Business and Finance News - 9.3.24

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ByteDance, the Chinese owner of TikTok, is seeking a $9.5 billion loan, which would be the largest dollar-denominated corporate loan in Asia outside Japan. The loan, coordinated by Citigroup, Goldman Sachs, and JPMorgan, will partially refinance an existing $5 billion facility and support the company's working capital needs. (Yahoo! Finance)

*ByteDance - ByteDance is a Chinese multinational internet technology company known for developing and operating popular apps like TikTok and Douyin (the Chinese version of TikTok).

A carriage dispute between Disney and DirecTV has led to the blackout of all Disney-owned channels, including ABC and ESPN, on DirecTV, just before the NFL season opener. Both companies blame each other, with DirecTV accusing Disney of pushing consumers towards its streaming services, while Disney insists its channels are worth a premium that DirecTV refuses to pay. (The Verge)

*DirecTV - DirecTV is a satellite television service provider offering a wide range of digital television, audio programming, and interactive services to residential and commercial customers. It delivers channels including entertainment, sports, news, and on-demand programming.

*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.

Over 10,000 U.S. hotel workers at 25 locations went on strike over Labor Day weekend, demanding higher pay, fairer workloads, and the reversal of COVID-era cuts. The strikes, organized by the UNITE HERE union, targeted major chains like Marriott, Hilton, and Hyatt, and involved workers in cities including Honolulu, Boston, and San Francisco. (AP News)

*Hilton (HLT) - Hilton is a global hospitality company that operates a wide range of hotels and resorts across various brands. Some of Hilton's well-known brands include Hilton Hotels & Resorts, Waldorf Astoria, Conrad, DoubleTree, and Hampton by Hilton.

*Hyatt (H) - Hyatt Hotels Corporation is a global hospitality company that operates a wide range of luxury, lifestyle, and resort hotels. With brands such as Hyatt Regency, Park Hyatt, Andaz, and Grand Hyatt, the company focuses on delivering high-quality guest experiences.

*Marriott (MAR) - Marriott International is a global hospitality company that operates a broad portfolio of hotels and related lodging facilities. Marriott's brands include names like Ritz-Carlton, Marriott Hotels, Sheraton, Westin, and Courtyard.

Intel CEO Pat Gelsinger plans to present a proposal to the board in mid-September to cut costs by selling off non-core businesses, including the Altera programmable chip unit, and reducing capital spending, potentially halting a $32 billion factory project in Germany. (Reuters)

*Intel (INTC) - Intel Corporation is a leading global technology company specializing in designing, manufacturing, and selling semiconductor chips.

Volkswagen warned that it may need to close plants in Germany due to significant cost-cutting measures required to "future-proof" the company, leading to the potential end of its longstanding employment protection agreement. The announcement was met with strong opposition from trade unions, labeling the plan as a severe threat to jobs and company foundations. (CNBC)

*Volkswagen (VLKPF) - Volkswagen AG is a leading global automobile manufacturer headquartered in Wolfsburg, Germany that designs, manufactures, and sells a wide range of vehicles.

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Here’s how the major indexes did on Friday (markets were closed yesterday):

• Dow Jones Industrial Average: 41,563.08 +228.03 (+0.55%)

• S&P 500: 5,648.40 +56.44 (+1.01%)

• Nasdaq Composite: 17,713.62 +197.19 (+1.13%)

• Russell 2000: 2,217.63 +14.65 (+0.67%)

Here’s how leading market ETFs did on Friday (markets were closed yesterday):

• SPDR S&P 500 ETF Trust (SPY): 563.68 +5.33 (+0.95%)

• iShares Core S&P 500 ETF (IVV): 566.75 +5.30 (+0.94%)

• Invesco QQQ Trust (QQQ): 476.27 +5.61 (+1.19%)

• Vanguard S&P 500 ETF (VOO): 518.04 +4.83 (+0.94%)

• Vanguard Total Stock Market ETF (VTI): 278.38 +2.66 (+0.96%)

Here’s how the The Magnificent Seven did on Friday (markets were closed yesterday):

• Apple (AAPL) [3.512T]: 229.00 -0.79 (-0.34%)

• Microsoft (MSFT) [3.10T]: 417.14 +4.02 (+0.97%)

• Nvidia (NVDA) [2.941T]: 119.37 +1.78 (+1.51%)

• Alphabet (GOOGL) [2.039T]: 163.38 +1.60 (+0.99%)

• Amazon (AMZN) [1.858T]: 178.50 +6.38 (+3.71%)

• Meta Platforms (META) [1.322T]: 521.31 +3.09 (+0.60%)

• Tesla (TSLA) [682.83B]: 214.11 +7.83 (+3.80%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $59,156.90 (8:30PM PST on 9/2/24)

• Ethereum (ETH): $2,519.35 (8:30PM PST on 9/2/24)

• Solano (SOL): $135.72 (8:30PM PST on 9/2/24)