Business and Finance News - 10.22.24

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Chick-Fil-A will launch its entertainment platform, Chick-Fil-A Play, on November 18, offering original animated shows, podcasts, cooking programs, and interactive stories designed for families. The company is expanding content efforts with a family-friendly gameshow from Glassman Media and Sugar23, with further entertainment projects planned for 2025. (Deadline)

*Chik-fil-A - Chick-fil-A is an American fast-food restaurant chain specializing in chicken sandwiches and other poultry-based menu items.

Disney announced that Mark Parker will step down as board chair at the end of 2024, with Morgan Stanley CEO James Gorman taking over in 2025. Gorman, currently leading the CEO search committee, will help oversee the transition as Disney plans to name a successor to CEO Bob Iger by early 2026. (CNN)

*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.

Honeywell and Google announced a partnership to integrate Google’s generative AI, including the Gemini model, with Honeywell's industrial data through its Forge IoT platform, launching in 2025. The collaboration aims to improve maintenance efficiency, increase productivity, and address labor shortages, offering advanced AI tools to support real-time decision-making and autonomous operations. (CNBC)

*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. 

*Honeywell (HON) - Honeywell International Inc. is a multinational conglomerate that provides a wide range of products and services in aerospace, building technologies, performance materials, and safety solutions.

Spirit Airlines' stock surged over 40% after securing an extension to refinance $1.1 billion in debt, moving the deadline to December 23. The airline also borrowed $300 million from a revolving credit facility and reaffirmed it expects to end 2024 with over $1 billion in liquidity. (Quartz)

*Spirit Airlines (SAVE) - Spirit Airlines is a low-cost airline based in the United States. The company primarily operates as an ultra-low-cost carrier, offering budget-friendly fares by charging separately for various services that are often included in the ticket price by other airlines.

UBS / American ExpressUBS is selling its 50% stake in Swisscard to joint venture partner American Express, making Amex the sole owner of the credit card provider. UBS will transition Credit Suisse customers to its own credit card platform, continuing to streamline operations after its takeover of Credit Suisse. (Reuters)

*American Express (AXP) - American Express provides financial services, primarily known for its credit and charge card offerings, along with travel-related services, merchant acquisition, and network services for both individuals and businesses.

*UBS Group (UBS) - UBS (Union Bank of Switzerland) is a global financial services company headquartered in Zurich, Switzerland. It provides a wide range of services, including wealth management, investment banking, asset management, and retail banking.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,931.60 -344.31 (-0.80%)

• S&P 500: 5,853.98 -10.69 (-0.18%)

• Nasdaq Composite: 18,540.01 +50.45 (+0.27%)

• Russell 2000: 2,239.71 -36.38 (-1.60%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 583.63 -0.96 (-0.16%

• iShares Core S&P 500 ETF (IVV): 586.59 -0.87 (-0.15%)

• Invesco QQQ Trust (QQQ): 495.42 +0.95 (+0.19%)

• Vanguard S&P 500 ETF (VOO): 536.53 -0.83 (-0.15%)

• Vanguard Total Stock Market ETF (VTI): 287.98 -0.91 (-0.31%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.626T]: 236.48 +1.48 (+0.63%)

• Nvidia (NVDA) [3.541T]: 143.71 +5.71 (+4.14%)

• Microsoft (MSFT) [3.113T]: 418.78 +0.62 (+0.15%)

• Alphabet (GOOGL) [2.048T]: 164.07 +0.65 (+0.40%)

• Amazon (AMZN) [1.968T]: 189.07 +0.08 (+0.04%)

• Meta Platforms (META) [1.459T]: 575.16 -1.31 (-0.23%)

• Tesla (TSLA) [697.95B]: 218.85 -1.85 (-0.84%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $67,561.01 (10:30PM PST on 10/22/24)

• Ethereum (ETH): $2,643.67 (10:30PM PST on 10/22/24)

• Solano (SOL): $168.30 (10:30PM PST on 10/22/24)