- Adnoc’s LNG Tankers Go Dark to Get Gas Shipments Through Hormuz
- Oil Prices Slide on Hopes for Renewed Peace Talks
- War and Energy Shortages Boost China’s Influence in Asia
- Europe Braces for a Fresh Cycle of Chinese Competition
- US-China Summit May Be a Nothingburger. Good.
- China Asks Banks to Pause New Loans to US-Sanctioned Refiner
- Frackers Are Finally Ready to Drill. Trump Won’t See a Return of the Go-Go Days.
- ECB’s Next Move Should Be Guided by the Data, Not the Date, Villeroy Says
- Fed’s Collins Favored Changing FOMC Statement With Dissenters
- Citi Shares Decline as Return Target Falls Short of Expectations
- Wall Street Poised for Bonus Increases in ‘Year of the Bank’
- Private Credit’s Problem Isn’t the Media
- Kalshi, the Prediction Market, Is Now Valued at $22 Billion
- Credit Karma Opens Site for Americans With No Credit History
- The Billionaires Behind the Most Expensive Midterm Elections in History
- A Victory for Capitalism and Common Sense In California
- Corporate Layoffs Are Down 10% This Year, but the AI Reckoning Has Come For Tech
- How Trump Has Made the Doctor Shortage Worse
- Inconsistency From the FDA Has Become a Huge Tax
- Selling Pot Is a Tough Business, but One California Company Is Beating the Odds
- Catalyst Pharma to Be Acquired by Angelini Pharma in $4.1 Billion Deal
- After Stumbles, Technology Meant for Self-Driving Cars Finds a Second Act
- Musk’s AI Empire Is Unraveling — the Trial Is Just the Beginning
- AI’s Potential Is a Signal That This Isn’t Your Dad’s Internet Mania
- Anthropic’s Capacity Pinch Cracks the Door for OpenAI
- The Theatrical Release of “Narnia” Restates the Netflix Case
- The Iran War Is Crushing Whirlpool’s Profit—and Higher Prices Are Coming
- Hertz Reports Worse-Than-Expected Loss in Volatile Start to Year
- Kraft Heinz CEO Pushes Value: ‘Consumers Are Literally Running Out of Money’
- Fast-Food Sales Rise Despite Higher Gas Prices
- McDonald’s Value Machine Is Generating Higher Sales
- Raising Cane’s Grew From an Idea a College Professor Hated
- SpaceX IPO said to hand Elon Musk unchecked power; investor group urges SEC scrutiny.
- GameStop CEO Ryan Cohen says eBay suspended his account.
- DoorDash rallies after pointing to record membership signups in Q1.
Listen below or on the go via Apple Podcasts and Spotify
SpaceX (SPACE) IPO said to hand Elon Musk unchecked power; investor group urges SEC scrutiny. (00:13) GameStop (GME) CEO Ryan Cohen says eBay (EBAY) suspended his account. (01:39) DoorDash (DASH) rallies after pointing to record membership signups in Q1. (02:43)
SpaceX (SPACE) has adopted corporate governance policies that will give CEO Elon Musk sweeping authority and limit shareholder rights when it goes public, Reuters reported after reviewing excerpts of the company's IPO registration statement.
The rocket maker is using supervoting shares, mandatory arbitration, stricter rules on shareholder proposals and Texas corporate law to give Musk and other insiders broad control, according to the report.
SpaceX (SPACE) also limited investors' ability to challenge management, sue in court and force votes on governance issues.
And Musk can only be fired as CEO and chairman of the board "by the vote of Class B holders," referring to the supervoting shares.
Class B holders will have 10 votes for every Class A share available to everyday investors. Only Musk, his family and certain entities will be eligible to receive Class B stock.
These shares will allow Musk to retain more than 50% of voting power after SpaceX (SPACE) goes public, meaning his removal from the board would effectively require a self-vote. He currently has 42.5% of SpaceX's equity and 83.8% of the voting control.
But these policies may not deter investors, who wouldn't want to miss out on what's expected to be the biggest IPO ever and potential returns similar to those of Tesla (TSLA).
GameStop (GME) CEO Ryan Cohen’s eBay (EBAY) account has been suspended, he said in a post on X.
Cohen posted an image with the text “your eBay account has been permanently suspended because of activity that we believe was putting the eBay community at risk”.
We told you on Monday’s edition of Wall Street Breakfast that GameStop (GME) submitted a nonbinding proposal to acquire eBay (EBAY) at $125 per share in cash and stock.
Cohen, in an interview with the TBPN technology show on Tuesday explained that his plan is to increase earnings per share at eBay (EBAY) enough to easily offset any dilution to GameStop (GME) shareholders.
In that interview he also said it “doesn’t make sense” that there’s 11,500 employees at eBay. “It doesn’t need 11,500 employees.”
He goes on to say, "Everyone's always on vacation. They're not available. They have assistants. 'I'll get back to you next week.' Then they never get back to you." "There's no sense of urgency at that company."
DoorDash (DASH) is up 10% in early trading.
The online food delivery company reported total orders increased 27% year-over-year during the quarter to 933M, and Marketplace GOV increased 37% to $31.6B vs. $31.2B consensus.
Healthy consumer demand trends helped drive record membership signups during the quarter.
Revenue increased 33% year-over-year to $4.04B to miss the consensus estimate by $60M.
What’s Trending on Seeking Alpha
Oil in red as market awaits Iran response; Trump sees swift end to war
Microsoft mulls delaying energy vow amid data center boom: report
'Credit card spending is through the roof' - NEC's Hassett
Catalyst watch:
- Citi (C) will hold its Investor Day. The event is expected to be a strategy-and-guidance reset for the "post-transformation" bank, with management likely laying out a clearer long-term roadmap for returns, capital deployment, and growth priorities.
- The Carvana (CVNA) 5-for-1 stock split will become effective.
- McDonald's (MCD) will hold its earnings conference call. Lamb Weston (LW) is a major supplier to McDonald's that sees its share price correlate tightly with it on the day earnings are released.
Stock index futures are little changed as investors evaluated the outlook for a potential Middle East peace deal.
Crude oil is down 2.7% at $92. Bitcoin is down 0.5% at $81,000. Gold is up 0.9% at $4,735.
The FTSE 100 is down 0.6% and the DAX is down 0.2%.
The biggest movers for the day premarket: Cross Country Healthcare (CCRN) +27% - Shares soared after announcing it will be acquired by Knox Lane in a $437M all-cash deal.
Economic calendar:
- 8:30 am Jobless Claims
- 8:30 am Productivity and Costs
- 10:00 am Construction Spending
- 3:00 pm Consumer Credit