Disney is currently on the lookout for a successor to Bob Iger, with an executive from Morgan Stanley leading the search.
On the stock market front, the Nasdaq experienced a 1.5% increase, gaining 277 points on Monday afternoon. This uptick followed President Joe Biden’s announcement of his withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains of 0.3% and 1.1%, respectively.
In political betting, the crypto platform Polymarket is backing Harris as the Democratic nominee, while PredictIt believes she will become the 47th president of the United States.
In company news, Nvidia’s shares climbed by 4% after reports revealed that the company is working on a version of its Blackwell AI chips tailored for the Chinese market. Nvidia is said to be collaborating with Inspur, a local partner, to distribute the chip, expected to launch in the second quarter of 2025.
Tesla’s stock rose nearly 5% a day before its earnings report, with Elon Musk anticipated to address the delays surrounding the company’s robotaxi unveiling. Musk stated on social media that Tesla will produce useful humanoid robots for internal use next year, with hopes of supplying other companies by 2026.
CrowdStrike, the cybersecurity firm linked to a recent significant tech outage, is gradually recovering after about 8.5 million Windows devices were affected. Despite this progress, the company’s stock was down over 13%, trading around $263 on Monday afternoon.
Meanwhile, Verizon’s stock fell nearly 6% following its quarterly earnings report, which revealed a revenue miss attributed to customers keeping their old phones longer. Verizon’s second-quarter revenue totaled $32.8 billion, under the analysts’ expectations of $33.06 billion, while the earnings per share remained at $1.15.