Business and Finance News - 8.15.24

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Hawaiian Holdings' stock surged 6.3% after the company extended the U.S. Department of Justice's review of its $1.9 billion acquisition by Alaska Air Group, now set to expire Friday. The review has faced delays due to antitrust concerns, amid increased scrutiny of airline mergers by the Biden administration. (Investopedia)

*Alaska Airlines (ALK) - Alaska Airlines is a major American airline that primarily operates in the United States, Canada, Mexico, and parts of Central America.

*Hawaiian Airlines (HA) - Hawaiian Airlines is the largest airline based in Hawaii, providing scheduled air transportation between the Hawaiian Islands and to international and domestic destinations, including the U.S.

The U.S. Department of Justice is considering breaking up Google following a court ruling that found the company illegally monopolized the online search market. Other options include forcing Google to share data with competitors or divesting key assets like the Android operating system and Chrome browser. (Reuters)

*Alphabet (GOOGL)- Alphabet Inc. is a multinational conglomerate and the parent company of Google. It operates through various subsidiaries, primarily focusing on technology and internet-related services and products.

The consumer price index rose 0.2% in July, bringing the annual inflation rate to 2.9%, the lowest since March 2021. Core CPI, excluding food and energy, also increased 0.2% monthly and 3.2% annually, with shelter costs contributing 90% of the overall inflation rise. (CNBC)

*Consumer Price Index (CPI) - The CPI is a measure that examines the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It is commonly used as an indicator of inflation, reflecting the cost of living and purchasing power in an economy.

Mars has agreed to acquire Pringles maker Kellanova for $36 billion in an all-cash deal, enhancing Mars’ global snacking portfolio. The acquisition, one of the largest in the snack food industry this year, is expected to close in the first half of 2025. (Quartz)

*Mars, Inc. - Mars, Inc. is a global, family-owned business known for its diverse range of products in various sectors, including pet care, confectionery, food, and beverages. Some of its well-known brands include M&M's, Snickers, Pedigree, Whiskas, and Uncle Ben's.

*Kellanova(K) - Kellanova is the new name for the global snacking business that was spun off from Kellogg Company in 2023. It focuses on producing and marketing a wide range of popular snack brands, including Pringles, Cheez-It, Pop-Tarts, and Eggo.

Elliott Management plans to launch a proxy fight at Southwest Airlines, intending to nominate 10 directors to the company’s 15-person board, aiming for significant changes in leadership. Elliott holds an 11% stake in Southwest, with plans to call a special meeting once it reaches a 10% common stock ownership threshold. (CNBC)

*Southwest Airlines (LUV) - Southwest Airlines is a major American airline known for its low-cost carrier model.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 40,008.39 +242.75 (+0.61%)

• S&P 500: 5,455.21 +20.78 (+0.38%)

• Nasdaq Composite: 17,192.60 +4.99 (+0.03%)

• Russell 2000: 2,084.32 -10.87 (-0.52%)

• CBOE Volatility Index (VIX): 16.19 -1.93 (-10.65%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 543.75 +1.71 (+0.32%)

• iShares Core S&P 500 ETF (IVV): 546.81 +1.78 (+0.33%)

• Invesco QQQ Trust (QQQ): 462.73 +0.15 (+0.03%)

• Vanguard S&P 500 ETF (VOO): 499.80 +1.59 (+0.32%)

• Vanguard Total Stock Market ETF (VTI): 267.88 +0.76 (+0.28%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.40T]: 221.72 +0.45 (+0.20%)

• Microsoft (MSFT) [3.098T]: 416.86 +2.85 (+0.69%)

• Nvidia (NVDA) [2.909T]: 118.08 +1.94 (+1.67%)

• Alphabet (GOOG) [1.995T]: 162.03 -3.90 (-2.35%)

• Amazon (AMZN) [1.77T]: 170.10 -0.13 (-0.08%)

• Meta Platforms (META) [1.336T]: 526.76 -1.78 (-0.34%)

• Tesla (TSLA) [642B]: 201.38 -6.45 (-3.10%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $58,316.63 (10:15PM PST on 8/14/24)

• Ethereum (ETH): $2,646.34 (10:15PM PST on 8/14/24)

• Solano (SOL): $144.14 (10:15PM PST on 8/14/24)