As the trading day gets underway, investors should be aware of the following important news updates:
1. Nasdaq Composite Sets Record High: The tech-heavy Nasdaq Composite achieved an all-time high on Friday, closing out the week with a surge in enthusiasm for artificial intelligence. This milestone marked the last of the three major averages to reach a new record close in the current year.
2. Reddit Eyes $6.5 Billion Valuation in IPO: Social media platform Reddit is aiming for a valuation of up to $6.5 billion in its upcoming initial public offering. The company, which is set to go public under the ticker RDDT, plans to price its IPO shares between $31 and $34 each.
3. Boeing Considers Acquisition of Spirit AeroSystems: Boeing is reportedly in discussions to repurchase Spirit AeroSystems, the manufacturer responsible for producing fuselages for Boeing’s aircraft. Both companies have faced challenges related to production flaws as they strive to meet demand for Boeing’s top-selling plane. Spirit AeroSystems was previously a part of Boeing before it was spun off in 2005.
4. CVS and Walgreens to Offer Mifepristone In-Store: Pharmacy chains CVS and Walgreens will soon begin selling the abortion pill mifepristone at select retail locations in states where it is legally permitted. While the pill, which is the first component of a two-drug abortion regimen, will be available in-store, it will not be sold through mail services.
5. “Dune: Part Two” Generates Record Box Office Figures: The sequel to “Dune” debuted with the highest opening box office revenue of any film released in 2024, raking in an estimated $81.5 million. The sci-fi epic, filmed using IMAX digital cameras, contributed to a significant boost in IMAX ticket sales. Approximately 23% of domestic ticket revenue, totaling $18.5 million, was derived from screenings at IMAX theaters. IMAX CEO Rich Gelfond noted that ticket sales would have been even higher if not for capacity constraints.
Source (CNBC)
