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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

REMEMBER SEPTEMBER 11th – PATRIOT DAY

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Rite Aid completed its financial restructuring by eliminating $2 billion in debt and adding $2.5 billion in exit financing, as the slimmed-down chain is now led by a new CEO

Google reported to court yesterday to defend itself against monopoly allegations for the second time in less than a year in a new case that has the potential to strip the world’s largest online advertiser of a chunk of its ad business.

And, Apple and Google lost on appeal to the European Union’s highest court Tuesday in two separate cases requiring the tech giants to face billions of dollars in fines. The decisions by the Court of Justice of the European Union mark a significant win for the bloc’s antitrust chief Margrethe Vestager.

CITE: https://www.r2library.com/Resource

What’s up

• Mission Produce soared 21.05% after the farming company announced impressive revenue growth last quarter thanks to rising avocado, blueberry, and mango prices. Rival produce producer Calavo Growers announced similarly strong results for much the same reasons, pushing shares 10.75% higher.
• Alibaba rose 2.90% after its Hong Kong shares were added to a new program linking Hong Kong stocks with Chinese stock exchanges, which should help attract more investors.
• Boot Barn, which is the name of a real company that sells Western apparel, popped 9.94% and hit an all-time high today after a JPMorgan analyst raised his price target 10%.

What’s down

• Southwest Airlines descended 1.61% after Executive Chairman Gary Kelly announced he’ll retire next year in the face of activist investing pressure.
• Ally Financial plummeted 17.65% after the consumer lending company’s CEO highlighted ongoing credit challenges in today’s economy.
• JPMorgan sank 5.21% thanks to comments from its COO that investor expectations for net interest income, a key part of the bank’s business, are too high.
• Hewlett Packard Enterprise dropped 8.41% on the news that the tech company will sell $1.35 billion in preferred stock to fund its acquisition of Juniper Networks.

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Here’s where the major benchmarks ended:

• The SPX rose 24.47 points (0.45%) to 5,495.52; Dow Jones Industrial Average^® ($DJI) fell 92.63 points (–0.23%) to 40,736.96; NASDAQ Composite^® ($COMP)added 141.27 points (0.84%) 17,025.88.
• The 10-year Treasury note yield (TNX) dropped five basis points to 3.64%, the lowest close since mid-2023.
• The CBOE Volatility Index^® (VIX) continued to pull back from last week’s elevations, closing at 19.08.

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Big Lots, the 1,300+ store discount chain, has filed for bankruptcy with a plan to sell itself to private equity firm Nexus Capital Management for ~$760 million and a commitment to keep offering “extreme bargains.”

The new CEO of Starbucks, Brian Niccol, formerly of Chipotle, is now officially in charge of the coffee chain.

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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