Norfolk Southern's Proxy Clash

Plus, NEAR Protocol’s AI jump stops.

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Today is Monday, April 29, 2024.

The Early Bird Index today is 68.23.

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Norfolk Southern's Proxy Clash

The proxy fight between Norfolk Southern (NYSE: NSC) and activist investor Ancora Holdings Group took an unexpected turn on Sunday.

Details: A report on Sunday from Bloomberg said that steel producer Cleveland-Cliffs (NYSE: CLF), a customer of Norfolk Southern, is backing Ancora’s activist fight against the company. Cleveland-Cliffs reportedly said that the outcome of the proxy fight won’t impact its relationship with Norfolk Southern.

Zooming Out: Ancora wants to overhaul Norfolk Southern’s board and install a new CEO.

Background: Northfolk Southern has lagged the broader market for over a year. Several other groups, including the Teamsters Union, support Ancora’s activist fight to change the company.

Stock Price: Northfolk Southern is up 1.82% this year, but is down 4.79% in the last 30 days.

Final Thoughts: Investors were lukewarm to the company’s financial results last week.

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Notable Earnings Today: SoFi Technologies (Nasdaq: SOFI), Paramount Global (Nasdaq: PARA), ON Semiconductor (Nasdaq: ON), Domino's Pizza (NYSE: DPZ), NXP Semiconductors (Nasdaq: NXPI), MicroStrategy (Nasdasaq: MSTR), Yum China (NYSE: YUMC), JinkoSolar (NYSE: JKS), Franklin Resources (NYSE: BEN), Lattice Semiconductor (Nasdaq: LSCC), Chegg (NYSE: CHGG), F5 Networks (Nasdaq: FFIV), Cushman & Wakefield (NYSE: CWK), Arch Capital (Nasdaq: ACGL), Rambus (Nasdaq: RMBS), Woodward (Nasdaq: WWD), Alliance Resource Partners (Nasdaq: ARLP), Amkor (Nasdaq: AMKR), Brixmor Property (NYSE: BRX), Bank of Mari (Nasdaq: BMRC), Coursera (NYSE: COUR), Crown Holdings (NYSE: CCK), CVR Energy (NYSE: CVI), Daqo New Energy (NYSE: DQ), Douglas Dynamics (NYSE: PLOW), Element Solutions (NYSE: ESI), Flowserve (NYSE: FLS), Harmonic (Nasdaq: HLIT), Kforce (Nasdaq: KFRC), LTC Properties (NYSE: LTC), Logitech (Nasdaq: LOGI), Medifast (NYSE: MED), PotlatchDeltic (Nasdaq: PCH Qiagen (NYSE: QGEN), Revvity (NYSE: RVTY), Sanmina (Nasdaq: SANM), SBA Communications (Nasdaq: SBAC), Sensata Technologies (NYSE: ST), Sun Communities (NYSE: SUI), Transocean (NYSE: RIG), Welltower (NYSE: WELL).

Notable IPOs Today: BW LPG Limited (NYSE; BWLP).

Notable Equity Crowdfunding Campaigns Ending Today: NY Union (Wefunder), Mav Farm (Wefunder), Earthy (Wefunder), The SMART Tire Company (Wefunder), Gigmor (Wefunder), NetWire (Netcapital), Tokee (Wefunder).

Notable Economic Events Today: N/A.

NEAR Protocol’s AI Jump Stops

Source: NEAR Protocol

The price of NEAR Protocol jumped 8% this week, yet the cryptocurrency nosedived 5% on Sunday.

Background: The uptick in NEAR Protocol’s price last week can be attributed to the Web3 company behind the token pledging to hire artificial intelligence engineers to build user-owned AI. 

Price: NEAR Protocol’s price is up a lot this year, although it has decreased over the last 30 days.

Final Thoughts: Jumping on the AI bandwagon seems like a good idea these days. However, NEAR Protocol is still volatile.

ExxonMobil’s Turkey Deal

Energy giant ExxonMobil (NYSE: XOM) is reportedly in talks with Turkey over a deal to sell liquified natural gas to the country, according to the Financial Times on Sunday.

Final Thoughts: Despite mixed financial results on Friday, ExxonMobil is up 15% this year.

The Frenzy Returns: The AI trade is back, as confidence in Big Tech surges (Yahoo! Finance)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.