Business and Finance News - 11.20.24

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Boeing has laid off 2,199 workers in Washington state as part of broader cuts impacting approximately 17,000 employees company-wide, citing overstaffing and financial struggles. These layoffs span all divisions and follow challenges including regulatory issues, the 737 MAX crashes, and a recent machinists' strike. (AP News)

*Boeing (BA) - Boeing is a leading American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide.

The U.S. Department of Justice plans to ask a judge to force Google to divest its Chrome browser, citing its role in monopolizing the search market and benefiting Google’s ad business. The DOJ also seeks remedies related to Google’s Android operating system and AI, with a trial on these proposals set for April 2025. (Reuters)

*Google (GOOGL) - Google LLC, a subsidiary of Alphabet Inc., is a global technology company specializing in Internet-related services and products. Its core offerings include the Google Search engine, YouTube, and the Android operating system.

Huawei's chip development is facing setbacks due to U.S.-led export controls, forcing its upcoming Ascend processors to use the outdated 7-nanometer process and delaying advanced chip production until at least 2026. Challenges with Chinese chipmaker SMIC's yields and restrictions on advanced AI chip manufacturing by TSMC compound Huawei's difficulties in AI and smartphone production. (Quartz)

*Huawei - Huawei is a Chinese multinational technology company specializing in telecommunications equipment and consumer electronics, including smartphones, tablets, and laptops. It operates in over 170 countries, serving more than three billion people worldwide.

Robinhood is acquiring TradePMR, a platform for registered investment advisors, for $300 million in cash and stock to expand into wealth management and attract wealthier investors. The deal, expected to close in 2025, will enable TradePMR advisors to access Robinhood's client base, targeting younger investors set to inherit significant assets. (Bloomberg)

*Robinhood (HOOD) - Robinhood is a financial services company that offers a range of investment and trading products primarily through its mobile app and website.

Super Micro Computer hired BDO as its new auditor and submitted a compliance plan to Nasdaq, which will review the company's efforts to remain listed despite delayed financial filings. Shares rose 37% in extended trading, continuing a rally amid the company's focus on resolving compliance issues and capitalizing on AI-driven growth. (CNBC)

*Super Micro Computer (SMCI) - Super Micro Computer, Inc., commonly known as Supermicro, is a global leader in high-performance, high-efficiency server technology and innovation.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 43,268.94 -120.66 (-0.28%)

• S&P 500: 5,916.98 +23.36 (+0.40%)

• Nasdaq Composite: 18,987.47 +195.66 (+1.04%)

• Russell 2000: 2,324.83 +18.49 (+0.80%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 590.30 +2.15 (+0.37%)

• iShares Core S&P 500 ETF (IVV): 593.17 +2.06 (+0.35%)

• Invesco QQQ Trust (QQQ): 503.46 +3.44 (+0.69%)

• Vanguard S&P 500 ETF (VOO): 542.70 +1.97 (+0.36%)

• Vanguard Total Stock Market ETF (VTI): 292.83 +1.34 (+0.46%)

Here’s how The Magnificent Seven did yesterday:

• Nvidia (NVDA) [3.606T]: 147.01 +6.86 (+4.89%)

• Apple (AAPL) [3.451T]: 228.28 +0.26 (+0.11%)

• Microsoft (MSFT) [3.106T]: 417.79 +2.03 (+0.49%)

• Alphabet (GOOGL) [2.18T]: 178.12 +2.82 (+1.61%)

• Amazon (AMZN) [2.151T]: 204.61 +2.91 (+1.44%)

• Meta Platforms (META) [1.416T]: 561.09 +6.69 (+1.21%)

• Tesla (TSLA) [1.111T]: 346.00 +7.26 (+2.14%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $91,886.98 (7:00PM PST on 11/19/24)

• Ethereum (ETH): $3,089.46 (7:00PM PST on 11/19/24)

• Solano (SOL): $233.17 (7:00PM PST on 11/19/24)