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5 things to know before the stock market opens Tuesday, November 29

5 things to know before the stock market opens Tuesday, November 29


Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, November 10, 2022.

Brendan McDermid | Reuters

Here are the most important news items that investors need to start their trading day:

1. Bounce back?

2. Musk vs. Apple

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, June 13, 2019.

Mike Blake | Reuters

Now Elon Musk wants to take on Apple. The Twitter owner tweeted Monday that the iPhone maker threatened to boot his social media app off its App Store, which, if it happened, would kill one of Twitter’s major distribution channels. Apple declined to comment on Musk’s claims. For all his talk about free speech and censorship, though, Musk’s main gripe with Apple is likely more about money than expression. The billionaire also took aim at Apple’s policy requiring that app makers pay a 15% to 30% cut to the company on digital goods sold through their applications. Musk, eager to find a source of revenue for Twitter as ad dollars have dried up, wants to charge subscription fees for certain services on Twitter.

3. Disney sticks with hiring freeze

Disney World’s Magic Kingdom in Orlando, Florida.

Joe Raedle | Getty Images News | Getty Images

Bob Iger on Monday made a splashy return to the Disney lot in Burbank, California, where he held his first town hall since he was re-hired as CEO just over a week ago. He spent a lot of time focusing on the company’s culture, which many at Disney felt suffered under previous CEO Bob Chapek, and touting its creative powers. But Iger also spoke about nitty gritty moves that will affect the company’s day-to-day work. Iger said Disney would keep in place the hiring freeze implemented by Chapek, and that he would take a good look at the company’s cost structure. Chapek, in a memo about cost cutting he had sent days before he was ousted, had indicated layoffs were going to be part of the process. Now it’s up to Iger, who has built up a great deal of goodwill among employees, to make that call.

Read more: Iger addresses ‘Don’t Say Gay’ fallout, importance of LGBTQ inclusion

4. BlockFi files for bankruptcy

Ether tanks after BlockFi files for bankruptcy, and firms prep bids for Voyager: CNBC Crypto World

Another one bites the dust. BlockFi on Monday became the latest crypto firm to go bust, as the fallout from FTX’s failure spreads. The company had already halted withdrawals and warned of its exposure to FTX and sister trading firm Alameda Research. BlockFi’s bankruptcy filing on Monday noted that it had an outstanding loan of $275 million to FTX US, the American unit of FTX. Previously valued at $4.8 billion, BlockFi had avoided bankruptcy in July with the help of a $400 million revolving credit facility from FTX, whose founder, Sam Bankman-Fried, had styled himself as a crypto white knight. That all came crumbling down earlier this month, however, as FTX itself filed for bankruptcy.

5. Ukraine’s cold reality

Destroyed Russian vehicles and tanks in Mykhailivska Square on Nov. 19, 2022, in Kyiv, Ukraine. Millions of Ukrainians are facing severe power disruptions after recent waves of Russian missile and drone strikes reportedly left almost half of Ukraine’s energy infrastructure disabled and in need of repair, as temperatures plunge.

Jeff J Mitchell | Getty Images News | Getty Images


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