Business and Finance News - 9.16.24

Adobe shares fell more than 8% after issuing weaker-than-expected guidance for the fourth quarter, forecasting revenue between $5.5 billion and $5.55 billion, below the $5.61 billion anticipated by analysts. Despite this, analysts from Goldman Sachs and Bank of America maintained positive outlooks on the stock, highlighting Adobe's strength in AI adoption and core business growth. (CNBC)

*Adobe (ADBE) - Adobe Inc. is a multinational software company known for its innovative software products and services, primarily focused on creative and digital media solutions.

Disney and DirecTV have reached an agreement to restore 16 Disney networks, including ABC and ESPN, following a 13-day blackout, just in time for college football and the Emmy Awards. The deal introduces slimmer channel bundles and includes Disney's streaming services like Disney+, Hulu, and ESPN+ in select DirecTV packages. (Deadline)

*DirecTV - DirecTV is a satellite television service provider offering a wide range of digital television, audio programming, and interactive services to residential and commercial customers. It delivers channels including entertainment, sports, news, and on-demand programming.

*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.

The US has proposed new rules targeting low-value shipments from China, including those from e-commerce sites Shein and Temu, to curb the misuse of the "de minimis" exemption, which allows packages under $800 to enter the country without tariffs. The new regulations aim to stop tariff avoidance and increase transparency, impacting products that currently face tariffs, such as textiles and machinery. (BBC)

*Shein - Shein is a global online fashion retailer that specializes in offering a wide variety of affordable and trendy clothing, accessories, and footwear for women, men, and children.

*Temu (PDD) - Temu is an online marketplace that offers a wide variety of products at affordable prices, ranging from clothing and accessories to electronics, home goods, and more. It connects consumers directly with manufacturers and sellers, allowing for competitive pricing.

Waymo and Uber are expanding their robotaxi partnership to Austin, Texas, and Atlanta, Georgia, by early 2025, following their collaboration in Phoenix. Waymo will provide the driverless vehicles, while Uber handles fleet management, with both companies sharing costs and revenue from the service, which will be available via the Uber app. (The Verge)

*Uber (UBER) - Uber is a technology company that provides ride-hailing services through its mobile app, allowing users to book rides with drivers who use their own vehicles.

*Waymo (GOOGL) - Waymo is an autonomous driving technology company and a subsidiary of Alphabet Inc. It focuses on developing and deploying self-driving vehicle technology.

Warner Bros. Discovery (WBD) secured a carriage renewal deal with Charter Communications, boosting its stock by 20% over two days and providing financial stability amid the company’s struggles. The deal integrates WBD’s streaming service Max into Charter’s platform and sets a precedent for future distribution agreements, despite lingering challenges such as losing NBA rights. (Deadline)

*Charter Communications (CHTR) - Charter Communications is a telecommunications and mass media company that operates under the brand name Spectrum. It provides high-speed internet, cable television, and phone services to residential and commercial customers across the United States.

*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…

• General Mills (GIS) is expected to report on Wednesday

• FedEx (FDX) and Lennar (LEN) are expected to report on Thursday.

*FedEx (FDX) - FedEx Corporation is a multinational delivery services company known for its global courier and logistics services.

*General Mills (GIS) - General Mills is a multinational food company that manufactures and markets a wide variety of branded consumer foods.

*Lennar (LEN) - Lennar Corporation is a prominent homebuilder and real estate company in the United States.

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Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 41,393.78 +297.01 (+0.72%)

• S&P 500: 5,626.02 +30.26 (+0.54%)

• Nasdaq Composite: 17,683.98 +114.30 (+0.65%)

• Russell 2000: 2,182.49 +53.06 (+2.49%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 562.01 +2.92 (+0.52%)

• iShares Core S&P 500 ETF (IVV): 565.05 +2.88 (+0.51%)

• Invesco QQQ Trust (QQQ): 475.34 +2.12 (+0.45%)

• Vanguard S&P 500 ETF (VOO): 516.57 +2.73 (+0.53%)

• Vanguard Total Stock Market ETF (VTI): 277.22 +1.92 (+0.70%)

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

• Apple (AAPL) [3.412T]: 222.50 -0.27 (-0.12%)

• Microsoft (MSFT) [3.20T]: 430.59 +3.59 (+0.84%)

• Nvidia (NVDA) [2.935T]: 119.10 -0.04 (-0.03%)

• Alphabet (GOOGL) [1.965T]: 157.46 +2.77 (+1.79%)

• Amazon (AMZN) [1.941T]: 186.49 -0.51 (-0.27%)

• Meta Platforms (META) [1.331T]: 524.62 -0.98 (-0.19%)

• Tesla (TSLA) [734.44B]: 230.29 +0.48 (+0.21%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $58,868.78 (5:30PM PST on 9/15/24)

• Ethereum (ETH): $2,307.33 (5:30PM PST on 9/15/24)

• Solano (SOL): $131.47 (5:30PM PST on 9/15/24)