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| Here are today's top business stories: - 📈 S&P 500 reaches all-time high.
- 🚀 Meta's share price reaches a new record.
- ✈️ JetBlue and Spirit Airlines set to appeal merger block court decision.
Arbër
p/Arber | |
| 1 | | The S&P 500 reached a new all-time high on Jan. 19, 2023, surpassing the previous record by 1%. The index closed on Friday at 4,839.81. More: - The S&P 500 had previously reached its all-time high in January 2022.
- Following a 19% drop in 2022, the S&P 500 gained 24% as the economy beat market estimations and avoided a recession.
- The tech sector has soared 4% during the trading week, making it the S&P 500′s best-performing sector week to date.
- The Dow Jones Industrial went up by 1.05%, or 37,863.80. The Nasdaq-100 gained 1.95%, also a record high.
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Meta's share price has reached a new record high of $384.46. The company's stock has soared 200% since last year. More: - The company's stock had dropped by 64% in 2022, leading company CEO Mark Zuckerberg to change course.
- The Meta co-founder had stated that 2023 would be "the year of efficiency," leading to major actions such as cutting 20,000 jobs.
- The decision to reduce costs helped improve the company's financial situation, leading to an increase in investor interest.
- Since then, the company has repositioned itself as an AI market contender, recently announcing that it will acquire 350,000 NVIDIA H100 graphics cards by the end of 2024.
- The previous high for Meta's share price was in September 2021 at $384.33
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| 3 | | JetBlue and Spirit are set to appeal a US district court decision that had their merger attempt blocked. JetBlue was planning to acquire Spirit Airlines for $3.8B. More: - While the deal was first announced in 2022, a US judge blocked the merger, saying that a possible acquisition deal would lead to higher ticket prices for consumers.
- According to Judge William Young, JetBlue planned to take seats out of Spirt Airline's planes, thus leaving price-conscious consumers without affordable options.
- Following the decision, JetBlue has announced that it is going to appeal the decision and will seek fair treatment based on the terms that it has agreed upon with Spirit.
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| 4 | | Stellantis CEO Carlos Tavares has stated that the company won't sell EVs at a loss like other companies have, adding that the price war could lead to a "bloodbath." The executive added that Stellantis will invest over $50B in EVs through 2030. More: - Tavares stated that Stellantis is currently making money on all of the electric vehicles that it sells, making the segment financially feasible for the company.
- Commenting on the EV price cuts that began last year, the Portuguese national said that if all companies follow Tesla in cutting their prices, they could become part of a race to the bottom due to the fact that not all EV makers have the same advantages that more established companies in this space have.
- The CEO said that Stellantis will introduce 23 new EV vehicles by the end of 2024, in addition to the 25 models it has already launched, including an electric RAM pickup truck and an electric JEEP Wrangler.
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| 5 | | Several Microsoft executives have been hacked by a Russian intelligence group, according to the company. The tech giant tracked the breach last week. More: - According to Microsoft, the cyberattack did not result in stolen data or any other damage, but the company reported the breach due to new U.S. regulations that require companies to disclose cyberattacks.
- Microsoft claims that hackers accessed several email accounts and were likely looking for information that the company had on the hacker group.
- After detecting the breach, the response protocol was activated, which cut the threat actor's access to Microsoft's accounts.
- The threat actor, Nobelium, also referred to as Midnight Blizzard, is best known for leading the SolarWinds hack in 2020.
- The SolarWinds breach is considered one of the worst hacking incidents in the 21st century. In this cyberattack, hackers launched a supply chain breach that affected tens of thousands of organizations and clients, including U.S. government agencies.
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| 6 | | Telecom company Telefonica is set to acquire the TV rights for La Liga, Spain's premier football division, for $1.4B. The deal will be valid until the end of the 2026/2027 season. More: - Telefonica will pay $272M million for half of the 2024-2025 season and $567M per season in 2026 and 2027.
- The Spanish telecom company had previously bought the rights in 2021, but Spain's Football Federation was obliged to retender the TV rights by Spanish regulatory authorities.
- In addition to Telefonica, streaming company DAZN will have the rights for 45% of the remaining La Liga games.
Zoom Out: - The telecom company recently issued a $1.8B green bond. Telefonica said that the initial goal was set at $816M but raised the limit due to investor interest.
- The company's revenue in 2021 stood at $42B.
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- An Atlas Air Boeing 747 cargo plane had to make an emergency landing in Miami after its engine caught on fire.
- Kaspi, a Kazakhstan-based super app that operates in e-commerce, finance, transport, etc., has raised $1B through its U.S. IPO listing. The company's IPO is the largest since Birkenstock's filing in 2023.
- Selkie is facing backlash from its followers online after selling a collection of clothing items designed with AI for as much as $1500.
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 | Writer | | Arbër is an Inside analyst who has previously incubated his startup at the largest incubator in Southeastern Europe. He has collaborated with multiple major publications and holds a business degree from XAMK University in Finland. | | This newsletter was edited by Megan LaBruna | |
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