Business and Finance News - 9.11.24

Europe’s top court ruled against Apple in its decade-long court battle over tax affairs in Ireland, affirming a 2016 European Commission order for Ireland to recover up to €13 billion ($14.4 billion) in back taxes from Apple. The ruling overturns a 2020 decision favoring Apple and underscores ongoing EU efforts to regulate U.S. tech giants. (CNBC)

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

Bank of America has raised its U.S. minimum hourly wage to $24, moving closer to its goal of reaching $25 by 2025. The increase reflects the bank's efforts to attract and retain talent in a competitive job market, with its minimum wage having grown 60% over the past seven years. (Reuters)

*Bank of America (BA) - Bank of America is a multinational financial institution that provides a wide range of banking and financial services to individuals, businesses, and institutions.

DirecTV is offering customers credits and discounts to subscribe to rival services like Sling and Fubo during its ongoing dispute with Disney, which has led to a blackout of ABC and ESPN channels. The company filed a complaint with the FCC, accusing Disney of anticompetitive behavior, while continuing to negotiate a new distribution deal. (CNN)

*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.

Europe's top court ruled that Google must pay a €2.4 billion fine for abusing its market dominance in shopping comparison services, upholding a 2017 decision by the European Commission. Google expressed disappointment with the ruling, which marks the conclusion of a case that began with a 2009 complaint by UK firm Foundem. (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.

Southwest Airlines' executive chairman, Gary Kelly, announced he will retire in 2025 following pressure from activist investor Elliott Investment Management, which has called for leadership changes. Despite the board shake-up, Kelly emphasized that the board unanimously supports CEO Bob Jordan, who has also been with the company for nearly four decades. (CNBC)

*Southwest Airlines (LUV) - Southwest Airlines is a major American airline known for its low-cost carrier model.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 40,736.96 -92.63 (-0.23%)

• S&P 500: 5,495.52 +24.47 (+0.45%)

• Nasdaq Composite: 17,025.88 +141.28 (+0.84%)

• Russell 2000: 2,094.76 -3.02 (-0.14%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 548.79 +2.38 (+0.44%)

• iShares Core S&P 500 ETF (IVV): 551.50 +2.03 (+0.37%)

• Invesco QQQ Trust (QQQ): 458.66 +4.20 (+0.92%)

• Vanguard S&P 500 ETF (VOO): 504.30 +2.07 (+0.41%)

• Vanguard Total Stock Market ETF (VTI): 270.34 +1.05 (+0.39%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.375T]: 220.11 -0.80 (-0.36%)

• Microsoft (MSFT) [3.079T]: 414.21 +8.49 (+2.09%)

• Nvidia (NVDA) [2.664T]: 108.10 +1.63 (+1.53%)

• Alphabet (GOOGL) [1.855T]: 148.66 -0.05 (-0.03%)

• Amazon (AMZN) [1.869T]: 179.55 +4.15 (+2.37%)

• Meta Platforms (META) [1.28T]: 504.79 UNCH (UNCH)

• Tesla (TSLA) [721.30B]: 226.17 +9.90 (+4.58%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $57,843.76 (1:15PM PST on 9/10/24)

• Ethereum (ETH): $2,384.79 (1:15PM PST on 9/10/24)

• Solano (SOL): $136.40 (1:15PM PST on 9/10/24)