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George Lucas backs Iger, Disney benefits
28 minutes ago
Disney (DIS) stock rose on Tuesday after “Star Wars” creator George Lucas announced his support for Bob Iger in his battle with activist investor Nelson Peltz.
According to CNBC, Lucas received 37.1 million shares as part of Disney’s acquisition of Lucasfilm in 2012 and is now the company’s largest individual shareholder.
“I have full confidence in the power of Disney and Bob’s track record of driving long-term value, and I will continue to be a significant shareholder. , we urge other shareholders to do the same,” he said in a statement to CNBC on Tuesday.
Mr. Lucas joins JPMorgan Chase & Co. CEO Jamie Dimon and proxy advisory firm Glass Lewis, who have also endorsed Mr. Iger.
Activist investor Nelson Peltz is engaged in his second proxy battle with Disney in recent years, having first attempted to restructure the company in late 2022. He asked investors to nominate him and former Disney chief financial officer Jay Laslo to the company’s board of directors. Directors said this at the annual general meeting on April 3.
Iger will return as CEO in November 2022 after a brief retirement, as the entertainment giant is in the midst of a major overhaul. His efforts include the Disney Plus streaming service, a joint sports streaming service with Fox (FOXA) and Warner Bros. Discovery (WBD), and a major effort to monetize the company’s major theme park investments. This includes cutting content spending by billions of dollars. .
Disney shares rose 0.8% to $114.76 Tuesday afternoon. It’s up about 27% so far this year.
Nvidia name loss boosts three software stocks
1 hour 39 minutes ago
Shares of chip and computing system design software company Cadence Design Systems (CDNS) rose on Tuesday following comments from Nvidia CEO Jensen Huang during his keynote speech at the company’s annual GPU technology conference. Huang gave a shoutout to Cadence during his talk, noting that the software design company is developing supercomputers powered by Nvidia chips.
Shares of software automation software maker Synopsys (SNPS) also rose after NVIDIA announced it would integrate its software with a computational lithography platform to accelerate manufacturing of next-generation semiconductor chips. “Computer lithography is the basis of chip manufacturing,” Huang said.
Engineering software maker Ansys (ANSS) on Monday night announced plans for accelerated computing, 6G communications systems, AI-powered simulation solutions, and self-driving cars. In addition, Nvidia will use Ansys solutions to optimize the hardware and provide the company with new Blackwell AI chips.
Synopsys and Cadence stock rose more than 3% Tuesday afternoon, while Ansys stock rose nearly 2%. All three stocks were among the five best-performing stocks on the Nasdaq 100 index as of midday Tuesday.
-Timothy Smith
Supermicrocomputer raises $2 billion through stock sale, stock price falls
2 hours 15 minutes ago
Shares of Super Microcomputer (SMCI) fell in early trading Tuesday after the company announced it would issue 2 million more shares to raise $2 billion.
“The primary purpose of this offering is to obtain additional capital to support our operations, including for inventory purchases and other working capital purposes, as well as manufacturing capacity expansion and production capacity improvements,” the company said. said. [R&D] investment,” according to a Securities and Exchange Commission (SEC) filing.
The stock sale announcement comes after the super micro computer led losses in the S&P 500 index on Monday, its first day of inclusion in the index.
Supermicrocomputer stock fell 9.9% to $902 early Tuesday afternoon. Despite this week’s losses, the stock has more than tripled since the beginning of 2024.
-Naomi Buchanan
MicroStrategy slumps due to Bitcoin slump
2 hours 47 minutes ago
Shares of software company MicroStrategy (MSTR), which has bet heavily on Bitcoin, plummeted on Tuesday as the cryptocurrency tumbled following last week’s huge price rally.
MicroStrategy announced Tuesday in an SEC filing that it purchased approximately 9,245 Bitcoins at a cost of approximately $623 million. Most of the money for the purchase came from last week’s sale of senior convertible notes, through which MicroStrategy raised $592 million.
This is the second Bitcoin buyout the company has raised via convertible debt in the last month. The company purchased approximately 12,000 Bitcoins between February 26th and March 10th for approximately $822 million.
With recent purchases, MicroStrategy now owns approximately 214,246 Bitcoins, acquired for a total value of $7.5 billion, with an average price per Bitcoin of $35,160. Its holdings represent more than 1% of Bitcoin’s available supply, which is currently limited to 21 million.
After soaring to an all-time high of nearly $74,000 last week, Bitcoin fell to around $63,500 on Tuesday morning. MicroStrategy stock followed the decline in cryptocurrencies, dropping more than 12% in intraday trading.
Semiconductor stocks plummet after Nvidia’s new product announcement
3 hours 46 minutes ago
High-flying semiconductor stocks returned to earth on Tuesday as the market digested Nvidia’s (NVDA) announcement of its next-generation AI chips and chip architecture.
Nvidia on Monday announced the latest version of its AI-powered technology, the Blackwell platform.
Nvidia’s existing AI platform, “Blackwell’s inference power is extraordinary, in fact, about 30x that of Hopper,” CEO Jensen Huang said in a keynote address at the company’s annual GPU Technology Conference (GTC). Ta. According to the company, running Generative AI’s large-scale language models on Blackwell architecture is approximately 25 times more energy efficient than running the same models on Hopper.
Nvidia also announced the GB200 Grace Blackwell Superchip, a “massive superchip” that “connects two NVIDIA B200 Tensor Core GPUs to an NVIDIA Grace CPU.”
Analysts were generally encouraged by the announcement. Bank of America said the stock “follows numerous product/partner announcements at the major GTC conference that continue to fundamentally expand NVDA’s competitive moat in the multi-trillion dollar IT/infrastructure services industry.” We reiterated our buy rating.
Wedbush analysts said the company “continues to raise the bar on performance, and those results should help sustain it.” [sic] We have achieved a leadership position in the AI accelerator market. ”
But expectations were incredibly high. The stock has risen nearly 80% since the beginning of the year through Monday’s close, and has more than tripled in value over the past 12 months. Nvidia shares fell about 2% Tuesday morning, weighing on its semiconductor peers. Nvidia’s main competitor, Advanced Micro Devices (AMD), fell more than 6%, and the iShares Semiconductors ETF (SOXX) fell about 2%.
Unilever shares rise on plans to spin off ice cream division including Ben & Jerry’s
4 hours 30 minutes ago
Unilever Inc. (UL) shares soar as the consumer goods giant announces plans to spin off other ice cream brands, including Ben & Jerry’s and Magnum, into independent businesses as part of a business restructuring that could affect around 7,500 companies. As a result, the stock rose in early trading on Tuesday. work.
The company said the separation of its ice cream business will make the company “simpler and more focused” and will operate in four business groups: Beauty & Wellbeing, Personal Care, Home Care and Nutrition.
The multinational company announced that its ice cream division recorded revenues of 7.9 billion euros ($8.6 billion) in 2023.
Unilever said the separation of its ice cream division is expected to improve profit margins. “Post-separation, Unilever aims for mid-single-digit underlying sales growth and modest margin improvement,” the company said.
Unilever’s American Depositary Receipts (ADRs) rose 2.7% to $49.85 on Tuesday morning.
-Fatima Atalwala
Stocks that move the most before the market
5 hours 11 minutes ago
Profit:
- XPeng Inc. (XPEV): The Chinese electric vehicle maker’s American deposit receipts rose more than 3% after it reported a narrower-than-expected quarterly loss.
- Unilever Plc (UL): Shares in the British consumer goods company rose 3% after the company announced it would spin off its ice cream division as part of a major restructuring.
- Synopsys Inc. (SNPS): Shares drop about 1% after Nvidia CEO Jensen Huang said the chipmaker is using Synopsys software to accelerate manufacturing of next-generation semiconductors. Rose.
loss:
- Super Micro Computer Inc. (SMCI): Shares of the IT solutions and services provider fell 10% after the company announced in a regulatory filing that it would issue an additional 2 million shares to raise capital.
- MicroStrategy Inc. (MSTR): The software company’s stock is down almost 10%, after falling 15% yesterday, as the price of Bitcoin, in which MicroStrategy holds a large stake, rebounded after rising to all-time highs last week.
- Nvidia Inc. (NVDA): Shares of the AI chipmaker fell about 2% after announcing new Blackwell chip infrastructure and new advanced semiconductors for AI.
Stock futures fall as Fed meeting begins
5 hours 55 minutes ago
Futures contracts tied to the Dow Jones Industrial Average fell 0.2% in premarket trading Tuesday.
S&P 500 futures fell 0.5%.
Nasdaq 100 futures were trading about 0.7% lower in the hour before the market opened.
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