Expedia (NASDAQ:EXPE) – Expedia revealed plans
on Monday to cut approximately 1,500 jobs globally, about 9% of its
workforce, as part of an “organizational and technological
transformation.” The decision follows a moderate revenue forecast
for 2024, with declining airfare prices. Expedia’s restructuring
will incur pre-tax charges and cash expenses between $80 million
and $100 million.
Alphabet (NASDAQ:GOOGL) and
Microsoft (NASDAQ:MSFT) – Google Cloud has
criticized Microsoft for cloud computing practices that they claim
seek a harmful monopoly to technological development. Microsoft’s
collaboration with OpenAI has heightened concerns. Microsoft
rejected the claims, citing healthy competition. Both companies
exchanged criticism over licensing agreements. Additionally, Google
plans to relaunch its AI tool for creating images of people soon,
after interruptions due to inaccuracies in historical
representations. Google DeepMind CEO, Demis Hassabis, announced
that the tool would be back in the coming weeks to correct the
detected flaws. Microsoft, in turn, has partnered with French
startup Mistral AI to make its artificial intelligence models
available on Azure, expanding its offerings beyond OpenAI. Mistral
develops large language models, with its latest, Mistral Large, now
accessible to Azure customers. The startup plans to expand to other
platforms soon.
Apple (NASDAQ:AAPL) – Apple is exploring new
wearable devices such as a fitness ring, smart glasses, and AirPods
with cameras. Rumors include a HomePod with a screen, Apple Sports
app, iMessage security update, and the departure of an AirPods
executive. Meanwhile, the Vision Pro faces acceptance
challenges.
Micron Technology (NASDAQ:MU) – Micron
Technology has begun mass production of its high-bandwidth memory
semiconductors (HBM) for Nvidia’s (NASDAQ:NVDA) latest artificial
intelligence chip. The HBM3E will consume 30% less energy and meet
the growing demand for AI.
Broadcom (NASDAQ:AVGO) – Broadcom is selling
its End-User Computing (EUC) unit for $4 billion to KKR (NYSE:KKR),
simplifying its portfolio after the $69 billion acquisition of
VMware. The EUC will operate as an independent entity under KKR’s
current management. In other news, Broadcom CEO Hock Tan’s annual
compensation exceeded $161.8 million last year, driven by a $160.5
million stock award vested over five years. His base salary
remained at $1.2 million, while his total compensation increased by
167%.
Amazon (NASDAQ:AMZN) – Amazon Web Services
Mexico, a branch of Amazon.com, unveiled an investment of over $5
billion to establish a data center cluster in Mexico, in response
to the growing demand for cloud services. The project, located in
Querétaro, will be implemented over 15 years. This investment comes
in a context of “nearshoring,” with companies transferring
operations from Asia to Mexico due to supply chain disruptions
caused by the pandemic.
Alibaba (NYSE:BABA) – Alibaba’s Daraz Group
announced layoffs to streamline and speed up the structure,
according to CEO James Dong. The exact number of layoffs was not
disclosed. Daraz faces financial challenges and seeks
sustainability, focusing on customer experience and product
diversification. Additionally, Alibaba leads a major funding round
for Chinese AI startup Moonshot AI, reflecting its return to
significant investments in pursuit of growth. Valued at about $2.5
billion, Moonshot AI seeks to compete with giants like OpenAI and
Google.
Kroger’s (NYSE:KR) and
Albertsons (NYSE:ACI) – The FTC and eight states
are suing to block the $24.6 billion deal between Kroger’s and
Albertsons, fearing an increase in food prices and negative impacts
on competition. Kroger defends the merger but faces criticism from
lawmakers and unions about potential market harm. The Biden
administration’s attempt to block the merger between Kroger and
Albertsons could significantly influence key states like Nevada and
Arizona, both affected by food inflation. Democrats see this as an
opportunity for electoral appeal, highlighting Americans’ concerns
about high prices.
Charter Communications (NASDAQ:CHTR) and
Altice USA (NYSE:ATUS) – Charter Communications is
considering acquiring Altice USA, a smaller cable provider. Altice
USA’s shares soared with the news, while Charter explores the
deal’s viability with financial advisors.
Vodafone (NASDAQ:VOD) – Vodafone is likely to
have a minority stake in a combined entity with Swisscom’s Fastweb
if a deal on a merger of their Italian operations is reached,
according to sources. The discussions aim to reduce Vodafone’s debt
and consolidate a declining telecom market in Italy.
Walt Disney (NYSE:DIS) – Blackwells Capital, a
Walt Disney shareholder, urges the company to adopt an artificial
intelligence strategy, envisioning up to a 129% increase in share
value. While Disney contests proposals, evidence shows its long
trajectory in technology, including investments in augmented
reality and partnerships to create immersive experiences.
Additionally, David Greenbaum has been appointed president of
Disney Live Action and 20th Century studios, succeeding Sean
Bailey. Disney seeks to recover box office performance, committing
to film quality. Greenbaum, former president of Searchlight
Pictures, brings his experience and creative sensitivity to the new
role.
Boeing (NYSE:BA) – A panel of experts examining
Boeing’s safety practices identified a “disconnect” between
leadership and employees regarding the safety culture, among other
concerns. The report follows fatal accidents involving the 737 MAX
and quality issues. Boeing promises to review the recommendations
and fired the head of the 737 Max program after a recent air
incident. Changes include new leaders and quality measures as the
company faces scrutiny and pressure to resolve manufacturing
issues.
BP Plc (NYSE:BP) – BP Plc is quietly resuming
investments in oil and gas, aiming to boost returns, but the lack
of clear communication is hurting share value, says activist
investor Bluebell Capital Partners. The company needs to clarify
its strategy to boost the market.
Chevron (NYSE:CVX) – Chevron warned that its
planned acquisition of Hess (NYSE:HES) might be
disrupted, as Exxon Mobil (NYSE:XOM) and China
National Offshore Oil Corporation claim the deal would trigger
their right to increase their stakes in a project in Guyana. The
companies are negotiating to resolve the deadlock.
UnitedHealth Group (NYSE:UNH) – A failure in a
UnitedHealth system that resulted in nationwide prescription fill
disruptions was caused by a ransomware attack by the group known as
“Blackcat,” also identified as “ALPHV” and “Noberus”.
Citigroup (NYSE:C) and JPMorgan
Chase (NYSE:JPM) – Citigroup appointed Viswas Raghavan as
the new head of banking, coming from JPMorgan, amid an
administrative restructuring. Raghavan will report directly to CEO
Jane Fraser. JPMorgan, in turn, announced Doug Petno and Filippo
Gori as co-directors of global banking.
Wells Fargo (NYSE:WFC) – Wells Fargo promoted
company veteran Erik Karanik to boost the growth of its independent
consulting business. Now head of independent solutions in the
wealth and investment management unit, he will work with CEO Barry
Sommers to strengthen the company’s multichannel model.
Berkshire Hathaway (NYSE:BRK.B) – Berkshire
Hathaway shares, led by Warren Buffett, fell on Monday due to
investor concerns following US government warnings about a lawsuit
against its energy company, PacifiCorp. Buffett tempered
expectations, mentioning the challenge of wildfires and limited
lucrative investment opportunities.
Coinbase Global (NASDAQ:COIN) – Coinbase
Global, a cryptocurrency brokerage, saw its shares rise 4.7% in
pre-market trading, following a 17% increase on Monday, driven by
Bitcoin’s recovery. Bitcoin, the leading digital asset, rose to
$56,600. Other crypto-related companies also saw gains, with
MicroStrategy (NASDAQ:MSTR) up 6.5% and
Marathon Digital (NASDAQ:MARA) advancing 8.6%.
Earnings
Hims & Hers (NYSE:HIMS) – The
consumer-focused health platform saw an 18.2% increase in
pre-market trading. Hims & Hers reported a profit of 1 cent per
share and revenue of $247 million in the fourth quarter, while
analysts surveyed by LSEG expected a loss of 2 cents per share and
revenue of $246 million. Additionally, the company provided an
outlook for current quarter revenue and adjusted EBITDA that
significantly exceeded analysts’ expectations.
Unity Software (NYSE:U) – Unity fell 17% in
pre-market trading after releasing a current quarter adjusted
EBITDA outlook significantly below analysts’ expectations. Unity
exceeded fourth-quarter revenue expectations but projected earnings
between $45 million and $50 million, well below the consensus
estimate of $113 million from analysts surveyed by FactSet.
Zoom Video (NASDAQ:ZM) – The videoconferencing
company’s shares rose 11.7% in pre-market trading after releasing a
fourth-quarter earnings report that exceeded expectations. Zoom
reported a profit of $1.42 per share, excluding items, with revenue
totaling $1.15 billion. Meanwhile, analysts surveyed by LSEG
expected a profit of $1.15 per share and revenues of $1.13 billion.
Additionally, the company announced a $1.5 billion share buyback
program.
CarGurus (NASDAQ:CARG) – The online car trading
platform experienced a 10% drop in pre-market trading due to its
weak projection for the current quarter. CarGurus informed
investors to expect earnings per share between 24 and 29 cents,
along with estimated revenues between $201 million and $221
million. This contrasted with analysts’ expectations surveyed by
LSEG, who anticipated earnings per share of 31 cents and revenues
of $236 million. This discrepancy was highlighted in a quarterly
report that exceeded Wall Street’s forecasts in both aspects.
STAAR Surgical (NASDAQ:STAA) – Shares of an
ophthalmic product company fell about 3.9% in pre-market trading
after releasing a fourth-quarter financial report that fell short
of expectations, along with a cautious projection. Staar reported a
profit of 16 cents per share, below analysts’ estimate of 17 cents
per share, according to FactSet. Moreover, the company estimated
its full-year revenue between $335 million and $340 million, while
analysts expected $349 million.
iRobot (NASDAQ:IRBT) – iRobot shares initially
rose 10% but fell 1.9% in pre-market trading. The company reported
a loss of $63.6 million ($2.28 per share) in the last quarter, with
revenue of $307.5 million. The revenue projection for 2024 is
between $825 million and $865 million. The cancellation of the
acquisition by Amazon and layoffs were announced.
Workday (NASDAQ:WDAY) – Workday’s adjusted
earnings exceeded analysts’ expectations surveyed by LSEG, formerly
known as Refinitiv, by 10 cents per share, reaching $1.57. On the
other hand, revenue was in line with the consensus estimate of
$1.92 billion. Additionally, Workday reaffirmed its fiscal year
2025 subscription revenue forecast. Shares are down -7.7% in
Tuesday’s pre-market trading.
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