Business and Finance News - 8.28.24

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Cava's stock dropped 8% on Tuesday after CEO Brent Schulman and other insiders sold shares following a recent price spike due to strong earnings. Schulman sold 210,504 shares for $24.868 million, contributing to the decline despite the stock's 170% year-to-date increase. (MarketWatch)

*Cava Group (CAVA) - Cava Group is a restaurant company that operates a chain of fast-casual Mediterranean restaurants in the United States. Known for its customizable bowls, salads, and pita wraps, Cava emphasizes fresh, healthy ingredients with a focus on bold flavors.

Cerebras Systems launched an AI inference tool that leverages its large Wafer Scale Engine chips, offering a cheaper and faster alternative to Nvidia's GPUs for AI developers. The company plans to offer the product via cloud or for data center use, and recently filed for an IPO. (Reuters)

*Cerebras Systems - Cerebras Systems is a technology company that designs and manufactures high-performance computing systems optimized for artificial intelligence (AI) and deep learning applications.

HP will receive up to $50 million in Chips Act funding to expand and modernize its Corvallis, Oregon facility, focusing on microfluidics semiconductor technology. The funding aims to enhance HP's semiconductor manufacturing capabilities, create over 250 jobs, and support innovation in life sciences and technology. (Quartz)

*Hewlett Packard (HPE) - HP is a technology company that provides a wide range of products and services; personal computers, printers and imaging, enterprise solutions, etc.

The NFL voted to allow private equity firms to own up to 10% of teams but has informed owners and firms that it intends to take a percentage of profits from any future sales of these ownership stakes. It's unclear if this profit-sharing plan will deter future private equity investments. (CNBC)

*NFL - The NFL (National Football League) is a professional American football league consisting of 32 teams divided into two conferences: the AFC (American Football Conference) and the NFC (National Football Conference).

Paramount's stock fell over 5% after the company ended its "go-shop" period, confirming Skydance Media as the likely buyer following Edgar Bronfman Jr.'s withdrawal from the bid. The $8 billion Skydance deal, expected to close in early 2025, includes $6 billion in cash, with $1.5 billion addressing Paramount's debt. (Yahoo! Finance)

*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.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 41,250.50 +9.98 (+0.02%)

• S&P 500: 5,625.80 +8.96 (+0.16%)

• Nasdaq Composite: 17,754.82 +29.06 (+0.16%)

• Russell 2000: 2,203.00 -14.93 (-0.67%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 561.56 +0.77 (+0.14%)

• iShares Core S&P 500 ETF (IVV): 564.66 +1.03 (+0.18%)

• Invesco QQQ Trust (QQQ): 476.76 +1.42 (+0.30%)

• Vanguard S&P 500 ETF (VOO): 516.08 +0.69 (+0.13%)

• Vanguard Total Stock Market ETF (VTI): 277.14 +0.25 (+0.09%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.497T]: 228.03 +0.85 (+0.37%)

• Nvidia (NVDA) [3.161T]: 128.30 +1.84 (+1.46%)

• Microsoft (MSFT) [3.076T]: 413.84 +0.35 (+0.08%)

• Alphabet (GOOGL) [2.055T]: 164.68 -1.48 (-0.89%)

• Amazon (AMZN) [1.802T]: 173.12 -2.38 (-1.36%)

• Meta Platforms (META) [1.317T]: 519.10 -2.02 (-0.39%)

• Tesla (TSLA) [667.21B]: 209.21 -4.00 (-1.88%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $59,559.92 (9:15PM PST on 8/27/24)

• Ethereum (ETH): $2,474.23 (9:15PM PST on 8/27/24)

• Solano (SOL): $147.89 (9:15PM PST on 8/27/24)