Cisco to Cut Over 4,000 Jobs, Redirecting Investments Towards Artificial Intelligence
Company
Earnings Typo Error Sends Lyft Stock on Wild Ride, Questions Raised
-
JetBlue Shares Soar After Carl Icahn Discloses Stake
"JetBlue Airways saw its shares surge by over 15% following the revelation that corporate titan Carl Icahn had acquired a nearly 10% stake in the airline, branding it as undervalued. The disclosure of Icahn's significant investment has stirred the market, coming at a crucial juncture for JetBlue as it endeavors to navigate post-pandemic recovery and the fallout from a thwarted merger with Spirit Airlines. -
Diamondback Energy's $26B Acquisition to Create a New Global Oil Giant Valued at over $50B
"Diamondback Energy, an American shale oil and gas producer, has announced a colossal acquisition that could give birth to a new global oil behemoth.
The Latest
-
Boeing Faces $1 Billion Labor Deal as Striking Workers Prepare to Vote
Boeing Co. (BA.N) is on the brink of resolving a labor strike that has crippled its production for more than five weeks. However, the financial and operational costs loom large, with analysts estimating that the proposed new contract could add over $1 billion to the company's wage-related expenses over four years. The contract is set for a critical vote on Wednesday, coinciding with Boeing's third-quarter earnings report, a period already clouded by projected losses. 
-
Disney Faces Major Shakeup as Board Chair Steps Down, New CEO Search Begins
Disney is undergoing significant leadership changes, as Mark Parker, the current chairman of the board, is set to step down at the end of the year. The entertainment giant announced on Monday that James Gorman, CEO of Morgan Stanley, will take over as board chair starting in 2025. This appointment marks Disney's fourth board chair in just over three years, highlighting the company's continued efforts to navigate the turbulent media landscape. 
-
BHP Faces $47 Billion Lawsuit Over Brazilian Dam Collapse in UK High Court
A $47 billion lawsuit against BHP, the world's largest mining company, commenced at London's High Court on Monday, with lawyers representing over 600,000 Brazilian claimants accusing the company of shirking responsibility for Brazil's worst environmental disaster. The 2015 collapse of the Mariana dam, operated by BHP and Vale's joint venture Samarco, unleashed millions of cubic meters of toxic sludge, killing 19 people, displacing thousands, and causing widespread environmental devastation across southeastern Brazil. 
-
Spirit AeroSystems Furloughs 700 Workers Amid Ongoing Boeing Strike
Spirit AeroSystems announced on Friday that it will furlough 700 workers for 21 days as the ongoing strike by Boeing machinists continues to disrupt production. The furloughs, which will impact employees working on Boeing's 767 and 777 widebody jet programs, come amid mounting financial strain for Spirit AeroSystems, a key supplier for Boeing. The strike, which began on September 13, involves over 32,000 Boeing workers and has halted production on critical aircraft programs. 
-
CVS Replaces CEO Amid Financial Struggles, Stock Down 12% as Profits and Share Price Falter"
CVS Health has appointed longtime executive David Joyner as its new president and CEO, replacing Karen Lynch amid the company's ongoing financial struggles. The leadership change, effective as of Thursday, comes as CVS contends with declining profits, regulatory scrutiny, and a significant drop in its stock price, which has fallen nearly 20% this year. 
-
TSMC Fuels Chip Stock Surge with AI-Powered Outlook, Boosting Nvidia and Rivals
Shares of U.S. chipmakers surged on Thursday after Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chipmaker, delivered an upbeat sales forecast driven by booming demand for artificial intelligence (AI) processors. 
-
Netflix Faces Slowing Growth as Analysts Predict Imminent Price Hike
Netflix Inc., the streaming giant that has enjoyed a meteoric rise in stock value since its May 2022 low, now faces a turning point as Wall Street questions whether the company's best days of growth are behind it. Shares of Netflix have surged nearly 340% from their lows, driven largely by strategic moves such as cracking down on password sharing and introducing an ad-supported subscription tier. 
-
Nokia’s Q3 Results Show Declining Sales but Recovery Signs in North America and India
Nokia Corp. reported mixed financial results for the third quarter of 2024, reflecting both challenges in its core telecom market and emerging signs of recovery in North America and India, according to the company's latest earnings report. The Finnish telecom equipment maker recorded a 9% increase in operating profit due to aggressive cost-cutting measures, even as its quarterly net sales declined by 8% year-over-year, falling short of analyst estimates. 
-
Boeing Targets $15 Billion Stock and Bond Sale, Aims to Avoid Credit Downgrade Amid Financial Struggles and Ongoing Strike
Boeing Co. is advancing a plan to raise approximately $15 billion through a combination of common shares and a mandatory convertible bond as it seeks to stabilize its finances amid ongoing production disruptions and labor strikes, according to sources familiar with the matter. The move is aimed at bolstering the aerospace giant's balance sheet, which has been severely impacted by recent events, including a prolonged labor strike and increased regulatory scrutiny. 
-
GM Commits $625 Million to Joint Lithium Venture, Bolsters U.S. EV Supply Chain
General Motors Co. (GM) announced Wednesday a strategic investment of $625 million into a joint venture with Lithium Americas Corp., a Canadian mining company, to develop a lithium mining operation at Thacker Pass, Nevada. 
