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Wall Street stocks close slightly lower; jobs data strong but rates still high

By Chibuike Oguh NEW YORK (Reuters) -Wall Street stocks ended slightly lower on Friday in choppy trading after stronger-than-expected U.S. jobs data pointed to a robust economy but prompted worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped. The U.S. economy generated about 272,000 jobs in May, far more than the 185,000 analysts had forecast, according to a Labor Department report. The unemployment rate inched up to 4%. … Read more…

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Berkshire buys additional 2.57 million shares in Occidental Petroleum, filing shows

(Reuters) – Warren Buffett’s Berkshire Hathaway bought around 2.57 million shares of common stock in Occidental Petroleum over June 5-7, according to a U.S. securities filing. Buffett’s company bought additional shares in Occidental’s common stock for more than $150 million and now owns about 250.6 million shares in the energy producer. Occidental shares closed at $59.48 on Friday. As of March, Berkshire owned a roughly 28% stake in Occidental. Occidental Petroleum previously announced it had … Read more…

Norway wealth fund to vote against Musk’s $56 billion Tesla pay package

By Louise Rasmussen and Gwladys Fouche OSLO (Reuters) -Norway’s $1.7 trillion sovereign wealth fund said on Saturday it will vote against ratifying Tesla CEO Elon Musk’s $56 billion pay package, which is up for a shareholder vote next week, after a Delaware judge invalidated it earlier this year. The fund is Tesla’s eighth-biggest shareholder, according to LSEG data. Musk’s pay, the largest for a chief executive in corporate America, was approved in 2018, but voided … Read more…

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Nippon Steel executive saw positive reaction from U.S. Steel workers and others

TOKYO (Reuters) – Nippon Steel Vice Chairman Takahiro Mori met with U.S. Steel’s employees and community leaders this week to gain better understanding of its proposed acquisition of the U.S. company and saw positive reaction, a company spokesperson said. Mori, the key negotiator for the U.S. Steel deal, returned to the United States this week, soon after a May 20-26 trip, in an effort to close the deal amid growing regulatory scrutiny and political opposition … Read more…

Healthcare payments firm Waystar shares fall 2% in tepid Nasdaq debut

By Arasu Kannagi Basil and Echo Wang (Reuters) -Shares of Waystar fell 2.3% below their initial public offering price in their Nasdaq Global Select Market debut on Friday, giving the healthcare payments company a valuation of $3.50 billion. The company’s stock opened at $21, slightly below the IPO price of $21.50, which was at the mid-point of its targeted range of $20 and $23. Waystar, backed by Swedish private equity firm EQT AB and Canadian … Read more…

Biden aide raises possible increased deployments of U.S. strategic nuclear weapons

By Jonathan Landay WASHINGTON (Reuters) -The United States may reach a point in coming years where it will have to increase deployments of strategic nuclear weapons to deter growing threats from adversaries, a senior White House aide said on Friday. Pranay Vaddi, a top National Security Council official, made the statement in a speech to the Arms Control Association, as he outlined a “more competitive approach” to arms control by the Biden administration. Russian President … Read more…

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Tesla objects to $5.6 billion payout for lawyers who voided Musk’s pay

By Tom Hals WILMINGTON, Delaware (Reuters) – The legal team that voided Elon Musk’s record Tesla pay package deserves a tiny fraction of the $5.6 billion legal fee they requested because their lawsuit provided almost no benefit for the company, the electric automaker argued in court papers on Friday. Tesla said the legal team for Richard Tornetta, the shareholder whose lawsuit led to a January ruling voiding Musk’s $56 billion pay package, should be paid … Read more…

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Exclusive-IPOs of Walmart’s Flipkart, PhonePe could take couple of years, Walmart exec says

By Siddharth Cavale BENTONVILLE, Arkansas (Reuters) – Initial public offerings of Walmart’s Flipkart marketplace and PhonePe digital payments platform could take a couple of years, a Walmart executive said. “This is something we’re looking at over the next couple of years,” Walmart’s executive vice president for corporate affairs, Dan Bartlett, said on the sidelines of the company’s shareholder meeting near its Bentonville, Arkansas, headquarters, late on Thursday. Walmart may put an initial public offering of … Read more…

Spotlight On Labor – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) Even though the market staggered at the end of the month, and soared the last day, the indices were positive for the finish. A 575 point surge on Friday by the Dow Jones Industrial Average gave investors and traders a much needed ‘shot-in-arm’. As May finished, all three indexes were up, with the Dow Jones up 2.3%, the S&P 500 up 4.8% and the blazing Nasdaq Composite leading the … Read more…

Meta’s WhatsApp launches new AI tools for businesses

By Dani Morera and Andre Romani SAO PAULO (Reuters) -Meta launched its first AI-driven ad targeting program for businesses on WhatsApp, according to a press release Thursday, as it tries to wring revenue out of the popular chat service, the company announced at a conference in Brazil. CEO Mark Zuckerberg announced the new tools in a video which was exhibited during the event. The announcement marks a shift for WhatsApp, an encrypted messaging service that … Read more…