Business and Finance News - 8.19.24

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H&R Block's stock surged 10% after the company reported better-than-expected quarterly earnings and announced strong guidance for fiscal 2025. The company also increased its dividend by 17% and initiated a $1.5 billion share-buyback program. (MarketWatch)

*H&R Block (HRB) - H&R Block is a company that provides tax preparation services to individuals and small businesses. It offers both in-person and online tax filing solutions, including DIY software and professional tax advisor assistance.

Mastercard is cutting 3% of its global workforce, affecting around 1,000 employees, as part of a reorganization to focus on core businesses. The company will redeploy resources to growth areas and expects to record a $190 million restructuring charge by the end of September. (Reuters)

*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.

Texas Instruments will receive up to $1.6 billion from the U.S. Commerce Department to build three new chip facilities in Texas and Utah, as part of the CHIPS Act. The company plans to invest over $18 billion by 2029, creating 2,000 manufacturing jobs, and expects additional tax credits and workforce development funds. (Reuters)

*Texas Instruments (TXN) - Texas Instruments (TI) is an American technology company that designs and manufactures semiconductors and integrated circuits, which are widely used in electronics.

A U.S. judge temporarily blocked the launch of the sports streaming service Venu, created by Disney, Warner Bros. Discovery, and Fox, following an antitrust lawsuit filed by Fubo TV. The service, priced at $42.99 per month, was deemed potentially anticompetitive, threatening competition in the sports streaming market. (CNBC)

*Fox (FOXA) - Fox Corporation is a media company that primarily operates in the fields of television broadcasting, news, and sports. It owns and operates the Fox Broadcasting Company, Fox News, Fox Sports, and various local television stations across the United States.

*Venu - Venu is a collaboration between Warner Bros. Discovery (WBD), Disney, and Fox. This venture focuses on the distribution and monetization of live events, particularly in the sports and entertainment sectors.

*The Walt Disney Company (DIS) - The Walt Disney Company, commonly known as Disney, is a diversified multinational entertainment and media conglomerate that operates in media networks, parks and experiences, studio entertainment, and interactive media.

*Warner Bros. Discovery (WBD) - Warner Bros. Discovery is a global media and entertainment company that creates, produces, and distributes a wide range of content across multiple platforms.

S&P Global placed Warner Bros. Discovery on negative credit watch, citing concerns over the decline in linear TV and the company's high debt levels. The firm affirmed the 'BBB-' rating but warned of potential challenges, including loss of NBA broadcast rights and ongoing volatility in the studio segment. (The Hollywood Reporter)

*Warner Bros. Discovery (WBD) - Warner Bros. Discovery is a global media and entertainment company that creates, produces, and distributes a wide range of content across multiple platforms.

A few companies expected to report earnings this week…

• Palo Alto Networks (PANW) is expected to report today.

• Lowe’s (LOW) is expected to report on Tuesday.

• TJX Companies (TJX) is expected to report on Wednesday.

• Intuit (INTU) is expected to report on Thursday.

*Intuit (INTU) - Intuit provides financial software and services for individuals, small businesses, and accountants, including well-known products like TurboTax for tax preparation, QuickBooks for accounting, and Mint for personal finance management.

*Lowe’s (LOW) - Lowe's Companies, Inc. is a major American home improvement retailer that offers a wide range of products for home renovation, maintenance, and repair. Lowe's provides customers with tools, building materials, appliances, and gardening supplies.

*Palo Alto Networks (PANW) - Palo Alto Networks is a global cybersecurity company that provides advanced security solutions to protect organizations from cyber threats. The company offers a range of products and services, including next-generation firewalls, cloud security, endpoint protection, and threat intelligence. 

*TJX Companies (TJX) - TJX Companies, Inc. is a leading off-price retailer of apparel and home goods. The company operates a variety of retail brands, including T.J. Maxx, Marshalls, HomeGoods, Sierra, and HomeSense.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 40,659.76 +96.70 (+0.24%)

• S&P 500: 5,554.25 +11.03 (+0.20%)

• Nasdaq Composite: 17,631.72 +37.22 (+0.21%)

• Russell 2000: 2,141.92 +6.45 (+0.30%)

• CBOE Volatility Index (VIX): 14.80 -0.43 (-2.82%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 554.31 +1.24 (+0.22%)

• iShares Core S&P 500 ETF (IVV): 557.43 +1.26 (+0.23%)

• Invesco QQQ Trust (QQQ): 475.03 +0.61 (+0.13%)

• Vanguard S&P 500 ETF (VOO): 509.45 +1.07 (+0.21%)

• Vanguard Total Stock Market ETF (VTI): 273.17 +0.65 (+0.24%)

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

• Apple (AAPL) [3.466T]: 226.05 +1.33 (+0.59%)

• Microsoft (MSFT) [3.11T]: 418.47 -2.56 (-0.61%)

• Nvidia (NVDA) [3.07T]: 124.58 +1.72 (+1.40%)

• Alphabet (GOOG) [2.028T]: 164.74 +1.57 (+0.96%)

• Amazon (AMZN) [1.843T]: 177.06 -0.53 (-0.30%)

• Meta Platforms (META) [1.338T]: 527.42 -9.91 (-1.84%)

• Tesla (TSLA) [689B]: 216.12 +1.98 (+0.92%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $58,583.30 (7:45PM PST on 8/18/24)

• Ethereum (ETH): $2,634.27 (7:45PM PST on 8/18/24)

• Solano (SOL): $142.33 (7:45PM PST on 8/18/24)