Business and Finance News - 10.2.24

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The U.S. National Labor Relations Board has filed a complaint against Apple, accusing the company of violating employees' rights to organize by enforcing unlawful workplace rules, including confidentiality and social media policies. Apple denies the claims, stating it respects workers' rights, with a hearing scheduled for January if no settlement is reached. (Reuters)

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

CNN has launched a digital paywall, charging $3.99 per month for unlimited access to articles after users read a certain number of free pieces. This move aims to generate new digital revenue streams to offset declining TV revenue, with some content remaining free, such as breaking news and video pages. (CNN)

*CNN (WBD) - CNN (Cable News Network), owned by Warner Bros. Discovery, is a global news organization that provides 24-hour news coverage through television broadcasts, online platforms, and mobile apps.

CVS Health is considering strategic options, including a potential breakup, due to rising costs at its Aetna insurance unit. The company recently cut its financial forecast, announced $2 billion in cost reductions, and is exploring partnerships for its Oak Street Health clinics while engaging with hedge fund Glenview Capital. (Axios)

*CVS (CVS) - CVS Health is a healthcare company that operates retail pharmacy chains, including CVS Pharmacy, and provides healthcare services like prescription drug coverage, walk-in medical clinics, and telehealth.

Mastercard announced its acquisition of Minna Technologies, a subscription management software startup, to help consumers manage various subscription services like Netflix and Amazon Prime. The deal, part of Mastercard's strategy to expand beyond credit and debit cards, aims to simplify subscription management within banking apps amid a growing global subscription market expected to reach 9.3 billion by 2028. (CNBC)

*Mastercard (MA) - Mastercard is a global financial services company, primarily known for its payment processing network. The company facilitates electronic payments and transactions for consumers, businesses, and financial institutions.

*Minna Technologies - Minna Technologies is a fintech company based in Sweden that provides subscription management solutions for banks and financial institutions.

PepsiCo announced it will acquire Mexican-American food company Siete Foods for $1.2 billion, expanding its portfolio of healthier, multicultural products. The deal, expected to close in early 2025, aligns with a broader trend of packaged food companies pursuing acquisitions to drive sales growth. (CNBC)

*Pepsico (PEP) - PepsiCo is a multinational food, snack, and beverage corporation headquartered in Purchase, New York. 

*Siete Foods - Siete Foods is a family-owned company that produces grain-free, gluten-free Mexican-American food products. Their offerings include tortillas, chips, sauces, and other snacks made with alternative ingredients like almond flour and cassava.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,156.97 -173.18 (-0.41%)

• S&P 500: 5,708.75 -53.73 (-0.93%)

• Nasdaq Composite: 17,910.36 -278.81 (-1.53%)

• Russell 2000: 2,197.03 -32.94 (-1.48%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 568.62 -5.14 (-0.90%)

• iShares Core S&P 500 ETF (IVV): 571.37 -5.45 (-0.94%)

• Invesco QQQ Trust (QQQ): 481.27 -6.80 (-1.39%)

• Vanguard S&P 500 ETF (VOO): 522.74 -4.93 (-0.93%)

• Vanguard Total Stock Market ETF (VTI): 280.58 -2.58 (-0.91%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.469T]: 226.21 -6.79 (-2.91%)

• Microsoft (MSFT) [3.127T]: 420.69 -9.61 (-2.23%)

• Nvidia (NVDA) [2.883T]: 117.00 -4.44 (-3.66%)

• Alphabet (GOOGL) [2.084T]: 166.99 +1.14 (+0.69%)

• Amazon (AMZN) [1.927T]: 185.13 -1.20 (-0.64%)

• Meta Platforms (META) [1.462T]: 576.47 +4.03 (+0.70%)

• Tesla (TSLA) [822.87B]: 258.02 -3.61 (-1.38%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $60,824.39 (3:15PM PST on 10/1/24)

• Ethereum (ETH): $2,456.99 (3:15PM PST on 10/1/24)

• Solano (SOL): $145.49 (3:15PM PST on 10/1/24)