Yahoo Finance Live's Julie Hyman breaks down some of the leading national headlines including Microsoft CED Satya Nadella selling half his stake in the company, Amazon allowing a new unionization vote in Alabama, and Lululemon firing back at Peloton with patent infringement lawsuit.
JULIE HYMAN: Microsoft shares have rallied more than 50% this year, and CEO Satya Nadella just sold half of his stake in the company. The Securities and Exchange filing showed he sold just under 839,000 shares, reaping $285 million. A Microsoft spokesman said the sale was for, quote, "financial planning and diversification reasons." Amazon violated labor law and must allow a new unionization vote at a facility in Alabama.
That's the finding of the National Labor Relations Board, which said Amazon violated labor law in its campaign against organizing. Workers in the original vote held in April overwhelmingly rejected joining a union at a 71% margin. A legal athleisure battle is heating up, with Lululemon suing Peloton for patent infringement. The two companies began collaborating on a Peloton branded clothing line in 2016.
Then Peloton ended the deal earlier this year and said it was starting its own line. Now Lululemon says Peloton, quote, "imitated several of Lululemon's innovative designs and sold knockoffs of Lululemon's products," claiming them as its own. Peloton, meanwhile, had preemptively filed its own suit last week, saying there are, quote, "clear and obvious differences between the two product lines."
Well, coming up in just a few moments, we will be hearing from Federal Reserve chair Jay Powell, as well as Treasury Secretary Janet Yellen. That will be before the Senate Banking Committee. And while they're there to talk the CARES Act, undoubtedly, they will also be asked about Omicron. We will be taking that live in just a moment.