|
1 | On Thursday, Johnson & Johnson's consumer health business, Kenvue, began trading on the New York Stock Exchange, the largest IPO since Rivian's market debut in 2021. Shares of the Tylenol maker, priced at $22.00, opened at $25.53, ending regular trading hours at $26.90 with a market cap above $50B. |
|
2 | On Friday, the Bureau of Labor Statistics reported nonfarm payroll growth of 253,000 jobs for April, well above the 165,000 jobs added in March. The surprising job growth, also reflected in ADP's private payroll report released earlier this week, follows the Fed's tenth consecutive rate hike as it works to slow down the U.S. economy. 
|
|
3 | Apple reported better-than-expected earnings for its fiscal second quarter after the market close on Thursday, with earnings per share of $1.52 from $92.96B in revenue. The device maker also increased its cash dividend by 4% and announced a new $90B stock buyback program. |
|
4 | Regional banks continued to suffer in the second half of this week following First Republic's failure and the Fed's latest 25 basis point rate hike. PacWest shares tumbled more than 50% during trading on Thursday after a Reuters report revealed that the bank is exploring strategic options, including a sale or capital raise. |
|
5 | The SEC has instituted new stock repurchase disclosure rules, requiring companies to include a daily log of repurchase activities in their quarterly 10-Q and annual 10-K reports, accompanied by a justification for each buyback. Companies will also be required to disclose trades made by directors and officers within four days of a repurchase when the new rules go into effect in Q4 2023. |
|
6 | Paramount shares fell 28% on Thursday after it posted a miss on top and bottom-line earnings for its first quarter, leading it to cut its dividend from $0.24 per share to $0.05. The media company's streaming business contributed to the rough quarter, losing $511M, up from $456M last year. |
|
7 | A whistleblower in an unnamed case has been awarded a record $279M from the SEC, more than double the previous record of $114M from Oct. 2020. According to the SEC's rules, a whistleblower can receive awards of 10%-30% of the related fines collected by SEC actions and other agencies when they exceed $1M. |
|
