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Pfizer (PFE) shares are rising in premarket trading on a report that activist investor Starboard Value has taken a roughly $1 billion stake; ExxonMobil (XOM) stock is adding to record highs as oil prices continue to surge; Florida prepares for evacuations as Hurricane Milton intensifies in the Gulf of Mexico; Arcadium Lithium (ALTM) stock is soaring as mining giant Rio Tinto makes a takeover approach; and BP (BP) reportedly is abandoning its target to cut oil and gas output by 2030. Here's what investors need to know today.
Shares of Pfizer (PFE) are rising 3% in premarket trading after reported that activist investor Starboard Value has taken a roughly $1 billion stake in the pharmaceutical firm. The move comes as Pfizer's share price has lost roughly half its value since the maker of the first COVID-19 vaccine reached a pandemic peak in 2021. Chief Executive Officer (CEO) Albert Bourla has come under pressure as the share price has fallen, with investors raising worries that he overestimated demand for pandemic-related products and has fallen behind in developing a weight-loss drug.
ExxonMobil (XOM) shares are rising a further 1% in premarket trading after the oil giant closed last week at record levels as oil prices move higher on worries over Middle East tensions. The move comes after WTI crude prices jumped higher by more than 9% last week and Brent crude added 8%. Exxon's stock has risen despite a filing last week from the oil giant that projects lower oil prices and refining margins will hurt third-quarter profit on a sequential basis.
Florida residents are preparing for potentially the largest evacuation in seven years as Hurricane Milton quickly strengthened to a Category 3 storm in the Gulf of Mexico. The storm is projected to make landfall in the Tampa area on Wednesday and remain a hurricane as it moves across the state toward the Atlantic Ocean. The storm's path isn't expected to hit the Appalachians, where Hurricane Helene caused catastrophic damage two weeks ago.
Shares of Arcadium Lithium (ALTM) are surging 30% in premarket trading after it confirmed a takeover approach by mining giant Rio Tinto. The acquisition would expand Rio Tinto's operations into metals used for clean energy, as the company is better known for its copper, iron ore, and diamond extraction. The acquisition would make Rio Tinto one of the world's top producers of lithium, a key element used in making electric vehicle (EV) and laptop batteries.
BP (BP) is abandoning its target to cut oil and gas output by 2030, as executives at the firm turn their attention to near-term returns, according to a report. After setting a goal in 2020 to cut its oil and gas output by 40% in a decade, BP scaled that goal back to 25% in February, and now is looking at projects in the Middle East and Gulf of Mexico to boost its oil and gas output, the report said. American depositary receipts (ADRs) of BP are up about 1% in premarket trading.
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President Bola Tinubu has called on Governor Siminalayi Fubara, political leaders and their supporters in Rivers State to exercise restraint and uphold the rule of law.
In response to recent tensions following last Saturday’s local government council election, the President expressed deep concern over reports of arson and explosions in the state. He urged all political actors to de-escalate the situation and discourage their supporters from engaging in v olence or destr ctive actions.
President Tinubu directed the police to restore and maintain peace, law, and order immediately.
While instructing law enforcement agencies to bring the situation under control, he emphasised the need to ensure the security of public institutions. President Tinubu said government facilities built with public funds must be safeguarded from vandalism.
He stressed that self-help has no place in a democratic system, especially after 25 years of continuous democracy.
According to President Tinubu, the judiciary can settle all political disputes, and the outcome of this election should be no exception.
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The SPDR Dow Jones Industrial Average ETF Trust (DIA) may come into focus on Monday after posting a record close Friday following a strong September jobs report that reinforced investor confidence in the strength of the economy.
While the upbeat jobs report eases concerns about a softening labor market and reinforces the economy’s resilience, it could also put the brakes on more aggressive interest rate cuts by the Federal Reserve. The ETF, which closely tracks the performance of the Dow Jones Industrial Average (DJIA), notched its fifth consecutive higher month in September, boosted in part by expectations the Fed will continue to cut rates aggressively after easing policy for the first time in four years last month.
The ETF gained 0.8% to close at $423.41 on Friday, as the Dow finished at a record closing high.
Below, we take a closer look at the fund’s technicals on the weekly chart and identify key price levels worth watching out for.
Since bottoming out just below the 200-week moving average (MA) in September 2022, the DIA fund has trended steadily higher in an ascending channel, with the ETF’s price testing the pattern’s upper trendline on several occasions since March this year.
However, during the move higher, volumes have remained lackluster, potentially indicating waning upward momentum. Moreover, as the fund has made higher highs, the relative strength index (RSI) has formed several lower highs, pointing to a bearish divergence between the price and indicator.
Let’s take a look at several crucial support areas on the ETF’s chart while also using technical analysis to forecast a potential price target above the descending channel’s upper trendline.
During retracements, investors should initially eye the $377 level, a location on the chart where the fund’s price may find support near a period of early January consolidation and the April swing low.
A breakdown below this level could see a decline to around $350, currently just above 200-week MA, where the ETF may attract buying interest from a trendline connecting an array of comparable trading levels from May 2021 to November last year.
Further selling could lead to a retest of lower support near $325, where the ETF may encounter support from a horizontal line linking multiple troughs on the chart between February 2022 and October 2023.
To forecast a price target above the ascending channel, we can use a measured move, also referred to by technical analysts as the measuring principle.
We do this by calculating the distance between the channel’s two trendlines and add that amount to the pattern's top trendline. In this case, we add $60 to $423, which projects a target of $483.
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Shares of Pfizer (PFE) are rising in premarket trading Monday following a report that activist investor Starboard Value has taken a roughly $1 billion stake in the struggling drugmaker.
According to , Starboard has approached Ian Read, a former Pfizer chief executive, and ex-finance chief Frank D’Amelio to aid its plans to improve the company's performance.The hedge fund sees Pfizer under current Chief Executive Officer (CEO) Albert Bourla—who took over from Read in 2019—as lacking the M&A discipline of his predecessor, the report said. Pfizer has spent billions of dollars on buying companies involved in producing cancer drugs, including biotech Seagen for $43 billion last year, since Bourla took over.
Pfizer's shares have almost halved since their pandemic peak in 2021 as demand for its COVID-19 vaccines slumped. They are little changed this year, versus a 21% jump in the S&P 500.
Pfizer's shares are rising about 3% on the report but were hit recently after it recalled all lots of its sickle cell disease medicine worldwide because of concerns the drug could lead to severe pain and possibly death in patients.
Pfizer and Starboard didn't immediately return requests for comment.
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Investopedia
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Highlights this week include Tesla's (TSLA) expected unveiling of its self-driving robotaxi at a Thursday event as well as the release of earnings reports from JPMorgan Chase (JPM) and Wells Fargo (WFC) on Friday.
The Consumer Price Index (CPI) for September comes as investors monitor inflation following the Federal Reserve’s recent interest rate cut. Minutes for the September Federal Reserve meeting will also provide insight into the central bank’s recent actions, while several Fed officials are scheduled to deliver remarks throughout the week.
Data on wholesale inflation, consumer credit, and the federal trade deficit are also on the calendar.
Tesla is expected to introduce its self-driving “robotaxi” at a Thursday event, where the company could provide more details about several of its products.
After delaying the highly anticipated event from August, Tesla will likely show off the driverless vehicle, provide details on its costs, and possibly demonstrate the ride-sharing app used to hail the vehicle that might be called a “Cybercab,” analysts said.
In addition to the robotaxi, Tesla could also provide updates on its Optimus Bot humanoid robot, self-driving software, and a low-cost version of its electric vehicle (EV).
Also on Thursday, chipmaker Advanced Micro Devices will provide updates for its artificial intelligence (AI) products as it hosts its “Advancing AI” event, where its chief executive officer, Lisa Su, will deliver remarks.
Investors get a look at the performance of the financial services industry of late as several big banks will report 2024 third-quarter earnings on Friday.
Leading the way is JPMorgan Chase, reporting after its prior-quarter results beat analyst expectations on strong revenue from its investment banking services. Earnings for the country’s largest bank come after an executive last month lowered expectations for net interest income following the Federal Reserve’s move to lower interest rates.
Wells Fargo reported a decline in net interest income in its second-quarter report, despite its results coming in ahead of analyst projections. BlackRock will deliver earnings after it reported a record $10.6 trillion in assets under management (AUM) in the prior quarter.
Delta Air Lines’ report on Thursday will offer insight into the air carrier’s performance during the summer travel season, while soda maker PepsiCo will deliver its financials after scaling back its growth outlook amid mixed results in its previous quarter.
Market watchers will get a look at whether inflation continued to decline in September with the Thursday release of CPI. With recent data showing that price increases continue to slow, market participants are looking to see if inflation continues to trend down toward the Federal Reserve’s target.
Easing price pressures prompted the Fed to reduce its key federal funds rate in September, which influences borrowing costs across the economy. Updated inflation data could send signals about the next moves for the central bank.
Throughout the week, investors will have an opportunity to hear individual Fed officials’ thoughts on interest rates and the economy. Federal Reserve Gov. Michelle Bowman’s remarks on Friday will come after the inflation report, while New York Fed President John Williams, San Francisco Fed President Mary Daly, Minneapolis Fed President Neel Kashkari, and St. Louis Fed President Alberto Musalem are also on the week's speaking calendar.
The Fed will also release the minutes from its Sept. 17-18 meeting on Wednesday, providing another look at how monetary officials are viewing the current economy.
Markets could move on other economic data releases this week, including consumer credit on Monday, jobless claims on Thursday, consumer sentiment and wholesale inflation figures from the producer price index (PPI) report on Friday.
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Netflix Inc. (NFLX) is one of the world's leading subscription streaming entertainment services. The company had 277.65 million paid streaming memberships globally as of Q2 2024. Members can stream TV series, documentaries, and feature films in a variety of genres and languages. Netflix also offers a subscription DVD-by-mail service to customers residing in the U.S.
The top shareholders of Netflix are Vanguard Group Inc, BlackRock Inc (BLK), FMR, LLC, Reed Hastings, Jay Hoag, David Hyman, and Ted Sarandos.
Netflix's twelve-month trailing net income and revenue were $7.6 billion and $36.3 billion as of October 2024, respectively and it's market cap was 308.9 billion.
This list reflects direct ownership. All information was current as of Netflix's April 2024 Proxy Statement and the holders' latest Form 4 filings. Many of the top shareholders moved their holdings to privately owned companies or trusts after receiving restricted stock units after a vesting period ended in April 2024.
The term "insider" refers to people in senior management positions and members of the board of directors, as well as people or entities that own more than 10% of the company's stock. It has nothing to do with insider trading in this context.
Reed Hastings owned 5,426,708 shares as of the April Proxy Statement but listed 2,154,241 Netflix shares in a family trust in which he is the trustee.
Hastings is Netflix's chairman and one of its co-founders. Hastings created Netflix with Marc Randolph in 1997 as a rent-by-mail movie service, which grew into the giant streaming platform it is today.
David Hyman owned 244,781 shares as of the April Proxy Statement, but listed 31,610 Netflix shares as of October 2024.
Hyman has served as the company's General Counsel and Secretary since 2002 and is responsible for both legal affairs and public policy.
Ted Sarados owned 673,889 shares as of the April Proxy Statement but listed 1,278 as of October 2024.
Ted Saranos was the co-CEO of Netflix until 2023 and was responsible for all content operations.
Jay Hoag owned a total of 555,345 shares as of the April Proxy Statement but listed zero Netflix shares as of October 2024.
Hoag has served as a Netflix director since 1995 and is chair of the Nominating and Governance Committee. He's also a founding general partner of Technology Crossover Ventures, a venture capital firm. Hoag serves on the board of directors of TripAdvisor, Inc and Zillow Group, Inc as well
Institutional investors hold the majority of Netflix's shares at 85.61% of total shares outstanding as of June 30, 2024.
Vanguard Group owned 37.01 million shares of Netflix representing 8.6% of total shares outstanding as of June 30, 2024.
The company is primarily a mutual fund and ETF management company with about $9.1 trillion in global assets under management (AUM) at the end of June, 2024. The Vanguard S&P 500 ETF (VOO) is one of the company's largest exchange-traded funds (ETFs) with about $472 billion in AUM in 2024. Netflix makes up 0.64% of VOO's holdings.
BlackRock owned 31.6 million shares of Netflix representing 7.36% of total shares outstanding as of June 30, 2024.
The company is primarily a mutual fund and ETF management company with approximately $10.47 trillion in global AUM. The iShares Core S&P 500 ETF (IVV) is among one of BlackRock's largest ETFs with approximately $535.43 billion in AUM in October 2024. Netflix represents 0.63% of IVV's holdings.
FMR, LLC, the parent organization of Fidelity Investments, held 21.23 million Netflix shares as of June 30, 2024.
Fidelity is one of the largest investment advisors in the U.S. It offers a wide range of financial services including brokerage services and investment funds. Total assets under administration were valued at $5.3 trillion as of March 31, 2024.
As part of our effort to improve the awareness of the importance of diversity in companies, we offer investors a glimpse into the transparency of more than just who are the shareholders at Netflix. We highlight the company's commitment to diversity, inclusiveness, and social responsibility as a whole.
Find out how Netflix reports the diversity of its management and workforce. The ✔ shows if Netflix discloses its data about the diversity of its board of directors, C-Suite, general management, and employees overall across a variety of markets.
Netflix's biggest shareholders are institutions such as Vanguard, Blackrock, and FMR.
Netflix is owned by its majority shareholders, like Reed Hastings, David Hyman, and Ted Sarandos.
Many institutions and individuals hold Netflix stock, but the biggest holders are insiders and institutions.
Netflix is a giant in the subscription streaming entertainment services industry with some notable original content series as well as TV series, documentaries, and feature films in various genres. Most of its stock is held by institutional shareholders such as Vanguard, BlackRock, and FMR, LLC.
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