Here is a rundown of Cheddar News' top market stories of the day.
DISNEY VS. ACTIVIST INVESTOR
Activist investor Nelson Peltz, of Trian Management Fund, is looking to secure a coveted seat on Walt Disney Co.'s board, and the entertainment giant is none too happy about it. Disney said in a statement released Wednesday that it opposes the nomination, and urged shareholders to vote against him. The fear is that Peltz will spark a proxy battle. An outspoken critic of Disney's business practices, he recently started pushing the board to have a succession plan for when CEO Bob Iger finishes his two-year stint aimed at restoring the company to its pre-pandemic glory.
STARBUCKS RETURNS TO OFFICE
Starbucks is requiring corporate employees to work in the office at least three days a week starting on Jan. 30. The company initially asked workers to come in one to two days, but apparently workers were not following that directive. CEO Howard Schultz tried to put a positive spin on return to the office, writing in a memo to employees that the change was designed to rebuild employees' connection with one another. Disney made a similar announcement earlier this week.
BED BATH & BEYOND RALLIES
Bed Bath & Beyond's wild ride continues. One week after admitting that bankruptcy was a real possibility for the embattled big-box retailer, its shares shot up nearly 70 percent on Wednesday and appeared set for another rally on Thursday based on pre-market trading.
TAIWANESE CHIPMAKER'S BIG PROFITS
Finally, the world's biggest contract manufacturer of semiconductor, Taiwan Semiconductor Manufacturing Co. (TSMC), reported a 78 percent jump in profits in the last quarter on Thursday. On the one hand, the surge in profits is a clear sign that demand for chips is higher than ever. On the other hand, TSMC is forecasting softening demand in the coming year.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
