Disney board to announce Bob Iger successor in early 2026: 'A critical priority'
Yahoo Finance's Alexandra Canal reports:
Disney (DIS) plans to announce its next CEO in early 2026, the first timeline the company has publicly given for appointing a successor to current chief Bob Iger.
The media giant made the announcement on Monday while simultaneously revealing that current board member and former Morgan Stanley (MS) CEO James Gorman will serve as the board's new chairman, effective Jan. 2, 2025. He will exit his role as executive chairman at Morgan Stanley on Dec. 31.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026," Gorman said in a press release. "This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026."
Read more here.
Mon, October 21, 2024 at 3:55 PM GMT+1
Apple on pace to close at fresh record high
Apple's (AAPL) stock was on pace to eke out a new high on Monday after closing at a record on Friday.
Shares of the iPhone maker rose slightly to hover near $235.80 each.
On Friday, the stock closed at a record $235. Year to date, Apple is up more than 22%.
Mon, October 21, 2024 at 3:24 PM GMT+1
Fed's Logan doubles down on strategy of lowering rates 'gradually'
Yahoo Finance's Jennifer Schonberger reports:
Dallas Fed president Lorie Logan reiterated on Monday that she sees policymakers lowering interest rates "gradually". She cited an increased risk that the job market could worsen and a danger that inflation could still heat up again.
"If the economy evolves as I currently expect, a strategy of gradually lowering the policy rate toward a more normal or neutral level can help manage the risks and achieve our goals," Logan said in a speech at the Securities Industry and Financial Markets Association's annual meeting in New York.
Logan said the economy is "strong and stable" but that "meaningful uncertainties" remain in the outlook.
Read more here.
Mon, October 21, 2024 at 2:48 PM GMT+1
Nvidia climbs 1% to touch intraday record high
Nvidia (NVDA) stock climbed more than 1.5% early on Monday, helping mitigate a bigger decline in the Nasdaq Composite (^IXIC).
Shares of the AI chip heavyweight rose to hover above $140 each, briefly touching an intraday high of $141.
The Nasdaq was trading near the flat line as Nvidia rose.
Mon, October 21, 2024 at 2:30 PM GMT+1
Stocks dip as investors await fresh batch of earnings
The major averages opened slightly lower on Monday as investors awaited a fresh batch of earnings this week.
The S&P 500 (^GSPC) dropped roughly 0.2%, coming off a fresh all-time closing high, while the Dow Jones Industrial Average (^DJI) edged 0.1% lower. The tech-heavy Nasdaq Composite (^IXIC) shed 0.2%.
A fresh batch of quarterly results will roll in this week, including from Tesla (TSLA) on Wednesday. General Motors (GM), Coca-Cola (KO), American Airlines (AAL), and UPS (UPS) are among several other big names on the earnings docket this week.
Mon, October 21, 2024 at 2:25 PM GMT+1
Boeing stock rallies on tentative labor deal
Boeing (BA) stock jumped as much as 4.5% in Monday's premarket on news that the aircraft manufacturer has reached a tentative labor deal with workers who have been on strike for more than one month.
The contract would raise pay 35% over four years and increase Boeing's 401(k) contributions, but it would not reinstate pension plans — a major union demand. Analysts estimate the contract could lead to an additional $1 billion in wage-related expenses for the company.
The union will vote on the contract on Wednesday, the same day Boeing reports its quarterly earnings. Analysts expect the plane maker to report a loss per share of $1.50, according to Bloomberg consensus estimates.
Boeing has struggled since an airplane part ripped off one of its 737 Max 9 planes during a flight in January. Shares are down over 40% this year.
Of the Wall Street analysts covering the stock tracked by Bloomberg, some 19 recommend buying shares, while 11 have a Hold rating, and three say to sell. On average, analysts see Boeing shares rising to about $192 each over the next 12 months, implying a more than 20% gain.
Mon, October 21, 2024 at 1:02 PM GMT+1