5 things to know before the stock market opens Wednesday, November 29


Charlie Munger in final CNBC interview: You've got to learn how to recognize rare opportunities when they come

Here are the most important news items that investors need to start their trading day:

1. Rally resumes

2. The investing world loses a legend

Charlie Munger, the Berkshire Hathaway executive known for his investing genius and salty wit, died Tuesday. He would have turned 100 on New Year’s Day. Munger, who was also known as Berkshire chief Warren Buffett’s right-hand man, was a real estate investor and attorney, in addition to being a philanthropist. He was also one of the most widely quoted elder statesmen in the investing community. “All intelligent investing is value investing — acquiring more than you are paying for,” he once said. Another time, he remarked: “I have a friend who says the first rule of fishing is to fish where the fish are. The second rule of fishing is to never forget the first rule. We’ve gotten good at fishing where the fish are.”

3. If he builds it, will they come?

After thousands of job cuts and a vast reorganization, Disney is eager to start building again, CEO Bob Iger told employees during a town hall Tuesday. Part of that will involve addressing problems at the company’s studio division, which has produced multiple theatrical flops of late, including “The Marvels” and “Wish.” “When it comes to creating a perception of the company, nothing is more powerful than movies,” Iger said. With Disney’s stock underperforming the S&P 500 this year, and activist investors circling, 2024 is shaping up to be a pivotal year for the Mouse House.

4. GM’s pitch to Wall Street

General Motors wants to get rolling again, as it contends with new labor costs and a faltering market for electric vehicles. The Detroit automaker made its pitch to Wall Street on Wednesday by detailing plans to boost its dividend and buy back $10 billion in stock. GM also reinstated its guidance for this year, including a lower profit outlook, to reflect the impact of the six-week United Auto Workers’ strike. It also scaled back the top range of its capital spending plan for next year. CEO Mary Barra said the company is locking in a budget that will “fully offset the incremental costs of our new labor agreements.”

5. Billionaire basketball

Shocking news out of the NBA: Dallas Mavericks owner Mark Cuban is selling a majority stake in the team that has helped define his flashy public persona to casino mogul Miriam Adelson and her family. The news of Cuban’s sale came hours after Las Vegas Sands revealed that Adelson and her family, the largest shareholders in the company, would sell $2 billion of their stake in a bid to buy a sports team. Cuban will retain some equity in the team and will continue to oversee basketball operations. There was no immediate indication the Mavericks would move out of Texas, but the deal comes as speculation grows about an NBA team coming to Vegas. The deal reportedly values the team at $3.5 billion. Cuban bought it in 2000 for $285 million.

– CNBC’s Brian Evans, Alex Sherman, Michael Wayland, Contessa Brewer and Brian Sullivan contributed to this report, as did Marty Steinberg.

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