All articles tagged with #business and finance
On Monday, October 12, 2026, the U.S. observes Columbus Day as a federal holiday, closing government offices and the Postal Service. However, stock markets remain open, while bank hours vary by institution.
SpaceX completed the largest IPO in history in June 2026, reaching a market value peak of over $2 trillion. This valuation shift is expected to drive significant catalysts for the company's stock performance in 2027, establishing a new financial center of gravity for the space sector.
A joint investigation reveals that Deloitte Cyprus and its spin-off Meritservus falsified over 1,000 corporate documents between 1999 and 2013 to help Russian oligarch Roman Abramovich conceal assets and evade taxes. The scheme involved backdating records to hide billions in wealth from public accounts and avoid tax liabilities in Cyprus. While Abramovich denies involvement, experts describe the actions as blatant tax evasion and fraud.
PepsiCo reported third-quarter 2026 results that exceeded analyst expectations, driven by strong international growth, but the company lowered its full-year earnings forecast due to persistent weakness in its North American market. Adjusted earnings per share came in at $2.34, beating the $2.29 estimate, while net sales rose 5.6% to $25.27 billion. Despite the quarterly beat, CEO Ramon Laguarta acknowledged that the domestic turnaround is slower than expected, leading to a reduced projection for core earnings growth of 2.5% to 3.5% for the year. The company is facing a 'new wave of inflation' from energy costs, prompting plans for price hikes on snacks, while its carbonated soft drink portfolio continues to lag behind rivals like Coca-Cola.
Investors face a volatile start to the week as AI safety debates, Middle East oil disruptions, and looming US debt limits drive market movements. Stock futures are lower, with the Nasdaq 100 down over 1%.
Oracle shares fell 3.9% on Monday after the company disclosed that co-founder Larry Ellison canceled a pre-arranged plan to sell 50 million shares. The 10b5-1 plan, adopted in June, would have allowed the sale of stock worth approximately $7.5 billion, but no shares were sold under it. Ellison stated he has no other plans to sell Oracle stock. The market reaction was negative despite the cancellation typically being viewed as bullish, driven by broader AI sector weakness and concerns over Oracle's debt load.
Elon Musk's wealth increased by $21 billion as Tesla shares surged 15% following Donald Trump's return to the White House. Trump's proposed tariffs on foreign goods could raise consumer prices, but Musk's support for Trump may lead to reduced federal scrutiny of his businesses. The election results also boosted the U.S. dollar and bond yields, indicating investor optimism but also concerns about inflation. Trump's victory could impact fintech regulations and the Supreme Court, while his administration plans to focus on immigration, energy, and international relations.
Paramount Global shares surged 13% as Sony Pictures Entertainment considers joining Apollo Global Management's bid for Paramount, with investors showing enthusiasm for the potential scenario. Meanwhile, Skydance Media, backed by RedBird Capital, is in exclusive negotiations with Paramount's controlling shareholder, National Amusements. The market value of Paramount is around $8.5 billion, and there are ongoing uncertainties about the shape of potential deals, with Apollo making separate overtures for Paramount Pictures. The ultimate direction of a deal remains uncertain, with Shari Redstone's stake and potential litigation posing challenges.
Mark Zuckerberg surpassed Elon Musk to become the third-richest person in the world as Meta Platforms Inc. soared, with Zuckerberg's net worth at $186.9 billion compared to Musk's $180.6 billion. Musk's wealth has shrunk by $48.4 billion this year, while Zuckerberg has added $58.9 billion to his fortune. The reversal of the wealth gap reflects the rise of big tech and artificial intelligence over once-hot electric vehicle stocks. Additionally, the ongoing public spat and rivalry between the two billionaires has intensified, with Musk's net worth potentially facing further impact after a Delaware judge struck down his $55 billion Tesla pay package.
French luxury tycoon Bernard Arnault and his family have surpassed Jeff Bezos and Elon Musk to become the world's richest billionaires, with a fortune valued at $230 billion. Arnault's wealth is derived from overseeing the Louis Vuitton Moët Hennessy empire, which includes brands like Sephora and Tiffany & Co. Jeff Bezos, the founder of Amazon, is now the second wealthiest person, while Elon Musk, CEO of Tesla, has dropped to third place due to Tesla's stock decline. Mark Zuckerberg, Bill Gates, and other tech moguls also feature in the top 10 list of billionaires.
E.l.f. Beauty raises full-year guidance after surpassing third-quarter earnings estimates, Enphase Energy stock surges despite mixed fourth-quarter earnings, and H&R Block beats fiscal second-quarter revenue estimates while announcing the retirement of its chief financial officer.
Novo Nordisk's parent company is set to acquire drug manufacturer Catalent for $16.5 billion, aiming to enhance the supply of weight-loss drug Wegovy and diabetes shot Ozempic. The deal includes the purchase of three manufacturing sites from Catalent's parent company, Novo Holdings, and is expected to close by the end of 2024. Novo Nordisk anticipates the acquisition to gradually increase its filling capacity from 2026 onwards. The move comes as Novo Nordisk seeks to bolster its drug manufacturing capabilities amid rising competition in the weight loss drug market, with the deal receiving support from activist investor Elliott Investment Management.
United Airlines warns of first-quarter 2024 outlook impact due to grounding of Boeing 737 Max 9 jets for inspections, prompting discussions on potential implications for other airlines like JetBlue, Spirit Airlines, and Alaska Airlines. Expert Mike Boyd suggests that Boeing's commitments until 2030 make it difficult for Airbus to fill the gap, while also commenting on the blocked JetBlue-Spirit merger and the challenges faced by Alaska and JetBlue due to fleet issues.
Macquarie has successfully raised a record €8 billion for its Europe infrastructure fund, marking a significant achievement in the fundraising landscape. The substantial amount raised reflects strong investor interest in infrastructure opportunities across Europe.
The Dow Jones Industrial Average and the S&P 500 reached all-time highs, while Macy's announced store closures and job cuts. Disney CEO Bob Iger faced scrutiny over his hefty payday amidst job cuts, and a federal judge blocked the $3 billion merger between JetBlue and Spirit Airlines. Additionally, former President Trump secured Iowa, and the U.S. national debt hit a record $34 trillion. Federal Reserve officials tempered expectations for a rate cut in March, with market forecasts now pointing to a potential cut in May.