq also made significant moves over the week, while the 10-year Treasury yield breached 4.5% and the VIX closed at its lowest point in over a month.
Full articleSummary: Kuehne + Nagel Inc. is cutting 227 jobs in the Valley due to a shift in strategy by Honeywell Aerospace Technologies, impacting two Valley facilities in Arizona. Honeywell aims to insource roles previously handled by Kuehne + Nagel, potentially offering jobs to the displaced staff.
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