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CNOOC Oil Field Discovery in South China Sea, Grifols Surges 18% After KPMG Approval, and Latest News

Fernanda T
Latest News
March 08 2024 6:19AM

CNOOC (NYSE:CEO) – The Chinese state-owned oil company CNOOC discovered a new reserve in the South China Sea, with over 100 million tons of oil equivalent, located in the Kaiping South field, Pearl River Delta. Substantial investment in offshore exploration catalyzes the increased production target for 2024, reflecting CNOOC’s commitment to expanding operations and securing energy supply, especially through maritime reserve development.

Grifols SA (NASDAQ:GRFS) – Grifols SA shares are up 18.7% in pre-market trading on Friday, rebounding after the annual accounts approval by auditor KPMG. Short seller attacks and corporate communication issues previously impacted the company.

Novo Nordisk (NYSE:NVO) – Novo Nordisk surpassed Tesla (NASDAQ:TSLA) in market valuation on Thursday after releasing positive initial test data for an obesity drug. Shares reached record highs, propelling the company as the 12th most valuable globally. Additionally, Novo Nordisk said it would increase production capacity investment if its planned acquisition of Catalent (NYSE:CTLT) doesn’t materialize. The CFO indicated the company would also expand partnerships with contract manufacturers if the deal falls through. Novo’s shares are down 1% in pre-market trading.

UnitedHealth Group (NYSE:UNH) – UnitedHealth Group announced its electronic prescription and pharmaceutical services are operational following a cyberattack. The electronic payment system will be available on March 15, with full connectivity expected to be restored by March 18.

Hess Corp (NYSE:HES) – Hess revised the timeline for its acquisition by Chevron (NYSE:CVX) due to a potential counter-offer from Exxon Mobil (NYSE:XOM) for assets in Guyana. Exxon filed for arbitration to preserve its right to review an offer. The case may prolong the acquisition process.

Microsoft (NASDAQ:MSFT) – LinkedIn, owned by Microsoft, revealed its premium subscription unit generated $1.7 billion in revenue in 2023. Driven by an increase in AI tool adoption, such as resume analysis, the platform expanded its offerings to attract both job seekers and corporate recruiters.

Meta Platforms (NASDAQ:META) – South Korea’s antitrust agency threatens to impose sanctions on Meta Platforms for alleged negligence in protecting users from frauds on Facebook and Instagram online markets, following investigations of potential e-commerce law violations.

Alphabet (NASDAQ:GOOGL) – Google’s “Bay View” building, praised for innovations, faces challenges with irregular Wi-Fi, hindering remote work. The company acknowledged the issues and promised solutions soon, as employees await a more reliable connection for their activities.

Nvidia (NASDAQ:NVDA) – Investors are increasingly interested in ETFs tracking Nvidia due to the growth of artificial intelligence. The GraniteShares 2x Long NVDA Daily ETF reached a record of $197 million in daily net inflows, reflecting the rising popularity of these leveraged funds.

Taiwan Semiconductor Manufacturing (NYSE:TSM) – TSMC recorded a 9.4% increase in revenue in the first two months of 2024, driven by global AI development, offsetting a slowdown in iPhone sales. JPMorgan raised its price target, highlighting AI opportunities and potential business from Intel Corp (NASDAQ:INTC).

Spotify (NYSE:SPOT) – Spotify announced price increases in France due to a new 1.2% streaming revenue tax. Despite opposition, the government upheld the measure. The company criticized the decision, stating it would harm listeners and not benefit the music industry.

Vimeo (NASDAQ:VMEO) – Bending Spoons SpA, a leading mobile app developer in Europe, is exploring the possibility of acquiring video hosting platform Vimeo. Discussions, still in early stages, involve bank financing. The company recently acquired Evernote Corp and is seeking more acquisitions after a funding round valued it at about $2.6 billion.

Walt Disney (NYSE:DIS) – The activist hedge fund ValueAct Capital reaffirmed support for Walt Disney amid challenges from Trian Fund Management’s board. ValueAct highlighted the transition to digital platforms and integration with Disney+.

Boeing (NYSE:BA) – Boeing announced a revamp of its bonus payment system, prioritizing quality and safety following incidents. Safety and quality metrics will represent 60% of bonuses in the commercial unit. All employees must complete specific trainings to be eligible for incentives.

United Airlines (NASDAQ:UAL) – The National Transportation Safety Board (NTSB) investigates United Airlines for a February incident with the Boeing 737 MAX 8, where rudder pedals became “stuck” after landing. Boeing (NYSE:BA) replaced the affected parts, with only nine aircraft impacted. Additionally, United Airlines will suspend pilot hiring in May and June due to delays in Boeing aircraft deliveries, as per a memo shared with pilots. New hirings are expected to resume in July.

Rivian (NASDAQ:RIVN) – Rivian unveiled its new electric SUVs R2 and R3, aiming to accelerate R2 production in the US by the first half of 2026. With a starting price of $45,000, the R2 launch is crucial to combat slowing electric vehicle demand and strengthen market position.

Goodyear Tire & Rubber (NASDAQ:GT) – The tire manufacturer plans to close its factory in Malaysia, affecting over 500 employees, as part of its restructuring program. The decision raises concerns about labor abuses, with the Malaysian government seeking support for affected workers.

Tapestry (NYSE:TPR) – EU antitrust regulators will decide by April 15 on the $8.5 billion merger between Tapestry, owner of Coach, and Capri Holdings (NYSE:CPRI), owner of Michael Kors. Tapestry aims to expand its global presence, challenging European leaders like LVMH.

Alibaba (NYSE:BABA) – Lingxi Games, Alibaba Group’s video game subsidiary, announced a leadership transition in an internal memo, following the company’s strategy to promote younger management to maintain an agile mindset. This change is part of a broader corporate restructuring.

New York Community Bank (NYSE:NYCB) – The newly appointed CEO of NYCB announced revised business plans following a drop in deposits and dividends, revealing interest from non-bank bidders in loans. The company aims to stabilize finances, highlighting persistent uncertainty in its operations.

Wells Fargo (NYSE:WFC) – Two former Wells Fargo advisors are suing the company for breach of contract, unfair business practices, and retaliation, claiming they resisted pressure to transfer confidential client information to the private bank. The advisors seek compensation and remedial measures.