The Dow Jones Industrial Average has been on a winning streak, closing up for the seventh day in a row on Thursday. This marks the longest winning run since December, with Home Depot and Caterpillar contributing to the gains. The S&P 500 and Nasdaq Composite also saw positive movements for the day, aided by new jobless claims data that raised hopes for Federal Reserve rate cuts later in the year.
Sinclair is reportedly looking to sell nearly 30% of its broadcast stations, including over 60 stations in various regions of the U.S. as well as the Tennis Channel. The move comes as Sinclair has seen a decline in market value over the past five years due to challenges faced by broadcast groups in the changing media landscape. The average revenue for the stations being considered for sale is estimated at $1.56 billion for 2023 and 2024.
Apple issued an apology for a controversial advertisement promoting its new iPads, which showed various creative tools being crushed into the tablet by a hydraulic press. The company decided not to run the ad on TV and expressed regret for missing the mark in showcasing the ways users express themselves through iPad. The rare apology followed swift backlash on social media in response to the ad.
Novavax announced a deal with Sanofi to co-commercialize its Covid vaccine starting next year. The agreement also includes collaboration on combination shots targeting coronavirus and flu, among other efforts. Sanofi will pay Novavax $500 million upfront and up to $700 million for development milestones, royalties, and additional payments. The deal will allow Novavax to address concerns about its ability to continue operating, lifting its “going concern” warning.
Peloton, which was once interested in acquiring connected fitness company Hydrow, is now facing a slowdown in its business and has become an acquisition target itself. Meanwhile, Hydrow has raised over $300 million in funding and acquired a majority stake in strength training company Speede Fitness. As gymgoers shift away from cardio exercises towards weight training, Hydrow is experiencing growth while Peloton works to revitalize its business.
Overall, these updates provide insight into various industries and companies, including the stock market, media broadcasting, technology, biotech, and fitness. Investors should stay informed about these developments to make informed decisions in the trading day ahead. Follow CNBC Pro for comprehensive market analysis and updates.
