Santander’s Stock Declines Amid Sanctions Evasion Scandal, Boeing 737 MAX Delivery Challenges, and More
05 Fevereiro 2024 - 7:31AM
IH Market News
Santander (NYSE:SAN), Lloyds Banking
Group (NYSE:LYG) – Shares of Santander and Lloyds
plummeted -6.5% and -1.90% in Monday’s pre-market, respectively,
following reports that Iran used accounts of these banks to
clandestinely transfer money as part of a sanctions evasion scheme.
Documents revealed that British shell companies associated with a
sanctioned Iranian petrochemical firm utilized these accounts.
Santander stated it is committed to sanction compliance and will
investigate related risks. Lloyds declared it conducts its
operations in a manner that complies with sanction laws, without
commenting on specific clients.
Boeing (NYSE:BA) – Boeing is facing challenges
with about 50 of its 737 MAX airplanes due to improperly drilled
holes, potentially delaying deliveries. While safety is not
affected, Boeing and Spirit AeroSystems (NYSE:SPR)
will rectify the issue. Quality is under scrutiny following
previous issues, and inspections identified 22 fuselages with
defects. Boeing requested a major supplier to temporarily halt
shipments to enhance quality.
Apple (NASDAQ:AAPL) – Apple enthusiasts lined
up at U.S. stores to purchase the Vision Pro, a $3,499 virtual and
augmented reality headset that marks Apple’s foray into spatial
computing. CEO Tim Cook celebrated the launch at the Fifth Avenue
store in New York and highlighted the innovative way to control the
device, using gestures and eye movements. Though the launch drew
smaller crowds than the original iPhone, Apple’s Vision Pro could
redefine digital content consumption and work. The device merges 3D
content with real-world vision, competing with TVs and computers.
Despite its high price, business buyers are drawn to its
productivity and three-dimensional collaboration possibilities.
Meta Platforms (NASDAQ:META) – Meta Platforms’
shares fell 0.6% in Monday’s pre-market trading after rising 20% on
Friday due to an optimistic outlook and the announcement of the
first dividend. The company gained $204.5 billion in market value
on Friday, setting a record for the largest single-day gain for a
U.S. company.
Tesla (NASDAQ:TSLA) – Elon Musk plans to
relocate Tesla from Delaware to Texas, a more business-friendly
state, prompting investors to carefully consider implications for
their rights. Although Texas offers modern corporate statutes,
experts warn that fiduciary duties will only be towards the
corporation, potentially disadvantaging shareholders. Texas
commercial courts lack precedent, creating uncertainty about
shareholders’ future rights. In other news, The Wall Street Journal
reported that several former and current directors of Tesla and
SpaceX were aware of Elon Musk’s illegal drug use. Concerns arose
from the drug consumption volume and Musk’s sharing with some board
members. Tesla’s board did not investigate or document the
concerns. A Delaware judge criticized Musk’s relationship with
Tesla directors this week, mentioning conflicts of interest.
Lockheed Martin (NYSE:LMT) – Lockheed Martin
announced agreements that will enable companies in Saudi Arabia to
manufacture components of the THAAD (Terminal High Altitude Area
Defense) system. These subcontracts aim to enhance the country’s
production capabilities and transfer knowledge to bolster the Saudi
defense industry.
US Steel (NYSE:X) – Donald Trump’s threat to
block the planned purchase of US Steel by Nippon Steel, if he
returns to the White House, will heighten tensions around the $15
billion deal. This could affect Japanese companies, making them
more risk-averse in strategic acquisitions in the U.S. The deal
reflects the challenges of “friendshoring” and exposes political
divergences.
Vodafone (NASDAQ:VOD) – In the fiscal third
quarter, Vodafone reported organic service revenues of $10.1
billion, a 4.7% increase from the previous year, driven by stronger
performance in Spain, exceeding the average analyst estimate of
4.3%. Vodafone Business revenue growth was 5%. Vodafone announced
it is in “active discussions” regarding a potential deal in Italy,
while facing a significant slowdown in growth in Germany. Vodafone
reiterated its full-year profit forecast, expecting the adjusted
core profit to remain roughly stable at about $14.33 billion.
However, market analysts are skeptical and foresee slightly lower
profits.
Alibaba (NYSE:BABA) – The Chinese internet
giant, Alibaba Group, plans to sell consumer assets, including
Freshippo and RT-Mart, as it refocuses on e-commerce and divests
from non-core units. Discussions are in early stages, involving
strategic and financial investors. The decision is part of a
broader restructuring of Alibaba and comes amid tighter scrutiny of
initial public offerings in China. The company seeks to distinguish
between “core” and “non-essential” businesses while aiming to
invest in AI, cloud computing, and international expansion.
Abbott Laboratories (NYSE:ABT) – A judge
dismissed Abbott’s request to throw out a lawsuit from a New York
grandmother who claims the company misled consumers into believing
that PediaSure Grow & Gain, a nutritional drink, was
“clinically proven” to promote growth in children. The judge
considered the grandmother’s evidence, citing studies that
contradict Abbott’s claims. The company denied the allegations,
stating PediaSure is designed to support child growth. The lawsuit
seeks compensation for misled consumers.
Abbott Laboratories (NYSE:ABT)
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