Business and Finance News - 10.28.24

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Alibaba agreed to a $433.5 million settlement in a shareholder lawsuit alleging it made misstatements about its exclusivity practices, inflating stock prices and causing investor losses. The company, denying any wrongdoing, reached the settlement to avoid further litigation, pending court approval. (The Wall Street Journal)

*Alibaba (BABA) - Alibaba Group is a Chinese multinational conglomerate specializing in e-commerce, retail, internet, and technology. Alibaba operates various businesses, including online marketplaces like Taobao and Tmall, payment platforms such as Alipay, cloud computing services with Alibaba Cloud, and more.

Delta Air Lines filed a lawsuit against CrowdStrike, seeking over $500 million in damages, claiming a flawed software update caused an IT outage that led to 7,000 flight cancellations and significant financial losses. Delta alleges CrowdStrike's negligence allowed the faulty update to reach its computers despite automatic updates being disabled. (CNBC)

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

*Delta Air Lines (DAL) - Delta Air Lines, commonly referred to as Delta, is one of the major airlines in the United States and a global leader in air travel.

Google is reportedly developing "Project Jarvis," an AI tool that automates web-based tasks like booking flights and online shopping through a web browser, optimized for Chrome. Expected to preview in December, Jarvis uses future versions of Google's Gemini to interpret screenshots and execute actions on users’ behalf. (The Verge)

*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.

Spirit Airlines plans to cut jobs, sell 23 older Airbus planes for $519 million, and reduce 2025 capacity to address financial challenges following a blocked JetBlue merger and engine recalls. Despite recent gains, Spirit’s shares remain down 80% this year as it struggles with profitability and delays in refinancing $1 billion in debt. (CNBC)

*Spirit Airlines (SAVE) - Spirit Airlines is a low-cost airline based in the United States. The company primarily operates as an ultra-low-cost carrier, offering budget-friendly fares by charging separately for various services that are often included in the ticket price by other airlines.

TSMC halted shipments to China-based Sophgo after discovering a TSMC-made chip on Huawei's Ascend 910B processor, which violated U.S. export restrictions. TSMC reported the issue to U.S. authorities and initiated an investigation, while Sophgo denied any business relationship with Huawei and claimed compliance with all regulations. (Reuters)

*Taiwan Semiconductor Manufacturing Company (TSM) - Taiwan Semiconductor Manufacturing Company (TSMC) is the world's largest contract chip manufacturer.

A few companies expected to report earnings this week…

• Ford (F) is expected to report today.

• Alphabet (GOOGL), AMD (AMD), Visa (V), and Novartis (NVS) are expected to report on Tuesday.

• Microsoft (MSFT), Meta (META), and Eli Lilly (LLY) are expected to report on Wednesday.

• Apple (AAPL), Amazon (AMZN), and Mastercard (MA) are expected to report on Thursday.

• Berkshire Hathaway (BRK.B), Exxon (XOM), and Chevron (CVX) are expected to report on Friday.

*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.

*Advanced Micro Devices (AMD) - AMD (Advanced Micro Devices) is a semiconductor company, primarily known for its development and manufacturing of computer processors and related technologies.

*Amazon (AMZN) - Amazon is a multinational technology and e-commerce company based in the United States, known for its vast online retail platform, cloud computing services through Amazon Web Services (AWS), digital streaming services, and artificial intelligence innovations.

*Apple (AAPL) - Apple Inc. is a multinational technology company known for its innovative products and services (iPhone, iPad, Mac Computers, etc.).

*Berkshire Hathaway (BRK.B) - 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.

*Chevron (CVX) - Chevron is an integrated energy company, primarily known for its exploration, production, and refining of oil and natural gas.

*Eli Lilly (LLY) - Eli Lilly and Company is a global pharmaceutical company that discovers, develops, manufactures, and markets products in the areas of oncology, endocrinology, neuroscience, and immunology. 

*Exxon Mobil (XOM) - Exxon Mobil is a multinational energy corporation, primarily known for its operations in the exploration, production, refining, and marketing of oil and natural gas.

*Ford (F) - Ford Motor Company is a global automotive manufacturer that designs, produces, markets, and services a full line of cars, trucks, SUVs, electrified vehicles, and luxury vehicles under the Ford and Lincoln brands.

*Mastercard (MA) - Mastercard is a global financial services company, primarily known for its payment processing network. The company facilitates electronic payments and transactions for consumers, businesses, and financial institutions.

*Meta Platforms (META) - Meta, formerly known as Facebook Inc., is a multinational technology conglomerate that operates a variety of social media platforms and technology products.

*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.

*Novartis (NVS) - Novartis is a global healthcare company that researches, develops, manufactures, and markets a wide range of pharmaceuticals, including prescription medications and generic drugs.

*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 major indexes did on Friday:

• Dow Jones Industrial Average: 42,114.40 -259.96 (-0.61%)

• S&P 500: 5,808.12 -1.74 (-0.03%)

• Nasdaq Composite: 18,518.61 +103.12 (+0.56%)

• Russell 2000: 2,207.99 -10.93 (-0.49%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 579.04 -0.20 (-0.03%

• iShares Core S&P 500 ETF (IVV): 581.90 -0.13 (-0.02%)

• Invesco QQQ Trust (QQQ): 495.32 +3.00 (+0.61%)

• Vanguard S&P 500 ETF (VOO): 532.26 -0.21 (-0.04%)

• Vanguard Total Stock Market ETF (VTI): 285.54 -0.27 (-0.09%)

Here’s how the The Magnificent Seven did on Friday:

• Apple (AAPL) [3.518T]: 231.41 +0.84 (+0.36%)

• Nvidia (NVDA) [3.472T]: 141.54 +1.13 (+0.80%)

• Microsoft (MSFT) [3.182T]: 428.15 +3.42 (+0.81%)

• Alphabet (GOOGL) [2.034T]: 165.27 +2.55 (+1.57%)

• Amazon (AMZN) [1.955T]: 187.83 +1.45 (+0.78%)

• Meta Platforms (META) [1.454T]: 573.25 +5.47 (+0.96%)

• Tesla (TSLA) [858.50B]: 269.19 +8.71 (+3.34%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $67,706.69 (6:30PM PST on 10/27/24)

• Ethereum (ETH): $2,494.73 (6:30PM PST on 10/27/24)

• Solano (SOL): $175.60 (6:30PM PST on 10/27/24)

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