Wall Street Breakfast Biden to rule on US Steel takeover
Dec 24, 2024
A significant standoff looms as President Biden prepares to make a crucial decision on Nippon Steel's acquisition of U.S. Steel, raising national security concerns and union resistance. Meanwhile, Rocket Companies faces a stock plunge following a CFPB lawsuit, while Abbott’s recent settlement with Dexcom over glucose monitors sheds light on industry legal battles. The podcast also discusses notable stock movements, including a shift in the index weight for tech giants like Meta and Tesla.
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CFIUS Deadlocks on US Steel Takeover
- The Committee on Foreign Investment in the United States (CFIUS) deadlocked on the acquisition of U.S. Steel by Nippon Steel, referring the decision to President Biden.
- Biden now has 15 days to announce his decision regarding the deal, which he previously opposed.
CFPB Sues Rocket Mortgage
- Rocket Companies' stock dropped 4% after the Consumer Financial Protection Bureau (CFPB) sued Rocket Mortgage.
- The CFPB alleges Rocket Mortgage pressured real estate brokers to withhold information about competitor products, potentially costing buyers thousands.
Abbott and Dexcom Settle Patent Dispute
- Abbott and Dexcom settled a patent dispute over continuous glucose monitors, dismissing all pending cases.
- The 10-year agreement prevents future patent disputes but involves no payments between the companies.