Squawk on the Street U.S. Steel Deal, AT&T, BlackRock 12/3/24
10 snips
Dec 3, 2024 The conversation kicks off with the highs of the S&P market and what a potential interest rate cut could mean. There's a deep dive into Elon Musk's controversial compensation package, labelled a 'sham' by a judge. Discussions shift to alarming trends in cable viewership and holiday shopping insights. The panel navigates corporate shifts with AT&T and Honeywell, while also analyzing market dynamics shaped by U.S.-China tensions and AI advancements. Insights on the Federal Reserve’s impact on inflation and stock performance add depth to this engaging dialogue.
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Musk's Pay Package Rejected Again
- A Delaware judge rejected Elon Musk's $56 billion Tesla pay package for a second time.
- Jim Cramer found the judge's ruling humorous and surprisingly critical of Musk.
Form Over Substance
- Shareholder approval alone can't ratify conflicted controller transactions.
- Musk and Tesla’s board's actions are deemed a sham, disregarding value creation.
U.S. Steel Acquisition Opposed
- President-elect Trump opposes Nippon Steel's acquisition of U.S. Steel and vows to block it.
- The Biden administration also opposes the deal, but CFIUS review is ongoing, with potential national security concerns.