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US Department of State Announces $10 Million Bounty for BlackCat Ransomware Group. (00:28) Disney (DIS) settles DeSantis fight in Florida. (01:35) Ford (F) Cuts More Jobs at Dearborn F-150 Lightning Plant – Report. (02:55)
This is a summary transcript of the podcast.
The US Department of State is offering a reward of up to $10 million for information regarding the ALPHV BlackCat ransomware group.
BlackCat is believed to be behind a cyberattack on UnitedHealth's (NYSE:UNH) Change Healthcare division, which handles about 50% of the nation's medical claims.
The State Department accused the organization of crimes and misconduct, including compromising “computer networks in critical infrastructure sectors in the United States and around the world” and “stealing classified information.”
The rewards are offered through the department's Rewards for Justice program. The ministry encouraged people with information about ALPHV BlackCat to contact the program through the Tor-based tip channel, according to a statement released Wednesday.
UnitedHealth reportedly paid APLHV BlackCat, which allegedly has ties to Russia, $22 million to regain access to its systems. The attack, which occurred on February 21, crippled core administrative functions such as billing and claims processing for hospitals, healthcare providers, and pharmacies across the country.
Walt Disney Co. (NYSE:DIS) and allies of Florida Governor Ron DeSantis have reached a settlement in a dispute over the future development of Disney World.
The state court settlement ends nearly two years of litigation over the Central Florida Tourism Supervisory District, which provides municipal services to Walt Disney World in Orlando.
Under the terms of Wednesday's settlement agreement, Disney will accept a determination by DeSantis' appointee's board that the comprehensive plan approved by Disney supporters before the acquisition is invalid. According to the terms of the settlement, Disney also agrees that any development agreements or restrictive covenants entered into prior to the acquisition are void.
Instead, the comprehensive plan from 2020 will be used and the new board can make changes to it, and the agreement suggests that Disney and the new board will negotiate a new development agreement in the near future. There is.
Disney also agreed to suspend its appeal of the federal lawsuit until negotiations over development agreements and other matters are completed, and two state lawsuits against the district, one of which is a public records lawsuit, will be dropped.
Ford Motor Co. (NYSE:F) is reducing hourly labor at its F-150 Lightning plant in Dearborn, Michigan.
According to the Detroit Free Press, Ford is adapting to slowing demand for electric vehicles.
Of the 2,100 employees remaining at the Rouge Electric Vehicle Center, 700 will transfer to the Michigan assembly plant that builds the Bronco and Ranger as a third crew, 700 will remain at the F-150 plant, and the rest will $50 will be provided. Take advantage of our K Retirement Package or be reassigned elsewhere in Michigan.
This is the third layoff at the plant in the past six months.
Ford (F) Chief Financial Officer John Lawler said at an auto conference on Tuesday that the company “needs to match capacity with demand.” When it comes to EVs, demand is much slower than industry expectations. We're making the right adjustments to our production capacity and EV investments, but it's not a question of if, but when. ”
Other notable articles on Seeking Alpha:
UBS: US economic slowdown is coming – here are some indicators
J&J and Shockwave deal makes strategic sense: Analyst
Sen. Sanders goes after Novo Nordisk for Ozempic's low manufacturing cost research
In Catalyst Watch of the day,
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Chinese smartphone company Xiaomi (OTCPK:XIACF) (OTCPK:XIACY) officially launches its long-awaited electric vehicle and begins deliveries. Xiaomi branded EVs will be produced by state-owned automaker BAIC Group at a factory in Beijing with an annual production capacity of 200,000 units. The smartphone maker aims to make the SU7 one of the top three best-selling luxury electric car models in China.
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Old Dominion Freight Line (ODFL) will begin trading on a split-adjusted basis following a 2-for-1 stock split.
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Walgreens Boots Alliance (WBA) will hold a conference call after earnings. The two retail stocks with the closest correlation to Walgreens following earnings reports are CVS Health (CVS) and Sally Beauty (SBH).
U.S. stocks ended higher on Wednesday amid volatile trading.
All three major averages started in the green, then began to decline until midday, before trending back up and ending in the green. Nasdaq (COMP:IND) rose 0.51%. The S&P 500 (SP500) rose 0.86%. The Dow Jones Industrial Average (DJI) rose 1.22%.
All 11 sectors of the S&P finished in the green.
Now let's take a look at the market price as of 6am. Dow, S&P, and Nasdaq futures are mixed ahead of today's opening bell. Crude oil rose 0.7% to nearly $82 a barrel. Bitcoin rose 0.7% to over $70,000.
In global markets, the FTSE 100 rose 0.4% and the DAX rose 0.2%.
Biggest pre-market move of the day: Despite missing market expectations in the fourth quarter, RH (RH) rose nearly 8% on expectations for improved performance in its home furnishings business.
Today's economic calendar:
