GM Soars with $10B Stock Buyback and Dividend Boost in 2023 Amid NBA Team Purchase Impacting Las Vegas Sands
Discover how General Motors' $10 billion buyback and dividend hike propelled its stock in 2023, while Las Vegas Sands faced declines linked to a major NBA team acquisition.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, guiding teams of anchors, reporters, and editors through landmark news coverage.
Highlights
- U.S. stock markets rose for the second consecutive session at midday on Wednesday, November 29, 2023, driven by robust earnings reports.
- General Motors (GM) announced a $10 billion stock repurchase program, increased dividends, and cost-cutting measures, boosting its shares.
- Shares of Las Vegas Sands fell sharply after its largest shareholder sold stock to finance the purchase of the NBA’s Dallas Mavericks.
U.S. equities extended gains from the previous day amid optimism that the Federal Reserve will pause interest rate hikes to combat inflation. The Dow Jones, S&P 500, and Nasdaq all posted modest increases.
GM’s stock surged following its announcement to increase dividends, initiate a $10 billion stock buyback, and reduce operational costs, signaling strong confidence in its financial outlook.
NetApp (NTAP) shares climbed after the data storage company exceeded quarterly profit and sales expectations, supported by cost reductions from recent restructuring.
Hewlett Packard Enterprise (HPE) saw gains after delivering better-than-anticipated earnings and noting encouraging demand trends in prioritized sectors, notably artificial intelligence.
Conversely, Hormel Foods (HRL) experienced a decline, leading losses on the S&P 500, as its earnings and revenue missed estimates due to lower retail sales volumes.
Las Vegas Sands (LVS) shares dropped following news that Miriam Adelson, the casino’s largest shareholder, is liquidating $2 billion in stock to acquire the Dallas Mavericks NBA franchise from billionaire Mark Cuban.
Walmart (WMT) shares decreased after reports surfaced of the company reducing imports from China while increasing sourcing from India, aiming to diversify its supply chain and cut costs.
Gold prices continued their upward streak, marking a fourth straight day of gains, while oil futures rose. The 10-year Treasury yield declined. The U.S. dollar strengthened against the euro and pound but weakened versus the yen. Major cryptocurrencies mostly experienced declines.
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