Business and Finance News - 7.22.24

Berkshire Hathaway sold $1.5 billion worth of Bank of America stock, reducing its stake to approximately $42.9 billion. This sale involved nearly 34 million shares sold between Wednesday and Friday. (Reuters)

*Bank of America (BA) - Bank of America is a multinational financial institution that provides a wide range of banking and financial services to individuals, businesses, and institutions.

*Berkshire Hathaway (BRK.A) - Berkshire Hathaway Inc. is a multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. The company is known for its control and leadership by Warren Buffett, one of the most famous investors in the world.

Binance received court approval to invest customer funds in US Treasury Bills, which must be custodied at BitGo and invested on a four-week basis. These investments will be managed by a third-party, ensuring they are not linked to Binance or any of its related entities. (Reuters)

*Binance - Binance is one of the largest cryptocurrency exchanges in the world.

A recent tech update from CrowdStrike caused a significant global IT outage, severely impacting businesses, including grounding planes and delaying services in the air travel sector. This disruption was linked to a defect in a single content update for Microsoft Windows hosts. (CNBC)

*CrowdStrike (CRWD) - CrowdStrike is a cybersecurity company that provides various services and products to protect businesses and organizations from digital threats.

*Microsoft (MSFT) - Microsoft Corporation is a global technology company that develops, manufactures, licenses, supports, and sells a wide range of software products, hardware devices, and related services.

Over 14,000 Disneyland workers voted to authorize a strike, with an overwhelming 99% in favor, citing unfair labor practices and severe economic hardships such as food and housing insecurity. These workers include custodians, ride operators, candymakers, and merchandise clerks. (BBC)

*Disneyland (DIS) - Disneyland is a theme park and resort that offers a variety of entertainment experiences, including rides, attractions, shows, and character meet-and-greets, designed to bring Disney's stories and characters to life.

Activist investor Elliott Management has taken a significant stake in Starbucks, aiming to improve the coffee chain's performance and share price. This news led to Starbucks shares jumping more than 6%. (CNBC)

*Starbucks (SBUX) - Starbucks is a global coffee company and coffeehouse chain that provides a variety of beverages, including coffee, tea, and specialty drinks, along with a selection of food items.

A Few Companies Expected to Report Earnings This Week…

• SAP (SAP) and Verizon (VZ) are expected to report today.

• Alphabet (GOOG), Tesla (TSLA), Visa (V), and Coca-Cola (KO) are expected to report on Tuesday.

• Thermo Fisher Scientific (TMO) is expected to report on Wednesday.

• AbbVie (ABBV) and Astrazeneca (AZN) are expected to report on Thursday.

   

*AbbVie (ABBV) - AbbVie is a global biopharmaceutical company that researches, develops, manufactures, and markets advanced therapies and medicines for a wide range of health conditions.

*Alphabet (GOOG) - 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.

*Astrazeneca (AZN) - AstraZeneca is a global biopharmaceutical company that researches, develops, manufactures, and markets prescription medicines.

*Coca-Cola (KO) - Coca-Cola is a global beverage company that manufactures, markets, and sells a wide variety of non-alcoholic beverages, including soft drinks, juices, sports drinks, and bottled water, with its flagship product being the iconic Coca-Cola soda.

*SAP (SAP) - SAP is a multinational software corporation that develops enterprise software solutions for managing business operations and customer relationships, offering products and services such as ERP (Enterprise Resource Planning), cloud computing, and data analytics.

*Thermo Fisher Scientific (TMO) - Thermo Fisher Scientific is a global company that provides scientific research services and products, including laboratory equipment, analytical instruments, reagents, consumables, software, and services.

*Tesla (TSLA) - Tesla, Inc. is an American electric vehicle (EV) and clean energy company.

*Verizon (VZ) - Verizon is a telecommunications company that provides a wide range of services, including wireless communication, broadband internet, and digital television, as well as enterprise solutions. 

*Visa (V) - Visa is a global payments technology company that facilitates electronic funds transfers through its credit, debit, and prepaid card services, enabling secure and convenient transactions for individuals, businesses, and financial institutions worldwide.

Here’s how the markets closed on Friday:

• Dow Jones Industrial Average: 40,287.53 -377.49 (-0.93%)

• S&P 500: 5,505.00 -39.59 (-0.71%)

• Nasdaq Composite: 17,726.94 -144.28 (-0.81%)

• Russell 2000: 2,184.35 -13.94 (-0.63%)

• CBOE Volatility Index (VIX): 16.52 +0.59 (+3.70%)

• Bitcoin (BTC): $68,185.28 (5:00PM PST on 7/21/24)

• Ethereum (ETH): $3,538.81 (5:00PM PST on 7/21/24)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 548.99 -3.67 (-0.66%)

• iShares Core S&P 500 ETF (IVV): 551.98 -3.62 (-0.65%)

• Vanguard S&P 500 ETF (VOO): 504.55 -3.39 (-0.67%)

• Vanguard Total Stock Market ETF (VTI): 271.06 -1.70 (-0.62%)

• Invesco QQQ Trust (QQQ): 475.24 -4.25 (-0.89%)

Here’s how the THE SUPER SIX STOCKS did on Friday:

• Apple (AAPL) [3.44T]: 224.31 +0.13 (+0.06%)

• Microsoft (MSFT) [3.249T]: 437.11 -3.26 (-0.74%)

• Nvidia (NVDA) [2.906T]: 117.93 -3.16 (-2.61%)

• Alphabet (GOOG) [2.217T]: 179.39 +0.17 (+0.09%)

• Amazon (AMZN) [1.906T]: 183.13 -0.62 (-0.34%)

• Meta Platforms (META) [1.209T]: 476.79 +0.94 (+0.20%)