Business and Finance News - 9.9.24

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7-Eleven’s parent company rejected a $38.55 billion takeover bid from Alimentation Couche-Tard, calling it opportunistically timed and undervaluing the company's standalone growth potential. The company also cited potential regulatory challenges in the U.S. as a major concern for the proposed acquisition. (CNBC)

*7-Eleven (SVNDY) - 7-Eleven, a subsidiary of Seven & I Holdings Co., Ltd., is a global chain of convenience stores that offers a wide range of products, including snacks, beverages, groceries, and basic household items. Known for its 24-hour service, the company provides quick and easy access to essentials for customers.

Broadcom expects to generate $12 billion in AI-related revenue in 2024, driven by Ethernet networking and custom accelerators for AI data centers. Despite reporting third-quarter revenue of $13 billion, slightly beating expectations, Broadcom's stock fell due to lower-than-expected fourth-quarter sales guidance of $14 billion. (Quartz)

*Broadcom (AVGO) - Broadcom Inc. is a global technology company that designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions.

Instagram has introduced new direct messaging features, including photo editing tools and custom stickers, similar to its Stories capabilities. Direct messaging has become a key area of growth for Instagram, influencing content ranking based on how frequently posts are shared via DMs. (The Verge)

*Instagram (META) - Instagram is a social media platform owned by Meta (formerly Facebook) that allows users to share photos and videos.

The U.S. economy added 142,000 jobs in August, falling short of the expected 165,000, while the unemployment rate dropped to 4.2% from 4.3%. Wage growth increased to 3.8% year-over-year, and some economists believe the Fed may opt for a 25 basis point interest rate cut in September. (Yahoo! Finance)

*Jobs Report - The jobs report, often referred to as the U.S. Employment Report or Nonfarm Payrolls report, provides critical data on the health of the U.S. labor market, offering insights into employment, unemployment, and wages for the prior month.

Qualcomm is reportedly interested in acquiring parts of Intel's chip design business, specifically its client PC design unit, although no formal discussions have occurred. Meanwhile, Intel is exploring options, including splitting its foundry division, to address declining revenues and missed profit expectations, as it works with Morgan Stanley and Goldman Sachs on potential strategies. (Quartz)

*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…

• Oracle (ORCL) is expected to report today.

• Adobe (ADBE) and Kroger (KR) are expected to report on Thursday.

*Adobe (ADBE) - Adobe Inc. is a multinational software company known for its innovative software products and services, primarily focused on creative and digital media solutions.

*Kroger (KR) - Kroger is one of the largest grocery retailers in the United States, operating a variety of supermarket chains under different banners. 

*Oracle (ORCL) - Oracle Corporation is a multinational technology company that specializes in developing and marketing database software and technology, cloud engineered systems, and enterprise software products.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 40,345.41 -410.34 (-1.01%)

• S&P 500: 5,408.42 -94.99 (-1.73%)

• Nasdaq Composite: 16,690.83 -436.83 (-2.55%)

• Russell 2000: 2,093.05 -39.01 (-1.83%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 540.41 -9.20 (-1.67%)

• iShares Core S&P 500 ETF (IVV): 543.37 -9.19 (-1.66%)

• Invesco QQQ Trust (QQQ): 448.69 -12.35 (-2.68%)

• Vanguard S&P 500 ETF (VOO): 496.68 -8.37 (-1.66%)

• Vanguard Total Stock Market ETF (VTI): 266.44 -4.50 (-1.66%)

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

• Apple (AAPL) [3.386T]: 220.82 -1.56 (-0.70%)

• Microsoft (MSFT) [2.986T]: 401.70 -6.69 (-1.64%)

• Nvidia (NVDA) [2.534T]: 102.83 -4.38 (-4.09%)

• Alphabet (GOOGL) [1.884T]: 150.92 -6.32 (-4.02%)

• Amazon (AMZN) [1.784T]: 171.39 -6.50 (-3.65%)

• Meta Platforms (META) [1.269T]: 500.27 -16.59 (-3.21%)

• Tesla (TSLA) [672.05B]: 210.73 -19.44 (-8.45%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $54,925.76 (9:45PM PST on 9/8/24)

• Ethereum (ETH): $2,298.00 (9:45PM PST on 9/8/24)

• Solano (SOL): $128.47 (9:45PM PST on 9/8/24)