Jonathan Wong
The Latest
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Thyssenkrupp Reconsiders Green Steel Plans Amid Soaring Costs
Thyssenkrupp AG, the German industrial conglomerate, is facing a critical juncture in its push to produce "green steel," with the company now reexamining its ambitious plans to transition its steel production to hydrogen-based processes. The review comes in response to escalating costs and internal challenges, putting the future of the project in question and raising concerns about the feasibility of its decarbonization strategy. 
Thyssenkrupp AG, the German industrial conglomerate, is facing a critical juncture in its push to produce "green steel," with the company now reexamining its ambitious plans to transition its steel production to hydrogen-based processes. The review comes in response to escalating costs and internal challenges, putting the future of the project in question and raising concerns about the feasibility of its decarbonization strategy. -
Starboard Value Targets Pfizer for Turnaround with $1 Billion Stake
Activist investor Starboard Value has acquired a significant stake in Pfizer, valued at around $1 billion, as it aims to drive a strategic overhaul at the struggling pharmaceutical giant. The move comes as Pfizer faces mounting challenges, including dwindling revenue from its COVID-19 products and concerns over its recent acquisition strategy. The activist firm's push for change could signal a new chapter in the company's efforts to recapture its former financial strength. 
Activist investor Starboard Value has acquired a significant stake in Pfizer, valued at around $1 billion, as it aims to drive a strategic overhaul at the struggling pharmaceutical giant. The move comes as Pfizer faces mounting challenges, including dwindling revenue from its COVID-19 products and concerns over its recent acquisition strategy. The activist firm's push for change could signal a new chapter in the company's efforts to recapture its former financial strength. -
Rivian Slashes Production Forecast Due to Parts Shortage, Shares Drop as EV Demand Slows
Rivian Automotive, the electric vehicle (EV) startup backed by Amazon, has reduced its full-year production forecast, citing supply chain disruptions and a shortage of key components. The company also missed third-quarter delivery expectations, causing its stock to drop by about 4% in early trading on Friday. Rivian now expects to produce between 47,000 and 49,000 vehicles in 2024, a sharp decrease from its earlier target of 57,000 units. 
Rivian Automotive, the electric vehicle (EV) startup backed by Amazon, has reduced its full-year production forecast, citing supply chain disruptions and a shortage of key components. The company also missed third-quarter delivery expectations, causing its stock to drop by about 4% in early trading on Friday. Rivian now expects to produce between 47,000 and 49,000 vehicles in 2024, a sharp decrease from its earlier target of 57,000 units. -
Eli Lilly Unveils $4.5 Billion Plan for Cutting-Edge Research and Manufacturing Center
Eli Lilly, the pharmaceutical giant behind some of the most successful drugs in recent years, has announced plans to invest $4.5 billion in a new research and manufacturing center in Indiana. 
Eli Lilly, the pharmaceutical giant behind some of the most successful drugs in recent years, has announced plans to invest $4.5 billion in a new research and manufacturing center in Indiana. -
Tesla's Third-Quarter Delivery Miss Sends Stock Down, Struggles with Rivals in China and Europe
Tesla, the world's leading electric vehicle (EV) manufacturer, reported its third-quarter delivery numbers on Wednesday, falling short of Wall Street's expectations and causing its shares to dip by 3.5% in premarket trading. The EV maker delivered 462,890 vehicles between July and September, marking a 6.4% increase from the previous quarter. However, this fell below analysts' average forecast of 469,828 deliveries, a key indicator closely monitored by investors. 
Tesla, the world's leading electric vehicle (EV) manufacturer, reported its third-quarter delivery numbers on Wednesday, falling short of Wall Street's expectations and causing its shares to dip by 3.5% in premarket trading. The EV maker delivered 462,890 vehicles between July and September, marking a 6.4% increase from the previous quarter. However, this fell below analysts' average forecast of 469,828 deliveries, a key indicator closely monitored by investors. -
Union Calls on Boeing CEO to Step In as Healthcare Benefits for Striking Workers Are Cut
Boeing's labor dispute intensified this week after the company cut off healthcare benefits for around 33,000 striking workers, sparking renewed calls from the union for CEO Kelly Ortberg to intervene personally. The International Association of Machinists (IAM) and Aerospace Workers, representing the employees, urged the newly appointed CEO to step in and engage directly in negotiations. The strike, which began on September 13, has disrupted production of Boeing's top-selling 737 MAX jets and appears far from resolution. 
Boeing's labor dispute intensified this week after the company cut off healthcare benefits for around 33,000 striking workers, sparking renewed calls from the union for CEO Kelly Ortberg to intervene personally. The International Association of Machinists (IAM) and Aerospace Workers, representing the employees, urged the newly appointed CEO to step in and engage directly in negotiations. The strike, which began on September 13, has disrupted production of Boeing's top-selling 737 MAX jets and appears far from resolution. -
CVS Explores Radical Break-Up Amid $1 Billion Cost-Cutting Crisis: Report
CVS Health Corp. is reportedly exploring a potential break-up of its retail and insurance units as the company grapples with increasing investor pressure and a depressed stock price. According to sources familiar with the matter, CVS has engaged financial advisors to assess various options, including separating its pharmacy operations from its insurance business, in a bid to rejuvenate its struggling operations. 
CVS Health Corp. is reportedly exploring a potential break-up of its retail and insurance units as the company grapples with increasing investor pressure and a depressed stock price. According to sources familiar with the matter, CVS has engaged financial advisors to assess various options, including separating its pharmacy operations from its insurance business, in a bid to rejuvenate its struggling operations. -
Murdoch's REA Group Abandons $8.1 Billion Bid for Rightmove After Rejected Offers
Rupert Murdoch's Australian property firm REA Group Ltd. has terminated its $8.1 billion bid to acquire Britain's Rightmove PLC after the UK-based property portal rejected a fourth takeover proposal. The decision brings an end to a month-long negotiation marked by valuation disagreements and limited engagement between the two companies. 
Rupert Murdoch's Australian property firm REA Group Ltd. has terminated its $8.1 billion bid to acquire Britain's Rightmove PLC after the UK-based property portal rejected a fourth takeover proposal. The decision brings an end to a month-long negotiation marked by valuation disagreements and limited engagement between the two companies. -
DirecTV Buys Dish for $1, Consolidating Struggling Satellite TV Industry Amid Cord-Cutting Era
In a monumental merger that has been anticipated for years, DirecTV has announced its acquisition of long-time rival Dish Network for just $1, marking the end of decades of negotiations between the two satellite TV giants. The deal, which also involves DirecTV taking on Dish's billions in debt, reflects the immense challenges both companies have faced as streaming services dominate the media landscape and cord-cutting reshapes consumer behavior. 
In a monumental merger that has been anticipated for years, DirecTV has announced its acquisition of long-time rival Dish Network for just $1, marking the end of decades of negotiations between the two satellite TV giants. The deal, which also involves DirecTV taking on Dish's billions in debt, reflects the immense challenges both companies have faced as streaming services dominate the media landscape and cord-cutting reshapes consumer behavior. -
Stellantis Faces Cash Burn as U.S. Sales Struggle, Lowering 2024 Profit Expectations
Stellantis, the world's fourth-largest automaker by sales, sharply reduced its 2024 profit outlook on Monday, warning of deeper-than-expected cash burn and mounting challenges in its U.S. and global operations. The company, which owns iconic brands like Chrysler, Jeep, Fiat, and Peugeot, revised its forecast to reflect deteriorating market conditions, particularly in the U.S. and China, two of its largest markets. 
Stellantis, the world's fourth-largest automaker by sales, sharply reduced its 2024 profit outlook on Monday, warning of deeper-than-expected cash burn and mounting challenges in its U.S. and global operations. The company, which owns iconic brands like Chrysler, Jeep, Fiat, and Peugeot, revised its forecast to reflect deteriorating market conditions, particularly in the U.S. and China, two of its largest markets.
