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☆ CVS is under pressure and considering a breakup. Here's why that could be risky
▼ + stars: | 2024-10-04 | by ( Annika Kim Constantino | Annika Kim Constantino Covers The Biotech | Pharmaceutical Industry For Cnbc Digital. | ) www.nbcnews.com time to read: +13 min

It’s time for a wellness check at CVS Health. But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said. He said a spinoff of CVS’ retail pharmacies would be more likely. A general view shows a sign of CVS Health Customer Support Center in CVS headquarters of CVS Health Corp in Woonsocket, Rhode Island, U.S. October 30, 2023. Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.

Persons: Caremark, ”, eMarketer, Rajiv Leventhal, Karen Lynch, Lynch, Brian Kane, “, ” Jefferies, Brian Tanquilut, Elizabeth Anderson, Anderson, it’s, eMarketer’s Leventhal, ” Tanquilut, Ann Hynes, Tanquilut, “ they’re, they’re, Michael Cherny, Cherny, Faith Ninivaggi, Reuters Cherny, CVS, Tom Cowhey Organizations: CVS Health, CVS, CNBC, Aetna, Monday, Glenview Capital, Glenview, Evercore ISI, UnitedHealth, Humana, Walgreens, Street Health, Oak, Health, Mizuho, Amazon, Walmart, Oak Street, Leerink Partners, Affordable, Medicare, CVS Health Corp, Reuters, Centers, Medicaid Services Locations: U.S, Caremark, Aetna, Texas and Illinois, Woonsocket , Rhode Island

☆ Australian court upholds order for Musk’s X to pay fine over anti-child abuse inquiry
▼ + stars: | 2024-10-04 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

SYDNEY, Australia — A court in Australia upheld an order on Friday for Elon Musk’s X to pay a fine of 610,500 Australian dollars ($418,000) for failing to cooperate with a regulator’s request for information about anti-child-abuse practices. X did not immediately respond to a request for comment on Friday. This is not the first conflict between Musk and the Australian internet safety regulator. The eSafety Commissioner earlier this year ordered X to remove posts showing a bishop in Australia being stabbed during a sermon. X challenged the order in court on the grounds that a regulator in one country should not decide what internet users viewed around the world, and ultimately kept the posts up after the Australian regulator withdrew its case.

Persons: Elon Musk’s, X, Musk, “, ”, Julie Inman Grant, eSafety Organizations: Federal, Twitter, X Corp, World Locations: SYDNEY, Australia

☆ CVS is under pressure and considering a break up. Here's why that could be risky
▼ + stars: | 2024-10-04 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +11 min

In this article CVS Follow your favorite stocks CREATE FREE ACCOUNTA sign outside of a CVS pharmacy store on February 07, 2024 in Miami, Florida. That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses. A workers stocks the shelves in a CVS pharmacy store on February 07, 2024 in Miami, Florida. An Oak Street Health clinic stands in a Brooklyn neighborhood on February 08, 2023 in New York City. A general view shows a sign of CVS Health Customer Support Center in CVS headquarters of CVS Health Corp in Woonsocket, Rhode Island, U.S. October 30, 2023.

Persons: Joe Raedle, Caremark, Rajiv Leventhal, Karen Lynch, Lynch, Brian Kane, Jefferies, Brian Tanquilut, Elizabeth Anderson, Anderson, it's, eMarketer's Leventhal, Tanquilut, Ann Hynes, Spencer Platt, they're, Michael Cherny, Cherny, Faith Ninivaggi Organizations: Getty, CVS Health, CVS, CNBC, Aetna, Monday, Glenview Capital, Glenview, UnitedHealth, Humana, Walgreens, Street Health, Oak, Health, Mizuho, Oak Street Health, Amazon, Walmart, Oak Street, Leerink Partners, Affordable, Medicare, CVS Health Corp Locations: Miami , Florida, U.S, Aetna, Caremark, Brooklyn, New York City, Texas and Illinois, Woonsocket , Rhode Island

☆ The beginner's guide to nepo babies
▼ + stars: | 2024-10-04 | by ( Amanda Yen | ) www.businessinsider.com time to read: +9 min

AdvertisementThere's one other field that's become a magnet for nepo babies with something new to say: journalism. The coastersBrooklyn Peltz Beckham and Nicola Peltz Beckham at the Academy Museum Gala in December 2023. Brooklyn Peltz Beckham and Nicola Peltz Beckham also fall into this category. The activistsSome nepo babies use their inherited millions to address social issues they're passionate about. The normiesLastly, there are some nepo babies who have chosen professions in fields where their connections won't help them quite as much.

Persons: —, John Quincy Adams, John Adams, Liza Minnelli, Judy Garland, Chan Zuckerberg, Mark Zuckerberg, Taylor Swift, Zuckerberg, Forbes — isn't, ultrarich, Alexandre Arnault, Antoine Arnault, Delphine Arnault, Bernard Arnault, Vianney Le Caer, Murdoch, Donald Trump, Fred Trump, Bill Gates, David Ellison, Larry Ellison, Jessica Pegula, Emma Navarro, Bruce Springsteen, Michael Bloomberg, Lance, Lawrence, Williams, Logan Sargeant, McLaren, Lando Norris, Jack Schlossberg, Kennedy, who's, Z's, Ronan Farrow, Mia Farrow, Woody Allen, rocketed, Harvey Weinstein, Brooklyn Peltz Beckham, Nicola Peltz Beckham, Frazer Harrison, Paris Hilton, Olivia Jade Giannulli, Lori Loughlin, she's, David, Victoria Beckham, Nelson Peltz, Abigail Disney, She's, Zers, Elon Musk's, Vivian Wilson, Jennifer Gates Nassar, Charles Shaffer, Anna Wintour Organizations: Service, Fox, News Corp, Oracle, Skydance Media, Aston Martin, New Yorker, Brooklyn, Academy Museum, Paris, Hilton, University of Southern, Zen, Disney, Bank of Mom, Vogue, Columbia University Locations: —, New, University of Southern California, Mount Sinai

☆ Stocks making the biggest moves midday: Rivian, Abercrombie & Fitch, CVS, Spirit Airlines and more
▼ + stars: | 2024-10-04 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Abercrombie & Fitch - Shares of the teen apparel retailer jumped nearly 8% after JPMorgan added it to its positive catalyst watch list. JetBlue shares jumped more than 15% on the news. Summit Therapeutics – The biopharmaceutical company added 2%. Other international shipping stocks saw losses as well, including Danish shipping giant Maersk at 5% . CVS Health — The company's shares added 3.3%.

Persons: Abercrombie &, Matthew Boss, Hollister, Tencent, — CNBC's Sean Conlon, Hakyung Kim, Christina Cheddar, Berk, Lisa Kailai Han Organizations: Abercrombie, Abercrombie & Fitch, JPMorgan, Spirit Airlines, JetBlue Airways —, Wall Street, JetBlue, Vistra, Nvidia, Therapeutics, Drug Administration, Ubisoft Entertainment, Bloomberg News, Ubisoft, SilverCrest Metals, Mining, Zim Integrated Shipping Services —, U.S, dockworkers, United States Maritime Alliance, Maersk, CVS Health, CNBC, CVS

Spruce Pine, North Carolina has no running water or electricity, more than a week after Helene ripped through the town of 2,200. Mines in Spruce Pine produce the world’s purest form of quartz, which plays a central role in chip manufacturing. Now, the town’s exceedingly valuable supply of high-purity quartz is at risk, threatening to cripple the $600 billion global semiconductor industry. “The Spruce Pine community has been hit particularly hard,” Sibelco said in a statement on Sept. 30. For the semiconductor industry, the challenges that any long-term disruption to the Spruce Pine mines would present cannot be overstated, experts say.

Persons: Hurricane Helene, Helene, ” Sibelco, “, ”, Lita Shon, Roy, Spencer Bost, “ it’s, Shon, ” Shon, Dustin Mulvaney, ” Mulvaney Organizations: Mines, Quartz Corp, National Weather Service, Downtown, San Jose State University Locations: Hurricane, Spruce Pine , North Carolina, China, Asia, North Carolina, “, Downtown Spruce

☆ Time to bail on the market's hottest sector? Some investors are starting to sell
▼ + stars: | 2024-10-03 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +2 min

Utilities are having their best rally in decades , propelled by artificial intelligence enthusiasm and the prospect of lower interest rates, but some investors are cooling on the sector. Rate-sensitive utilities are now the best-performing sector in the S & P 500 in 2024, jumping more than 28%. The sector is on pace for its best year since 2000, when it climbed more than 50%. XLU XLK,.SPX YTD mountain Utilities versus tech and the S & P 500 in 2024 Utilities are viewed as an outsized beneficiary of lower borrowing costs due to their high capital requirements. For the time being, investors are still flocking to the names: Vistra and Constellation hit fresh all-time highs on Thursday.

Persons: XLU XLK, Jason Goepfert, Kathryn Rooney Vera Organizations: Vistra Corp, Constellation Energy

☆ Boeing, Virgin Galactic settle lawsuit over work on Virgin 'mothership'
▼ + stars: | 2024-10-03 | by ( ) www.cnbc.com time to read: +2 min

Boeing and Virgin Galactic have settled a lawsuit stemming from Boeing's work on Virgin Galactic's space tourism "mothership," according to a Thursday filing in Virginia federal court. Virgin Galactic attorney Brett Williamson and Boeing said in emails that the lawsuit was "satisfactorily resolved by mutual agreement of the parties." Boeing sued Virgin in March, accusing it of stealing trade secrets and refusing to pay $25 million owed for Boeing's work. Virgin said it was entitled to monetary damages of at least "the difference between the $45.6 million paid by Virgin Galactic to Boeing and the substantially lower actual value of Boeing's performance." The case is The Boeing Company and Aurora Flight Sciences Corp v. Virgin Galactic LLC, U.S. District Court for the Eastern District of Virginia, No.

Persons: Richard Branson, Brett Williamson, countersued, Virgin Organizations: Virgin Group Ltd, Virgin Galactic Holdings Inc, New York Stock Exchange, Boeing, Virgin Galactic, Virgin, Eastern, Virgin Galactic's, Boeing's Aurora Flight Sciences, Boeing Company, Aurora Flight Sciences Corp, Virgin Galactic LLC, of Locations: New York, U.S, Virginia, Virgin, California, of Virginia

☆ Devastation from Hurricane Helene could bring semiconductor chipmaking to a halt
▼ + stars: | 2024-10-02 | by ( Clare Duffy | Dianne Gallagher | ) edition.cnn.com time to read: +7 min

In addition to this, our teams are joining the local taskforces to try to restore the most basic services and bring further supplies to Spruce Pine,” The Quartz Corp said in a statement. The Quartz Corp facility near Spruce Pine, North Carolina, is seen during a CNN flyover of the area on Monday, September 30. And while quartz is abundant around the world, the kind of ultra-high-purity quartz mined in Spruce Pine is not. The Spruce Pine mines provide an estimated 80% to 90% of the world’s high-purity quartz — experts say the exact amount is proprietary and unknown — supplying semiconductor manufacturers like chipmaking giant Taiwan Semiconductor Manufacturing Company. However, Wang said that despite the scale of the devastation in Spruce Pine, there is still reason for optimism.

Persons: Hurricane Helene, Helene, —, ”, Seaver Wang, Spencer Bost, ” Bost, ’ ” Sibelco, “, Sibelco, that’s, Gregory Allen, David Bader, CSIS’s Allen, Wang, ” Wang Organizations: New, New York CNN, Quartz Corp, Breakthrough Institute, Downtown, CNN, Belgian, Wadhwani Center, AI, Technologies, Center for Strategic, International, Taiwan Semiconductor Manufacturing Company, Institute for Data Science, New Jersey Institute of Technology Locations: New York, North Carolina, Hurricane, Spruce Pine, United States, Sibelco, Silicon, Downtown Spruce, Norwegian, Spruce, Spruce Pine , North Carolina, “

☆ Stocks making the biggest moves premarket: Humana, Nike, JD.com and more
▼ + stars: | 2024-10-02 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Humana – Shares plunged more than 22% after the healthcare company announced dire preliminary Medicare Advantage data for 2025. China stocks – Shares of Chinese companies continued to gain amid the broader stimulus rally . Diamondback Energy – The oil stock rose 3% following an upgrade to overweight from equal weight at Barclays. Energy stocks – Shares of energy companies rose following Iran's missile attack on Israel . APA Corp and Marathon Oil both rose more than 2%, and Occidental Petroleum rose more than 1%.

Persons: PDD, Alibaba, Lamb Weston –, Lamb, Betty Jiang, Diamondback, Dan Arnold, Rich Steinmeier, Davidson, —, Lisa Kailai Han, Jesse Pound, Sarah Min, Michelle Fox Theobald Organizations: Nike –, Nike, Li Auto, Baidu, Diamondback Energy, Barclays, Endeavor Energy Resources, LPL, LPL Financial, Baird, Energy, APA Corp, Marathon Oil, Occidental Petroleum Locations: China, Israel

☆ Chip company insiders sold a record $1.3 billion in stock during the third quarter
▼ + stars: | 2024-10-02 | by ( Nick Wells | ) www.cnbc.com time to read: +3 min

Chip insiders have stepped up their sales of company stock this year as AI-driven demand for processing power has propelled the sector's outperformance. Huang remains Nvidia's largest individual shareholder with around 3.5% of company shares outstanding, according to data from FactSet. In all, NVDA insiders disclosed around $960 million in stock sales during the third quarter, according to data collected by VerityData. Overall, 177 chip company insiders sold stock in the third quarter, down from a recent high of 245 in Q2 of 2024, according to the Washington Service. They sold a collective 12.7 million shares in Q3, a slight increase from Q2 but just below the 13.6 million shares sold in Q1.

Persons: Jensen Huang, Huang, Tench Coxe, Coxe, Hock Tan, Tan, Verity, Richard Wallace, Bren Higgins Organizations: Washington Service, Nvidia, VanEck Semiconductor, VerityData, Broadcom, YTD, KLA Corp, Texas Instruments, SEC Locations: FactSet

☆ Charles Schwab CEO Walt Bettinger to retire at end of 2024, Rick Wurster to replace him
▼ + stars: | 2024-10-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Walter "Walt" Bettinger, president and chief executive officer of Charles Schwab Corp., speaks during the 2015 Fortune Global Forum in San Francisco, California, U.S., on Tuesday, Nov. 3, 2015. Bettinger will be replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Charles Schwab CEO Walt Bettinger is retiring from his role at the end of December after 16 years leading the brokerage firm, the company announced Tuesday. In a statement, Bettinger cited his 65th birthday next year as a reason to step aside and praised the choice of Wurster. In an interview on CNBC's "Squawk Box," Wurster indicated that there would not be any immediate change in strategy with the CEO handoff.

Persons: Walter, Walt, Bettinger, Charles Schwab, Rick Wurster, Walt Bettinger, Schwab, we've, Wurster, Ameritrade, halve Organizations: Charles Schwab Corp, Global, Schwab Locations: San Francisco , California, U.S

☆ Breaking up Google's ad business could 'cripple' publishers. Analysts make the case for turning it into a public-benefit corporation instead.
▼ + stars: | 2024-10-01 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +7 min

The US Department of Justice and 17 state attorneys general seek to break up Google's adtech business. Arete Research analysts suggest spinning off Google's adtech as a B Corp instead. The government is hoping the judge will force Google to divest some or all of its adtech business. Related storiesA brute-force breakup or shutdown of parts of Google's sell-side business could have unintended consequences for publishers, Arete's analysts wrote. A publisher tech executive shared with Business Insider their own concerns about a potential breakup of Google's adtech business earlier this month.

Persons: —, Google's, execs, adtech, Arete, it's, Richard Kramer, Kramer Organizations: US Department of Justice, Arete Research, Service, Google, Corp . Companies, B, Google Display, Business, News Corp, Daily Mail, Network, Google Network, Corp, YouTube Locations: Google's

☆ 4 reasons for the tech selling Tuesday — and why we're not changing our view on the group
▼ + stars: | 2024-10-01 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Ultimately, the slow starts to August and September did not stand in the way of Wall Street recording a strong third quarter . Tech woes : The S & P 500 tech sector is having a rough day on several different fronts. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, There's, Elliott Hill, John Donahoe, Lamb Weston, we'll, Slim Jim, Hunt's, Orville Redenbacher's, We're, Jim Cramer's, Jim Organizations: CNBC, ., Stocks, Federal Reserve, Coterra Energy, Tech, Apple, Citigroup, HP Inc, CDW Corp, Citi, Samsung Electronics, Nvidia, Broadcom, Energy, Nike, Maine Foods, Labor, Jim Cramer's Charitable Locations: East, Iran, Israel, China

☆ Stocks making the biggest moves midday: Lockheed Martin, Paychex, CVS and more
▼ + stars: | 2024-10-01 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Energy stocks – U.S. crude oil futures rose 4% on worries that Iran is preparing to attack Israel , sending shares of energy companies higher. Defense stocks – Defense stocks rose on Tuesday after the White House warned that Iran was preparing an "imminent" ballistic missile attack on Israel. Shares of Lockheed Martin and Northrop Grumman were last trading higher by 3.7% and 4.1%, respectively. Paychex – The stock rose more than 4%, hitting a new 52-week high, after the company reported better-than-expected fiscal first-quarter results. Clorox – Shares of the household supplies company climbed nearly 2% after an upgrade to buy from hold at Jefferies.

Persons: Morgan Stanley, Israel, Halliburton, McDonald's, Lockheed Martin, Northrop Grumman, Paychex, Walt Disney, Raymond James, Clorox, —, Sarah Min, Hakyung Kim, Samantha Subin, Lisa Kailai Han, Pia Singh, Michelle Fox, Darla Mercado Organizations: New Fortress Energy, New Fortress, Deutsche Bank, New, –, APA Corp, Occidental Petroleum, Energy, Arcos, Defense, House, Lockheed, L3Harris Technologies, HP Inc, Citi, Walt Disney —, CVS Health, CNBC, Reuters, Jefferies Locations: Iran, Hess, Israel

☆ Forget Nvidia: The best-performing S&P 500 stock this year is a utility you've probably never heard of
▼ + stars: | 2024-10-01 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Vistra Corp. leads the S&P 500 with a 216% gain in 2024, driven by clean energy demand. Vistra acquired four nuclear power plants earlier this year to help boost its clean energy profile. To meet that demand, Vistra has been focusing on generating clean energy via nuclear power plants. Vistra's gains far outpace the second-best performing S&P 500 stock this year, Nvidia, which is up 138%. AdvertisementCoincidentally, the third best-performing stock in the S&P 500 so far this year is Constellation Energy, which has surged 126% year-to-date.

Persons: Vistra, Morningstar, —, it's, Travis Miller, Miller Organizations: Vistra, Service, Nvidia, Vistra Corp, Energy Harbor Corp, Constellation Energy, Microsoft Locations: California, Maine

☆ 500 Starbucks locations have voted to unionize as labor talks continue
▼ + stars: | 2024-10-01 | by ( Kristian Burt | In | ) www.cnbc.com time to read: +2 min

Demonstrators protest outside a closed Starbucks Corp. location at 505 Union Station in Seattle, Washington, US, on Saturday, July 16, 2022. Baristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday. Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release. "This milestone is a testament to workers building power from the ground up," said Lynne Fox, president of Workers United. The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework.

Persons: Baristas, Lynne Fox, Brian Niccol Organizations: Starbucks Corp, Starbucks Workers United, Workers, Starbucks Locations: Seattle , Washington, US, Bellingham , Washington, Bellingham

☆ Eric Adams has the SCOTUS supermajority to thank as he challenges his bribery charge
▼ + stars: | 2024-09-30 | by ( Laura Italiano | ) www.businessinsider.com time to read: +6 min

In a court filing on Monday, Adams attorney Alex Spiro cites a groundbreaking June SCOTUS decision as reason enough to toss the bribery count. AdvertisementFederal prosecutors say Adams enjoyed nearly a decade of globe-circling Turkish Airlines trips. "I know," the feds say Adams responded when told by the staffer that Turkey saw this as "his turn" to reciprocate. (In addition to Spiro, Adams is represented by Avi Perry and William Burck. Adams has pleaded not guilty to the indictment, which also charges him with illegally accepting campaign contributions from Turkish officials and others via straw donors.

Persons: SCOTUS, Adams, —, Eric Adams, It's, Alex Spiro, Snyder, Spiro, Michel Paradis, Paradis, Brett Kavanaugh, Avi Perry, William Burck, Anthony Kennedy, Kavanaugh, Spiro didn't Organizations: New York City, Service, US, Indiana, Columbia Law School, Prosecutors, Turkish Airlines, Fox Corp, New York Times, Turkish, Justice Department Locations: New York, United States, Turkey, Turkish, Spiro, Burck

☆ Hurricane Helene's devastation has blocked access to a one-of-a-kind mine for AI chips
▼ + stars: | 2024-09-30 | by ( Tom Carter | Geoff Weiss | ) www.businessinsider.com time to read: +5 min

Hurricane Helene tore through North Carolina over the weekend, causing widespread devastation. Spruce Pine was hit with over 2 feet of rain between Tuesday and Saturday, The Associated Press said. The two firms play a huge role in the global supply chain that ultimately ends in smartphones and powering cutting-edge AI systems. "The quartz in Spruce Pine formed deep in the Earth without a lot of water carrying in other impurities," Yinan Wang, a geologist, said. That's because the Spruce Pine mines are singular in their scale, he said.

Persons: Helene, —, Hurricane Helene, Ed Conway, we've, Yinan Wang, Conway, Seaver Wang, Wang Organizations: Service, Associated Press, Pine Police Department, ., Quartz Corp, Sky News, Breakthrough Institute Locations: North Carolina, Spruce, Spruce Pine, Western North Carolina, Mitchell County, Pine

☆ Rupert Murdoch’s property group REA ends chase to buy Rightmove after multiple rejected offers
▼ + stars: | 2024-09-30 | by ( April Roach | ) www.cnbc.com time to read: +2 min

LONDON — Rupert Murdoch's Australian property firm REA Group said Monday it would no longer seek to buy the U.K.'s Rightmove after the property portal rejected a fourth takeover proposal. "We were disappointed with the limited engagement from Rightmove that impeded our ability to make a firm offer within the timetable available. Rightmove, meanwhile, said Monday in a separate statement that its board unanimously rejected REA Group's fourth offer proposal on the grounds that it "materially undervalued Rightmove and its future prospects." REA Group, in which News Corp owns a more than 61% interest, operates a number of property websites in Australia, as well as several brands in India and the U.S. The company sold its real estate site PropertyFinder Group to Rightmove rival Zoopla in 2009, during the Global Financial Crisis.

Persons: Rupert, REA, Owen Wilson, Rightmove, REA Group's, It's, Andrew Fisher, Zoopla, Karen Gilchrest Organizations: Rightmove, REA, Murdoch's News Corp, Reuters, REA Group, News Corp, U.S Locations: London, Rightmove, Melbourne, Australia, India

☆ FTC clears Chevron-Hess deal, bans John Hess from board
▼ + stars: | 2024-09-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

John Hess, chief executive officer of Hess Corp., speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Tuesday, March 19, 2024. The Federal Trade Commission has banned Hess Corp . CEO John Hess from Chevron 's board as a condition for the oil companies' $53 billion merger to move forward. Hess Corp. and Chevron, however, have agreed that they will not appoint Hess to the board in order to facilitate the completion of the merger, according to the companies. The FTC voted 3 to 2 in favor of the order banning Hess from Chevron's board.

Persons: John Hess, Hess, Lina Khan, Andrew Ferguson, Hess's, Ferguson, Scott Sheffield Organizations: Hess Corp, P Global, Federal Trade Commission, Chevron, FTC, ., Exxon Mobil, Exxon, Democratic, Natural Resources, OPEC Locations: Houston , Texas, Chevron, Guyana, U.S

☆ UK's Rightmove rejects sweetened $8.3 billion bid from Murdoch's REA Group
▼ + stars: | 2024-09-30 | by ( ) www.cnbc.com time to read: +2 min

Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, U.S. September 23, 2024. British real estate portal Rightmove rejected a sweetened $8.29 billion takeover bid from Rupert Murdoch's Australian property listing firm REA Group on Monday, saying the fourth bid still undervalued the company. That gave Rightmove an implied value of 781 pence per share, about a 3% increase over the previous bid. Rightmove said that during the discussions, REA had requested to extend the deadline to allow it to consider a potential fifth proposal. The U.K. company looks primed for a steady recovery from a property market downturn as the potential for more rate cuts boosts sentiment in the U.K. housing sector.

Persons: Rupert Murdoch, Rupert Murdoch's, REA, Rightmove, Andrew Fisher, Hamish McLennan, Rightmove's Organizations: REA Group, Murdoch's News Corp, REA, OnTheMarket Locations: Reno , Nevada, U.S, British, U.K

☆ ValueAct takes a stake in Sanwa. How the activist can make a good company into a great one
▼ + stars: | 2024-09-28 | by ( Kenneth Squire | ) www.cnbc.com time to read: +9 min

Business: Sanwa Holdings is a Japan-based company mainly engaged in the manufacture and sale of building and commercial facility construction materials, as well as the provision of maintenance and renovation services. Activist Commentary: ValueAct has been a premier corporate governance investor for over 20 years. Ahead of any shareholder value creation, ValueAct will likely call for increased shareholder returns in the form of buybacks to capitalize on the Sanwa's relatively low valuation. ValueAct is likely to continue as an active shareholder while Sanwa continues to do what it's been doing, just on a faster timetable. As an engaged investor, ValueAct has historically closed the gap between "good" and "great" by supporting management in executing its plan.

Persons: ValueAct, Rob Hale, Hale, Sanwa, Clopay, healthily, It's, Dalton, Ken Squire Organizations: Sanwa, Olympus, JSR, ValueAct, Griffon Corp, KKR, Nikkei, U.S, Dalton Investments, 13D Locations: Japan, North America, Europe, U.S, Asia

☆ Trump Media insiders sell nearly 11 million shares after lock-up period expires
▼ + stars: | 2024-09-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

A major Trump Media shareholder has sold nearly all of its company shares, an SEC filing showed. It's the first known sale of Trump Media shares following a September 19 lock-up expiry. AdvertisementTrump Media shareholder United Atlantic Ventures has sold nearly all of its stake in the company, amounting to nearly 11 million shares. The sale is the first known case of company insiders ditching Trump Media shares now that restrictions have expired. AdvertisementGiven how volatile the Trump Media stock is, UAV may have received anywhere between $128 million and $170 million for its sale.

Persons: —, Andrew Litinsky, Wes Moss, Donald Trump's, Moss, Trump, DJT Organizations: Trump Media, SEC, United Atlantic Ventures, Service, Social, UAV, Trump

☆ Smartmatic and Newsmax reach settlement in election defamation case
▼ + stars: | 2024-09-26 | by ( Zoë Richards | Zoë Richards Is A Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

Smartmatic and Newsmax have reached a settlement in the voting technology company’s election defamation lawsuit against the right-wing news outlet shortly before the case was set to go to trial. The lawsuit focused on Newsmax's false claims that Smartmatic's machines rigged the 2020 presidential election for Joe Biden. Smartmatic sued Newsmax Media in 2021, alleging it claimed Smartmatic’s devices rigged the 2020 election. Former President Donald Trump and his allies have continued to promote false claims that the 2020 election results were manipulated to favor Biden. Smartmatic in April settled a similar defamation lawsuit against One America News for a sum that was not disclosed publicly.

Persons: Joe Biden, Newsmax, Smartmatic, Samira, Saba, Donald Trump, Biden Organizations: Newsmax, Newsmax Media, One America, Fox News, Fox Corp, Dominion Voting Systems Locations: Samira Saba

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