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Biden drops out
President Joe Biden on Sunday quit the presidential race against Donald Trump and backed Vice President Kamala Harris as the nominee of the Democratic Party, bowing to pressure from his party members to drop out.
President Joe Biden on Sunday quit the presidential race against Donald Trump and backed Vice President Kamala Harris as the nominee of the Democratic Party, bowing to pressure from his party members to drop out.
Harris said in a statement, “I am honored to have the President’s endorsement and my intention is to earn and win this nomination.” Meanwhile, Republican lawmakers are calling on Biden to resign. What does this mean for markets? CNBC’s Jesse Pound wrote that the “Trump trade” could stall.
CrowdStrike failure
Nearly 8.5 million devices were affected by a faulty software update from cybersecurity firm CrowdStrike, triggering a global IT outage on Friday. The disruption impacted services across industries, including banking, health care, and airlines.
Nearly 8.5 million devices were affected by a faulty software update from cybersecurity firm CrowdStrike, triggering a global IT outage on Friday. The disruption impacted services across industries, including banking, health care, and airlines.
Flights were grounded, and TV broadcasters went offline as businesses scrambled to address the ongoing issue.
Delta Air Lines canceled 800 mainline flights on Sunday and offered more pay to crews as it struggles to recover.
CrowdStrike’s shares plunged 11% on Friday.
Starbucks stake
Activist investor Elliott Management has taken a substantial stake in Starbucks and is engaging with management to boost the company’s share price, according to the Wall Street Journal. The size of Elliott’s stake and specific demands remain unclear.
Activist investor Elliott Management has taken a substantial stake in Starbucks and is engaging with management to boost the company’s share price, according to the Wall Street Journal. The size of Elliott’s stake and specific demands remain unclear.
Starbucks has faced several challenges, including disappointing quarterly results and declining U.S. same-store sales. This latest development adds pressure on CEO Laxman Narasimhan, who was hand-picked by former CEO Howard Schultz to lead the company. Starbucks shares jumped almost 7% on Friday.
Boeing ‘disappointed’ customers
Boeing’s output of 737 Max planes is showing signs of improvement, the new head of its commercial unit said, while admitting that the manufacturer has “disappointed” customers with delayed planes.
Boeing’s output of 737 Max planes is showing signs of improvement, the new head of its commercial unit said, while admitting that the manufacturer has “disappointed” customers with delayed planes.
“We’ve impacted their business and we haven’t met the commitments and lived up to being the partner that they expect and they need us to be,” Stephanie Pope said before the Farnborough Airshow, outside of London. However, she expressed confidence in Boeing’s path to improving production quality, and cited higher output of the 737 Max to 38 planes a month.
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Some famous words of Buffett. I hope it's useful to you. : )
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