Business and Finance News - 10.15.24

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Seven & i reported a significant increase in H1 FY24 sales, reaching Y9.28tn ($62.25bn), and operating income of Y186.99bn, despite a decline in net income to Y52.24bn. The company announced plans to close over 400 underperforming 7-Eleven stores in North America due to reduced foot traffic and inflationary pressures. (Yahoo! Finance)

*7-Eleven (SVNDY) - 7-Eleven, a subsidiary of Seven & I Holdings Co., Ltd., is a global chain of convenience stores that offers a wide range of products, including snacks, beverages, groceries, and basic household items. Known for its 24-hour service, the company provides quick and easy access to essentials for customers.

Adobe has introduced new AI-powered features across its Creative Cloud suite, enhancing tools in Photoshop, Illustrator, InDesign, and Premiere Pro. Notable updates include Photoshop's automatic distraction removal and a more advanced Firefly generative AI model, while Illustrator and Premiere Pro gained features to streamline design and video editing tasks. (The Verge)

*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.

The National Highway Traffic Safety Administration (NHTSA) has opened an investigation into nearly 36,000 Ford Flex vehicles from the 2019 model year due to potential rear-camera failures. The investigation follows 23 reports of blank, distorted, or inverted camera images, and Ford is cooperating with the inquiry. (Reuters)

*Ford (F) - Ford Motor Company is a global automotive manufacturer that designs, produces, markets, and services a full line of cars, trucks, SUVs, electrified vehicles, and luxury vehicles under the Ford and Lincoln brands.

SoFi Technologies has reached an agreement with Fortress Investment Group for $2 billion to fund the origination of personal loans. The deal supports SoFi's strategy to expand its loan platform business, which brokers loans for pre-qualified borrowers and originates loans for third parties. (Yahoo! Finance)

*Fortress Investment Group - Fortress Investment Group is a global investment management firm that specializes in alternative assets, including private equity, credit, real estate, and hedge funds.

*SoFiTechnologies (SOFI) - SoFi, short for Social Finance, is a fintech company that provides a wide range of financial services, including personal loans, student loan refinancing, mortgages, credit cards, and investment products.

Elliott Investment Management has called for a special meeting at Southwest Airlines, seeking the removal of CEO Bob Jordan and reducing its board slate from 10 nominees to eight. The activist investor holds an 11% stake in Southwest and has requested the meeting take place on December 10. (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: 43,065.22 +201.36 (+0.47%)

• S&P 500: 5,859.85 +44.82 (+0.77%)

• Nasdaq Composite: 18,502.69 +159.75 (+0.87%)

• Russell 2000: 2,248.64 +14.23 (+0.64%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 584.32 +4.74 (+0.82%)

• iShares Core S&P 500 ETF (IVV): 587.15 +4.80 (+0.82%)

• Invesco QQQ Trust (QQQ): 497.50 +4.14 (+0.84%)

• Vanguard S&P 500 ETF (VOO): 537.07 +4.36 (+0.82%)

• Vanguard Total Stock Market ETF (VTI): 288.34 +2.23 (+0.78%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.547T]: 231.30 +3.75 (+1.65%)

• Nvidia (NVDA) [3.402T]: 138.07 +3.27 (+2.43%)

• Microsoft (MSFT) [3.115T]: 419.14 +2.82 (+0.68%)

• Alphabet (GOOGL) [2.059T]: 164.96 +1.72 (+1.05%)

• Amazon (AMZN) [1.952T]: 187.54 -1.28 (-0.68%)

• Meta Platforms (META) [1.498T]: 590.42 +0.47 (+0.08%)

• Tesla (TSLA) [698.94B]: 219.16 +1.36 (+0.62%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $65,724.03 (7:45PM PST on 10/14/24)

• Ethereum (ETH): $2,629.71 (7:45PM PST on 10/14/24)

• Solano (SOL): $157.35 (7:45PM PST on 10/14/24)