Jonathan Wong
The Latest
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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. 
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. -
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. 
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. 
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. 
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. 
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. -
Airbus to Cut 2,500 Jobs in Defence and Space Amid Financial Struggles
Airbus, the European aerospace giant, has announced plans to cut up to 2,500 jobs in its Defence and Space division as it grapples with a challenging business environment. The company attributed the job cuts, which will impact 7% of the division's workforce, to difficulties in its satellite segment and broader defense operations. 
Airbus, the European aerospace giant, has announced plans to cut up to 2,500 jobs in its Defence and Space division as it grapples with a challenging business environment. The company attributed the job cuts, which will impact 7% of the division's workforce, to difficulties in its satellite segment and broader defense operations. -
ASML Faces Sharp Revenue Decline as U.S. Export Curbs Hit China Sales
ASML, the Dutch chip equipment maker, has revealed that U.S. export restrictions are significantly impacting its sales in China, leading to a downward revision of its 2025 financial outlook. In its earnings report released Tuesday, ASML projected net sales for 2025 to fall between 30 billion and 35 billion euros ($32.7 billion to $38.1 billion), aligning with the lower end of its previous guidance. This adjustment comes amid geopolitical tensions and rising pressure on the global chip supply chain, prompting investor concerns and a substantial market response. 
ASML, the Dutch chip equipment maker, has revealed that U.S. export restrictions are significantly impacting its sales in China, leading to a downward revision of its 2025 financial outlook. In its earnings report released Tuesday, ASML projected net sales for 2025 to fall between 30 billion and 35 billion euros ($32.7 billion to $38.1 billion), aligning with the lower end of its previous guidance. This adjustment comes amid geopolitical tensions and rising pressure on the global chip supply chain, prompting investor concerns and a substantial market response. -
Morgan Stanley Beats Estimates as Investment Banking and Wealth Management Surge
Morgan Stanley's third-quarter earnings exceeded expectations as its core business divisions-wealth management, investment banking, and trading-outperformed analysts' estimates. The firm reported a profit increase of 32% to $3.2 billion, or $1.88 per share, with revenues rising 16% to $15.38 billion. These results highlight a broad resurgence across Wall Street, where major banks are witnessing a revival in investment banking and trading. 
Morgan Stanley's third-quarter earnings exceeded expectations as its core business divisions-wealth management, investment banking, and trading-outperformed analysts' estimates. The firm reported a profit increase of 32% to $3.2 billion, or $1.88 per share, with revenues rising 16% to $15.38 billion. These results highlight a broad resurgence across Wall Street, where major banks are witnessing a revival in investment banking and trading. -
Amazon Invests $500 Million in Nuclear SMRs to Power AI and Cloud Growth
Amazon has announced a bold new venture into nuclear energy, committing over $500 million to develop small modular reactors (SMRs) across the United States. The tech giant's cloud computing division, Amazon Web Services (AWS), revealed plans for three major projects aimed at meeting its escalating energy demands as it expands its services, particularly in artificial intelligence (AI). The initiative is also a critical component of Amazon's broader goal to achieve net-zero carbon emissions by 2040. 
Amazon has announced a bold new venture into nuclear energy, committing over $500 million to develop small modular reactors (SMRs) across the United States. The tech giant's cloud computing division, Amazon Web Services (AWS), revealed plans for three major projects aimed at meeting its escalating energy demands as it expands its services, particularly in artificial intelligence (AI). The initiative is also a critical component of Amazon's broader goal to achieve net-zero carbon emissions by 2040. -
LVMH Sales Decline 3% as Chinese Demand for Luxury Goods Softens Further
LVMH Moët Hennessy Louis Vuitton SE, the world's largest luxury conglomerate, reported a 3% drop in third-quarter sales, undershooting market expectations as demand for high-end products in China and Japan weakened significantly. The Paris-based company, widely regarded as a barometer for the global luxury industry, posted revenue of 19.08 billion euros ($20.8 billion) for the quarter ending in September, missing analysts' forecasts of modest growth. 
LVMH Moët Hennessy Louis Vuitton SE, the world's largest luxury conglomerate, reported a 3% drop in third-quarter sales, undershooting market expectations as demand for high-end products in China and Japan weakened significantly. The Paris-based company, widely regarded as a barometer for the global luxury industry, posted revenue of 19.08 billion euros ($20.8 billion) for the quarter ending in September, missing analysts' forecasts of modest growth.
