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☆ CNBC Daily Open: Amazon enters $2 trillion club
▼ + stars: | 2024-06-27 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The yield on the 10-year Treasury rose as investors parse comments from Fed officials and await key inflation data due Friday. $2,000,000,000,000Amazon's market capitalization surpassed $2 trillion for the first time on Wednesday, joining the ranks of tech giants like Apple and Microsoft. YouTube dominanceAlphabet's YouTube, the pioneer of user-generated content, continues to dominate media consumption, now accounting for nearly 10% of all TV viewership in the U.S.

Persons: Annie Palmer, Elliott Management, Sanjay Mehrotra, Rich Greenfield, Piper Organizations: CNBC, Dow Jones, Nasdaq, Nvidia, Apple, Microsoft, Southwest Airlines, Delta, Micron, YouTube, Nielsen, Netflix, Media, Disney, Warner Bros Locations: Shein, U.S

☆ In ‘The Bear,’ Abby Elliott Follows a New Recipe
▼ + stars: | 2024-06-27 | by ( Alexis Soloski | ) www.nytimes.com time to read: +1 min

Abby Elliott knows her way around a comedy. “I kind of went into it like, Oh, should I do a voice?” Elliott said. That could be fun.”That show was “The Bear,” which returns for its third season on Thursday, on Hulu. Set largely in the fraught kitchen of a Chicago restaurant, it stars Jeremy Allen White as a troubled chef. “The Bear” is a comedy only in the classical sense, in that it emphasizes human foibles and does not end in disaster.

Persons: Abby Elliott, ”, ” Elliott, “, Jeremy Allen White, Elliott, ideation Organizations: Upright Citizens Brigade, FX, Hulu Locations: Chicago

☆ CNBC Daily Open: Micron slides, Amazon's $2 trillion
▼ + stars: | 2024-06-27 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

A trader works on the floor of the New York Stock Exchange (NYSE) during morning trading on March 4, 2024 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Micron slidesShares of Micron fell almost 8% in extended trading on Wednesday as its revenue forecast failed to top analysts' expectations. The stock rose 3.9% on Wednesday.

Persons: Sanjay Mehrotra, Annie Palmer, Elliott Management, Shunichi Suzuki, Australia's, Arjun Jayaraman Organizations: New York Stock Exchange, CNBC, Dow Jones, Nasdaq, Nvidia, Micron, Apple, Microsoft, Southwest Airlines, Delta, U.S ., Finance, CSI Locations: New York City, Shein, Asia, Pacific, India

☆ Scientists want to pump carbon into a hole at the bottom of the ocean in a $60 million pilot project to help stop climate change
▼ + stars: | 2024-06-26 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +7 min

Across the planet, basalt rock deposits on the sea floor have the potential to trap carbon dioxide, removing the heat-trapping gas from our atmosphere. First, the scientists need about $60 million to test a prototype at sea. Basalt rock is highly reactive, full of metals that readily grab CO2 and chemically combine with it to form carbonate minerals. AdvertisementSolid Carbon scientists say carbon rock is stuck on the sea floor for thousands of years. They also argue that in the ocean, there's plenty of room to scale up and little risk of disgruntled neighbors fighting the project.

Persons: Martin Scherwath, it's, David Goldberg, who's, Scherwath, Goldberg, that's Organizations: Service, Business, Ocean Networks, Ocean Networks Canada, Columbia University, National Academies of Science, Engineering Locations: Cascadia, Vancouver, That's, Canada, Iceland, Paris, Elliott Bay, Seattle

☆ Southwest Airlines cuts revenue forecast
▼ + stars: | 2024-06-26 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

A Southwest Airlines jet is parked Ellison Onizuka Kona International Airport at Kehole awaiting passengers on January 20, 2024 in Kailua-Kona, Hawaii. Southwest Airlines shares fell roughly 4% in premarket trading Wednesday after the carrier cut its second-quarter revenue forecast, citing changing booking patterns. Southwest still expects record quarterly operating revenue in the second quarter. Airlines are raking in record numbers of passengers but higher costs and growth in capacity have weighed on fares and profits. "The reduction in the Company's RASM [revenue per available seat mile] expectations was driven primarily by complexities in adapting its revenue management to current booking patterns in this dynamic environment," Southwest said in a filing.

Persons: Ellison, Bob Jordan, Gary Kelly, Jordan Organizations: Southwest Airlines, Airlines, Southwest, Elliott Management, Politico Locations: Kehole, Kailua, Kona, Hawaii, United, Dallas

☆ Jim Cramer says Chipotle falling after its stock split isn't a surprise — here's why
▼ + stars: | 2024-06-26 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +1 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. FedEx : Shares surged 14% after the delivery giant reported better-than-expected fiscal fourth-quarter results. It's a cost-cut story," Jim Cramer said. Rivian : Shares surged 28% after the electric vehicle startup secured up to $5 billion in investments from Volkswagen. Chipotle : Shares are lower by roughly 1.5% after the fast-casual chain's 50-for-1 stock split went into effect.

Persons: Jim Cramer's, Jim Cramer, We've, Cramer Organizations: CNBC, Club, FedEx, Elliott Management, Volkswagen Locations: The Texas

☆ Corona brewer Constellation is set to grab more prime real estate at stores — driving sales and its stock
▼ + stars: | 2024-06-24 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Constellation Brands has an upper hand in a battle for coveted — but shrinking — territory in stores, according to new Wall Street research. In fact, displays provide more of a lift to sales than shelf-space gains for brands, Jefferies analysts said. STZ 5Y mountain Constellation Brands' stock performance over the past five years. We have a buy-it-here 1 rating on Constellation Brands and a price target of $300, implying about 14% upside from Friday's close. Constellation Brands' Corona Light is displayed for sale at a grocery store in New York.

Persons: Jefferies, Molson Coors, we've, —, Jim Cramer, Eli Lilly, Jim, Elliott, Jim Cramer's, Scott Eells Organizations: Constellation Brands, Modelo, Pacifico, Jefferies, Anheuser, Busch InBev, Molson, Boston Beer, Club, Investing Club, Elliott Management, CNBC, Bloomberg, Getty Locations: Corona, Victoria, U.S, New York

☆ How to Live to 100: An expert warns against taking health advice from centenarians
▼ + stars: | 2024-06-24 | by ( Brady Elliott | University Of Westminster | ) edition.cnn.com time to read: +6 min

It seems obvious but survivorship bias is everywhere in society. We’re currently studying over 65-year-olds who have maintained unusually high levels of exercise into older age and have maintained excellent health. READ MORE: Why married people live longerWhile we know that their lifelong exercise is associated with their unusually good health into older age, we can’t directly say one causes the other yet. But often, like in survivorship bias, we’re not looking at all the data, and so finding patterns where there are none. Bradley Elliott receives funding from the Physiological Society, the British Society for Research on Ageing, the Altitude Centre, and private philanthropic individuals.

Persons: Bacon, Abraham Wald, Wald, “, ”, That’s, We’re, Bradley Elliott Organizations: CNN, Physiological Society, British Society for Research, Ageing

☆ Meet the last 20-something millennials: They're twice as wealthy as their geriatric peers were and are carving creative paths to homeownership
▼ + stars: | 2024-06-22 | by ( Hillary Hoffower | ) www.businessinsider.com time to read: +9 min

In some ways, they're actually faring better than their older millennial peers, and their struggles point to larger cracks in America's social support systems. Younger millennials are getting creative about becoming homeowners, explained Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors. Because younger millennial women are focused on their careers, they're continuing the overall millennial trend of delaying family formation. AdvertisementAnd some of younger millennials' accumulated wealth has faded thanks to inflation, Ricketts said. He pointed out that younger millennials who invest their wealth well are more likely to consume and drive economic growth.

Persons: I've, —, Diana Elliott, somethings, Gabby Davis, Davis, Gen Z, Cuspers, they've, Elliott, they'll, millennials, Rollin, Zers, Louis Fed, didn't, Louis, Lowell Ricketts, Ricketts, aren't millennials, who've, Younger millennials, Jessica Lautz, They're, Lautz, they're Organizations: Service, Pew, Population Reference, Louis Fed, Fed, National Association of Realtors, NAR, Young Locations: U.S

☆ I used to rely on grocery delivery services to save time. Now, I shop with my kids — they love it, and I save money.
▼ + stars: | 2024-06-21 | by ( Elliott Walker | ) www.businessinsider.com time to read: +4 min

After my kids were born, my love for online grocery ordering grew even more. While I used to use a grocery delivery service nearly every week, I only use it in a pinch now. On top of that, there can be things like pick-up fees, service fees, delivery charges, and tips if you use a grocery delivery service. All of this means that I end up having to go to the grocery store anyway, usually stressed because I was counting on the grocery delivery service to save time. Using a grocery delivery service can save time and energy, but it also comes with added costs and, oftentimes, frustration.

Persons: —, Elliott Harrell's, Elliott Harrell, I'm, I've Organizations: Service, Business

☆ AI trade is at a 'short-term, tactical top', says Cantor Fitzgerald's Eric Johnston
▼ + stars: | 2024-06-21 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAI trade is at a 'short-term, tactical top', says Cantor Fitzgerald's Eric JohnstonEric Johnston, Cantor Fitzgerald head of derivatives & cross asset, and Bob Elliott, Unlimited Funds CEO, join 'Closing Bell Overtime' to talk the days market action.

Persons: Cantor, Eric Johnston Eric Johnston, Cantor Fitzgerald, Bob Elliott Organizations: Unlimited Funds

☆ After CNN report, White House bringing back program for Gold Star families to honor service members buried abroad
▼ + stars: | 2024-06-19 | by ( Jake Tapper | ) edition.cnn.com time to read: +3 min

CNN —The White House is pushing to reestablish a program for Gold Star families to honor their loved ones buried in American military cemeteries overseas after the shuttered program was featured in a CNN report, a White House official exclusively tells CNN. Biden administration officials have worked with the American Battle Monuments Commission (ABMC) to restore the program, which allows Gold Star families to have flowers placed on their loved one’s grave at US military cemeteries abroad. “The White House worked with the ABMC and this program will now be re-established,” the official said. For years, Gold Star families who lost loved ones in battle could pay for flowers and have the ABMC deliver them to the grave of their fallen family members in, say, Normandy. Rondy Elliott, a Gold Star daughter, lost her father, Corporal Frank Elliott, during the Normandy invasion 80 years ago.

Persons: CNN’s, Jake Tapper ”, Rondy Elliott, Corporal Frank Elliott, ”, Biden, Jeff Zients, John Kelly, ” Kelly, Kelly, “, –, ” “ Organizations: CNN, Gold Star, White House, Biden, Monuments Commission, White, Marine, Star Locations: Normandy, Arlington, America

☆ Southwest is under pressure to make big changes to its planes, flights, and bag rules: Here's what they could all look like
▼ + stars: | 2024-06-18 | by ( Taylor Rains | ) www.businessinsider.com time to read: +7 min

AdvertisementSouthwest is introducing new economy seats next year, adding tablet holders and power. Southwest could charge for bags — one of its biggest free perksElliott's proposal called attention to one of Southwest's most visible perks: two free checked bags. Scott Olson/Getty ImagesThere is a way for both sides to win, according to Harteveldt: Give free checked bags to Southwest credit card holders. American, Delta, and United offer complimentary checked bags as credit card perks. The additional flights can give travelers more flexibility and give Southwest more seats to sell on a route.

Persons: —, Elliott, Southwest Airlines Elliott, Henry Harteveldt, Richard Aboulafia, Robert Jordan, CCO Ryan Green, Scott Olson, Harteveldt, Thomas Pallini, Green, Irfan Khan, Elliot, that's, Jordan, We'll Organizations: Service, Investment Management, Southwest Airlines, Business, Southwest, Atmosphere Research, Reuters, CNBC, Elliott Investment Management, Green, Boeing, The Seattle Times, Los Angeles Times, Getty, American Airlines oneworld, Oneworld Locations: IdeaWorksCompany, Las Vegas, Hawaii, Southwest, Canada, Europe, Asia, Washington

A truck carrying aid for delivery into Gaza drives through the Kerem Shalom crossing in southern Israel, on June 17. Netanyahu then contacted his military secretary and said this was unacceptable, until he was assured the fighting in Rafah would continue. It raises the question of where the “tactical pause” order originated, but it’s expected to continue. Israeli security minister Ben Gvir — a leading right-wing member of the country’s cabinet — condemned the pause. Fighting and deadly strikes: Fierce fighting and airstrikes have rocked Rafah as the Israeli effort to destroy Hamas in Gaza continues.

Persons: Nathan Frandino, Salah, Benjamin Netanyahu, Netanyahu, Ben Gvir —, —, ”, Ahmed Radwan Organizations: Israel Defense Forces, United Nations Relief, Works Agency for Palestine Refugees, CNN, Rafah Civil Defense Locations: Gaza, Israel, Rafah, Kerem, Kerem Shalom

☆ Benjamin Netanyahu disbands Israeli war cabinet
▼ + stars: | 2024-06-17 | by ( Eugenia Yosef | Elliott Gotkine | ) edition.cnn.com time to read: +2 min

CNN —Israeli Prime Minister Benjamin Netanyahu has disbanded the country’s war cabinet, an Israeli official has told CNN, just over a week after opposition leader Benny Gantz withdrew from the body. Announcing his “complex and painful decision” to leave the war cabinet on June 9, Gantz said, “Netanyahu prevents us from moving forward to a real victory [in Gaza].” Eisenkot also quit the war cabinet. By dismantling the cabinet, Netanyahu avoids having to accede to that demand – or reject it. Another interpretation is that without Gantz – and Eisenkot – in it, there was no longer any point in keeping the war cabinet going. Instead, an Israeli official tells CNN, Netanyahu will in future hold smaller forums to discuss sensitive matters relating to the war with Hamas.

Persons: Benjamin Netanyahu, Benny Gantz, Netanyahu “, Netanyahu, Gantz, Bezalel Smotrich, Itamar Ben, Yoav Gallant, Ron Dermer, Gadi, ” Ben, “ Netanyahu, ” Eisenkot, hesitancy, “, ” Gantz, Ben, Gvir, Gantz – Organizations: CNN, Israeli, Finance, National Security, Defense Locations: Gaza

☆ Southwest CEO vows change as activist investor pushes for new leadership
▼ + stars: | 2024-06-12 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Southwest Airlines CEO Bob Jordan said the company is ready to adapt to changing customer trends like premium seating as pressure from an activist investor mounts. "We will adapt as our customers' needs adapt," Jordan said at an industry event hosted by Politico on Wednesday. Jordan's comments came two days after hedge fund Elliott Management disclosed a $1.9 billion stake in Southwest and said the carrier needs a new CEO and new chairman. Meanwhile, Jordan said Southwest has continued to work toward improving the customer experience. "It's been several years since we last studied this in-depth, and customer preferences and expectations change over time," an airline spokeswoman told CNBC.

Persons: Bob Jordan, Jordan, Jordan's, Elliott didn't, Elliott, It's, —, Rohan Goswami Organizations: Southwest, Politico, Elliott Management, Boeing, CNBC Locations: Southwest, Dallas, United States, Delta, U.S

☆ Trump and Biden campaigns go head-to-head with rival fundraisers in London
▼ + stars: | 2024-06-12 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Donald Trump pictured with right-wing British politician Nigel Farage during a campaign rally at the Mississippi Coliseum on Aug. 24, 2016. LONDON — Supporters of U.S. presidential candidates Donald Trump and Joe Biden will put their money where their mouths are at two rival fundraising events in London on Wednesday. "It seems to be the worst kept secret in London," Greg Swenson, spokesperson for Republicans Overseas UK, a campaign group for Trump's party, told CNBC over the phone. In the days after a Manhattan jury convicted the former president of 34 felony counts last month, the Trump campaign said it raised $141 million in donations. The pair have been visibly associated with Trump and Farage since at least April 2022, when Farage tweeted a picture of the group after a meal at Mar-a-Lago.

Persons: Donald Trump, Nigel Farage, Joe Biden, Donald Trump Jr, Kimberly Guilfoyle, Holly Valance, Nick Candy, Greg Swenson, Swenson, Trump, Farage, Matthew Elliott, Valance —, — Organizations: Mississippi Coliseum, LONDON, U.S, Fox News, Republican, Republicans Overseas UK, CNBC, Trump, Reform, Financial Times, Guardian, Reform UK Locations: British, London, Australian, Chelsea, Knightsbridge, U.S

☆ 5 things to know before the stock market opens
▼ + stars: | 2024-06-11 | by ( Sean Conlon | ) www.cnbc.com time to read: +4 min

At Apple's annual Worldwide Developers Conference on Monday, the company unveiled "Apple Intelligence" – its long-awaited AI software. Apple CEO Tim Cook stressed privacy and personalization with the system, moving beyond AI into "personal intelligence." Siri will also be getting some upgrades with Apple Intelligence, and Apple announced that Siri will also be able to tap into ChatGPT when needed through the company's partnership with OpenAI. The activist hedge fund has taken a $1.9 billion stake in Southwest Airlines , which makes it one of the airline's biggest investors. This follows a number of other stakes the firm has built within the past two months, such as a $2.5 billion stake in Texas Instruments, a $2 billion stake in SoftBank and a $1 billion stake in Anglo American.

Persons: Tim Cook, John Giannandrea, Craig Federighi, Nic Coury, Siri, Elliott, Gary Hershorn, it's, Bob Jordan, Gary Kelly, Fred Tanneau, Stephane Bancel, Francis Scott Key, Michael A Organizations: Nasdaq, Dow Jones, Nvidia, Apple, Developers, AFP, Getty, Apple Intelligence, OpenAI, Max, Southwest Airlines, Hollywood International Airport, Corbis, Elliott Management, Texas, Moderna, Afp, Francis Scott Key Bridge, McCoy, Washington Post Locations: Cupertino , California, Fort Lauderdale, Fort Lauderdale , Florida, SoftBank, U.S, Baltimore

☆ CNBC Daily Open: Apple upgrades Siri with AI
▼ + stars: | 2024-06-11 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Apple IntelligenceShares of Apple fell 1.9% after the iPhone maker delivered its long-awaited AI strategy. Siri will get an upgrade with Apple Intelligence and access to OpenAI's ChatGPT. Investors are concerned Apple had fallen behind its rivals, Microsoft and Google, in the race to deliver AI services and tools.

Persons: Goldman Sachs, Siri, Apple, Elon Musk's, Chris Ailman, CNBC's, Ailman, CalSTRS, Elliott, Moderna, Tesla, Elon, Bernstein Organizations: CNBC, Nasdaq, Technology, Nvidia, Meta, Microsoft, Dow Jones, Apple Intelligence, Apple, Investors, Google, California State Teachers, Elliott, Southwest, Elliott Management, Southwest Airlines, Boeing, Pfizer, Novavax Locations: U.S

☆ Stocks making the biggest moves midday: Affirm, General Motors, Apple and more
▼ + stars: | 2024-06-11 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Affirm Holdings – The stock popped nearly 7% following the announcement that its buy now, pay later loans will be embedded into Apple Pay as an option for purchases. U.S. Apple Pay users on iPhones and iPads will be able to use the option later this year, the company said in a filing. General Motors – The automaker's stock added about 2% after announcing a $6 billion share repurchase program. Apple – The stock jumped around 6% one day after the iPhone maker announced its artificial intelligence strategy at its Worldwide Developers Conference . GameStop – The stock rose about 2%, trimming losses after its recent slide.

Persons: General Motors, Siri, Keith Gill, Pierre Brondeau, Mark Douglas, Ronaldo Pereira, Elliott, Lee Cole, FactSet, —, Alex Harring, Samantha Subin, Lisa Kailai Han, Pia Singh, Sarah Min, Jesse Pound Organizations: Apple Pay, Apple, General, GM, Worldwide Developers, OpenAI, GameStop, FMC, JPMorgan, Reuters, Apollo, Kyndryl Holdings, Southwest Airlines –, Academy Sports, Bank of America Locations: Southwest

☆ CNBC Daily Open: Musk threatens Apple ban
▼ + stars: | 2024-06-11 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Technology stocks Nvidia, Meta and Microsoft boosted the indexes. Apple ban threatElon Musk threatened to ban Apple devices from his companies after Apple announced a partnership with OpenAI. Ailman suggested Musk should focus on one of his ventures and let professional managers handle Tesla's daily operations. The Taiwan Weighted index hit a record high, before paring back gains, as technology and utility stocks rose.

Persons: Elon Musk, Tesla, Goldman Sachs, Musk, Elon Musk's, Chris Ailman, CNBC's, Ailman, CalSTRS, Elliott, paring, Seng, Kospi, Morgan Stanley Organizations: New York Times DealBook, CNBC, Nasdaq, Technology, Nvidia, Meta, Microsoft, Dow Jones, Apple, OpenAI, California State Teachers, Elliott, Southwest, Elliott Management, Southwest Airlines, Boeing, CSI, Nikkei Locations: New York City, U.S, Asia, Taiwan, Pacific

☆ An activist investor with a new $1.9 billion stake in Southwest is calling for big changes at the airline
▼ + stars: | 2024-06-10 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

However, Elliott Investment Management said Monday that the airline's decades-old strategies weren't working in modern times, and it's calling for a management and board-of-directors overhaul as part of a plan it's calling "Stronger Southwest." This story is available exclusively to Business Insider subscribers. Elliott said Southwest leadership had a "rigid commitment" to the model it dreamed up decades ago, blaming that for today's shortcomings. Elliott Management, which oversees $66 billion in assets, is one of the world's most feared activist hedge funds. "The significant investment we have made reflects our conviction that, with the right leadership, Southwest can regain its status as an industry-leading airline."

Persons: —, Elliott, Elliot, Raymond James, Savanthi Syth Organizations: Service, Airlines, Elliott Investment Management, Business, Southwest, Elliott Management, Texas Instruments

☆ Jim Cramer says buy Southwest on activist push — and his thoughts on 2 tech stock downgrades
▼ + stars: | 2024-06-10 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. "Southwest Air is an underperformer for many, many years, but it does have a good balance sheet," Jim Cramer said. "I'm not so sure they're as high as people think," Cramer said. The CNBC Investing Club has long owned Nvidia , the dominant maker of AI chips. And yet if you look at the long term, Palo Alto has been very good," Cramer said.

Persons: Jim Cramer's, Elliott, Jim Cramer, Ben Reitzes, Cramer, you've, Morgan Stanley, Lisa Su's, GoDaddy, George Kurtz Organizations: CNBC, Club, Southwest Airlines, Elliott Management, Melius, Adobe, Devices, Nvidia, Walmart, JPMorgan, Costco, Investing Club, KKR, Palo Alto, Palo Alto Networks Locations: Texas, —, Palo Alto

☆ I agree with Elliott, the underperformance at Southwest is suboptimal, says Jim Cramer
▼ + stars: | 2024-06-10 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

'Mad Money' host Jim Cramer talks Elliott Management's $2 billion stake in Southwest airlines. Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email

Persons: Jim Cramer, Elliott Management's Locations: Southwest

☆ Activist investor takes $1.9 billion stake in Southwest Airlines, calls for leadership changes
▼ + stars: | 2024-06-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Elliott Investment Management announced Monday it has taken a $1.9 billion stake in Southwest Airlines and said there needs to be new leadership at the Dallas-based carrier. Southwest (LUV) stock gained more than 6% in trading Monday on the news of Elliott’s letter to the Southwest Board. Ellioitt’s letter made no mention of a desire to change Southwest from an all-737 fleet, which would increase the cost of pilot training and spare parts. Its letter does not give details about the changes it wants to see, other than a change in leadership at the airline. CEO Bob Jordan told investors last month that the airline is “seriously studying” a possible change to that policy.

Persons: ”, Elliott, Bob Jordan Organizations: New, New York CNN, Elliott Investment Management, Southwest Airlines, Dallas, Southwest Board, Boeing, Department of Transportation, Texas, Johnson Controls Locations: New York, ” Florida, Softbank

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