Today's News

Chinese electric vehicle stocks soared on Monday, driven by renewed optimism over Beijing's recent stimulus measures. NIO (NIO, Financial) surged 13% in premarket trading, following a 12.8% rise on Friday. XPeng (XPEV, Financial) also saw an 8.3% increase, while Li Auto (LI, Financial) rose 7.3%. ZEEKR Intelligent Technology Holdings (ZK, Financial) jumped 11.2%, continuing a two-day rally of over 25%. The Shanghai Composite Index marked its ninth consecutive day of gains, rising 8.1% as the market began its week-long China National Day holiday.

AT&T (T, Financial) has agreed to sell its remaining 70% stake in DirecTV to private equity partner TPG (TPG, Financial) for approximately $7.6 billion in cash payments through 2029. This deal, expected to close in the second half of 2025, will see AT&T exit the satellite TV business. The transaction includes $1.7 billion in pre-tax quarterly distributions in late 2024 and $5.4 billion in after-tax cash distributions in 2025, with the final $0.5 billion arriving in 2029.

Nvidia (NVDA, Financial) and Microsoft (MSFT, Financial) continue to dominate the AI landscape, with new projections indicating the AI infrastructure market could expand tenfold by 2027. According to Wedbush Securities, the demand for AI chips is driving unprecedented enterprise spending. Analyst Dan Ives estimates that AI-related capital expenditure could reach $1 trillion over the next three years, fueled by the rapid growth of enterprise AI applications.

Verizon (VZ, Financial) has entered a lease agreement for 6,339 wireless communication towers across the U.S. with Vertical Bridge for about $3.3 billion. The deal includes a $2.8 billion upfront cash payment and commercial benefits, allowing Verizon to expand its network footprint. Verizon will lease back capacity on the towers for ten years, with options to extend the lease term by up to 50 years.

Qualcomm (QCOM, Financial) finalized its acquisition of Sequans Communications' (SQNS, Financial) 4G Internet of Things (IoT) technologies. This move strengthens Qualcomm's Industrial IoT portfolio by offering low-power solutions for optimized cellular connectivity in IoT applications. Qualcomm shares dipped 0.8% in premarket trading, while Sequans rose 0.9%.

Stellantis (STLA, Financial) has revised its 2024 financial outlook downward, citing difficulties in North America and a global industry downturn. The automaker now anticipates an adjusted operating income margin of 5.5% to 7%, down from the previously projected double-digit range. Industrial free cash flow is expected to fall between -€5 billion and -€10 billion, a significant shift from earlier positive forecasts.

EMCORE (EMKR) saw a 127% premarket surge after Mobix Labs (MOBX) submitted a non-binding proposal to acquire the company for $3.80 per share in cash. The offer represents a 214% premium to EMCORE's last closing price. Mobix Labs CEO Fabian Battaglia highlighted the proposal as an exceptional opportunity for EMCORE shareholders to realize immediate and significant value.

Sweetgreen (SG) has expanded to North Carolina with the opening of its first Charlotte location. This new 2,479-square-foot restaurant marks a significant milestone in the brand's nationwide expansion. The launch follows Sweetgreen's introduction of a fall-themed menu featuring limited-time items like Maple Glazed Brussels Sprouts.

Glenview Capital Management is set to meet with CVS Health (CVS) executives to propose operational improvements. Glenview, led by Larry Robbins (Trades, Portfolio), has invested approximately $700 million in CVS, owning about 1% of its outstanding shares. The discussions will focus on enhancing CVS's operations amid recent profit revisions.

Digital Realty (DLR) has amended and extended its $3.75 billion senior unsecured multicurrency global revolving credit facility to $4.2 billion. The new facility, maturing in January 2029 with two six-month extension options, provides the data center REIT with increased financial flexibility. The refinancing was well oversubscribed, reflecting strong institutional lender confidence.