Market Movers: Expedia Soars on Uber Takeover Rumors
Expedia’s stock surged 7% in premarket trading after reports emerged that Uber had considered acquiring the online travel agency. According to sources, Uber had discussed a potential bid with advisors, although no formal approach has been made. The interest was described as being at a very early stage, and no deal may come to fruition.
A Familiar Face Behind the Potential Deal
The potential takeover is intriguing, given Uber CEO Dara Khosrowshahi’s past connection to Expedia. Khosrowshahi served as Expedia’s CEO from 2005 to 2017 and remains a non-executive director. Any approach would likely be friendly, and Khosrowshahi would need to recuse himself from deal talks.
Meta Platforms Initiates Layoffs Across Divisions
Meanwhile, Meta Platforms has begun layoffs across various teams, including WhatsApp, Instagram, and Reality Labs. Although the exact number of job cuts has not been disclosed, reports indicate they are relatively small in scale. This move is part of Meta’s broader cost-cutting initiatives, with CEO Mark Zuckerberg labeling 2023 as the “year of efficiency.”
Disney Unveils Premium Pass for Lightning-Fast Entry
Disney is introducing its “Lightning Lane Premier Pass” at its Florida and California theme parks, allowing guests to skip lines and enjoy unlimited access to attractions. The pass comes with a hefty price tag, ranging from $137 to $478 per person, depending on the theme park and time of year.
Markets in Focus
Ahead of the opening bell, Dow, S&P, and Nasdaq futures are in mixed territory. Crude oil is up 0.3% at $70/barrel, while Bitcoin is down 0.3% at $67,000. In the world markets, the FTSE 100 is up 0.3%, and the DAX is up 0.7%.
Economic Calendar Highlights
Today’s economic calendar features several key events, including:
- 8:30 am: Initial Jobless Claims, expected to decline to 241K from 258K
- 8:30 am: Retail Sales, expected to rise 0.3% over the prior month
- 10:00 am: Housing Market Index, expected to rise for the second month to 43
Stay tuned for more market updates and analysis!
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