Disney is in search of a new CEO to replace Bob Iger, and an executive from Morgan Stanley is at the helm of this search.
In market news, the Nasdaq climbed by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement that he would not seek re-election and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, increasing by 0.3% and 1.1%, respectively.
In political betting, the platform Polymarket supports Harris as the Democratic nominee for president, while PredictIt, based in New Zealand, suggests she will become the 47th president.
Nvidia shares surged by 4% after news broke that the company is working on a version of its Blackwell AI chips specifically for the Chinese market. The company is collaborating with local partner Inspur to introduce the chip, tentatively named “B20,” with an expected shipping date in the second quarter of 2025. Nvidia has not commented on this development.
Tesla’s stock jumped nearly 5% in anticipation of its earnings report, where CEO Elon Musk is expected to give updates on the delayed robotaxi project. Musk stated that Tesla plans to have useful humanoid robots in limited production for internal use next year, with hopes for broader releases by 2026.
CrowdStrike, the cybersecurity firm involved in a significant global tech outage, is gradually recovering. The company reported that a large number of the approximately 8.5 million affected Windows devices are back online. Nonetheless, CrowdStrike’s stock fell over 13%, trading at around $263 on Monday afternoon.
Verizon experienced a nearly 6% drop in its stock price following the release of its quarterly earnings report. The telecommunications giant missed revenue estimates as customers opted to retain their existing phones longer, negatively affecting upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, just short of the $33.06 billion analysts had predicted, while its earnings per share matched expectations at $1.15.