Business and Tech News - 3.15.24

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Skool Projekt Staff
March 15, 2024

Mnuchin Wants To Buy TikTok

Steven Mnuchin, the former U.S. Treasury Secretary, announced his plans to form an investment group to acquire TikTok amid legislative pressures threatening the app's operations in the U.S. This move follows the House's bipartisan bill aimed at forcing TikTok's parent company, ByteDance, to divest the app due to national security concerns. Mnuchin argues for U.S. ownership, citing the impossibility of a similar situation in China and plans to limit any single investor's stake to under 10%. The situation escalates as U.S. lawmakers continue to scrutinize TikTok's data practices, despite previous attempts to safeguard U.S. user data, including a partnership with Oracle. TikTok's CEO, Shou Chew, defends the platform, emphasizing its importance to American creators and workers. The legislative fate of TikTok now hangs in the balance as the bill moves to the Senate.

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Biden Opposes Nippon Steel's Takeover of U.S. Steel

United States Steel Corp.'s shares have fallen for two consecutive days following President Joe Biden's opposition to the proposed $14 billion acquisition by Japan's Nippon Steel. Citing the importance of maintaining domestically owned and operated American steel companies, Biden's stance has impacted U.S. Steel's stock, leading to a significant drop. The stock has decreased by over 17% during a five-day losing streak, marking its worst performance since September 2022. Despite Nippon Steel's assurance of retaining U.S. Steel's Pittsburgh headquarters and name, the deal faces scrutiny from U.S. regulators and bipartisan criticism, underscoring the political and economic complexities of international business acquisitions.

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Under Armour Shares Fall As Old CEO Returns

Under Armour's stock took a significant hit, dropping over 10% after the company announced the departure of CEO Stephanie Linnartz and the return of founder Kevin Plank, effective April 1. This leadership shuffle is part of a pattern for the company, which has seen several CEOs in recent years. Despite efforts under Linnartz to revitalize the brand with initiatives like a rewards program, analysts see Plank's return as a move towards stability but acknowledge the challenges and potential for ongoing issues within the company.

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Oil Prices Rise On Supply Deficit Forecast for 2024

Oil prices increased on Thursday, reflecting investor reactions to the International Energy Agency's (IEA) report predicting a tighter oil market in 2024 and recent U.S. economic data. Brent crude futures for May climbed to $84.73 a barrel, and U.S. West Texas Intermediate (WTI) for April reached $80.60. The IEA's updated forecast anticipates a global demand growth slowdown to 1.3 million barrels per day (bpd) this year, adjusting its supply forecast downward, thereby tightening the market. Additionally, U.S. economic indicators, such as a rise in producer prices and retail sales, alongside continued Ukrainian drone strikes on Russian refineries, contributed to the market dynamics.

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Robinhood Stock Surges On Increased Trading Volume

Robinhood Markets' (HOOD) stock soared on Thursday, buoyed by a report of increased trading volumes in February across all asset classes and a rise in assets under custody to $118.7 billion, marking a 16% increase from January. The surge aligns with CEO Vlad Tenev's remarks on the company's significant gains from vibrant crypto market activities. Additionally, Bernstein initiated coverage of Robinhood with an Outperform rating and a $30 price target, anticipating a substantial cryptocurrency growth cycle in 2024-25, coinciding with Bitcoin reaching record highs.

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.