Trending Market News

Louis Gerstner, the former IBM CEO credited with saving the company from bankruptcy in the 1990s, died on Saturday at age 83. Gerstner, who became IBM's first outside CEO in 1993, transformed the struggling computer giant into a services-focused company, with stock rising 800% during his nine-year tenure.

• Took over IBM in April 1993 when facing potential bankruptcy, pivoted company to business services through aggressive cost-cutting, asset sales, and stock repurchases
• Stock increased 800% during his leadership before retiring as CEO in 2002; later served as Carlyle Group chairman until 2008
• Beyond IBM, served on boards of Bristol-Myers, New York Times, American Express, AT&T, and Caterpillar, while founding Gerstner Philanthropies focused on education and biomedical research

Coupang founder Kim Bom issued his first public apology for a November data breach affecting 3,000 of the South Korean online retailer's 33 million customers. Kim pledged compensation and reforms after facing criticism for skipping parliamentary hearings, while confirming leaked data wasn't sold to third parties.

• Data from 3,000 customers was saved on a former employee's computer but not transferred or sold to any third party
• South Korean lawmakers are considering legal action against the billionaire founder who failed to attend Seoul parliamentary hearings
• Coupang promises to announce a compensation plan for affected customers 'as soon as possible' following one of South Korea's worst data breaches

TSMC, the world's largest contract chipmaker, evacuated a small number of facilities at its Hsinchu headquarters following an earthquake on Saturday. The company prioritized personnel safety by conducting outdoor evacuations and headcounts according to emergency procedures, while work safety systems continued operating normally.

• Evacuations were limited to a small number of facilities in the Hsinchu science park where TSMC is headquartered
• The company confirmed all work safety systems at its facilities are functioning normally despite the earthquake
• TSMC followed standard emergency response procedures including outdoor evacuations and personnel headcounts

Brazilian oil workers union Sindipetro-NF, representing 25,000 employees including offshore platform workers in the Campos basin, rejected Petrobras' latest proposal to end a 12-day strike. While production remains unaffected due to contingency crews and most FUP-affiliated unions accepted the deal, Sindipetro-NF's rejection ensures the strike continues at some facilities.

• Sindipetro-NF was the only union among 14 FUP-affiliated organizations to reject the deal, with the dispute centered on complex pension fund issues and deductions to pensioners
• The strike involves workers in Brazil's second-largest oil production region (Campos basin), though Petrobras maintains normal operations using backup crews
• Another umbrella organization, FNP, has also advised its member unions to continue striking, indicating broader labor tensions beyond FUP-affiliated workers

Google is quietly testing a feature that allows users to change their Gmail addresses without losing data, according to Hindi support pages. Users can replace their @gmail.com address while keeping their original as an alias and retaining all data. The feature is gradually rolling out globally, with restrictions including a 12-month limit between changes.

• The new guidance appears only on Hindi support pages while English pages still state addresses 'usually cannot be changed', suggesting limited regional testing
• Users who change addresses will automatically keep their original address as an alias and retain all data including photos, messages, and app integrations
• Restrictions include inability to create another new Gmail address for 12 months after changing and permanent commitment to the new chosen address

China's commerce ministry urged companies to find legal solutions compliant with Chinese regulations regarding TikTok's U.S. operations handover, following ByteDance's agreement to transfer control to investors including Oracle. The ministry called on the U.S. to provide a fair business environment for Chinese enterprises, signaling Beijing's concern over the deal's terms.

• ByteDance signed binding agreements to hand control of TikTok's U.S. operations to investor group including Oracle, moving toward avoiding a U.S. ban
• Chinese government emphasized solutions must comply with Chinese laws and balance interests of all parties involved
• Beijing urged U.S. to fulfill commitments and provide 'fair, open, transparent and non-discriminatory' environment for Chinese firms

The S&P 500 achieved its first record closing high on Christmas Eve since 2013, finishing at 6,932.05, as U.S. stocks extended their rally into the holiday season. Gold and silver futures also hit fresh intraday records, with the broad market strength driven by resilient economic data and expectations of continued Fed easing into 2026.

• The S&P 500 is on track for a third straight year of double-digit gains, with 10 of 11 sectors finishing higher on Christmas Eve
• Gold futures reached $4,555.10 per ounce and silver hit $72.75, both marking new intraday records
• The VIX 'fear gauge' dropped below 14 for the first time since December 13, 2024, signaling low market volatility

Japan's top oil refiner Eneos is leading the bidding for Chevron's 50% stake in a Singapore refinery valued at approximately $1 billion total, though a deal is not yet finalized. The refinery on Jurong Island processes about 290,000 barrels of crude daily and is one of three major refineries in Asia's biggest oil trading hub.

• Vitol and Glencore are also expected to submit formal bids, with the other 50% owned by PetroChina through Singapore Petroleum
• The refinery has a capacity of 290,000 barrels per day on Jurong Island, serving Singapore's role as the world's largest bunkering port
• While Eneos is reportedly the frontrunner, Bloomberg sources indicate potential delays remain before deal completion

Southwest Airlines' profits fell 42% in the first nine months of 2024 compared to 2023, yet its stock has outperformed all other U.S. airlines this year, hitting a 2.5-year high. The carrier is transforming its business model with initiatives like baggage fees and assigned seating, which analysts expect to drive over $1 billion in earnings next year.

• Southwest expects assigned seating and extra legroom to generate $1 billion in pretax earnings in 2025 and $1.5 billion by 2027
• Unlike Delta and United which gained 17% each, Southwest's stock surge is attributed to its new initiatives rather than industry-wide demand improvements
• The airline cut profit forecasts for 2025 due to weak demand from tariff concerns and government shutdown impacts

Gold and silver futures hit fresh record highs for a second consecutive day, with gold reaching $4,530.80 per ounce and silver crossing $70 for the first time. The rally is driven by investors seeking safe-haven assets amid concerns about a potential AI bubble and uncertainty over the future Federal Reserve chair in 2026. One analyst predicts gold could reach $6,000 per ounce as global debt concerns mount.

• Gold February futures settled at $4,505.70 (up 0.8%) while March silver futures jumped 4.46% to $71.62 per ounce
• David Neuhauser of Livermore Partners suggests metals remain under-owned and could continue rallying as protection against currency debasement from exploding global debt
• Both metals are benefiting from their traditional role as safe-haven assets during economic uncertainty and as inflation hedges

Raytheon Technologies secured a $1.7 billion contract to deliver four Patriot air and missile defense systems to Spain, strengthening European defense capabilities. The deal follows similar recent orders from Germany, Netherlands, and Romania, highlighting increased demand for the mobile surface-to-air missile systems amid global security concerns.

• Each Patriot battery costs over $1 billion ($400M for system, $690M for missiles), with individual interceptors priced at ~$4 million each
• Raytheon partnered with Spanish defense firms including Sener for component supply, integrating local suppliers into the global Patriot supply chain
• The systems are highly effective against aircraft and missiles but economically inefficient against cheap drones, presenting operational challenges

ServiceNow will acquire cybersecurity startup Armis for $7.75 billion in cash, with the deal expected to close in the second half of 2025. The acquisition will enhance ServiceNow's security capabilities for AI environments and more than triple its market opportunity for security and risk solutions. This marks ServiceNow's third major acquisition in 2025 as the company accelerates its growth strategy.

• Armis raised $435 million at a $6.1 billion valuation last month and was planning an IPO for 2026-2027, now opting for acquisition instead
• Armis generates over $340 million in annual recurring revenue with 50% year-over-year growth, specializing in protecting internet-connected devices
• ServiceNow CEO McDermott emphasized the critical need for security in the AI era, noting that 'every intrusion is a multimillion-dollar problem'

Samsung Electronics' subsidiary Harman will acquire ZF Group's advanced driver assistance systems (ADAS) unit for €1.5 billion ($1.8 billion), marking Samsung's aggressive push into the automotive technology sector. The deal strengthens Samsung's position in vehicle electronics as it diversifies beyond smartphones and memory chips into the rapidly growing ADAS market, expected to reach $65.6 billion by 2030.

• The acquisition includes critical ADAS technologies like front-facing vehicle cameras and controllers, complementing Harman's existing audio business to create integrated in-car platforms
• Samsung projects the ADAS and vehicle controller market to grow from 62.6 trillion won ($42.2B) in 2025 to 97.4 trillion won ($65.6B) by 2030
• This marks Samsung's second major acquisition this year following the FlaktGroup cooling systems purchase, as ZF sheds assets amid 14,000 job cuts and high debt burden

A Baltimore jury ordered Johnson & Johnson and its subsidiaries to pay over $1.5 billion to Cherie Craft, who claimed decades of exposure to asbestos in J&J's talc-based products caused her peritoneal mesothelioma. J&J plans to appeal the verdict, calling it 'egregious' and 'unconstitutional' while maintaining its products are safe and asbestos-free.

• The award includes $59.84 million in compensatory damages plus $1 billion in punitive damages against J&J and $500 million against subsidiary Pecos River Talc
• J&J faces lawsuits from over 67,000 plaintiffs claiming talc products caused cancer and has set aside $11 billion for litigation costs
• The company stopped selling talc-based baby powder in the U.S. in 2020 and globally in 2023, switching to cornstarch alternatives

The FDA approved Novo Nordisk's oral weight-loss pill containing 25mg of semaglutide, marking a significant advance in obesity treatment that could expand the patient base beyond injectable users. The pill will be sold under the Wegovy brand starting in January at $349 per month, positioning Novo to regain market share from rival Eli Lilly in a market projected to reach $150 billion annually by next decade.

• Clinical trials showed 16.6% average weight loss over 64 weeks versus 2.7% for placebo, targeting 40% of American adults who are obese
• Pill addresses injection hesitancy and travel convenience issues, with analysts expecting oral medications to capture about one-fifth of the GLP-1 market
• Novo faces competition from Lilly's orforglipron pill expected in March, which doesn't require the 30-minute fasting period before consumption

Goodman Group and Canada Pension Plan Investment Board have formed a A$14 billion ($9.3 billion) 50-50 joint venture to develop data centers across Europe, marking a major expansion in AI infrastructure. The partnership will initially develop four projects totaling 435 megawatts across Frankfurt, Amsterdam, and Paris, with construction set to begin by June 2026.

• The deal represents 68% of Goodman's A$12.4 billion development portfolio, signaling the company's strategic shift from logistics to AI infrastructure provider
• All four projects have secured power connections and planning permits, with a total IT load capacity of 282 MW to serve tech giants and AI hyperscalers
• Goodman raised A$4 billion earlier this year (Australia's largest capital raising at the time) specifically to fund data center expansion plans

Brazilian oil workers union FUP will accept Petrobras' revised labor offer, ending a week-long strike that began over disputes about retirement fund deficits and compensation changes. The strike affected oil platforms, refineries and biodiesel plants, though Petrobras stated production and market supply remained unaffected.

• FUP's board majority approved accepting Petrobras' counteroffer with 'adjustments' and 'advances on key union demands', pending worker approval
• Strike lasted one week and hit oil platforms, refineries and biodiesel plants across Brazil's state-run oil operations
• Core dispute involved deficit in company retirement fund and proposed changes to employee compensation structure

Mercedes-Benz has agreed to pay $149.6 million to settle allegations of diesel emissions cheating with 48 U.S. states, Puerto Rico, and Washington D.C. The settlement covers approximately 39,565 vehicles that were equipped with software that concealed pollution levels during testing, emitting up to 30-40 times legal limits during normal driving. This agreement effectively concludes Mercedes' U.S. legal issues stemming from the 'dieselgate' scandal that began with Volkswagen in 2015.

• Affected vehicle owners will receive $2,000 payments plus free emissions repairs and extended warranties, with Mercedes paying $120 million immediately to states
• The settlement follows a previous $2.2 billion agreement in 2020 with the U.S. government and 250,000 vehicle owners
• Mercedes maintains the settlement won't impact bottom-line earnings as provisions were already made, though the company still faces potential legal action in other countries including England

Italy's competition watchdog fined Apple $115 million for allegedly abusing its market dominance through its app-tracking transparency policy, which requires developers to obtain user consent for data collection. The regulator claims Apple's policy forces developers to request consent twice and unfairly restricts data collection for personalized advertising, harming Apple's commercial partners.

• Apple's app-tracking policy requires a specific prompt for user consent, which Italy says creates a 'double consent' requirement that restricts developers' ability to collect data for personalized advertising
• This marks another regulatory challenge for Apple in Europe, following a €500 million EU fine for Digital Markets Act violations and ongoing scrutiny from Germany's competition watchdog
• Apple maintains its policy protects user privacy and has support from privacy agencies, stating it will appeal the Italian decision

Cosmetics company Coty appointed Procter & Gamble veteran Markus Strobel as interim CEO and board chair, replacing Sue Nabi and Peter Harf effective January 1st. The leadership change comes as Coty conducts a strategic review of its consumer beauty business, with Strobel bringing over 30 years of experience from P&G where he most recently led global skin and personal care.

• The appointment occurs at what Coty calls a 'pivotal moment' during an ongoing strategic review of its Consumer Beauty division
• Strobel retired from P&G in 2024 after three decades, most recently serving as president of global skin and personal care
• The move follows Coty's recent deal with KKR involving $750 million in upfront cash