NVIDIA Corporation (NASDAQ:NVDA) shares were down $11.13 or 2.4%, to $448.88, amid reports of a tighter US ban on AI chip exports to China. The Biden administration is preparing to tighten existing export controls limiting Chinese access to semiconductors that power artificial intelligence (AI) technology.
Tougher sanctions were first rumoured last week, when it was discovered that Chinese companies were skirting existing export controls via a web of overseas units. Read more
Pfizer Inc (NYSE:PFE), down 3.1% to $31.11, and COVID vaccine partner BioNTech, down 6.5% to $96.81, each reported some $900 million worth of write offs related to raw materials purchased during the pandemic, as well as Covid-19 vaccine stockpiles adapted to non-XBB.1.5 variants. Read more
Manchester United PLC (NYSE:MANU) shares dropped 11%, to $17.75, in Monday’s early premarket deals as holders of the football club’s New York-listed subordinate minority shares conceded to reports that a full takeover is off, and that INEOS boss Sir Jim Ratcliffe looks set to buy a 25% stake.
According to latest reports, the Ratcliffe proposal would see the INEOS chair pay more than $1.5 billion for a 25% stake, valuing the football club at around $6 billion excluding its $600 million of net debt. Read more
News Corp (NASDAQ:NWS), slightly lower at $21.70, has reportedly become the latest target of activist investor Starboard Value. Seeking to implement strategic and governance changes, Starboard has built a stake in News Corp (NASDAQ:NWS) since the summer, according to Reuters.
The changes could include the spin-off of its online real estate unit, which includes Realtor.com, and changes to News Corp (NASDAQ:NWS)'s share structure which gives the Murdoch family inflated voting power. Read more
Rite Aid (NYSE:RAD) filed for Chapter 11 bankruptcy over the weekend to add to the growing corporate casualty list stemming from the opioid dependency crisis. In a statement, Rite Aid (NYSE:RAD) said it has agreed to a restructuring with creditors plus US$3.45 billion of new loans to implement its plans.
The stock fell 16% before Friday’s close. Read more