Market Performance: The S&P 500 rebounded on Thursday, gaining 0.21% after a three-day losing streak, while the Nasdaq Composite rose 0.76%. The Dow, however, fell 140.59 points (0.33%), marking its first four-day losing streak since June. Treasury yields decreased after reaching three-month highs.
Merger Blocked: A federal judge has blocked the proposed $8.5 billion merger between Tapestry (owner of Coach) and Capri Holdings (parent of Michael Kors), citing concerns over competition and pricing. Tapestry plans to appeal the decision. Following the news, Capri's stock dropped by approximately 50%, while Tapestry's shares rose by 10%.
Tesla Surge: Tesla's stock surged 22% to $260.48, its best day since May 2013, following strong earnings reports and optimistic growth predictions from CEO Elon Musk. This rally increased Musk's net worth by about $26 billion.
Microsoft CEO Pay: Microsoft CEO Satya Nadella requested a reduction in his cash compensation due to security concerns but still saw a 63% increase in his total compensation for fiscal 2024, amounting to $79.1 million, primarily in stock options.
Onion Recall: Burger King and Taco Bell are removing onions from some locations due to an E. coli outbreak linked to McDonald's Quarter Pounders. This decision follows a recall by U.S. Foods affecting onion products from Taylor Farms.
Merger Blocked: A federal judge has blocked the proposed $8.5 billion merger between Tapestry (owner of Coach) and Capri Holdings (parent of Michael Kors), citing concerns over competition and pricing. Tapestry plans to appeal the decision. Following the news, Capri's stock dropped by approximately 50%, while Tapestry's shares rose by 10%.
Tesla Surge: Tesla's stock surged 22% to $260.48, its best day since May 2013, following strong earnings reports and optimistic growth predictions from CEO Elon Musk. This rally increased Musk's net worth by about $26 billion.
Microsoft CEO Pay: Microsoft CEO Satya Nadella requested a reduction in his cash compensation due to security concerns but still saw a 63% increase in his total compensation for fiscal 2024, amounting to $79.1 million, primarily in stock options.
Onion Recall: Burger King and Taco Bell are removing onions from some locations due to an E. coli outbreak linked to McDonald's Quarter Pounders. This decision follows a recall by U.S. Foods affecting onion products from Taylor Farms.