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Jeff Bezos has disclosed a plan to sell 25 million additional shares of Amazon.com Inc., valued at approximately $5 billion. This announcement coincided with Amazon’s stock reaching a new record high of $200 per share. The notice, filed after market closure on Tuesday, indicated that sales could commence immediately. This latest move follows Bezos’s sale of shares worth about $8.5 billion over nine trading days in February, marking his first disposal of company stock since 2021. Combined with the February sales, the upcoming transaction will bring his total share sales for the year to roughly ...
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Ford Motor Company has reported a modest increase in sales for the second quarter of 2024, with total vehicle sales rising to 536,050 units, a mere 1% increase compared to the same period last year. This contrasts sharply with the 10% growth seen in 2023, highlighting the challenges currently facing the U.S. auto industry. Impact of the cyberattack on dealership softwareA significant factor contributing to the slower sales growth was a cyberattack on CDK Global, a critical retail technology and software provider for dealerships, which occurred in late June. This attack disrupted a crucial sell...
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Pakistan is on the brink of securing a staff-level agreement with the International Monetary Fund (IMF) for a bailout exceeding $6 billion, having fulfilled the lender’s stringent requirements in its latest annual budget. This announcement was made by Ali Pervaiz Malik, the Minister of State for Finance, Revenue, and Power, during an interview with Reuters. Historical context and IMF relationshipThis potential bailout marks a significant moment in Pakistan’s ongoing relationship with the IMF. The South Asian nation has frequently turned to the IMF for financial assistance, reflecting persisten...
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Trump Media and Technology Group (TMTG), the parent company of the Truth Social platform, announced it has raised $105 million from the exercise of warrants between June 20 and July 1, 2024. This amount surpasses initial expectations by 51%, providing a significant boost to the company’s financial standing. Unrestricted cash strengthens financial positionTMTG reported that approximately $41 million of previously restricted cash has now become unrestricted. As a result, as of July 1, 2024, the company holds more than $350 million in cash with no debt on its balance sheet. This development comes...
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Oil prices have surged to a two-month high, driven by a mix of rising demand during the Northern Hemisphere’s summer driving season and escalating geopolitical tensions in the Middle East. On Tuesday, Brent crude futures rose 70 cents, or 0.81%, to hit $87.30 a barrel, their highest since April 30. US West Texas Intermediate (WTI) crude was up 68 cents, or 0.82%, at $84.06 after touching its highest since April 26. These prices represent the highest close for Brent since April 30 and for WTI since April 26. Rising demand and geopolitical tensionsThe energy market has shown strong performance t...
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China’s BYD saw a 21% increase in second-quarter electric vehicle (EV) sales, narrowing the gap with Tesla. The Warren Buffett-backed company said late Monday that it sold 341,658 vehicles during June, compared with 331,817 a month earlier and 253,046 in June 2023. BYD vs TeslaBYD sold a total of 426,039 EVs from April to June, just 12,000 vehicles shy of Tesla’s estimated deliveries for the same period. Tesla is expected to report a 6% decline in vehicle deliveries for the April-June quarter on Tuesday. This marks the first time the U.S. firm could see two consecutive quarters of declining de...
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U.S. stocks did amazingly well in the first half this year and the second half is unlikely to be any different, says Christopher Carey – portfolio manager at Carnegie Investment Counsel. Following are the top four undervalued stocks that he expects will be the hidden gems in the back half of 2024. Cintas Corp (NASDAQ: CTAS)Cintas is a “great company” to buy and hold for the second half of this year as it’s fully committed to acquisitions that continue to make it a lot stronger. Christopher Carey is bullish on CTAS as other names in its industry either choose to merge with Cintas Corp or end up...
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Disney and Pixar’s latest animated feature, “Inside Out 2,” has joined the prestigious billion-dollar club, tallying $1.014 billion worldwide as of Sunday. This achievement marks it as the highest-grossing film of 2024 and the first since Warner Bros.’ “Barbie” to surpass the billion-dollar mark at the global box office. Breaking records and revitalising cinemas“Inside Out 2” has set a new benchmark, becoming the fastest animated movie to gross $1 billion in history. The film’s remarkable success underscores the enduring appeal of compelling, entertaining movies and the public’s desire to expe...
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Boeing Co. has agreed to purchase Spirit AeroSystems Holdings Inc. in an all-stock deal valued at $4.7 billion, or $37.25 per share, unwinding a two-decade separation. This strategic move aims to address ongoing manufacturing defects and streamline operations. The total transaction value, including Spirit’s last reported net debt, amounts to approximately $8.3 billion. The deal also involves a significant transaction with Airbus SE, where the European planemaker will acquire parts of Spirit’s operations for a nominal price of $1, alongside receiving $559 million in compensation. Boeing’s acqui...
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Warren Buffett, the renowned investor and philanthropist, has reaffirmed his commitment to donate 99% of his wealth to charity. On Friday morning, Buffett and his holding company, Berkshire Hathaway, announced a significant donation of over 13 million Class B shares of Berkshire Hathaway stock to five foundations. At the Thursday closing price of $407.95 per share, this amounts to a total of $5.3 billion. Five foundations to receive $5.3 billion in shares The Bill & Melinda Gates Foundation Trust will receive $4 billion in shares, while the Susan Thompson Buffett Foundation, chaired by Buffett...
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