Trump Media & Technology Group (NASDAQ:DJT)
– Trump Media & Technology Group’s stocks fell by 6.1% in
pre-market trading after Donald Trump’s conviction for falsifying
documents to silence a porn star before the 2016 elections.
Sentencing is scheduled for July 11.
UBS Group (NYSE:UBS) – UBS has reshuffled its
senior management, splitting the wealth management role between two
executives seen as potential successors to CEO Sergio Ermotti.
Ermotti expressed a desire to increase the chances of an internal
successor when he steps down in 2026 or 2027.
Bank of America (NYSE:BAC) – Bank of America’s
investment bank fees are expected to increase by 10% to 15% in the
second quarter, according to CEO Brian Moynihan. Trading revenues
will also grow, with equities driving performance.
Blackstone (NYSE:BX) – Blackstone has agreed to
acquire 55.1% of Infocom Corp. (USOTC: IFFOF), a Japanese provider
of electronic comics, for about $1.66 billion. Blackstone may seek
to acquire all shares subsequently.
KKR & Co (NYSE:KKR) – KKR has received
antitrust approval from the EU to acquire up to $24 billion of
Telecom Italia, marking the first sale of the fixed network of a
former telephone monopoly in Europe. The European Commission
concluded that the deal would not significantly affect competition.
KKR has committed to maintaining Telecom Italia’s existing
contracts with rivals, soothing EU concerns and allowing the deal
to be finalized soon.
US Steel Corp (NYSE:X) – The US Steel Corp and
Nippon Steel merger has received global regulatory approvals,
except in the US, where it faces political obstacles. The union and
the US government have expressed concerns. Nippon has agreed to
honor unionagreements and relocate its headquarters to Pittsburgh.
The completion of the deal is expected in the second half of this
year.
Apple (NASDAQ:AAPL) – Apple plans a revamp of
Siri, allowing greater voice control of apps. With a more advanced
AI approach, users will be able to execute specific functions. The
initiative, part of a broader AI strategy, will be unveiled at the
Worldwide Developers Conference and includes voice transcripts,
automatic replies, and other enhancements for iPhone, iPad, and
Mac. In other Apple-related news, a Chinese court dismissed a
lawsuit against App Store fees, claiming the company did not abuse
its dominant status. This represents relief for the company, which
faces global scrutiny. The decision is part of complex legal
battles in different regions, including the US and Europe.
Nvidia (NASDAQ:NVDA) – At Computex 2024 in
Taipei, business leaders like Nvidia’s Jensen Huang, and others
from the tech industry will gather to discuss the future of
computing and artificial intelligence (AI). They are expected to
share product advancements and discuss collaborations to address
challenges, especially related to AI.
Nvidia (NASDAQ:NVDA), Advanced Micro
Devices (NASDAQ:AMD) – US authorities are reviewing export
licenses for AI chips to the Middle East, delaying approvals for
Nvidia and AMD. Concerns about national security and control of
advanced technology are leading to a review, as countries like the
UAE and Saudi Arabia seek to import in large volume.
Alphabet (NASDAQ:GOOGL) – Google and augmented
reality startup Magic Leap are forming a strategic partnership to
build immersive experiences. The collaboration suggests a potential
return for Google to the augmented and virtual reality market,
currently dominated by Meta and Apple. Additionally, Google is
investing $2 billion in Malaysia to build its first data center and
Google Cloud region in the country, boosting local digital
ambitions. With the expansion, Google aims to strengthen
technological infrastructure and promote innovation in the
Southeast Asian region.
Meta Platforms (NASDAQ:META) – Meta has
revamped its strategy to attract younger users, adjusting the
Facebook algorithm to recommend a wider variety of external
content. This change has driven growth in the user base in the US
and Canada, even amidst competition from TikTok.
Amazon (NASDAQ:AMZN) – CNBC reported that
Twitch, an Amazon subsidiary, is expanding its safety advisory
council, including members from the “Twitch Ambassadors” community
who contribute positively. Started in 2020, the council provides
guidance to improve online safety. Previous contracts will be
terminated to make room for new perspectives. Additionally, Amazon
has expanded its partnership with Grubhub in the US, allowing
customers to place orders directly through the shopping app and
website. Prime members remain eligible for a free subscription to
Grubhub+, reinforcing the benefits of Amazon’s loyalty program.
Furthermore, Amazon has received approval to expand the reach of
its Prime Air drone program in the US, enabling deliveries beyond
the line of sight of pilots. This authorization will enhance
delivery efficiency, allowing more customers to benefit from the
service. The expansion will begin in College Station, Texas.
Paramount Global (NASDAQ:PARA) – Skydance Media
has presented an improved offer for a merger with Paramount Global,
offering better terms and more cash to shareholders. Specific
details have not been disclosed. Meanwhile, Sony Pictures
Entertainment (NYSE:SONY) and Apollo Global
Management (NYSE:APO) have backed away from an initial $26
billion cash offer.
Sony (NYSE:SONY) – Sony sees the anime
streaming service Crunchyroll as a growth catalyst for Sony
Pictures Entertainment (SPE), leveraging the global rise of anime.
With expansion plans in Asia and India, Crunchyroll aims to
capitalize on the growing anime market, projected to double by
2030. Meanwhile, Sony emphasized user engagement to drive
continuous revenue in its gaming business as PlayStation 5 sales
slow down. Users are spending more on content and services like
PlayStation Plus, ensuring a steady revenue base. The company plans
for a continuous game pipeline.
Flutter Entertainment (NYSE:FLUT) – Paul
Edgecliffe-Johnson has stepped down as CFO of Flutter
Entertainment, replaced by Rob Coldrake, who will focus on the US
market. The change reflects the growing importance of this market
for the company. Flutter faces challenges, including lawsuits and
regulatory changes, impacting its stock performance.
Palantir Technologies (NYSE:PLTR) – Palantir
has won a $480 million contract from the US Department of Defense
for the Maven Smart System, a prototype aimed at accelerating the
work of military intelligence analysts by collecting and analyzing
data from various sources. AI-assisted target identification has
sparked controversy in the technology sector.
STMicroelectronics NV (NYSE:STM) –
STMicroelectronics, a global semiconductor manufacturer, will
invest about $5.4 billion in a chip factory in Catania, Italy, with
€2 billion subsidized by the Italian government under the EU Chip
Law. The factory, specialized in silicon carbide, will meet the
growing demand driven by the global shortage during the
pandemic.
Walmart (NYSE:WMT) – Bloomberg reported
Walmart’s efforts to improve working conditions and technology.
Walmart managers have seen significant changes in their
compensation, reflecting a policy redesign after Walmart lagged
behind in employee retention. With stock grants and bonuses,
salaries can reach up to $530,000 annually.
Nike (NYSE:NKE) – Nike has laid off employees
from its Archives Department, part of a multi-year cost-cutting
plan. This department maintains over 200,000 shoes and historical
artifacts. The move comes as part of a plan to reduce costs by $2
billion. About 750 employees have been affected so far.
VF Corp. (NYSE:VFC) – VF Corp. has announced
the appointment of Michelle “Sun” Choe as global president of the
Vans brand, scheduled to start at the end of July. Previously, Choe
served as the product director at Lululemon Athletica.
WeWork (NYSE:WE) – A bankruptcy judge has
approved WeWork’s Chapter 11 restructuring plan, allowing the
company to eliminate $4 billion in debt and hand control to
creditors and Yardi. WeWork is set to emerge from bankruptcy
debt-free soon after negotiating significant rent cost reductions.
Despite rapid growth, the company has faced challenges, including
losses and corporate governance issues.
PepsiCo (NASDAQ:PEP) – Frito-Lay, a subsidiary
of PepsiCo, plans to lay off nearly a third of its workforce at the
Middletown, NY factory. The 88 layoffs, representing one-third of
the employees, will begin in August.
Tyson Foods (NYSE:TSN) – Tyson Foods vehemently
denied allegations of discrimination made by America First Legal,
led by former Trump administration officials. Allegations of
favoritism toward immigrants and hiring minors were refuted,
emphasizing the legal requirement for all authorized employees in
the US.
Mondelez International (NASDAQ:MDLZ) – Mondelez
has resumed Oreo cookie production in Ukraine following damage from
the Russian invasion. The factory in Trostyanets has been rebuilt
and does not export to Russia. The company aims to make its Russian
operations self-sufficient by 2023 and continues to invest in
Ukraine.
Tesla (NASDAQ:TSLA) – Tesla is preparing to
register its ‘Full Self-Driving’ software in China and considering
offering it as a monthly subscription. This marks a new revenue
strategy for the company as it faces sales and competition
challenges in a crucial market. Meanwhile, ISS recommended voting
against Tesla CEO Elon Musk’s $56 billion compensation package,
citing excessive compensation. It also suggested voting against
director James Murdoch but in favor of Kimbal Musk and the
company’s state change. ISS and Glass Lewis recommendations are
under debate, despite their significant impact on votes.
Additionally, a Morgan Stanley report stated that Musk ignored
warnings about Twitter stock disclosure, resulting in a lawsuit. It
is alleged that Musk and Jared Birchall delayed disclosure to
accumulate shares at reduced prices, saving $200 million. Musk
subsequently bought Twitter for $44 billion.
Ford Motor (NYSE:F), General
Motors (NYSE:GM) – Ford and GM CEOs expressed contrasting
views on hybrid vehicles. Ford’s Farley defended hybrids as a
profitable and crucial solution for the future, while GM’s Barra
emphasized the transition to fully electric vehicles. Both
companies are pursuing distinct strategies to keep up with
automotive market trends.
Hertz Global (NASDAQ:HTZ) – The vehicle rental
company is seeking financing after challenges with electric
vehicles. Bloomberg News reported that the company is in touch with
financial advisors to evaluate alternatives. Despite a
larger-than-expected quarterly loss, stocks rose in pre-market
trading after the announcement.
Boeing (NYSE:BA) – The Federal Aviation
Administration (FAA) has postponed approval for Boeing to increase
737 MAX production, citing ongoing safety concerns. Enhanced
oversight will continue, focusing on quality and safety
improvements. Boeing has released an improvement plan, prioritizing
critical production and safety areas. Meanwhile, Boeing
firefighters have approved a new four-year contract, ending a
deadlock. The agreement offers annual salary increases, promotion
opportunities, and compensation improvements. Boeing expects
firefighters to return to work without disclosing additional
financial costs.
United Airlines (NASDAQ:UAL) – United Airlines
may receive new aircraft as US aviation regulators review the
company. The FAA is collaborating with the company’s growth plan.
Recently, some certification activities were halted due to safety
concerns, but the FAA is closely overseeing the process.
American Airlines (NASDAQ:AAL) – Following an
analysis by Bain & Co., American Airlines has fired its chief
commercial officer, Vasu Raja, due to a poorly executed marketing
strategy that alienated corporate customers. The change reflects
the company’s urgency to reverse declining revenues resulting from
a controversial sales approach.
Bank of America (NYSE:BAC)
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