Bain Capital (NYSE:BCSF), PowerSchool
Holdings (NYSE:PWSC) – Bain Capital is in talks to
purchase PowerSchool, an educational software provider, in a
private deal that could value the company at about $6 billion,
including debt. PowerSchool provides cloud-based software for
primary education in North America, serving over 50 million
students in more than 90 countries.
Blackstone (NYSE:BX) – Concord has finalized
its offer for Hipgnosis Songs Fund, ending a bidding dispute and
consolidating the sale to Blackstone. Offering $1.25 per share,
Concord, backed by Apollo Global Management, stated that the price
will not be increased, after Blackstone had offered $1.30 per share
the previous week.
Digital Realty Trust (NYSE:DLR) – Digital
Realty Trust completed a $1.5 billion stock sale, marking the
largest sale of new shares by a public company in the U.S. since
March. The activity of public company stock sales in the U.S. is
rebounding in 2024, with about $52 billion raised so far this year,
indicating a return to pre-pandemic norms.
Lazard (NYSE:LAZ) – The investment bank Lazard
Ltd appointed Michele Colocci, a veteran healthcare dealmaker and
former chairman of mergers and acquisitions at Morgan
Stanley (NYSE:MS), as vice chairman and managing director
to drive the growth of its healthcare advisory.
JPMorgan Chase (NYSE:JPM) – JPMorgan’s
Australian arm was fined $509,252.50 for allowing suspicious client
orders in the wheat futures market. The Australian Securities and
Investments Commission considered its failure to identify and act
promptly as “careless.” The company did not contest the
charges.
Wells Fargo (NYSE:WFC) – Wells Fargo appointed
former JPMorgan Chase executive Fernando Rivas as co-CEO of its
corporate and investment bank (CIB), aiming to expand its presence
on Wall Street. He will report to Wells Fargo CEO Charlie
Scharf.
Alphabet (NASDAQ:GOOGL) – Alphabet seeks to
block a mass lawsuit in London, alleging market dominance abuse in
the online advertising market. Lawyers for the action, seeking up
to $16.9 billion in damages, accuse Google of harming British
publishers. Additionally, Google Deepmind launched the third
version of “AlphaFold,” its AI intended to assist in drug discovery
and disease combat. The model predicts molecular interactions, such
as those of proteins, speeding up the development of treatments.
The new AlphaFold server facilitates virtual testing for
non-commercial researchers.
Meta Platforms (NASDAQ:META) – The competition
board in Turkey fined Meta Platforms for data sharing violations on
its platforms, while measures to protect user privacy were ordered.
In China, WhatsApp users, typically limited by government
restrictions, reported access without the need for a VPN in Beijing
and Shanghai. Although not a trend, the release lasted weeks, even
after WhatsApp was removed from the Apple app store in compliance
with Beijing’s orders.
Apple (NASDAQ:AAPL) – Apple’s design team, led
by Jony Ive, has virtually disappeared, with Duncan Kerr, one of
the few remaining members, set to leave soon. Since Ive’s departure
in 2019, many key designers have left, leading to the near-total
dissolution of the team. In Towson, Maryland, Apple’s unionized
store will vote on Saturday on authorizing a strike before new
negotiations with the company. The union distributed packets
detailing the plan and will provide financial support to
strikers.
Spotify (NYSE:SPOT) – Audio streaming
companies, including Spotify and Deezer, urged the European
Commission to reject Apple’s proposal in a music streaming case.
They argue that the proposal does not offer effective solutions
following the EU’s $1.98 billion fine to Apple in March.
Intel (NASDAQ:INTC), Qualcomm
(NASDAQ:QCOM) – Intel announced on Wednesday that its sales would
be impacted after the U.S. revoked some export licenses for a
client in China, without naming, raising national security
concerns. Qualcomm also had licenses revoked.
Upstart Holdings (NASDAQ:UPST) – Upstart
received a subpoena from the SEC regarding its disclosures,
including the use of artificial intelligence in its loan models.
The company is cooperating, but the outcome is uncertain. The
disclosure was made during its quarterly earnings report.
Instacart (NASDAQ:CART) – Instacart named Emily
Reuter, former head of corporate finance at Uber, as its new chief
financial officer, replacing the retired Nick Giovanni. In the
first quarter, the company exceeded analysts’ expectations, driven
by high demand during winter storms.
Costco (NASDAQ:COST) – In April, Costco
Wholesale’s revenue grew 7.1% year-over-year, reaching $19.8
billion, driven by another double-digit increase in online sales at
the same stores. Same-store sales increased 5.6% year-over-year in
April, a slowdown compared to the 7.7% increase in March, due to
the Easter holiday.
Walt Disney (NYSE:DIS), Warner Bros
Discovery (NASDAQ:WBD) – Walt Disney and Warner Bros
Discovery will merge their streaming services Disney+, Hulu, and
Max in the U.S. in the third quarter, allowing customers to
subscribe on any site and choose from plans with or without ads.
The bundle will simplify payment and possibly offer discounts.
Bloomberg reported on Wednesday that Warner Bros Discovery was
seeking cost cuts and price increases for its streaming platform
Max, aiming to achieve $1 billion in earnings next year. The move
includes possible layoffs and cuts of hundreds of millions of
dollars in marketing and technology.
Paramount Global (NASDAQ:PARA) – Paramount
Global is in discussions to open its records to a consortium led by
Sony Pictures (NYSE:SONY) and Apollo
Global Management (NYSE:APO), interested in acquiring the
U.S. media company for about $26 billion, challenging the offer
from Skydance Media. The Paramount committee allowed the
exclusivity period to expire in negotiations with Skydance. The
combination with Sony would bring a vast catalog of films and
consolidate Paramount as a heavyweight studio in Hollywood.
According to sources cited by The New York Times on Wednesday, Sony
and Apollo are planning to spin off the company.
US Steel (NYSE:X) – Nippon Steel is persisting
in a deal to acquire US Steel by the end of 2024, despite
resistance in the U.S. The offer of nearly $15 billion attracted
criticism from Biden and Trump. The commitments include preserving
jobs and investments, and the goal is to increase production to 86
million tons of raw steel annually.
Chevron (NYSE:CVX) – Three insurers rejected
Chevron’s claim regarding the seizure of an oil cargo by Iran in
2023. Chevron, which chartered the tanker Advantage Sweet, contests
the denial of coverage, arguing that the Iranian military act is
covered by the insurance policies. The insurers claim
otherwise.
General Motors (NYSE:GM) – GM will end the
production of the gasoline Chevrolet Malibu this year, focusing on
electric vehicles. GM has sold more than 10 million Malibus since
1964. Malibu sales fell 12.5% in the first quarter. The company
will invest $390 million in the Kansas plant to produce the next
generation of the Chevrolet Bolt EV.
Tesla (NASDAQ:TSLA) – U.S. prosecutors are
investigating Tesla for possible securities fraud, suspecting the
company exaggerated about its autonomous driving capabilities.
Regulators are examining internal communications to determine
misleading statements. The investigation faces challenges in
interpreting Tesla’s statements. Additionally, Tesla directors
express an intention to avoid a legal battle in Texas, similar to
one in Delaware, which nullified Elon Musk’s salary package, even
if shareholders approve the headquarters move to the Lone Star
State. They dismiss litigation in other jurisdictions, highlighting
that the vote occurs under Delaware law. Concurrently, Tesla is
increasing job cuts in China amid pressure to revive sales in its
largest market. The move, which began earlier this week, affects
various departments, including customer service, engineering, and
logistics. Tesla also plans to move Tom Zhu to China to lead the
expansion, in response to falling deliveries in Shanghai and
growing local competition. Elsewhere, Elon Musk’s AI startup X.AI
is set to close a funding round of about $18 billion this week. The
round, led by Sequoia Capital, aims to raise $6 billion for the
chatbot Grok. Finally, the company Neuralink is working to improve
a mechanical problem implanted in the first human patient, which
required software corrections after some wires retracted from brain
tissue. Neuralink plans to expand the use for robotic arms and
wheelchairs.
Aercap (NYSE:AER) – AerCap CEO Aengus Kelly
predicted that challenges in the global jet markets would persist
until the end of the decade, citing supply chain issues and
conservative engine production. AerCap sought solutions, acquiring
LEAP engines from CFM.
Pfizer (NYSE:PFE) – Pfizer agreed to settle
over 10,000 lawsuits related to Zantac, a discontinued heartburn
medication, addressing cases in U.S. state courts. Financial
details of the settlement were not disclosed. The market withdrawal
occurred after the discovery of NDMA, a carcinogenic substance, in
samples of the medication.
Moderna (NASDAQ:MRNA) – Moderna, thanks to its
pioneering Covid vaccine, has become a biotechnology giant, but its
second vaccine faces challenges. The next one, against RSV, is a
chance to show the versatility of mRNA, although the projections
are not as optimistic as CEO Stéphane Bancel portrays. Dedicated to
mRNA, Moderna aspires to treat various diseases, including cancer.
While some see its potential, others question its business
model.
Teva Pharmaceutical (NYSE:TEVA) – Teva
Pharmaceutical announced that it would soon launch its biosimilar
of the medication Humira, in addition to revealing mixed results in
the first quarter of 2024. The company also plans to launch six
biosimilars by 2027.
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