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NVO
Dow Jones Up, Nasdaq Down
The Dow Jones Industrial Average bucked the trend Monday, closing 0.67% higher at 39,411.21. However, the S&P 500 and the Nasdaq saw declines.
The S&P 500 dropped 0.31% to 5,447.87, while the Nasdaq fell 1.09% to 17,496.82, marking its worst day since April. Nvidia was a significant drag on the Nasdaq, losing 6.7%. This brings Nvidia down 13% from its peak last week when it briefly overtook Microsoft in market cap to become the world’s most valuable company.
“Inside Out 2” Eyes Billion-Dollar Milestone
Disney (NYSE: DIS) and Pixar’s “Inside Out 2” is on track to join the billion-dollar club. The film has already earned $724.4 million worldwide, making it the highest-grossing film of 2024, surpassing “Dune: Part Two” at $711.8 million. The movie still hasn't opened in Japan, a market that contributed nearly $33 million to the first film’s $850.5 million total.
If “Inside Out 2” hits the $1 billion mark, it will be the first film to do so since Warner Bros.’ “Barbie.” No Disney animated feature has crossed $480 million globally since 2019.
EU Accuses Microsoft of Antitrust Violations
The European Union has accused Microsoft (NASDAQ: MSFT) of breaching antitrust rules by bundling its Teams product with its Office software. The European Commission issued a Statement of Objections, suggesting Microsoft’s conduct may have harmed competition. The EU's executive arm argues that Microsoft’s bundling practices may have given Teams an unfair advantage by not allowing customers to choose whether to access Teams when subscribing to Office 365 and Microsoft 365.
Microsoft had already attempted to address these concerns by unbundling Teams, but the Commission found these steps insufficient. If found guilty, Microsoft could face fines of up to 10% of its global revenue. Microsoft has stated its willingness to find further solutions to the Commission’s concerns.
Paramount Global Raises Streaming Prices
Paramount Global (NASDAQ: PARA) will raise the prices of its streaming services, effective August 20 for new subscribers.
The Paramount+ with Showtime plan will increase by $1 to $12.99 a month, while the Paramount+ Essential option will go up by $2 to $7.99 a month.
Existing subscribers to Paramount+ with Showtime will see the price hike starting September 20. However, current Paramount+ Essential customers will not be affected by the price increase. This move follows the end of merger talks between National Amusements and Skydance earlier this month.
Novo Nordisk's Major Investment
Danish pharmaceutical giant Novo Nordisk (NYSE: NVO) announced plans to build a new $4.1 billion manufacturing facility in Clayton, North Carolina.
The 1.4 million-square-foot facility will produce its blockbuster weight loss drug Wegovy and diabetes treatment Ozempic. The facility, expected to be completed between 2027 and 2029, will handle the filling and packaging of syringes and injection pens. This investment comes in response to record-high shortages of these drugs in the U.S. Novo Nordisk is increasing its production investment from $4 billion in 2023 to $6.8 billion this year to meet rising demand.
