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Shockwave Medical — The medical device stock rose 1.6% after Johnson & Johnson announced it would buy the company for $12.5 billion. Krispy Kreme — Shares of the doughnut chain surged 5% in premarket trading after Piper Sandler upgraded the stock to overweight from neutral. Fox Corporation Class A — The stock rose 1% following an upgrade to buy from neutral at Seaport Research. Western Digital — The semiconductor stock rose nearly 3.5% after an upgrade to buy from neutral by Rosenblatt Securities. Agilent Technologies — The life sciences applications company rose more than 1% after receiving an upgrade to buy from hold at Stifel.
Persons: Johnson, Piper Sandler, Krispy Kreme, McDonald's, Omar Mejias, Wells, Steven Cahall, Ollie's, Gro —, Rosenblatt, Daniel Arias, — CNBC's Michelle Fox, Hakyung Kim, Yun Li, Sarah Min, Jesse Pound Organizations: Johnson, USA, Scotts Miracle, Gro, Fox Corporation, Seaport Research, Rosenblatt Securities, Western, Technologies, Stifel Locations: Wells Fargo
Despite the uncertain macroeconomic backdrop the market faces, some companies have been able to buy back their shares without relying heavily on debt to finance the purchases. PYPL YTD mountain Shares of PayPal are under pressure this year with a decline of more than 15%. MPC YTD mountain Marathon shares are down roughly 8% from the start of 2023. Meta shares have been on fire this year as the company focuses on efficiency, rallying more than 100%. META YTD mountain Meta stock in 2023
You can scroll a bit further down for the market's reaction to the stunning Tucker Carlson announcement, but for today, we're turning our attention to crypto. If you ask Chamath Palihapitiya, that's because crypto crossed the wrong people and now it's dead, at least in the US. While crypto may be "dead in America," bitcoin is still going to $100,000. The housing market is close to bottoming and that could stave off a bad recession. That's according to Morgan Stanley, which wrote in a research note that housing is linked to broader business cycles.
What to know ahead of the Fox News and Dominion trial
  + stars: | 2023-04-16 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +6 min
New York CNN —A trial in a defamation suit brought against Fox News by Dominion Voting Systems is set to begin this week. Here are 5 things to know ahead of the trial. Fox was trying to block Dominion from having the Murdochs on the witness stand. Fox Corporation, the right-wing news outlet’s owner, has an estimated $4 billion in cash on hand, according to its latest earnings statement. Though major figures at Fox privately acknowledged reality – that former President Donald Trump had lost to President Joe Biden in 2020 – Fox continued to air conspiracies and lies in order to keep its large audience engaged.
Fox News, however, did suggest it wants to put Scott, Wallace, Hannity, Carlson, Bartiromo, and Baier on the stand as witnesses. But in past court filings, Fox News has highlighted the fact that Baier said on-air shortly after the 2020 election that there weren’t indications of widespread fraud. Both Fox News and Dominion asked Davis in court this week to declare them the outright winner without a trial. Fox News has argued that it can’t be held liable for airing inherently newsworthy allegations from public figures that Dominion rigged the 2020 election, even if those claims were false. Fox Corporation has argued that Dominion overstated its role in Fox News’ editorial coverage of the 2020 election and asked to be dropped from the lawsuit – but the judge let the case move forward.
Rupert Murdoch admitted Fox News hosts endorsed falsehoods about the 2020 election. Murdoch chairs Fox Corporation, which argues it isn't responsible for claims made on subsidiary Fox News. Here was the chair of Fox Corporation, a 91-year-old mogul atop a conservative media empire, admitting to lies that damaged democracy. When asked by Dominion's lawyers in a January deposition whether he thought Fox hosts were truthful about the election, Murdoch was candid. Fox Corporation also manages subsidiaries like Fox Sports, a large number of local TV stations, TMZ, Tubi, and a blockchain company.
Rupert Murdoch conceded in a deposition that Fox News hosts pushed falsehoods about the 2020 election. Fox Corporation, which Murdoch leads, argues it isn't liable in Dominion's lawsuit anyway. At the same time, Murdoch denied that Fox Corporation itself endorsed these false claims. Dominion sued Fox News Network along with its parent company, Fox Corporation, in March 2021, also including Bartiromo, Pirro, and Dobbs as defendants. According to the filing, Rupert Murdoch said in his deposition he took care to strike a tone that wouldn't antagonize Trump.
New York CNN —Fox Chairman Rupert Murdoch said under oath that he made a business decision when allowing a conspiracy theorist to promote election lies on Fox News. The network faces two separate defamation lawsuits from voting technology companies that collectively seek $4.3 billion in damages. Cases against FoxDominion Voting Systems is suing Fox News and Fox Corporation for $1.6 billion, accusing the network of spreading false claims that its technology enabled election fraud. A separate, similar case brought by voting technology firm Smartmatic is seeking $2.7 billion in damages. It also illustrated instances of Fox actively pushing back on fact-checks that undermined the election lies being peddled by supporters of former President Donald Trump.
Rudy Giuliani has to face two more claims in Smartmatic's defamation lawsuit. Smartmatic has also tried to include Fox News's parent company, Fox Corporation, as a defendant in the case. Lachlan Murdoch and Rupert Murdoch, who run Fox News's parent company Fox Corporation, were both deposed in a similar lawsuit brought by Dominion Voting Systems. The portions of Smartmatic's lawsuit against Powell were moved to a court in Washington, DC, where the case remains ongoing. Fox Corporation is a defendant in that lawsuit and the technology company was able to depose Rupert and Lachlan Murdoch, court records show.
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