All three major US stock indexes were up in late-morning trading as shares of Nvidia (NVDA) were up, cementing its status as the most valuable public company.
The US Supreme Court on Thursday upheld a 2017 tax on American-owned businesses' foreign profits by a 7-2 vote. Known as the Mandatory Repatriation Tax, the tax imposed a rate ranging from 8% to 15.5% on the pro-rata shares of American stockholders.
Dell Technologies (DELL) and Super Micro Computer (SMCI) are providing servers to help xAI develop a supercomputer, Elon Musk said Wednesday on X. "Dell is assembling half of the racks that are going into the supercomputer that xAI is building," Musk said, adding in a later reply to another comment that Super Micro is assembling the other half. Shares of Dell were up 1.5% near noon.
Honeywell International (HON) said Thursday it has agreed to acquire CAES Systems Holdings from private equity firm Advent International for about $1.9 billion in an all-cash deal expected to close in the second half of 2024. The deal is expected to be accretive to Honeywell's adjusted earnings per share in the first full year of ownership, Honeywell said. Shares of Honeywell were up 0.3%.
Hertz Global Holdings (HTZ) said Thursday its Hertz unit plans to offer $750 million senior secured notes due 2029. The unit plans to offer $500 million in total principal amount of first-lien senior secured notes and $250 million in total principal amount of exchangeable senior second-lien secured notes, both due 2029, the company added. The car rental company expects to utilize the net proceeds for repaying a part of its $2 billion revolving credit facility and improving liquidity, the company said. Shares of Hertz were down 4%.
Meta Platforms' (META) Instagram frequently recommends sexual videos to accounts for teenagers, The Wall Street Journal reported Thursday, citing separate tests conducted by the publication and Northeastern University computer science professor Laura Edelson. Similar tests for videos on Snapchat (SNAP) and TikTok did not produce the same sexualized content for underage users, according to the report. Meta shares were up 0.3%, while those of Snapchat were down 2.7%.
The Federal Reserve is considering reproposing the "Basel endgame" rule, which seeks to further increase bank capital requirements, after receiving vigorous pushback from Wall Street, while the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency do not want to go that route, Reuters reported Thursday, citing five people familiar with the matter.
BP (BP) has agreed to take full ownership of BP Bunge Bioenergia, its Brazilian biofuels joint venture, acquiring Bunge's (BG) 50% interest, the company said Thursday. The enterprise value of the stake to be acquired is about $1.4 billion, BP said. Shares of BP were up 0.8%.
Australasian Centre for Corporate Responsibility, or ACCR, said Nippon Steel's $15 billion proposed takeover of US Steel (X) risks raising decarbonization costs for the Japanese steelmaker, Reuters reported Thursday, citing activist shareholder group's executive director, Brynn O'Brien. US Steel shares were up 0.6%.
Carlyle Group (CG) and KKR (KKR) are the top bidders for Discover Financial's (DFS) $10 billion US student loan portfolio, the Financial Times reported on Thursday, citing people familiar with the matter. The two private equity firms collaborating on their bid reflects these firms' interest to expand their appetite for credit, the report said. Carlyle shares were up 1.8%, while those of KKR were fractionally up and Discover shares were down 0.6%.
Toyota Motor (TM) would pause six production lines at five factories in Japan due to a shortage of parts, Reuters reported Thursday, citing a company spokesperson. The company will decide on Friday whether to resume production, according to the report. Separately, Toyota's major suppliers Denso and Aisin have sold their stakes in several Toyota-affiliated companies, including Toyota Boshoku, Toyota Tsusho, Toyoda Gosei, and Hino Motors, Reuters reported Thursday, citing regulatory filings. Toyota shares were down 0.1%.
Price: 151.44, Change: +2.29, Percent Change: +1.53
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