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Latest Business News
Top News Items for Investors to Start Their Trading Day
Stocks are on Track to Finish June and the Quarter Higher
The Dow is heading into Tuesday on a six-session losing streak, while the S&P 500 fell 0.5%, and the Nasdaq slipped 1.2% as all investors get more economic data to consider on Tuesday: Consumer confidence and home sales readings are on the schedule. However, stocks are still on track to finish June and the second quarter higher. Check for live market updates to keep abreast of the latest stock market news.
Microsoft's Revenue Aim to Double by Fiscal Year 2030
Microsoft aims to double its revenue by fiscal year 2030 by targeting $500 billion, according to leaked information from the company's memo last year. During a court hearing over Microsoft's acquisition of Activision Blizzard, CEO Satya Nadella's memo, which was dated a little over a year ago, was made public. The memo also detailed a plan to return money to shareholders through dividends and buybacks. Nadella believes the ambition and approach will deliver more than 10% annual returns to shareholders over that timeframe.
Eli Lilly's Weight-Loss Drug Shows Promising Results
Eli Lilly has announced promising results from a mid-stage trial of its experimental drug, retatrutide, which could change the weight-loss game. Patients on average lost more than 17% of their weight, or roughly 41 pounds, after 24 weeks, with the numbers jumping to 24%, or 58 pounds, after 48 weeks. Experts consider Lily’s drug as the most effective obesity drug yet, while the company is offering a phase 3 study now.
Lordstown Motors Files for Bankruptcy Protection and Sues Foxconn
Lordstown Motors has filed for bankruptcy protection early Tuesday morning and also sued the iPhone maker Foxconn, which had invested in the electric vehicle startup company as part of political pressure during the Trump administration. Lordstown Motors accused Taiwan-based Foxconn of fraudulent activity, alleging that it failed to invest up to $170 million in the auto company. Lordstown, which makes the Endurance pickup at its Ohio factory, also put itself up for sale.
Putin Condemns Mercenary Group's Rebellion to Curb Credibility Loss
During his first appearance since a Wagner mercenary group abandoned its short-lived rebellion over the weekend, Russian President Vladimir Putin criticized the mutineers as "criminals" and vowed to bring the planners to justice. It was unclear what he meant by that, given that Wagner leader Yevgeny Prigozhin, a previous longtime Putin ally, had already accepted exile to Belarus. Putin's regime has clearly lost credibility on the world stage, given his military's quagmire in Ukraine and the weekend uprising. His address, delivered late at night in Moscow time, doesn't appear likely to help his standing.
These are the most important news items investors need to start their trading day. Follow CNBC Pro for more updates on the broader market.
The news items highlighted in this report have the potential to impact various industries, including new businesses. Regarding Microsoft's announcement to double its revenue by 2030, it could be an excellent opportunity for new businesses to consider utilizing Microsoft products/services to align with the company's projected growth in the coming years. Furthermore, Eli Lilly's experimental weight-loss drug is generating promising results that could open doors for other companies to explore similar innovations in the healthcare industry. However, the news of Lordstown Motor filing for bankruptcy and suing Foxconn could be a cautionary tale for new businesses to be wary of partnerships and investments that tie to political pressure. Lastly, Putin's condemnation of the Wagner mercenary group's rebellion has further strained his regime's credibility, which may impact businesses that have ties to Russia or operate in the country. In conclusion, keeping an eye on news items, including the ones highlighted in this report, is essential to stay informed on industry trends and remain proactive in navigating risks and opportunities.
