A tentative agreement to end the Hollywood writers’ strike boosted shares of media companies, and Amazon is investing $4 billion in OpenAI rival Anthropic. Here’s what investors need to know today.
1. Media stocks rise after temporary agreement to end writers’ strike
Shares of major media companies rose in pre-market trading after the Hollywood writers reached a tentative agreement with the union that would end a five-month strike that had stalled many productions. In statements Sunday, both sides said an agreement had been reached, though neither provided details. WarnerBros Discovery (WBD) shares rose 3.6% in the pre-market, while Paramount (PARA) shares rose nearly 3%, Netflix (NFLX) shares rose 1.3% and Walt Disney Co. (DIS) shares rose 1.1%. There was an increase of %.
2. Amazon invests in OpenAI rival Anthropic
Shares of Amazon (AMZN) were up 0.5% in pre-market trading after the online retailer announced it would invest up to $4 billion in artificial intelligence company Anthropic. The company’s Cloud2 chatbot is a rival to OpenAI’s ChatGPT.
3. HP shares fall as Berkshire Hathaway selloff continues
Shares of computer maker HP (HPQ) fell 2.4% in pre-market trading after holding company Berkshire Hathaway sold additional shares in the company. The company headed by Warren Buffett sold 4.8 million HP shares in recent days, worth about $130 million, following the sale of about 5.5 million HP shares in mid-September.
4. Canadian Auto Workers approve agreement with Ford
The union representing Canadian auto workers voted to approve an agreement with Ford (F), which will result in a 15% wage increase for approximately 5,600 workers at Ford facilities in Canada. The agreement with the Unifor union in Canada comes as Ford and other Detroit automakers deal with an ongoing strike by the U.S. United Auto Workers union. Ford shares fell about 0.2% in pre-market trading.
5. Instacart shares fall as analysts raise concerns over growth
Instacart (CART) shares fell 2.5% in pre-market trading after BTIG analysts issued coverage of the stock, giving it a “neutral” rating without assigning a price target, followed by a Needham analyst with a “hold.” Gave rating. On concerns of slow growth and competition at the start of the week. Instacart traded at more than $42 last week after going public with an initial public offering (IPO) price of $30, while shares fell below that price in the pre-market.