Business and Finance News - 8.23.24

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Uber Technologies and General Motors' Cruise have formed a multi-year partnership to offer driverless rides to Uber users starting next year, as Cruise works to revive its robotaxi business following a 2023 incident. This collaboration reflects both companies' commitment to advancing autonomous vehicle technology and expanding urban mobility options. (CNBC)

*Cruise (GM) - Cruise is an autonomous vehicle company that develops self-driving car technology. It is a subsidiary of General Motors (GM) and focuses on creating fully autonomous electric vehicles designed for ride-sharing services.

*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.

Disney's board named James Gorman as chair of its succession planning committee, intensifying the search for CEO Bob Iger's successor as he plans to step down in 2026. The committee is considering both internal and external candidates, with top internal contenders including Disney Entertainment's Dana Walden and Alan Bergman. (Quartz)

*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.

Edgar Bronfman Jr. increased his bid for Paramount Global to $6 billion, challenging the merger agreement between Paramount and Skydance. The higher offer prompted Paramount's board to extend the "go-shop" period by 15 days to further evaluate Bronfman's proposal. (Deadline)

*Paramount Global (PARA) - Paramount Global is a multinational media and entertainment conglomerate. It operates a broad portfolio of media and entertainment assets, including television networks, film production, streaming services, and content licensing.

*Skydance - Skydance Media, commonly known as Skydance, is a diversified media company that produces content across various platforms, including film, television, animation, and interactive media.

Peloton reported its first sales growth in nine quarters, posting a modest 0.2% increase in revenue and significantly narrowing losses. The company is shifting focus from growth to profitability, reducing sales and marketing expenses, and projecting lower-than-expected sales but higher adjusted EBITDA for the upcoming quarter. (CNBC)

*Peloton (PTON) - Peloton is a fitness company known for its interactive exercise equipment, including stationary bikes and treadmills, which are equipped with screens for streaming live and on-demand fitness classes.

Snowflake raised its annual product revenue forecast to $3.36 billion, driven by increased demand for its AI-integrated Data Cloud platform, but left its margin forecast unchanged, leading to an 8% drop in shares. The company also announced a $2.5 billion share buyback authorization through March 2027. (Reuters)

*Snowflake (SNOW) - Snowflake is a cloud-based data platform that provides data warehousing, data lake, and data sharing services. It enables organizations to consolidate, analyze, and share large amounts of data in a secure and scalable environment.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 40,712.78 -177.71 (-0.43%)

• S&P 500: 5,570.64 -50.21 (-0.89%)

• Nasdaq Composite: 17,619.35 -299.63 (-1.67%)

• Russell 2000: 2,150.03 -20.53 (-0.95%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 556.22 -4.40 (-0.78%)

• iShares Core S&P 500 ETF (IVV): 559.19 -4.77 (-0.85%)

• Invesco QQQ Trust (QQQ): 474.85 -7.65 (-1.59%)

• Vanguard S&P 500 ETF (VOO): 511.13 -4.17 (-0.81%)

• Vanguard Total Stock Market ETF (VTI): 274.12 -2.34 (-0.85%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.443T]: 224.53 -1.87 (-0.83%)

• Microsoft (MSFT) [3.088T]: 415.55 -8.59 (-2.03%)

• Nvidia (NVDA) [3.049T]: 123.74 -4.76 (-3.70%)

• Alphabet (GOOGL) [2.044T]: 163.80 -2.05 (-1.24%)

• Amazon (AMZN) [1.833T]: 176.13 -3.98 (-2.21%)

• Meta Platforms (META) [1.349T]: 531.93 -3.23 (-0.60%)

• Tesla (TSLA) [671.83B]: 210.66 -12.61 (-5.65%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $60,386.50 (5:00PM PST on 8/22/24)

• Ethereum (ETH): $2,623.33 (5:00PM PST on 8/22/24)

• Solano (SOL): $143.27 (5:00PM PST on 8/22/24)