Corporate Stock News
ALASKA AIR GROUP INC
The airline experienced a significant IT outage causing operational disruptions, including delayed flights and a ground stop in Seattle. The issue has been resolved, though some residual impacts are expected.
ANALOG DEVICES
Analog Devices has been downgraded to a Hold rating by Truist Financial, with a new price target of USD 233, down from USD 266, as of September 23, 2024.
APOLLO GLOBAL MANAGEMENT INC & INTEL CORP
Apollo has proposed an investment of up to $5 billion in Intel. Discussions are preliminary and have not yet been finalized.
ASTRAZENECA PLC
A late-stage trial for AstraZeneca’s experimental drug, developed with Daiichi Sankyo, showed no significant improvement in overall survival for breast cancer patients. The company remains committed to further discussions with regulatory authorities.
BLACKROCK INC
The SEC has approved the listing and trading of options for BlackRock’s iShares Bitcoin Trust on Nasdaq under the ticker symbol “IBIT.”
BOEING CO
Boeing announced a leadership change in its troubled space and defense unit, with Ted Colbert leaving the company. COO Steve Parker will take over his responsibilities temporarily.
CANADIAN NATIONAL RAILWAY
Canadian National Railway’s rating has been maintained at Hold by TD Securities, with a price target of CAD 180, also dated September 23, 2024.
CITIGROUP INC
Citigroup’s expansion in China faces challenges after the Federal Reserve imposed penalties related to data management issues, complicating compliance with Chinese licensing regulations.
COMMERZBANK
Management warned the German government that a potential merger with Italy’s UniCredit could threaten key businesses in Europe’s largest economy.
DYNAMIC ACTIVE GLOBAL FINANCIAL SERVICES ETF
The ETF has been assigned a Hold rating by STA Research, with a price target of CAD 35, effective September 23, 2024.
FRENCH SHIPPING GIANT CMA CGM
CMA CGM has agreed to acquire 47.6% of Santos Brasil for 6.3 billion reais and plans to launch a takeover bid for the remaining shares.
GENERAL MOTORS CO
Unifor members ratified a two-year contract with GM, securing significant pay increases, while the company announced a layoff of 1,695 workers at its Kansas assembly plant.
GODADDY
GoDaddy has been downgraded to Neutral by Piper Jaffray Companies, with a revised price target of USD 172, down from USD 160, as of September 23, 2024.
KKR & CO INC
KKR raised $4.6 billion for its debut fund focused on mid-sized deals in North America, surpassing its fundraising target despite a challenging environment.
MERCK & CO INC
A U.S. appeals court revived over 500 lawsuits alleging that Merck failed to warn about the risks associated with its osteoporosis drug, Fosamax.
NETFLIX INC
India is investigating Netflix’s local operations over allegations of visa violations and racial discrimination.
OSISKO MINING INC
National Bank of Canada cut Osisko’s target price to C$4.90 from C$5, reflecting the implied all-cash offer from Gold Fields.
PINTEREST
Pinterest has received an initiated Buy rating from Deutsche Bank, with a price target set at USD 43, dated September 23, 2024.
REA GROUP
Australian property firm REA Group has made a third acquisition pitch for UK rival Rightmove, offering £6.1 billion after previous offers were rejected.
SEVEN & I HOLDINGS
Following a 20% stock price jump after rejecting Couche-Tard’s $39 billion takeover bid, pressure mounts on CEO Ryuichi Isaka to devise a strategy for improving shareholder returns.
SOUTHWEST AIRLINES CO
The airline has warned employees of forthcoming difficult decisions aimed at restoring profits amid pressure from activist investors.
TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD
TSMC and Samsung are exploring potential chip projects in the UAE, with talks about investments exceeding $100 billion.
TOTALENERGIES SE
TotalEnergies signed a 10-year agreement with Air France-KLM to supply up to 1.5 million metric tons of sustainable aviation fuel.
WALMART INC
Xiaomi has requested India’s antitrust body to retract a report alleging competition law breaches involving Flipkart, citing the inclusion of sensitive business data.
