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1. Stocks were back on the rise Monday following the worst week of trading in 2023. The S&P 500 closed 0.31% higher at 3,982.35, the Nasdaq Composite rose 0.63% to 11,466.98, and the Dow Jones rose 0.22% to 32,890.70 at market close. Q: Will the week end with the stock market in the green? Tell us what you think at Inside.com. |
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2. On Sunday, Union Pacific said it expects to name a successor to current CEO Lance Fritz, following a letter sent by Soroban Capital Partners calling for his replacement. The hedge fund, which owns a ~$1.6B stake in Union Pacific, pointed to the railroad company's failure under Fritz's leadership over the past eight years as it ranked the worst in every key railroad operating metric. |
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3. Legendary investor Warren Buffett called out stock buyback critics, labeling opponents of the corporate practice as an "economic illiterate or a silver-tongued demagogue" in his annual Berkshire Hathaway shareholder letter. Buffett is no stranger to buybacks, leading his company to spend a record $27B on repurchase activities in 2021, followed by another $8B in 2022. Q: Do you agree with Buffett's defense of stock buybacks? Let us know at Inside.com. |
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4. The Adani Group has reached $145B in lost market capitalization since a short seller report accused the Indian firm of fraud, wiping $79B from founder Gautam Adani's personal fortune. Last month, Hindenburg Research alleged "brazen stock manipulation and accounting fraud" within the Adani empire as it revealed its short position in the company. |
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5. Shares of Fisker jumped more than 30% today after the electric vehicle automaker burned less cash than expected in 2022. The company also shared that it is still on track to deliver its first Ocean SUVs this spring and build more than 40,000 vehicles in 2023. |
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6. Palantir is laying off 75 employees, or 2% of its 3,838-person workforce, as it tries to "continue to evolve." The software company has seen its stock rise more than 25% year-to-date, partly due to its first quarter of positive GAAP income posted earlier this month. |
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7. Zoom shares jumped nearly 7% in extended trading on Monday after the company beat analysts' estimates for its fiscal fourth quarter and provided a better-than-expected outlook for the current year. The video communications firm posted adjusted earnings per share of $1.22, above predictions of $0.81, though it did post its first net loss since 2018. Looking towards the rest of 2024, Zoom forecasted slower revenue growth but is looking for adjusted earnings per share between $4.11 and $4.18, beating the average estimate of $3.66. |
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