Intel (NASDAQ:INTC), Apollo Global
Management (NYSE:APO) – Intel launched its
sixth-generation Xeon processors for servers and Gaudi 3 AI
accelerators at competitive prices, aiming to regain market share
in the data center sector dominated by AMD. The new chips promise
greater efficiency and performance, essential for AI applications
and data center operations. Additionally, Apollo Global Management
will acquire 49% of Intel’s Fab 34 factory in Ireland for $11
billion. This deal allows Intel to redistribute part of the
investment to other businesses while maintaining full control of
the facility. Intel invested $18.4 billion in the facilities.
BlackRock (NYSE:BLK) – BlackRock and Citadel
Securities, backed by approximately $120 million in funding, are
organizing the creation of the Texas Stock Exchange, based in
Dallas. The companies plan to register the new exchange with the
SEC this year, compete for listings, and begin operations in 2025,
with the first listing expected in 2026.
New York Community Bancorp (NYSE:NYCB) – New
York Community Bancorp announced the expansion of Joseph Otting’s
role to include the title of Executive Chairman, while Alessandro
DiNello will step down as non-executive chairman but continue as a
director and senior advisor.
Axos Financial (NYSE:AX) – Hindenburg Research
announced a short position in Axos Financial on Tuesday, citing
inadequate risk management and loose underwriting standards. This
led to a 7.4% drop in Axos’ stock in yesterday’s regular trading
session, which defended itself by stating the allegations are
misleading. Axos’ exposure to the risky commercial real estate
market is growing, contrary to the industry’s trend.
Citigroup (NYSE:C) – Viswas Raghavan assumed
the role of head of Citigroup’s banking division in New York, after
leaving JPMorgan, where he was head of investment banking.
Citigroup CEO Jane Fraser highlighted the high expectations for
Raghavan’s potential to revitalize the bank’s multinational
corporate client division.
Deutsche Bank (NYSE:DB) – Deutsche Bank
partnered with Austrian cryptocurrency broker Bitpanda to manage
deposits and withdrawals in Germany, offering users local bank
account numbers. Additionally, Deutsche Bank reinstated Simon
Leopold as vice chairman of the real estate, gaming, hospitality,
and leisure group. Leopold, with extensive experience in the real
estate sector and stints at major institutions, will help expand
the bank’s coverage in these sectors.
Cisco Systems (NASDAQ:CSCO) – Cisco launched a
$1 billion fund to invest in AI startups, already committing $200
million to companies like Cohere, Mistral AI, and Scale AI.
Taiwan Semiconductor Manufacturing Co
(NYSE:TSM) – Taiwanese chipmaker TSMC stated that despite
increasing tensions with China, it would be impractical to move its
factories out of Taiwan, as 80-90% of its production capacity is
concentrated on the island. The company discussed this possibility
with some customers but concluded that such a move is unfeasible.
Additionally, due to U.S. sanctions, some Chinese AI chip companies
are designing less powerful processors to maintain access to TSMC
production, complying with restrictions. This is part of U.S.
efforts to limit China’s advancement in AI and supercomputing.
NXP Semiconductors NV (NASDAQ:NXPI) – NXP
Semiconductors and Vanguard, partially owned by TSMC, will build a
$7.8 billion factory in Singapore. This move is part of efforts to
diversify global semiconductor production, reducing reliance on
areas subject to geopolitical tensions, like Taiwan and China.
ASML Holding NV (NASDAQ:ASML) – ASML will
deliver its high-tech chip manufacturing machines to TSMC and
Samsung Electronics later this year. These high-NA extreme
ultraviolet machines, crucial for semiconductor advancement, have
already been ordered by Intel and are essential for AI applications
and advanced electronic devices.
Microsoft (NASDAQ:MSFT) – Microsoft President
Brad Smith announced that the company is willing to offer more
concessions to end a European Union antitrust investigation. The
investigation focuses on the integration of the Teams app into
Office 365 packages, which was deemed anticompetitive after
complaints from Slack. Additionally, Microsoft is supporting
Touchcast Inc., a New York startup raising $100 million to improve
AI system efficiency. Touchcast aims to store and provide answers
to common AI queries, minimizing resource use, cutting costs, and
speeding up responses.
Alphabet (NASDAQ:GOOGL) – Keith Enright,
Google’s Chief Privacy Officer, will leave the company after 13
years. His departure is part of a broader reorganization within the
privacy teams, shifting responsibilities to various product
management teams as the company expands its regulatory compliance
workforce.
Meta Platforms (NASDAQ:META) – Former Meta
engineer Ferras Hamad has sued the company for wrongful termination
and discrimination, alleging he was fired for trying to correct
flaws that suppressed Palestinian posts on Instagram during the
Gaza war. He accused Meta of bias, highlighting unequal treatments
in investigations of flag emoji usage compared to other
nationalities.
Trump Media & Technology Group (NASDAQ:DJT)
– Trump Media CEO Devin Nunes has requested Nasdaq’s cooperation in
investigations into alleged market manipulation by “naked” short
sellers. Nunes asked Nasdaq to share trading data related to
suspicious activities on certain dates, citing anomalies and
specifically targeting firms like Citadel Securities.
Paramount Global (NASDAQ:PARA) – Shari
Redstone, chairwoman of Paramount Global, is dissatisfied with
Skydance Media’s reduced offer for the family’s controlling stake
in the company. This has opened opportunities for competitors to
submit their bids after Skydance CEO David Ellison lowered the
initial $2.5 billion offer.
AT&T (NYSE:T) – AT&T announced it has
resolved a technical issue that hindered calls to other mobile
carriers on Tuesday night. The FCC investigated the incident that
affected customers in several states, but the situation was
normalized after collaboration between the involved companies.
Netflix (NASDAQ:NFLX) – Netflix settled a
defamation lawsuit with Linda Fairstein, a former prosecutor
involved in the Central Park Five case, avoiding trial. Instead of
financial compensation, Netflix will donate $1 million to the
Innocence Project. The agreement also includes adjustments to the
series “When They See Us” to clarify dramatic fictions.
Amazon (NASDAQ:AMZN) – The Amazon Labor Union
plans to partner with the International Brotherhood of Teamsters to
strengthen its position in negotiations with Amazon. This
partnership comes after challenges, including internal conflicts
and lost elections, aiming to boost efforts for an agreement with
workers at a New York warehouse.
eBay (NASDAQ:EBAY), American
Express (NYSE:AXP) – eBay will stop accepting American
Express cards starting August 17 due to high processing fees
charged by Amex. This decision follows long negotiations over
interchange fees, with eBay considering the costs unacceptably high
compared to other networks like Visa and Mastercard.
GameStop (NYSE:GME), Morgan
Stanley (NYSE:MS) – Massachusetts securities regulators
are investigating Keith Gill, known as “Roaring Kitty,” for his
trading activities related to GameStop during the 2021 meme stock
frenzy. Meanwhile, news that Morgan Stanley’s online platform
E*Trade might ban Gill has sparked negative reactions on social
media, with threats of boycotting the platform.
Hindalco Industries (USOTC:HNDNF) – Hindalco
Industries announced that its U.S. subsidiary Novelis has postponed
its IPO due to unfavorable market conditions. Novelis, which
expected a valuation of up to $12.6 billion and to raise up to $945
million, will reassess the right timing for the IPO.
Archer-Daniels-Midland (NYSE:ADM) – Camille
Batiste, senior vice president of global supply chain and
procurement at Archer-Daniels-Midland, will leave the company next
month to pursue new opportunities after seven years of service. The
departure comes amid corrections in ADM’s financial statements and
investigations into its accounting practices.
Tesla (NASDAQ:TSLA) – According to Reuters,
several institutional investors in Tesla, including major mutual
funds and investment managers, are selling their shares,
discouraged by signs of declining growth. Tesla’s shares have
fallen about 30% this year and more than 50% since 2021, amid
increasing competition and declining sales. In May, Tesla’s
electric vehicle sales in China fell 6.6% year-over-year to 72,573
units, marking the second consecutive month of decline. This
decrease follows a reduction in Model Y production at its Shanghai
factory in response to declining demand. Additionally, Tesla will
halt production at its German factory in Gruenheide for five days
in June, the third pause this year. In other news, Elon Musk
highlighted that Nvidia hardware represents about two-thirds of the
cost to build AI superclusters. Tesla plans to spend between $3
billion and $4 billion on Nvidia hardware this year as part of a
broader $10 billion AI investment.
Stellantis (NYSE:STLA) – Stellantis expects its
Italian factories to operate at full capacity by 2030, driven by
new models, including hybrids. Despite recent tensions with the
Italian government over production transfers, the company plans to
reach production of one million vehicles.
Toyota Motor (NYSE:TM) – Toyota will recall
over 100,000 SUVs and pickups in the U.S. due to debris risks in
the engine, which could cause sudden vehicle shutdowns. The recall
affects certain Toyota Tundra pickups and Lexus LX600 SUVs. The
NHTSA stated that a solution to the problem is being developed. In
Japan, authorities are investigating Toyota and other automakers
for irregularities in vehicle certification processes. The scandal,
which started at Daihatsu, a Toyota subsidiary, involved data
falsification and led to a sector-wide review. Toyota was the first
inspected, with limited market repercussions due to the prevalence
of the problem among competitors.
Ford Motor (NYSE:F) – Ford’s U.S. auto sales
grew 11% in May, driven by strong demand for SUVs, pickups, and
hybrid vehicles.
Nio (NYSE:NIO) – The Chinese electric vehicle
manufacturer received approval to build a third factory in China,
raising its approved production capacity to 1 million cars per
year. This development puts Nio’s production capacity almost on par
with Tesla’s large factory in Shanghai.
Boeing (NYSE:BA) – Boeing CEO David Calhoun
confirmed he will step down by the end of the year after a tenure
marked by safety crises. He expressed support for Stephanie Pope as
his successor, though the final decision rests with the board,
which he will fully support. Additionally, U.S. lawmakers, led by
Representative Rick Larsen, are demanding access to Boeing’s
detailed quality improvement plan submitted to the FAA to assess
proposed measures after recent systemic safety and quality control
issues highlighted by the administration. Meanwhile, Boeing will
attempt for the third time to launch its CST-100 Starliner space
taxi with a human crew for NASA after technical issues and two
canceled launches. Astronauts Sunita Williams and Barry Wilmore are
expected to lift off from Cape Canaveral, Florida, on a mission to
test the spacecraft’s capability to safely transport people to the
ISS.
United Airlines (NASDAQ:UAL) – Due to delays in
Boeing aircraft deliveries, United Airlines revised its hiring
forecasts for 2024 downward, now planning to add about 10,000 new
employees instead of the initially projected 13,000 to 15,000.
United Airlines is receiving six Boeing 737 Max 9s per month and
adjusted plans to incorporate fewer units of the larger 737 Max 10
due to ongoing delays. CEO Scott Kirby discussed these changes at
the IATA conference in Dubai, indicating that the delays influenced
the company’s fleet strategy.
American Airlines (NASDAQ:AAL),
JetBlue (NASDAQ:JBLU) – American Airlines is
appealing a court decision that prohibits its partnership with
JetBlue, arguing that eliminating JetBlue as a competitor is not
inherently anticompetitive. The company claims that blocking the
Northeast Alliance, which sought to improve competition in New York
and Boston, was based on a misunderstanding of antitrust laws.
General Mills (NYSE:GIS) – Eight Black
employees sued General Mills, alleging systemic racism at an
Atlanta factory managed by a group of white managers nicknamed the
“Good Ole Boys.” They claim they were subjected to stricter
standards and discriminatory promotion practices and are seeking
compensation for damages suffered.
McDonald’s (NYSE:MCD) – McDonald’s lost the
right to use the term “Big Mac” for poultry products in the
European Union after not using it for five years, the General Court
of Europe ruled. This decision, which can be contested, is the
result of a trademark dispute with the Irish restaurant
Supermac.
Nike (NYSE:NKE) – As part of a multi-year
cost-cutting plan, Nike is making staff cuts at its European
headquarters in the Netherlands, affecting about 2% of its global
workforce. These cuts aim to save $2 billion and align with the
company’s broader restructuring, including layoffs in the U.S. and
at its Converse subsidiary.
Illumina (NASDAQ:ILMN) – Illumina’s board
approved the spinoff of Grail after the deal faced strong antitrust
opposition and from investors like Carl Icahn. Illumina
shareholders will receive one Grail share for every six Illumina
shares, maintaining a 14.5% stake in Grail after the spinoff on
June 24.
Johnson & Johnson (NYSE:JNJ) – A jury in
Oregon, USA, ordered Johnson & Johnson to pay $260 million to a
woman who claims she developed mesothelioma, a cancer associated
with asbestos exposure, by inhaling the company’s talc. The verdict
comes amid negotiations for a $6.48 billion settlement to resolve
similar talc-related litigation.
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