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Paramount Global Inc.'s stock surged on Friday, gaining 13%, following reports that Skydance Media and RedBird Capital are considering a potential takeover of the mass media conglomerate. The rumors of a possible acquisition caused Paramount Global's shares to jump, making it the best-performing stock in the S&P 500.
. This positive news contributed to a monthly increase of 13.
The U.S. Food and Drug Administration has approved two gene therapies, including one developed by Casgevy, to treat sickle cell disease, affecting around 100,000 Americans. CNBC's Angelica Peebles reports on this breakthrough in bioscience.
Apple Inc. plans to expand iPhone manufacturing in India as a hedge against its reliance on China. India's potential as a manufacturing hub is promising, but labor market reforms are needed for optimal capitalization. Apple aims to produce over 50 million units annually in India within the next few years.
Shares of RH dropped 8% after the company reported a surprise quarterly loss and cited a "frozen" housing market as the reason. The luxury furniture retailer saw sales slump 14% year over year, leading to a downgrade in its full-year sales and margin guidance.
Carrier Global Corporation has entered into an agreement to sell its security business, Global Access Solutions, to Honeywell for $4.95 billion. Honeywell plans to strengthen its building automation capabilities with this acquisition, which includes industry-leading brands such as LenelS2, Supra, and Onity. The purchase price represents approximately 13x 2023 expected EBITDA and the transaction is expected to be immediately accretive to Honeywell's growth, gross margins, and operating margins.
The US monthly jobs report for November is expected to show a pickup in hiring and the unemployment rate holding at 3.9%. Wall Street is closely watching the report, which is expected to show around 180,000 new positions added. However, there are concerns about softening in the labor market due to higher interest rates.
The U.K.'s competition regulator is investigating Microsoft's partnership with OpenAI to determine if it constitutes a merger and the potential impact on competition in the artificial intelligence sector.
Broadcom Inc. reported a 4 percent increase in revenue for the fourth quarter, reaching $9.3 billion, driven by investments in AI technology. The company also surpassed profit expectations. However, shares of Broadcom were falling in after-hours trading. The positive results are attributed to strong demand for AI chips, leading investors to question if Broadcom stock is worth buying.