Business and Finance News - 10.8.24

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The U.S. Federal Trade Commission's antitrust case against Amazon will proceed, though some claims brought by states like New Jersey and Pennsylvania were dismissed. The case accuses Amazon of anti-competitive tactics to maintain dominance in online retail, with a judge ruling that Amazon's defense cannot yet be considered. (Reuters)

*Amazon (AMZN) - Amazon is a multinational technology and e-commerce company based in the United States, known for its vast online retail platform, cloud computing services through Amazon Web Services (AWS), digital streaming services, and artificial intelligence innovations.

Chevron Canada has agreed to sell its assets, including a 20% interest in the Athabasca oil sands and a 70% interest in the Duvernay shale, to Canadian Natural Resources for $6.5 billion in cash. The deal, expected to close in the fourth quarter, is part of Chevron's plan to divest $10 billion to $15 billion in assets by 2028. (MarketWatch)

*Chevron (CVX) - Chevron is an integrated energy company, primarily known for its exploration, production, and refining of oil and natural gas.

Lucid Motors set a third consecutive quarterly sales record in Q3 2024, delivering 2,781 vehicles, surpassing its total sales from last year. Despite this growth, Lucid's production slowed, and it will need to manufacture over 3,000 vehicles in Q4 to meet its goal of producing 9,000 EVs in 2024. (TechCrunch)

*Lucid (LCID) - Lucid Motors is an American electric vehicle (EV) manufacturer known for producing luxury electric cars, including its flagship model, the Lucid Air.

Activist investor Starboard Value has taken a $1 billion stake in Pfizer and is pushing for changes to improve the company's performance. Pfizer's stock has dropped 13% over the past year, and the company faces challenges in replacing lost COVID-19 product revenue and launching new successful treatments. (Reuters)

*Pfizer (PFE) - Pfizer is a global pharmaceutical company that develops, manufactures, and markets a wide range of healthcare products, including prescription medicines, vaccines, and over-the-counter treatments, with a focus on advancing health through innovative therapies and solutions.

*Starboard Value - Starboard Value is an activist investment firm that takes significant positions in publicly traded companies and advocates for changes aimed at improving shareholder value.

Super Micro shares surged 15% after the company announced it is shipping over 100,000 AI-focused graphics processing units (GPUs) per quarter, potentially worth billions in revenue. Despite the AI boom boost, the company is delayed in filing its annual report and is under a Department of Justice investigation for alleged accounting issues. (CNBC)

*Super Micro Computer (SMCI) - Super Micro Computer, Inc., commonly known as Supermicro, is a global leader in high-performance, high-efficiency server technology and innovation.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 41,954.24 -398.51 (-0.94%)

• S&P 500: 5,695.94 -55.13 (-0.96%)

• Nasdaq Composite: 17,923.90 -213.95 (-1.18%)

• Russell 2000: 2,193.09 -19.71 (-0.89%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 567.80 -5.18 (-0.90%)

• iShares Core S&P 500 ETF (IVV): 567.80 -5.18 (-0.90%)

• Invesco QQQ Trust (QQQ): 482.10 -5.22 (-1.07%)

• Vanguard S&P 500 ETF (VOO): 521.91 -4.74 (-0.90%)

• Vanguard Total Stock Market ETF (VTI): 280.17 -2.58 (-0.91%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.399T]: 221.69 -5.11 (-2.25%)

• Nvidia (NVDA) [3.147T]: 127.72 +2.80 (+2.24%)

• Microsoft (MSFT) [3.044T]: 409.54 -6.52 (-1.57%)

• Alphabet (GOOGL) [2.034T]: 162.98 -4.08 (-2.44%)

• Amazon (AMZN) [1.882T]: 180.80 -5.71 (-3.06%)

• Meta Platforms (META) [1.483T]: 584.78 -11.16 (-1.87%)

• Tesla (TSLA) [768.05B]: 240.83 -9.25 (-3.70%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $62,588.50 (7:15PM PST on 10/7/24)

• Ethereum (ETH): $2,432.90 (7:15PM PST on 10/7/24)

• Solano (SOL): $145.10 (7:15PM PST on 10/7/24)