Investment Activity - Citadel has increased its stake in Sphere Entertainment from 1.6% to 5.3%, acquiring approximately 900,000 additional shares since April 1, bringing its total to around 1.5 million shares [7][14] - Steve Cohen's Point72 Asset Management disclosed a 5.5% stake in Sphere Entertainment earlier this month [8][12] Company Overview - Sphere Entertainment owns and operates the Sphere, a $2.3 billion concert venue in Las Vegas, which opened a year ago and has gained attention for its immersive shows and concerts [10][4] - The Dolan family retains voting control of Sphere Entertainment, holding 8.5 million shares [5][14] Financial Performance - Sphere generated $100.5 million in total revenue during its most recent quarter [11] - Sphere's shares were trading at $43.45, with a slight decrease of less than 1% on Thursday, but the stock has increased by approximately 30% since January 1 [2][17] Recent Developments - Negotiations for a residency agreement between Sphere and Beyoncé reportedly broke down due to her demand for a two-week rehearsal period [9][15] - The venue has hosted notable performances, including 40 shows by U2, and has upcoming bookings with Dead & Company and the Eagles [16]

The Justice Department said Boeing had agreed to plead guilty to a criminal fraud conspiracy charge and pay a fine of $243.6 million after the planemaker breached a 2021 deferred prosecution agreement, according to a court filing on Wednesday.Boeing on July 7 agreed in principle to plead guilty to conspiring to defraud the Federal Aviation Administration after the government said the planemaker knowingly made false representations about key software for the 737 MAX.Families of the 346 people killed in two B ...

US Fortune 500 companies excluding Microsoft face $5.4 billion in losses thanks to the CrowdStrike outage last week — and Microsoft’s losses will add hundreds of millions of dollars more to the total, cloud insurer Parametrix said Wednesday.The global tech outage – caused by a faulty update to CrowdStrike’s security software – crashed computers powered by Microsoft Windows on Friday, causing airlines to delay flights and doctors to postpone surgeries. Cyber insurance policies will likely cover no more than ...

General Motors is forgoing plans to produce its autonomous cab Cruise Origin indefinitely as it refocuses efforts on the troubled unit. GM CEO Mary Barra told shareholders on Tuesday that the automaker will “simplify their path to scale by focusing their next autonomous vehicle on the next-generation Chevrolet Bolt, instead of the Origin,” which had been facing regulatory uncertainty because of its unique design. Barra also noted that per-unit costs will also be much lower for the Chevrolet Bolt, helping th ...

 Alphabet beat second-quarter revenue and profit estimates on Tuesday, driven by a rise in digital advertising sales and healthy demand for its cloud computing services, but flagged that capital expenses would remain high for the year.Alphabet’s results underscore robust demand for digital ads, driven by events like the Paris Olympics and elections in several countries including the US, while a recovery in enterprise spending is boosting its software business.Strong adoption of generative artificial intelli ...

Ike Perlmutter, one of Disney’s largest independent shareholders, reportedly dumped his entire stake in the media giant after losing a bruising proxy fight against Mouse House CEO Bob Iger — saying he expects the slumping stock to keep tanking.The former Marvel chair Disney claimed he doesn’t have confidence in the company’s current management after selling off 25.6 million shares in the months after April’s vote, according to a Wall Street Journal report Tuesday, which cited communications with the former ...

Amazon’s Echo smart speakers – home to the virtual personal assistant Alexa – have sparked billions of dollars in losses for the company despite strong sales and household name recognition around the world, according to a report. CEO Andy Jassy – who took the helm of the Settle-based e-tailing giant in 2021 after billionaire founder Jeff Bezos stepped down – has set his sights on cutting costs, and the smart device business is reportedly on the chopping block. Amazon has sold more than 500 million Alexa dev ...

Google is planning to keep third-party cookies in its Chrome browser, it said on Monday, after years of pledging to phase out the tiny packets of code meant to track users on the internet.The major reversal follows concerns from advertisers – the company’s biggest source of income – saying the loss of cookies in the world’s most popular browser will limit their ability to collect information for personalizing ads, making them dependent on Google’s user databases.The UK’s Competition and Markets Authority ha ...

Group 1 - Tesla plans to have humanoid robots in "low production" for internal use by next year, with hopes for high production for other companies by 2026 [1] - The Tesla robot, named Optimus, is expected to perform factory tasks by the end of this year and could be ready for sale by the end of 2025 [1][3] - Competitors like Honda and Hyundai's Boston Dynamics are also developing humanoid robots to address labor shortages and perform repetitive tasks [1] Group 2 - Elon Musk has a history of making ambitious promises, such as the "robotaxi" network, which has faced delays [2] - Tesla's first generation of the Optimus robot was introduced in September 2022, with a second generation recently showcased performing tasks [3] - The company is shifting focus towards artificial intelligence, autonomous driving software, and robotaxis amid declining demand for electric vehicles, which constitute over 80% of its revenue [3] Group 3 - Tesla is set to report its second-quarter results, with expectations of margins hitting a five-year low, while also highlighting Musk's plans for robotaxis and AI products [4] - Tesla shares increased by over 3% on the day prior to the earnings report [4]

Core Insights - McDonald's is extending its $5 Meal Deal through August, which includes a McDouble or McChicken, a four-piece nugget, a small fry, and a small fountain beverage, aimed at attracting budget-conscious customers amid ongoing inflation [1][2] - The decision to extend the offer was supported by 93% of McDonald's US restaurants, although the availability may vary by location [1] - The $5 Meal Deal has successfully increased customer visits, with a reported 8% increase on its launch day compared to the average Tuesday, and at least 5% more visits throughout the launch week [3] Company Performance - McDonald's experienced a quarterly profit miss in April, with sales growth declining for the fourth consecutive quarter to 1.90%, below analysts' expectations of 2.35% [5] - The CEO noted that consumers are becoming more selective in their spending, indicating a trend across all income levels seeking value [5] - The company is set to report its second-quarter earnings at the end of July, which will provide further insights into its financial performance [5] Competitive Landscape - The introduction of value meals and discounts by casual dining chains like Starbucks and Chili's has also positively impacted their traffic and sales [4] - McDonald's $5 Meal Deal competes directly with similar offerings from rivals such as Wendy's and Burger King, as the fast-food industry navigates challenges posed by inflationary pressures [4]