Hewlett-Packard’s split and NBA deals — 5 things to know today
Good morning, friends and Fortune readers.
U.S. stocks are set to move higher at Monday’s open following on from the global rally seen after Friday’s upbeat jobs report in the U.S. Wall Street is also getting ready for earning season, which starts later this week. Here’s what else you need to know about today.
1. Square brings in even more cash
The company powering credit card transactions at your local coffee shop just brought in $150 million, according to the New York Times. The latest round of funding values the company at $6 billion. The company is at a critical juncture, as the e-payments space is getting more and more competitive, especially with a little company you may have heard of called Apple (AAPL) getting into the mix.
2. HP’s shares are soaring on split news
This morning Hewlett-Packard (HPQ) said it will be splitting into two companies, separating its computer and printer businesses from its faster-growing corporate hardware and services operations. The markets are favoring the move, with HP stock price up sharply in pre-market trading. Later Monday, Fortune’s Pattie Sellers will interview Hewlett-Packard’s CEO Meg Whitman at the 2014 Fortune Most Powerful Women Summit held in Laguna Niguel, Calif.
3. Samsung is spending big on chips
It’s no secret that Samsung hasn’t been seeing great results lately — could a big investment in a chip factory save the company? The company certainly thinks so, with Reuters reporting that the South Korean tech company will spend $14.7 billion on a new chip factory.
4. The NBA is getting two slam dunk TV deals
The NBA is about to get paid a lot of money for the right to broadcast games. It is expected to be announced today that the league is extending deals with both Disney (DIS) (ABC/ESPN) and Turner Broadcasting (TNT) to show pro basketball. Though terms have not been announced yet, it’s expected that the total deal could be for up to $2 billion a year.
5. Euro Disney is getting a bailout
What’s $1.3 billion between friends? The Walt Disney Co. is giving a 1 billion euro rescue line to its continental subsidiary, according to Reuters. The European company has struggled during the European economic downturn.