1. The Dow Jones Industrial Average had a winning streak, marking its seventh consecutive positive trading day since December, with a boost from Home Depot and Caterpillar. Meanwhile, the S&P 500 and the Nasdaq Composite also saw gains, fueled in part by optimism about potential Federal Reserve rate cuts following new jobless claims data.
2. Sinclair Broadcasting Group is reportedly looking to sell nearly 30% of its owned or operated broadcast stations, including the Tennis Channel. The move comes as the company aims to address challenges in the broadcasting industry and reverse a decline in market value over the past five years.
3. Apple faced criticism over an advertisement for its new iPads and issued an apology, deciding not to air the spot on TV. The ad, which depicted various items being crushed into the tablet, was deemed insensitive and out of touch with the company’s values of celebrating user creativity.
4. Novavax announced a partnership with Sanofi to co-commercialize its Covid vaccine and collaborate on combination shots targeting both Covid and the flu. The deal includes significant upfront payments to Novavax and provides a financial lifeline to the company, allowing it to address previous concerns about its long-term viability.
5. Peloton, once a potential buyer of Hydrow, a connected fitness company specializing in rowing machines, is now itself being considered for acquisition as it navigates challenges in its business. Meanwhile, Hydrow is experiencing growth and diversification, signaling shifting trends in the fitness industry.
