Reported about 2 months ago
A US District Judge has issued a temporary injunction blocking the launch of Venu Sports, a new sports streaming service from Disney's ESPN, Warner Bros. Discovery, and Fox, citing antitrust issues. The decision comes after FuboTV filed a lawsuit arguing that the joint venture would significantly reduce competition in the sports streaming market. Fubo's CEO lauded the ruling as a win for consumer choice, while the media companies involved plan to appeal, asserting that Venu Sports would enhance competition.
Source: YAHOO
Reported about 2 months ago
A judge has temporarily halted the launch of Venu Sports, the joint streaming service from Disney's ESPN, Fox, and Warner Bros. Discovery, due to antitrust concerns. The ruling follows a lawsuit from FuboTV, which argued that the new service would significantly reduce competition in the sports streaming market and likely lead to its subscriber loss and potential bankruptcy. The involved companies are appealing the decision, asserting that Venu Sports is intended to increase consumer choice.
Source: YAHOO
Reported about 2 months ago
Pfizer and BioNTech encountered a setback in their clinical trial for a combined vaccine targeting both influenza and COVID-19, as the Phase 3 trial did not meet a vital objective. This development raises concerns about the future of this innovative vaccine approach.
Source: YAHOO
Reported about 2 months ago
The stock market ended positively on Friday, marking the best week of 2024 for major indexes, spurred by a rally on Thursday that recouped losses from earlier in the month. Consumer sentiment improved in August for the first time in five months, with significant contributions from positive retail sales and corporate earnings, leading investors to reassess fears of a recession. With rising odds of a rate cut by the Federal Reserve, attention is now on next week's Jackson Hole Symposium, where Fed Chair Jerome Powell is expected to speak.
Source: YAHOO
Reported about 2 months ago
Autry Stephens, the influential founder of Endeavor Energy and recognized as the richest oilman in the U.S., has died at the age of 86 due to cancer. He founded Endeavor in 1979 and played a significant role in the evolution of the oil industry in the Permian Basin, transitioning from a petroleum engineer to a prominent oil tycoon. His leadership and strategic investments drove the company's growth, culminating in a $26 billion sale to Diamondback Energy earlier this year, which solidified his status as a billionaire with a net worth of $25.9 billion.
Source: YAHOO
Reported about 2 months ago
OpenAI recently disabled accounts linked to an Iranian operation named Storm-2035 for utilizing ChatGPT to create content aimed at influencing the U.S. presidential election. This operation generated articles and social media posts discussing candidates, the Gaza conflict, and Israel's Olympic involvement, which received minimal engagement. OpenAI stated that it continues to monitor for any further policy violations.
Source: YAHOO
Reported about 2 months ago
Emergent BioSolutions Inc. has experienced a significant surge in stock value as investors await the FDA's decision regarding the use of its smallpox vaccine for the emerging mpox virus. Over recent sessions, the stock has risen more than 60%, influenced by the WHO declaring the mpox outbreak a global emergency. Other companies involved in vaccine development have also seen their stocks rise amid increased interest, despite challenges related to low demand for mpox vaccines in wealthier countries.
Source: YAHOO
Reported about 2 months ago
A federal judge has halted the launch of Venu Sports, a proposed sports-streaming service formed by Fox, Warner Bros. Discovery, and Disney, citing antitrust concerns raised by fuboTV. The ruling, which comes just days before Venu Sports was set to debut on August 23, has influenced stock ratings for Fox Corporation, with analysts upgrading it due to the potential opportunities the service offered.
Source: YAHOO
Reported about 2 months ago
In a market close on August 16, 2024, major indices like the Dow Jones, Nasdaq, and S&P 500 all ended the week positively, each rising approximately 0.2%. Notably, the Nasdaq Composite experienced a significant 5.29% gain over the trading week, while overall market volatility showed a downward trend. Julie Hyman and Jared Blikre provided insights into this successful week, highlighting sector performance and tech stock strengths.
Source: YAHOO
Reported about 2 months ago
Nike shares saw a slight increase on Friday following an upgrade to 'Buy' from 'Sell' by analyst Sam Poser from Williams Trading. He noted that the rehiring of a critical executive for the company's wholesale operations suggests significant changes are underway, and he raised the price target for Nike shares from $67 to $93.
Source: YAHOO
Reported about 2 months ago
Kroger Co. is considering a multi-part bond sale while initiating a debt exchange offer aimed at bondholders of its takeover target, Albertsons Cos. This comes as the potential merger faces antitrust scrutiny, with a Colorado judge recently halting the deal and legal challenges from the Federal Trade Commission. Investor calls for issuing unsecured bonds are expected to start soon, but the successful completion of both the bond sale and debt exchange is uncertain pending the outcome of the merger litigation.
Source: YAHOO
Reported about 2 months ago
Jill Carey Hall, a senior strategist at Bank of America Securities, warns of potential market volatility in the near term, particularly as we head into a seasonal period known for fluctuations. While she suggests that selectivity in stock picking is key, she highlights opportunities in equity income and dividend stocks as the Federal Reserve considers interest rate cuts. Carey Hall notes the likelihood of 5% pullbacks in the S&P 500 and emphasizes the importance of this environment for discerning investors.
Source: YAHOO
Reported about 2 months ago
Hedge funds have adopted a bullish outlook on the Japanese yen for the first time since 2021, following significant volatility in foreign-exchange markets that impacted popular carry trades. According to CFTC data, speculative traders are now positioning for yen appreciation, contrasting sharply with the negative sentiment observed in early July. The yen has rallied approximately 9% against the dollar since July, as traders adjust their strategies in response to changing interest rate expectations from the Bank of Japan.
Source: YAHOO
Reported about 2 months ago
A New York judge has blocked the proposed joint streaming venture among Fox, Disney, and Warner Brothers, which aimed to combine their resources and content offerings in a competitive market.
Source: YAHOO
Reported about 2 months ago
In her recent speech in Raleigh, N.C., Vice President Kamala Harris outlined her economic plan aimed at addressing pressing issues such as housing affordability, grocery prices, and healthcare costs. Acknowledging that many Americans do not feel the economic progress, she proposed initiatives like a $25,000 first-time homebuyer credit, a substantial expansion of the child tax credit, and efforts to regulate grocery prices to tackle price gouging. Despite unveiling these proposals, critics pointed out that her plan lacks clarity on key economic areas including tax policy and national debt.
Source: YAHOO
Reported about 2 months ago
A recent federal court decision in Illinois could lead to significant legal challenges for trucking carriers crossing the state, particularly regarding workers' classification as either employees or independent contractors. The ruling emphasized that there is no minimum threshold for miles driven in Illinois to fall under the state's Wage Act, raising concerns of numerous lawsuits against carriers operating within its jurisdiction, including those based outside the state.
Source: YAHOO
Reported about 2 months ago
As the 2024 presidential election approaches, Minnesota Governor Tim Walz's personal finances have come to light. Despite an annual salary of around $127,000, higher than the median household income, Walz does not own stocks or other investments, leading to an estimated net worth between $112,000 and $300,000. His secure pension, valued at up to $800,000, comes as a result of his long career in public service. In contrast, his opponent JD Vance has a diverse investment portfolio reflecting his private sector experience.
Source: YAHOO
Reported about 2 months ago
Kamala Harris aims to establish her own antitrust strategy while retaining aspects of Bidenomics. Recent indications suggest she may diverge from FTC Commissioner Lina Khan's perspectives, highlighting her independence from the current administration's views. This discussion reflects on how governmental policies could affect the economy moving forward.
Source: YAHOO
Reported about 2 months ago
Delta Air Lines is reviewing an incident where a man allegedly followed a family through the terminal and boarded their flight at Washington Dulles International Airport without a ticket. The airline stated it has procedures for verifying passengers prior to departure and is coordinating with airport authorities as part of its investigation. The family reported that the man entered the women's restroom and sat in their row on the plane before being escorted off when he could not produce a boarding pass.
Source: YAHOO
Reported about 2 months ago
Anduril Industries, a defense tech startup, is raising $1.5 billion to scale its weapons manufacturing, adopting a software-first approach inspired by Tesla. The company aims to enhance American military production with a new manufacturing facility called Arsenal-1, which is expected to produce thousands of advanced weapons, including drones. With a current valuation of $14 billion, Anduril is positioning itself to disrupt established defense giants and capitalize on the changing landscape of modern warfare driven by AI and autonomous systems.
Source: YAHOO
Reported about 2 months ago
Steward Health Care, currently in bankruptcy, has received court approval to sell its physician network for $245 million while facing challenges in selling its Massachusetts hospitals, one of which has been seized by the state. The judge's decision allows the company to proceed with the sale to Rural Healthcare Group, as part of ongoing efforts to resolve approximately $9 billion in debt.
Source: YAHOO
Reported about 2 months ago
Investment firms TA Associates and Silversmith Capital Partners are exploring the sale of a stake in Appfire, a collaboration software maker, which could value the company at over $2 billion. They have engaged bankers from JPMorgan Chase and Lazard to facilitate the potential sale of up to a 60% stake. Appfire is reportedly seeking a valuation of more than 20 times its approximately $100 million earnings before interest, taxes, depreciation, and amortization, with expected revenues nearing $300 million in 2024.
Source: YAHOO
Reported about 2 months ago
Mark Cuban, the billionaire entrepreneur, made a pivotal decision during the 2000 dot-com crash to safeguard his $1.4 billion fortune after Yahoo acquired his company, Broadcast.com, for $5.7 billion. Recognizing the unsustainable market dynamics, Cuban sold his Yahoo stock before the collapse, preventing a drastic loss as shares fell from $300 to $5. He later remarked that this strategic move is considered one of the top 10 trades in Wall Street history, illustrating the importance of protecting investments during volatile market conditions.
Source: YAHOO
Reported about 2 months ago
Mastercard is set to reduce its global workforce by 3%, affecting approximately 1,000 employees, as it aims to refocus on its core businesses. The company plans to invest resources into growth areas, including expansion into new markets and enhancing its cyber and anti-fraud initiatives. This restructuring comes with a one-time charge of $190 million, as stated by the company's CFO.
Source: YAHOO
Reported about 2 months ago
The U.S. Federal Trade Commission has filed a lawsuit against Asbury Automotive Group, claiming that its Texas dealerships charged Black and Latino customers higher prices and added services to contracts without consent. The FTC alleges that these customers were charged significantly more for similar products compared to white customers, often without their permission or under misleading pretenses. Asbury denies these allegations and plans to contest the lawsuit.
Source: YAHOO