Jonathan Wong
The Latest
-
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. -
JPMorgan Chase Reports 2% Drop in Profits Despite Investment Banking Surge
JPMorgan Chase & Co., the largest bank in the United States, reported a 2% decline in profits for the third quarter of 2024, with net income dropping to $12.9 billion from the previous year's level. Despite the decline, the bank's Wall Street operations outperformed expectations, reflecting a strong performance in investment banking that helped offset rising provisions for credit losses. 
JPMorgan Chase & Co., the largest bank in the United States, reported a 2% decline in profits for the third quarter of 2024, with net income dropping to $12.9 billion from the previous year's level. Despite the decline, the bank's Wall Street operations outperformed expectations, reflecting a strong performance in investment banking that helped offset rising provisions for credit losses. -
Elon Musk's $30K Cybercab Robotaxi and Robovan Unveiled, Experts Doubt Tesla's Bold Autonomy Claims
Tesla CEO Elon Musk unveiled the highly anticipated Cybercab robotaxi at the "We, Robot" event in Los Angeles on Thursday night, marking a significant step in the company's autonomous vehicle strategy. Amid a spectacle that featured Tesla's humanoid robots serving drinks and dancing for the crowd, Musk also surprised attendees with the introduction of a larger autonomous vehicle, the Robovan, designed to transport up to 20 passengers or large amounts of cargo. 
Tesla CEO Elon Musk unveiled the highly anticipated Cybercab robotaxi at the "We, Robot" event in Los Angeles on Thursday night, marking a significant step in the company's autonomous vehicle strategy. Amid a spectacle that featured Tesla's humanoid robots serving drinks and dancing for the crowd, Musk also surprised attendees with the introduction of a larger autonomous vehicle, the Robovan, designed to transport up to 20 passengers or large amounts of cargo. -
United Airlines Unveils Largest International Expansion: New Flights to Greenland, Mongolia, and More
United Airlines is set to embark on its largest-ever international expansion, launching flights to eight new destinations across the globe in 2025. In a strategic move to capture the attention of travelers seeking unique experiences, the airline will introduce non-stop routes to cities that are largely underserved by U.S. carriers, spanning continents from Europe to Asia and Africa. The expansion represents a bold bid by United to diversify its global network and appeal to adventurers looking beyond traditional tourist hotspots. 
United Airlines is set to embark on its largest-ever international expansion, launching flights to eight new destinations across the globe in 2025. In a strategic move to capture the attention of travelers seeking unique experiences, the airline will introduce non-stop routes to cities that are largely underserved by U.S. carriers, spanning continents from Europe to Asia and Africa. The expansion represents a bold bid by United to diversify its global network and appeal to adventurers looking beyond traditional tourist hotspots. -
Delta’s Revenue Takes a Hit from Software Glitch, CEO Predicts Record-Breaking Fourth Quarter
Delta Air Lines faced a turbulent third quarter as technical disruptions caused by a faulty software update from CrowdStrike led to significant financial setbacks. Despite these challenges, the airline reported a profitable quarter, though it narrowly missed analyst expectations for both revenue and earnings. CEO Ed Bastian highlighted the resilience of the company's operations while outlining a promising outlook for the holiday season. 
Delta Air Lines faced a turbulent third quarter as technical disruptions caused by a faulty software update from CrowdStrike led to significant financial setbacks. Despite these challenges, the airline reported a profitable quarter, though it narrowly missed analyst expectations for both revenue and earnings. CEO Ed Bastian highlighted the resilience of the company's operations while outlining a promising outlook for the holiday season.
