Meta's Threads Prepares To Counter Elon Musk's X, Tesla Data Breach Affected Over 75K People, Medical Properties Trust's Prospect Medical Deal On Hold: Today's Top Stories
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Mark Vs. Elon: Meta's Threads Prepares To Counter Musk's X With Web Version
- Meta Platforms Inc (NASDAQ:META) is gearing up to launch a desktop version of its microblogging application, Threads.
- The anticipated web version seeks to address a significant request from its user base and comes as a notable upgrade to its rivalry against Elon Musk's X.
- After Meta's initial release of Threads in July, it witnessed a surge in popularity, but its momentum has noticeably slowed recently.
Amazon Reenters External Shipping Fray, Eyeing FedEx And UPS Rivalry
- Amazon.com Inc (NASDAQ:AMZN) has reignited its external shipping service, Amazon Shipping, challenging its direct competitors, FedEx Corp (NYSE:FDX) and United Parcel Service Inc (NYSE:UPS). Amazon Shipping now caters to the contiguous U.S., handling packages from Amazon and various other online platforms.
- Companies wanting to utilize the service must be vendors on Amazon's platform.
Wall Street Stars Including Weinstein, Ackman Bid For Drama-Plagued Sculptor Capital
- High-profile investors Boaz Weinstein, William Ackman, and Marc Lasry have presented a competing bid for hedge-fund firm Sculptor Capital Management Inc (NYSE:SCU), challenging a prior agreement to sell the firm to real-estate investment firm Rithm Capital Corp (NYSE: RITM) for approximately $639 million.
- Weinstein's consortium, which had a previous offer rejected, has now increased its bid to more than $12 per share. If this new offer is successful, it will likely result in a change in management.
Kraft Heinz Plans To Offer Lunchables To School Cafeterias, Sees Multi-Billion Opportunity
- The Kraft Heinz Company (NASDAQ:KHC) reportedly plans to offer Lunchables to school cafeterias across the U.S. this fall as a marketing strategy to introduce its brands to a new generation of consumers.
- The company recognized schools as a critical way to boost its food-service unit and increase supermarket sales.
Benzinga
- Medical Properties Trust Inc (NYSE:MPW) issued a statement to clarify issues in a Wall Street Journal story published earlier that day.
- The WSJ report stated that a California state regulator on July 20 ordered the transaction between Medical Properties Trust and Prospect Medical Holdings to be put on hold, according to the order the regulator sent to Prospect.
- the company shifted its capital allocation strategy to preserve capital. It slashed its quarterly dividend by 49% to $0.15 per share, which will be paid on October 12 to shareholders of record as of September 14.
Tesla Data Breach Affected Over 75,000 People: EV Maker Sues 2 Former Workers Over Leak
- EV giant Tesla Inc (NASDAQ:TSLA) has pinned the data leak that led to a media exclusive on the company's autopilot issues on two former employees.
- German newspaper Handelsblatt informed Tesla that it obtained confidential information on May 10 and in an investigation that followed, it was traced back to two former employees, Tesla said in a statement posted on the Maine's General Attorney website on Friday.
Old Dominion Freight Line Antes Bid For Bankrupt Yellow Terminals
- Trucking company Old Dominion Freight Line Inc (NASDAQ:ODFL) has offered $1.5 billion to acquire Yellow Corp's (NASDAQ:YELL) 169 terminals out of bankruptcy.
- The offer price represents more than a previous offer from Estes Express Lines of $1.3 billion.
Cruise Faces Investigation After Collision With Emergency Vehicle, To Withdraw Half Its Active Fleet
- California's Department of Motor Vehicles (DMV) on Friday instructed General Motors Co's (NYSE:GM) Cruise to withdraw 50% of its operating vehicles off roads after one of its autonomous cars crashed with an emergency vehicle.
- Cruise will now have no more than 50 driverless vehicles in operation during the day and 150 driverless vehicles in operation at night.
- Cruise, in the meantime, offered its analysis of the incident and said that several factors added 'complexity' to the crash.
Bloomberg
DuPont Plans To Sell Its Delrin Resins Business For $1.8B
- DuPont de Nemours Inc (NYSE:DD) is reportedly in advance talks with The Jordan Company to sell its chemical assets, Delrin resins unit, for around $1.8 billion.
- The Jordan Company is a New York-based private investment company that deals in buying and building businesses in partnership with management.
CNBC
Disney Steps Up Fight Against DeSantis In Legal Battle, Shows No Signs Of Backing Down
- Walt Disney World's special tax district is at the heart of a fresh legal skirmish. Entertainment giant Walt Disney Co (NYSE:DIS) is now taking legal steps, claiming a breach of contracts by a board of supervisors under Florida Governor Ron DeSantis's purview.
- Disney has lodged counterclaims, pushing back against the board's lawsuit that alleges the company lacked authority when it entered into a development contract.
Goldman Sachs Faces Potential Lawsuits As Malaysia's PM Targets 1MDB Settlement
- Malaysia's Prime Minister, Anwar Ibrahim, is adamant about retrieving the funds Malaysians are due from the infamous 1MDB money laundering scandal, hinting at the possibility of lawsuits against Goldman Sachs Group Inc (NYSE:GS).
- Anwar criticized Goldman Sachs for its lack of cooperation and stated that the bank was involved in the crime. He suggested that renegotiating the settlement was necessary and did not rule out initiating legal proceedings.
Financial Times
Citigroup CEO To Split It's Biggest Division To Gain More Control
- Citigroup Inc (NYSE:C) is reportedly considering separating one of the largest divisions, Institutional Clients Group (ICG), into several businesses.
- CEO Jane Fraser plans to split the division into three primary business segments: investment and corporate banking, global markets, and transaction services.
- The separated units would be run by their current heads and will report to Fraser.
What's Going On With Goldman Sachs and What's The Sentiment for CEO David Solomon?
- Goldman Sachs Inc (NYSE:GS) CEO David Solomon has recently hit the headlines, facing internal opposition and adverse media coverage. Despite this turbulence, he continues to enjoy the confidence of the bank's board members and key shareholders.
- Also, Goldman Sachs is exploring the sale of a part of its wealth business catering to high-net-worth clients.
Reuters
Walmart, Centric Brands Probe Cambodia Supply Chains Amid Labor Concerns
- Walmart Inc (NYSE:WMT) and Centric Brands are reportedly examining their Cambodian supply chains following allegations that the country's largest women's prison utilized inmates for illegal garment production aimed at export markets.
- In communications last year, The American Apparel and Footwear Association (AAFA) highlighted credible reports suggesting that garments and textile products for export, including to the U.S., were produced at the Correctional Center 2 (CC2) near Phnom Penh.
US Steel Denies Union Veto Rights In Company Sale Amid Acquisition Interest
- United States Steel Corporation (NYSE:X) clarified that its current labor agreement with the United Steel Workers (USW) does not grant the union veto power over potential company sale decisions.
- This statement was made in light of its ongoing strategic review and came after USW expressed its preference for Cleveland-Cliffs Inc (NYSE: CLF) as a potential buyer.
