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Today in the Market (4/29/2024)

Good Morning! On Monday, U.S. markets concluded the day with gains, marking the beginning of a significant week that includes a Federal Reserve Interest rate decision, monthly employment data, and a huge round of earning reports.

All three indexes saw similar gains of 0.32% for the S&P 500, 0.38% for the Dow Jones, and 0.35% for the NASDAQ.

THREE FOR ONE!

It was revealed by Paramount Global (PARAA) that the CEO, Bob Bakish, would be resigning while investors still continue to examine the company’s potential acquisition deal. However, Paramount has a plan for the seat of the CEO.

So what is Paramount doing? As a replacement for Bakish, Paramount announced that it would establish a consortium known as the “Office of the CEO” that would consist of three corporate division leaders. George Cheeks, the president and CEO of CBS; Chris McCarthy, the president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the president and CEO of Paramount Pictures and Nickelodeon.

The reason? In a statement, Paramount said the new CEO office is collaborating with Paramount’s board to create a comprehensive and long-term plan aimed at accelerating growth, developing appealing content, improving operational efficiency, strengthening the company’s financial position, and further enhancing the streaming strategy.

$200 MILLON FINE

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The Federal Communications Commission (FCC) assessed around $200 million in fines on the major U.S. cellphone providers for unlawfully revealing customers’ location data. In a statement, FCC Chair Jessica Rosenworcel revealed that the carriers had sold “real-time location information to data aggregators, allowing this highly sensitive data to wind up in the hands of bail-bond companies, bounty hunters, and other shady actors.” 

So how much does each company owe?

  • $80 million for T-Mobile (TMUS)
  • $12 million for Sprint (which has been bought by T-Mobile)
  • $57 million for AT&T (T)
  • Roughly $47 million for Verizon (VZ)

However, the cellphone providers intend to challenge these fines because… they contend customers have given their consent to location-data use for various purposes such as roadside assistance, logistics, medical emergency alert services, human trafficking alerts, and fraud protection

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