subject: Important! 5 Things to Know Before Trading [print this page] Here are the top news stories that investors should know before starting their trading day:
1. Dow Jones Industrial Average continues winning streak
The Dow Jones Industrial Average experienced its seventh consecutive positive trading day, marking its longest winning run since December. The index gained 331.37 points, or 0.85%, with Home Depot and Caterpillar contributing to the increase. The S&P 500 and Nasdaq Composite also saw gains, supported by new jobless claims data that raised hopes for Federal Reserve rate cuts later in the year.
2. Sinclair considers selling broadcast stations
Sinclair Broadcast Group Inc. is reportedly looking to sell nearly 30% of its owned or operated broadcast stations, including the Tennis Channel. The company, one of the largest owners of broadcast stations in the U.S., has identified over 60 stations for potential sale. These stations are a mix of affiliates for major networks and have an estimated average revenue of $1.56 billion for 2023 and 2024. Sinclair's decision comes as the company has faced a significant decline in market value due to the challenges faced by broadcast groups in the era of cord-cutting.
3. Apple apologizes for controversial advertisement
Apple issued an apology for an advertisement promoting its new iPads that received backlash on social media. The ad showed various creative tools being crushed by a hydraulic press until they transformed into the new tablet. Apple's vice president of marketing communications, Tor Myhren, acknowledged that the video missed the mark and stated that the company's goal is to celebrate user expression and creativity through its products.
4. Novavax signs deal with Sanofi for Covid vaccine
Novavax announced a partnership with French drugmaker Sanofi to co-commercialize its Covid vaccine starting next year. The companies will also collaborate on combination shots targeting both the coronavirus and the flu. Sanofi will provide an upfront payment of $500 million to Novavax, along with additional payments for development, regulatory milestones, and royalties. This agreement will help Novavax address concerns about its financial stability and lift its "going concern" warning.
5. Peloton and Hydrow experience contrasting fortunes
Peloton, once a successful business during the pandemic, attempted to acquire connected fitness company Hydrow. However, the tables have turned, and Peloton is now facing a slowdown in its business and becoming an acquisition target. On the other hand, Hydrow has raised over $300 million in funding and acquired a majority stake in strength training company Speede Fitness. This shift reflects a change in consumer preferences, with gymgoers showing a greater interest in weight training over cardio exercises.
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