TLDR

MARKET RECAP → The S&P 500 (VOO) inched up on Monday, driven by Nvidia's (NVDA) gains lifting tech stocks, as investors anticipated the Federal Reserve's interest rate decision.

PENSION FUND VS. MUSK: PAY PACKAGE BATTLE → 💼 CalSTRS slammed Musk's $56B Tesla (TSLA) pay, calling it over-the-top and unearned, citing poor performance and governance issues. Musk disagreed, claiming milestone hits and accusing the fund of breaking their word. Shareholders vote soon.

SOUTHWEST LUV ACTIVIST: ELLIOTT STAKE → Southwest Airlines (LUV) hit turbulence as activist investor Elliott Management disclosed a hefty stake, shaking up its flight plan.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Pension Fund Vs. Musk: Pay Package Battle

🧾 CalSTRS Criticized $56 Billion Pay: California's largest public pension fund, CalSTRS, announced opposition to Elon Musk's $56 billion pay package, claiming it's excessive and not aligned with Tesla's (TSLA) performance. The fund owns 9.5 million Tesla shares and views the compensation as disproportionate given the company's recent metrics​​​​.

💼 Corporate Governance Concerns: The fund highlighted issues with Tesla's board independence and Musk's divided focus among his multiple ventures, including his recent acquisition of Twitter. These concerns pointed to potential conflicts of interest and misuse of Tesla resources for Musk's other companies​​​​.

⚖️ Musk's Pushback: Elon Musk defended the pay package, arguing that all contractual milestones were met. He accused CalSTRS of breaking their word, while a Delaware judge previously voided the 2018 pay deal due to lack of investor information. Tesla's shareholders will vote on the package at the upcoming meeting.

TODAY’S TOP NEWS

Southwest LUV Activist: Elliott Stake

🛑 Elliott's Intervention: Southwest Airlines (LUV) faced turbulence as activist investor Elliott Management unveiled a significant stake, signaling potential changes. The move stirred speculation about the airline's future strategy and investor relations, disrupting its usual trajectory.

🔍 Boardroom Battle: Southwest's decision to engage with Elliott marked a departure from its previous resistance to investor pressure, hinting at internal tensions. Observers closely monitored the unfolding dynamics between Southwest's corporate culture and Elliott's demands, anticipating the outcome of their collaboration.

💡 Investor Influence: The Southwest-Elliott saga underscored the evolving landscape of corporate governance and the growing impact of activist investors in the airline industry. It raised questions about the delicate balance between preserving company identity and meeting shareholder expectations, shaping the narrative of corporate decision-making in the sector.

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