Business and Finance News - 9.10.24

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Big Lots has filed for Chapter 11 bankruptcy and plans to sell its business to private equity firm Nexus Capital Management, with the sale expected to close in late 2024. The retailer will close up to 315 stores as part of its restructuring efforts, citing financial struggles due to inflation, competition, and changing consumer habits. (Fast Company)

*Big Lots (BIG) - Big Lots is a retail company that specializes in offering a wide variety of discounted products, including furniture, home decor, food, electronics, and seasonal items.

Boeing reached a tentative agreement with a union representing over 30,000 workers, offering a 25% pay raise, improved retirement funds, and health benefits to avoid a potential strike. The deal also includes a commitment to build Boeing's next plane in Seattle, strengthening ties to its original manufacturing base. (Quartz)

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

Dell and Palantir shares rose in extended trading after S&P Global announced their inclusion in the S&P 500 index. Dell, previously a member until it went private in 2013, and Palantir, which went public in 2020, replace Etsy and American Airlines in the index. (CNBC)

*Dell (DELL) - Dell Technologies is a company that provides a wide range of technology products and services; like computers, servers, storage solutions, and networking.

*Palantir (PLTR)-Palantir Technologies is a public American software company that specializes in big data analytics. It provides software solutions for data integration, analysis, and visualization to help organizations make informed decisions.

The U.S. Department of Justice is taking Google's parent company Alphabet to trial, accusing it of illegally monopolizing the digital ad tech market, which generated over $200 billion in revenue last year. Google denies the claims, arguing that competition in the ad space is growing, citing companies like Apple and Amazon. (BBC)

*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.

HSBC is considering merging its Commercial and Investment banking divisions to reduce overlapping roles and cut costs, according to a Bloomberg report. The combined division would generate about $40 billion in annual revenue, though no final decisions have been made, and restructuring details may change. (Reuters)

*HSBC (HSBC) - HSBC (Hongkong and Shanghai Banking Corporation) is a multinational bank and financial services company headquartered in London. It provides a wide range of services including retail banking, wealth management, commercial banking, investment banking, and global markets solutions.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 40,829.59 +484.18 (+1.20%)

• S&P 500: 5,471.05 +62.63 (+1.16%)

• Nasdaq Composite: 16,884.60 +193.77 (+1.16%)

• Russell 2000: 2,097.78 +6.37 (+0.30%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 546.41 +6.05 (+1.12%)

• iShares Core S&P 500 ETF (IVV): 549.47 +6.10 (+1.12%)

• Invesco QQQ Trust (QQQ): 454.46 +5.77 (+1.29%)

• Vanguard S&P 500 ETF (VOO): 502.23 +5.59 (+1.13%)

• Vanguard Total Stock Market ETF (VTI): 269.29 +2.85 (+1.07%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.387T]: 220.91 +0.09 (+0.04%)

• Microsoft (MSFT) [3.015T]: 405.72 +4.02 (+1.00%)

• Nvidia (NVDA) [2.623T]: 106.47 +3.64 (+3.54%)

• Alphabet (GOOGL) [1.856T]: 148.71 -2.01 (-1.33%)

• Amazon (AMZN) [1.825T]: 175.40 +4.01 (+2.34%)

• Meta Platforms (META) [1.28T]: 504.79 +4.52 (+0.90%)

• Tesla (TSLA) [689.72B]: 216.27 +5.54 (+2.63%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $56,596.82 (9:15PM PST on 9/9/24)

• Ethereum (ETH): $2,343.17 (9:15PM PST on 9/9/24)

• Solano (SOL): $133.25 (9:15PM PST on 9/9/24)