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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.

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Market Recap

Last Week’s Headlines

Economy & World News

• U.S. Nonfarm Payrolls Increase by 227,000, Unemployment Rate Rises to 4.2%
  November saw a significant uptick in nonfarm payrolls with 227,000 jobs added, surpassing expectations and leading traders to anticipate an interest rate cut. Sectors like health care, leisure and hospitality, and government drove the job gains.

• President Biden Issues Pardon for Son, Hunter Biden
  In a significant reversal, President Joe Biden has signed a sweeping pardon for his son, Hunter, deviating from his earlier assertion that he would not use his executive powers in this manner.

• US Imposes New Tech Restrictions on China, Affecting Major Chip Makers
  In an effort to curb Beijing's technological rise, the US Department of Commerce has introduced new limitations on high-bandwidth memory chips, crucial for AI, impacting firms like SK Hynix, Samsung, and Micron Technology.

• Bank of Korea to Enhance Liquidity and Stabilize FX Market Amid Political Turbulence
  Following President Yoon Suk Yeol's unexpected martial law declaration and subsequent retraction, the Bank of Korea announced measures to increase short-term liquidity and stabilize the FX market, including potential special loans, after an urgent board meeting early Wednesday.

• Gunman in UnitedHealthcare CEO Killing Flees NYC, Leaves Clues Behind
  After assassinating UnitedHealthcare CEO Brian Thompson, the unidentified gunman escaped New York City by bus, abandoning a backpack in Central Park. With no clear motive established, a $50,000 FBI reward is now offered for information leading to an arrest.

• Detroit Mayor Mike Duggan to Run for Michigan Governor as Independent
  After revitalizing Detroit post-bankruptcy, Mayor Mike Duggan, at 66, announces his 2026 gubernatorial bid as an independent, aiming to offer a fresh choice to voters disillusioned with traditional party politics. He seeks to succeed term-limited Governor Gretchen Whitmer.

• OPEC+ Extends Production Cuts Through March 2025 Amid Market Pressures
  Facing low demand from China and strong U.S. production, OPEC+ has decided to maintain its 2.2 million barrels per day production cut until the end of March 2025, delaying plans to phase out the reductions that were set for this December.

• 7.0 Magnitude Earthquake Hits Northern California, Prompting Tsunami Warning
  A significant earthquake struck near Ferndale, Humboldt County, causing widespread alarm and a temporary tsunami warning along the U.S. West Coast. The quake, felt as far as San Francisco, was the strongest in California since 2019, with no major damage or injuries immediately reported.

Public Markets

• Stellantis CEO Carlos Tavares Resigns Suddenly
  Following a profit warning and a 40% value decline, Stellantis CEO Carlos Tavares has resigned, with plans to appoint a new leader in the first half of 2025, as the company navigates interim leadership.

• Judge Denies Elon Musk's Appeal to Reinstate $56 Billion Pay Package
  Chancellor Kathaleen McCormick reaffirmed her stance that the process approving Elon Musk's 2018 compensation was deeply flawed, dismissing efforts to revise the judgment based on new shareholder votes.

  • Tesla's China Sales Dip as BYD Hits Record Highs
    Tesla reported a 4.3% drop in sales of its China-made vehicles in November, totaling 78,856, despite a month-over-month increase of 15.5% for Model 3 and Model Y deliveries, as local competitor BYD surged 67.2% to 504,003 units, setting a new monthly record.

• Intel CEO Pat Gelsinger Departs Amid Board Disagreements
  Pat Gelsinger has left Intel, choosing to retire after the board questioned his strategies to regain market share and compete with Nvidia Corp., culminating in a pivotal meeting last week.

• Lilly’s Zepbound Outperforms Wegovy in First Direct Comparison Obesity Study
  In a groundbreaking test, Eli Lilly's Zepbound led to an average weight loss of 20.2% or 50 pounds after 72 weeks, significantly surpassing Novo Nordisk’s Wegovy, which achieved a 13.7% or 33-pound loss, marking the first head-to-head trial demonstrating Zepbound's superior effectiveness.

• D.C. Attorney General Sues Amazon Over Prime Delivery Exclusions
  Attorney General Brian Schwalb has filed a lawsuit against Amazon, claiming the company has secretly excluded certain D.C. ZIP codes from receiving Prime's expedited delivery services since 2022, despite charging the full $139 annual fee.

• American Airlines Ends Partnership with Barclays, Chooses Citi as Sole Credit Card Partner
  Starting January 2026, American Airlines will exclusively partner with Citi for its co-branded credit cards, dropping Barclays to streamline its credit card offerings and capitalize on the lucrative airline card market.

• IBM Linked to Alleged Cherry-Picking Scheme by Bond Manager Ken Leech
  IBM reportedly benefited from Ken Leech's cherry-picking activities, according to sources, amid criminal charges where the U.S. Department of Justice accuses him of illegally favoring certain clients at Western Asset Management Co. to support his Macro Opportunities strategy.

• Federal Judge Blocks Boeing's Guilty Plea Deal Over 737 Max Crashes
  A federal judge has denied Boeing's plea agreement on criminal fraud charges related to the 737 Max crashes, questioning the influence of the Justice Department's diversity, equity, and inclusion policies on the selection of an independent monitor. The decision follows criticism from victims' families over previous agreements and their call for greater involvement in monitor selection.

• CFPB Sues Comerica Bank for Failing Direct Express Cardholders
  The Consumer Financial Protection Bureau has filed a lawsuit against Comerica Bank, accusing it of systematically failing its 3.4 million Direct Express cardholders.

Real Estate

•  Music Hall Plans $125 Million Expansion with Groundbreaking Expected Next Year
  Delayed by financing issues, Music Hall's $125 million expansion project is now set for an early next year groundbreaking, following the finalization of $80 million in nonprofit bonds.

• LuxWall Inc. to Open New Detroit Factory with Bedrock LLC Development
  Ypsilanti-based LuxWall Inc. has announced plans to expand with a new glass manufacturing facility in Detroit, developed in partnership with Dan Gilbert’s Bedrock LLC.

• Detroit Diesel Invests $285 Million to Electrify Redford Factory
  Detroit Diesel Corp. is set to enhance its Redford Township facility with a $285 million investment aimed at expanding EV battery prototyping and pack assembly, marking a significant step towards factory electrification.

• University of Michigan and Los Alamos to Build $1.2 Billion Computing Lab
  In collaboration with Los Alamos National Laboratory, the University of Michigan is developing a high-performance computing lab in Ypsilanti Township, with a funding request of $100 million from the state.

• Eli Lilly Announces $3 Billion Expansion in Wisconsin for Global Manufacturing
  Eli Lilly is set to expand its Kenosha County facility with a $3 billion investment, enhancing its global network for injectable products and creating 750 new jobs. This development marks a significant extension outside Indiana, aiming to meet increasing demands for its diabetes and obesity medications, as well as future treatments.

M&A, IPO’s, Bankruptcies

• BlackRock Acquires HPS Investment Partners in $12 Billion Deal
  In a strategic expansion of its private-market business, BlackRock has agreed to purchase HPS Investment Partners, a major player in private credit, for about $12 billion in stock, marking a significant addition to its private-asset holdings.

• General Motors to Sell Stake in Michigan EV Battery Plant
  General Motors has entered a nonbinding agreement to sell its share of a Lansing-based electric vehicle battery plant to LG Energy Solution, planning to finalize the deal by March and recoup its $1 billion investment.

  • GM Foresees Over $5 Billion in Charges from China Joint Venture Restructuring
    General Motors projects noncash charges and write-downs exceeding $5 billion related to restructuring its SGM joint venture with SAIC Motor Corp., including plant closures and portfolio adjustments, primarily to be accounted for in the fourth quarter.

• SpaceX Valuation Soars to $350 Billion Amid Insider Share Sale Talks
  In discussions to sell insider shares, SpaceX is now estimated to be worth around $350 billion, significantly up from recent valuations, underscoring rapid growth across Elon Musk's enterprises.

• Seven & i Holdings Eyes IPO for North American Business in $60 Billion Buyout Plan
  To counter a competing ¥7.1 trillion offer from Alimentation Couche-Tard Inc., Seven & i Holdings Co., supported by the founding Ito family, plans a $60 billion management buyout including an IPO of its North American convenience stores and gas stations to manage financing through major Japanese bank loans.

• UK Regulator Greenlights Vodafone-Three Merger with Conditions
  The Competition and Markets Authority (CMA) has approved the merger of Vodafone and Three in the UK, stipulating that both firms must commit to significant investments in 5G network deployment. The deal is anticipated to finalize by the first half of 2025.

Earnings this week

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