Business and Finance News - 9.23.24

Constellation Energy plans to restart the Unit 1 reactor at Three Mile Island by 2028 and will sell the power to Microsoft in a 20-year agreement to support its data centers. The plant, separate from the reactor involved in the 1979 accident, will be renamed the Crane Clean Energy Center. (CNBC)

*Constellation Energy (CEG) - Constellation Energy is a leading energy company that provides electricity, natural gas, and renewable energy solutions to residential, commercial, and industrial customers in the United States.

*Microsoft (MSFT) - Microsoft Corporation is a global technology company that develops, manufactures, licenses, supports, and sells a wide range of software products, hardware devices, and related services.

FedEx shares fell over 15% after reporting a larger-than-expected drop in first-quarter profits due to weak economic conditions and a shift toward cheaper deliveries. The company lost over $11 billion in market value, leading analysts to lower stock price targets amid concerns about meeting revised earnings expectations. (Reuters)

*FedEx (FDX) - FedEx Corporation is a multinational delivery services company known for its global courier and logistics services.

General Motors will begin laying off 1,695 workers at its Fairfax Assembly plant in Kansas, with the first round of layoffs starting on November 18, 2024. The layoffs, including both full-time and temporary workers, are linked to production pauses and will continue through early 2025. (CNN)

*General Motors (GM) - General Motors (GM) is a multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts.

Johnson & Johnson has filed for bankruptcy a third time through its subsidiary, Red River Talc LLC, to address talc-related liabilities. The proposed settlement, supported by 83% of claimants, offers $8.9 billion over 25 years to resolve cases alleging that J&J's baby powder caused cancer, though some law firms oppose the plan. (Axios)

*Johnson & Johnson (JNJ) - Johnson & Johnson is a multinational corporation that develops, manufactures, and sells a wide range of healthcare products, including pharmaceuticals, medical devices, and consumer health products.

Qualcomm reportedly approached Intel about a potential takeover, according to The Wall Street Journal, though no official offer has been made. The deal, if it proceeds and passes regulatory scrutiny, would mark a significant shift in the chip industry, as Intel struggles with financial losses and shifts in strategy while Qualcomm seeks to expand its market presence. (The Verge)

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

*Qualcomm (QCOM) - Qualcomm is a global technology company that designs and manufactures semiconductors, software, and services related to wireless technology. It is best known for its advancements in mobile communications, including developing 3G, 4G, and 5G wireless standards.

A few companies expected to report earnings this week…

• Micron (MU) is expected to report on Wednesday.

• Accenture (ACN) and Costco (COST) are expected to report on Thursday.

*Accenture (ACN) - Accenture is a global professional services company that provides a wide range of services and solutions in strategy, consulting, digital, technology, and operations.

*Costco (COST) - Costco operates a membership-based warehouse club that provides a wide variety of goods and services at discounted prices, including groceries, electronics, clothing, and household items, along with additional offerings like gas stations, pharmacies, and travel services.

*Micron (MU) - Micron Technology, Inc. is an American multinational corporation that specializes in the design and production of semiconductor devices, primarily memory and storage products.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 42,063.36 +38.17 (+0.09%)

• S&P 500: 5,702.55 -11.09 (-0.19%)

• Nasdaq Composite: 17,948.32 -65.66 (-0.36%)

• Russell 2000: 2,227.89 -24.82 (-1.10%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 568.25 -0.98 (-0.17%

• iShares Core S&P 500 ETF (IVV): 572.99 -1.20 (-0.21%)

• Invesco QQQ Trust (QQQ): 482.44 -0.92 (-0.19%)

• Vanguard S&P 500 ETF (VOO): 523.88 -1.03 (-0.20%)

• Vanguard Total Stock Market ETF (VTI): 281.46 -0.59 (-0.21%)

Here’s how the The Magnificent Seven did on Friday:

• Apple (AAPL) [3.499T]: 228.20 -0.67 (-0.29%)

• Microsoft (MSFT) [3.235T]: 435.27 -3.42 (-0.78%)

• Nvidia (NVDA) [2.858T]: 116.00 -1.87 (-1.59%)

• Alphabet (GOOGL) [2.042T]: 163.59 +1.45 (+0.89%)

• Amazon (AMZN) [1.994T]: 191.60 +1.73 (+0.91%)

• Meta Platforms (META) [1.424T]: 561.35 +2.25 (+0.40%)

• Tesla (TSLA) [759.82B]: 238.25 -5.67 (-2.32%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $64,710.35 (8:30PM PST on 9/22/24)

• Ethereum (ETH): $2,684.44 (8:30PM PST on 9/22/24)

• Solano (SOL): $148.97 (8:30PM PST on 9/22/24)