Author: fortraders

Morgan Stanley (NYSE:MS) is set to appoint its next CEO in the next 12 months, according to current Chief Executive James Gorman. The Wall Street firm’s board has identified three strong candidates to succeed Gorman, who will become executive chairman once a new CEO is chosen. The candidates are Edward (Ted) Pick, 54, Andy Saperstein, 56, and Daniel Simkowitz, 58.

Pick is co-president and head of the institutional securities group, overseeing investment banking, equities, fixed income, global capital markets and research. Saperstein is co-president and head of the firm’s wealth management unit, and Simkowitz is head of investment management and co-head of the firm’s strategy and execution. All three serve on Morgan Stanley’s operating committee.

Gorman has been CEO since 2010 and has overseen the firm’s transformation into a more diversified financial services company. He has also led the firm through the coronavirus pandemic, which has had a significant impact on the financial services industry. With the appointment of a new CEO, Morgan Stanley is well-positioned to continue its success in the years to come.

The agreement, which still needs to be ratified by the union’s members, would provide the pilots with pay increases, improved benefits, and job security. The union said the agreement would also provide a “pathway” for the pilots to become the highest paid in the industry.

The agreement comes after months of negotiations between the union and American Airlines. The union had been pushing for a new contract since the airline merged with US Airways in 2013. The union said the agreement would provide “significant improvements” to the pilots’ pay and benefits.

The agreement is a major victory for the union and its members. It will provide the pilots with much-needed job security and improved wages and benefits. The agreement is also a sign of the airline’s commitment to its employees and its willingness to invest in its workforce.

The agreement is expected to be ratified by the union’s members in the coming weeks. Once ratified, the agreement will go into effect immediately. This will be a major step forward for American Airlines and its pilots.

Catalent Inc, a contract manufacturer of drugs, vaccines and gene therapies, has cut its full-year net revenue and profit forecast due to operational challenges and higher-than-expected costs. The company manufactures drugs for major pharmaceutical companies, including Moderna, Novo Nordisk and Sarepta Therapeutics.

Catalent has been facing challenges at three of its major production sites, which may affect its revenue in the third and fourth quarters due to a slower-than-expected ramp up in production capacity. The company has also had to make some adjustments to its financial statements related to its Bloomington operations, resulting in a delisting notice from the New York Stock Exchange.

Catalent now expects full-year revenue in the range of $4.25 billion to $4.35 billion, compared with the prior forecast of $4.63 billion to $4.88 billion. The company also sees annual adjusted net income in the range of $187 million to $228 million, compared with the previous forecast of $567 million to $648 million.

Shares of the contract manufacturer were up 14% at $36.75 in early trade. Despite the challenges, Catalent said it continues to win significant new business and its customer supply situation remains healthy.

Morgan Stanley (NYSE:MS) CEO James Gorman announced to shareholders on Friday that the company is likely to appoint its next CEO within the next 12 months. Gorman, 64, said the board has identified three strong candidates to succeed him and that he will become executive chairman once a new CEO is chosen.

Analysts have praised Gorman for his successful tenure at Morgan Stanley, which included the purchase of E*Trade Financial (NASDAQ:ETFC) Corp and Eaton Vance Corp (NYSE:ETN). Under Gorman’s leadership, Morgan Stanley’s stock has been one of the best performing financials.

Stuart Cole, Head Macro Economist at Equiti Capital, London, said, “Gorman has been at MS for a long time now, and was very much behind the purchase by MS of E*Trade Financial Corp and Eaton Vance Corp, both of which have been very successful for MS. Under his leadership MS stock has been one of the best performing financials, so I expect investors will be disappointed he is leaving and will see him as a hard act to follow.”

John Guarnera, Senior Corporate Analyst at RBC Blueray Asset Management, said, “James Gorman has taken a lot of effort to bolster the leadership ranks and to train and promote potential successors there. He’s been pretty clear in terms of establishing a bench that would be there to be able to support him when and if he chose to leave. So, I don’t anticipate any major change in strategic direction, and I would think that the transition would be relatively orderly.”

Phil Blancato, Chief Executive Officer at Ladenburg Thalmann Asset Management, New York, said, “I would applaud James Gorman here for taking the right time to step down. The guy has done an excellent job navigating the bank. It’s a company that has done quite well for itself in the midst of a time when other banks have not.”

Art Hogan, Chief Market Strategist at B Riley Wealth, Boston, said, “James Gorman has done a masterful job of transforming Morgan Stanley into the model that most major banks want to be, with a focus on asset management, financial advisors, and a road map to get to $10 trillion in assets under management.”

Morgan Stanley’s stock slipped 1.02% to $84 premarket on Friday. With Gorman’s announcement, the company is now on the lookout for its next CEO, who will have big shoes to fill.

Autoliv Inc (NYSE:ALV) and Nio Inc (NYSE:NIO) have signed a strategic cooperation framework agreement to collaborate on several new safety technologies for electric vehicles. The agreement will focus on sustainable solutions, such as a passenger airbag that emerges from the headliner utilizing an eco-friendly inflator, and a novel airbag concept that ensures comprehensive safety for various seating positions. The initiative also incorporates biologically derived materials for both airbag cushions and seatbelt webbing.

The two companies have a shared commitment to innovation and sustainability, and they expect the cooperation to be extended to more areas. Shares of NIO and ALV are up 1.44% and 0.85% in early trading on Friday. This strategic partnership marks a new milestone for NIO and Autoliv, as they strive to enhance the driving experience and provide pleasant journeys for all global users.

The US500, DJI and IXIC all opened higher on Friday, with the US500 rising 0.28%, the DJI up 0.20%, and the IXIC up 0.11%. The gains came as investors were optimistic that a deal to avoid a catastrophic U.S. debt default could be reached over the weekend.

The markets have been volatile in recent weeks as investors have been closely watching the negotiations between the White House and Congress over the debt ceiling. A deal must be reached by August 2nd to avoid a default.

Investors are hopeful that a deal can be reached, and that the markets will remain stable. With the weekend ahead, investors will be watching closely to see if a deal is reached and if the markets will remain positive.