Welcome to Read Sunday, your essential source for a concise and impactful weekly Business & Finance recap. Dive into the pivotal market highlights from the week, distilled for your convenience, and stay tuned for the thought-provoking editor's piece that rounds off your Sunday with insightful perspectives.

Market Recap

This Week’s Headlines

Public Markets

• Tesla, the electric vehicle manufacturer, is outpacing its competitors by constructing charging stations more affordably and swiftly. Consequently, Tesla has been successful in securing millions of dollars in federal grant awards for its roadside charger projects, with bids that are approximately half the cost compared to those submitted by its rivals.

• On Friday, the Federal Trade Commission (FTC) announced its decision to halt its legal challenge against drugmaker Amgen's $27.8 billion acquisition of Horizon Therapeutics. This resolution averts the need for a trial that was originally scheduled to commence this month.

• British chip designer Arm Ltd. is aiming for a target valuation in the range of $50 billion to $55 billion for its upcoming initial public offering (IPO), which is poised to become the largest IPO of the year.

Economy

• In August, employers in the United States saw an increase of 187,000 jobs. However, there was an unexpected rise in the unemployment rate to 3.8%. This shift reflects the influence of elevated interest rates and the gradual cooling of the U.S. economy after the post-pandemic lockdown boom.

• United Auto Workers President Shawn Fain is deviating from the traditional union playbook and making preparations for a potential strike that could involve taking action against three automakers simultaneously.

• The Energy Department has revealed plans to provide up to $12 billion in funding to assist automakers in the United States with the retrofitting of their existing manufacturing facilities for the production of electric and hybrid vehicles. Energy Secretary Jennifer Granholm stated that the majority of this funding, approximately $10 billion, will be sourced from an advanced-vehicle manufacturing program administered by the department's Loan Programs Office, while the remaining $2 billion will come from funds allocated by last year's Inflation Reduction Act.

Mergers & Acquisitions

• Yahoo, the global media and technology giant with backing from Apollo Global Management, has completed the acquisition of Commonstock, a social and community-based platform for retail investors located in San Francisco. The financial details of the transaction remain undisclosed.

• The U.S. Federal Trade Commission (FTC) announced on Thursday that it has successfully reached a settlement to address antitrust concerns related to Intercontinental Exchange's (NYSE-owner) proposed acquisition of data vendor Black Knight. The FTC had raised concerns that the $11.7 billion deal, which would bring together the two leading mortgage technology providers, could result in increased costs, diminished innovation, and reduced options for lenders.

• CoreWeave, a prominent cloud computing provider emerging as a leading player in the artificial intelligence sector, is reportedly considering a minority stake sale. The valuation under consideration could potentially reach as high as $8 billion or even more.

Read Sunday - Opinion

Navigating the Promises and Perils of Genetic Manipulation

In today's rapidly evolving landscape, the realm of gene editing has transitioned from science fiction to a tangible prospect, holding immense potential to revolutionize humanity. With a solid six years of experience in the healthcare domain and a foothold in the entrepreneurial world, I find myself at the intersection of science, ethics, and business, analyzing the thrilling promises and intricate perils of gene manipulation.

Read More

Earnings

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