Jonathan Wong
The Latest
-
Seattle Rally Intensifies Boeing Strike as Company Seeks $35 Billion Loan to Offset Mounting Losses
Boeing's ongoing financial crisis deepened this week as the company announced plans to borrow tens of billions of dollars to mitigate the fallout from a crippling worker strike and years of safety and operational issues. On Tuesday, Boeing filed plans to borrow $10 billion from a consortium of banks, while also seeking to raise $25 billion through stock and debt sales. These moves highlight the mounting pressure on Boeing as it grapples with labor unrest and a series of compounding crises. 
Boeing's ongoing financial crisis deepened this week as the company announced plans to borrow tens of billions of dollars to mitigate the fallout from a crippling worker strike and years of safety and operational issues. On Tuesday, Boeing filed plans to borrow $10 billion from a consortium of banks, while also seeking to raise $25 billion through stock and debt sales. These moves highlight the mounting pressure on Boeing as it grapples with labor unrest and a series of compounding crises. -
Goldman Sachs Reports 45% Surge in Profits Amid Resurgence in Deal-Making
Goldman Sachs has reported a strong third-quarter performance, with profits surging 45% compared to the same period last year. The Wall Street giant posted a net income of nearly $3 billion, up from around $2 billion in the third quarter of 2023. This growth was largely driven by a significant rebound in investment banking activity and increased revenue from stock trading, signaling that deal-making is on the rise again after a prolonged slump. 
Goldman Sachs has reported a strong third-quarter performance, with profits surging 45% compared to the same period last year. The Wall Street giant posted a net income of nearly $3 billion, up from around $2 billion in the third quarter of 2023. This growth was largely driven by a significant rebound in investment banking activity and increased revenue from stock trading, signaling that deal-making is on the rise again after a prolonged slump. -
Political Betting Fuels Trump Media's Stock Comeback Amid 2024 Election Buzz
Shares of Trump Media & Technology Group, the parent company of Truth Social, have been making a remarkable recovery in recent weeks, as traders and investors perceive an increased chance of Donald Trump regaining the White House in the upcoming 2024 election. 
Shares of Trump Media & Technology Group, the parent company of Truth Social, have been making a remarkable recovery in recent weeks, as traders and investors perceive an increased chance of Donald Trump regaining the White House in the upcoming 2024 election. -
Nvidia’s Market Cap Hits $3.4 Trillion, Poised to Dethrone Apple Amid AI Chip Frenzy
Nvidia, the world's leading AI chipmaker, is seeing its stock surge as Wall Street gears up for earnings season. The company's market cap has soared past $3.4 trillion, edging closer to Apple's $3.5 trillion, positioning Nvidia to potentially become the most valuable company in the world. On Monday, shares of Nvidia rose by 2.6% to $138.31, pushing the stock toward a record close, driven by continued optimism around its role in the artificial intelligence (AI) boom. 
Nvidia, the world's leading AI chipmaker, is seeing its stock surge as Wall Street gears up for earnings season. The company's market cap has soared past $3.4 trillion, edging closer to Apple's $3.5 trillion, positioning Nvidia to potentially become the most valuable company in the world. On Monday, shares of Nvidia rose by 2.6% to $138.31, pushing the stock toward a record close, driven by continued optimism around its role in the artificial intelligence (AI) boom. -
Lundbeck Bets on Epilepsy Treatment in $2.6 Billion Deal with Longboard Pharmaceuticals
Danish pharmaceutical giant H. Lundbeck A/S has struck a $2.6 billion deal to acquire Longboard Pharmaceuticals, a U.S.-based biotech firm specializing in treatments for neurological conditions. The acquisition, expected to close in the fourth quarter of 2024, is a strategic move by Lundbeck to expand its portfolio in the lucrative but competitive market for epilepsy drugs. Shares of Longboard surged by nearly 44% in pre-market trading following the announcement. 
Danish pharmaceutical giant H. Lundbeck A/S has struck a $2.6 billion deal to acquire Longboard Pharmaceuticals, a U.S.-based biotech firm specializing in treatments for neurological conditions. The acquisition, expected to close in the fourth quarter of 2024, is a strategic move by Lundbeck to expand its portfolio in the lucrative but competitive market for epilepsy drugs. Shares of Longboard surged by nearly 44% in pre-market trading following the announcement. -
Tesla Stock Plummets After Cybercab Reveal, Musk Loses $15 Billion
Tesla's stock took a sharp nosedive following the much-anticipated reveal of its new Cybercab and Robovan concepts, resulting in a $15 billion drop in CEO Elon Musk's net worth. Investors, who had been eagerly awaiting the company's announcement, were left disappointed by the lack of concrete details on how Tesla plans to execute its ambitious self-driving car strategy, sending the company's shares down nearly 9%. 
Tesla's stock took a sharp nosedive following the much-anticipated reveal of its new Cybercab and Robovan concepts, resulting in a $15 billion drop in CEO Elon Musk's net worth. Investors, who had been eagerly awaiting the company's announcement, were left disappointed by the lack of concrete details on how Tesla plans to execute its ambitious self-driving car strategy, sending the company's shares down nearly 9%. -
Boeing Faces Financial Crisis with 777X Delays, $5 Billion Hit, Labor Strife and Massive Job Cuts
Boeing is facing a critical moment as it navigates multiple challenges, including a month-long machinists strike, significant job cuts, and delays in the production of its 777X jet. The aerospace giant announced plans to cut 17,000 jobs, representing 10% of its global workforce, and reported a $5 billion charge for the third quarter, as delays and disruptions continue to impact the company's bottom line. 
Boeing is facing a critical moment as it navigates multiple challenges, including a month-long machinists strike, significant job cuts, and delays in the production of its 777X jet. The aerospace giant announced plans to cut 17,000 jobs, representing 10% of its global workforce, and reported a $5 billion charge for the third quarter, as delays and disruptions continue to impact the company's bottom line. -
Boeing to Cut 17,000 Jobs, Delay 777X Delivery as Strike Deepens Financial Woes
Boeing Co. is taking drastic measures to address its mounting financial challenges, announcing plans to cut 17,000 jobs-equivalent to 10% of its global workforce-and delay the first delivery of its 777X jet until 2026. The decision comes amid a debilitating strike by thousands of machinists that has severely impacted the aerospace giant's operations and financial stability. CEO Kelly Ortberg outlined these moves in a memo to employees on Friday, highlighting the need for tough structural changes as the company battles losses and faces uncertain economic conditions. Boeing Co. is taking drastic measures to address its mounting financial challenges, announcing plans to cut 17,000 jobs-equivalent to 10% of its global workforce-and delay the first delivery of its 777X jet until 2026. The decision comes amid a debilitating strike by thousands of machinists that has severely impacted the aerospace giant's operations and financial stability. CEO Kelly Ortberg outlined these moves in a memo to employees on Friday, highlighting the need for tough structural changes as the company battles losses and faces uncertain economic conditions. -
Jamie Dimon Sounds Alarm on Geopolitical Risks Amid Strong JPMorgan Earnings
Jamie Dimon, CEO of JPMorgan Chase, raised serious concerns about escalating geopolitical risks while presenting the bank's third-quarter earnings, despite its strong financial performance. In a stark warning, Dimon described the global landscape as "treacherous and getting worse," emphasizing the potential impact on both the economy and the broader course of history. 
Jamie Dimon, CEO of JPMorgan Chase, raised serious concerns about escalating geopolitical risks while presenting the bank's third-quarter earnings, despite its strong financial performance. In a stark warning, Dimon described the global landscape as "treacherous and getting worse," emphasizing the potential impact on both the economy and the broader course of history. -
Wells Fargo Shares Rise as Profit Beats Estimates and Provisions Shrink
Wells Fargo & Co. delivered a stronger-than-expected earnings performance for the third quarter of 2024, despite facing challenges from declining net interest income. The San Francisco-based lender reported adjusted earnings per share of $1.52, exceeding analysts' predictions of $1.28, as its profit margins were buoyed by diversified revenue streams and lower-than-expected provisions for credit losses. Following the earnings announcement, Wells Fargo's shares jumped over 5% in morning trading. 
Wells Fargo & Co. delivered a stronger-than-expected earnings performance for the third quarter of 2024, despite facing challenges from declining net interest income. The San Francisco-based lender reported adjusted earnings per share of $1.52, exceeding analysts' predictions of $1.28, as its profit margins were buoyed by diversified revenue streams and lower-than-expected provisions for credit losses. Following the earnings announcement, Wells Fargo's shares jumped over 5% in morning trading.
