The Pre-Market Rundown: May 3, 2024
Wall Street is set to open higher ahead of the big economic data of the week. The April jobs report is expected to show hiring slowed but was still solid last month. Shares of Apple are jumping today, the company’s quarterly results beating forecasts as sales of iPhones fell less than expected, especially in China. Apple also unveiling a massive stock buyback program of $110 billion, the biggest in both company and U.S. history. A lack of innovative new devices has hurt Apple sales, but is expected to launch new iPads next week. Sony may be jumping into the ring for Paramount. Reports say Sony Pictures and private equity firm Apollo Global have made a $26 billion offer. For the media company and Hollywood studio Paramount and controlling shareholder Sherry Redstone are already weighing a bid from Sky Dance Media. The production company run by David Ellison, the son of Oracle founder Larry Ellison. The NBA is close to a new TV rights deal that would pay the league about 76 billion / 11 years, or three times what it’s getting now. Bloomberg reports the NBA has agreed to a framework of deals with Disney and Amazon. It has yet to decide the winner of 1/3 package, which is down to Warner Brothers Discovery, which owns TNT, and Comcast, the parent of NBC Universal. For CNBC Business News, I’m Pippa Stevens.