Business and Finance News - 10.25.24

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Boeing's strike will continue as union members rejected a proposed contract offering a 35% wage increase over four years, citing the absence of a traditional pension plan as a major concern. The ongoing strike is costing Boeing $1 billion per month, adding pressure to resolve the dispute amid rising financial challenges. (CNN)

*Boeing (BA) - Boeing is a leading American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide.

Southwest Airlines and Elliott Investment Management reached a settlement, avoiding a proxy fight by appointing six new directors to the board and advancing Executive Chairman Gary Kelly’s retirement to next month. CEO Bob Jordan will remain in his role, and the airline announced initiatives to boost profitability and a $2.5 billion share buyback. (CNBC)

*Southwest Airlines (LUV) - Southwest Airlines is a major American airline known for its low-cost carrier model.

Tesla reported mixed third-quarter earnings, with revenue of $25.1 billion falling short of expectations but profits exceeding forecasts at $2.28 billion. The automaker reiterated plans to introduce more affordable vehicles in early 2025 and achieved improved margins, helping boost its stock by over 9% in after-hours trading. (Quartz)

*Tesla (TSLA) - Tesla, Inc. is an American electric vehicle (EV) and clean energy company.

TKO Group will acquire Professional Bull Riders, On Location, and IMG from Endeavor in a $3.25 billion all-stock deal, expanding its presence in the premium sports market. The transaction, expected to close in 2025, includes a $2 billion share repurchase program and aligns with TKO’s core UFC and WWE businesses. (The Hollywood Reporter)

*Endeavor (EDR) - Endeavor Group Holdings is a global entertainment, sports, and media company known for owning and managing talent, events, and properties.

*TKO (TKO) - TKO Group Holdings, Inc., often referred to as TKO, is a media and entertainment company specializing in combat sports and related entertainment.

UPS surpassed quarterly profit expectations, driven by rebounding U.S. volumes and cost controls, prompting an 8.3% premarket stock rise. The company raised its full-year operating margin forecast to 9.6%, supported by volume growth from new e-commerce players like Shein and Temu, despite ongoing shifts toward lower-profit delivery services. (CNBC)

*United Parcel Service (UPS) (UPS) - UPS, or United Parcel Service, is a global logistics and package delivery company that offers a wide range of services.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,374.36 -140.59 (-0.33%)

• S&P 500: 5,809.86 +12.44 (+0.21%)

• Nasdaq Composite: 18,415.49 +138.83 (+0.76%)

• Russell 2000: 2,218.92 +5.08 (+0.23%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 579.24 +1.25 (+0.22%)

• iShares Core S&P 500 ETF (IVV): 582.03 +1.24 (+0.21%)

• Invesco QQQ Trust (QQQ): 492.32 +3.96 (+0.81%)

• Vanguard S&P 500 ETF (VOO): 532.47 +1.20 (+0.23%)

• Vanguard Total Stock Market ETF (VTI): 285.81 +0.76 (+0.27%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.536T]: 230.57 -0.19 (-0.08%)

• Nvidia (NVDA) [3.46T]: 140.41 +0.85 (+0.61%)

• Microsoft (MSFT) [3.157T]: 424.73 +0.13 (+0.03%)

• Alphabet (GOOGL) [2.031T]: 162.72 -0.06 (-0.04%)

• Amazon (AMZN) [1.94T]: 186.38 +1.67 (+0.90%)

• Meta Platforms (META) [1.44T]: 567.78 +4.09 (+0.73%)

• Tesla (TSLA) [830.72B]: 260.48 +46.83 (+21.92%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $68,097.81 (8:30PM PST on 10/25/24)

• Ethereum (ETH): $2,527.02 (8:30PM PST on 10/25/24)

• Solano (SOL): $175.43 (8:30PM PST on 10/25/24)

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