Apple (NASDAQ:AAPL) – At today’s Apple
Developer Conference (WWDC 2024) kicking off today, the company
will demonstrate its prowess in the advanced field of artificial
intelligence. Despite being an early adopter of AI with products
like Siri, Apple now faces a perception of trailing behind
competitors following innovations like ChatGPT. Throughout the
event, Apple will unveil significant AI improvements, including a
new version of Siri and expanded functionalities for digital
content processing.
Microsoft (NASDAQ:MSFT) – Microsoft has decided
to keep its new Recall feature, which logs user activities on PCs
to streamline data organization, disabled by default. This decision
comes after security concerns arose regarding the potential for
hackers to access these logs. The company will also require
additional authentication to activate the feature. Additionally,
Microsoft showcased fully digital versions of the Xbox Series X and
S consoles at the Xbox Games Showcase, along with game trailers
like the new edition of “Call of Duty”. The event takes place
amidst a period of sluggish sales and economic challenges in the
gaming industry.
Nvidia (NASDAQ:NVDA) – Nvidia will commence
trading at a lower price today following a 10-for-1 stock split.
Wall Street remains bullish on Nvidia’s valuation increase, which
has surged by 144% this year. Evercore analysts believe Nvidia
could represent up to 15% of the S&P 500 in the future.
Advanced Micro Devices (NASDAQ:AMD) – Morgan
Stanley analysts downgraded AMD to neutral, citing elevated
investor expectations for its AI segment, especially when compared
to competitors like Nvidia and Broadcom. They see limited potential
for upward revisions for AMD, despite a rebound in its core
business and an anticipated increase in AI chip sales.
Snowflake (NYSE:SNOW) – Snowflake is
encouraging its clients to implement stricter security controls,
such as multi-factor authentication (MFA), after hackers targeted
customer accounts using malware and purchased credentials. This
follows security incidents involving clients like Live Nation
(NYSE) and Advanced Auto Parts (NYSE), raising concerns about data
security in the cloud.
Oracle (NYSE:ORCL) – Oracle’s primary medical
records client, the US Department of Veterans Affairs (VA),
reported that Oracle’s software is not improving patient care as
expected. Less than 20% of VA physicians and nurses believe the
software enables “high-quality care”. The VA is renegotiating its
$16 billion contract with Oracle, which acquired Cerner in 2022,
aiming to enhance the electronic medical records system.
Netflix (NASDAQ:NFLX) – Netflix plans to drive
its next growth phase by investing in live events and sports,
following the success of its ad-supported offering. The strategy,
mirroring the traditional TV model, could propel stocks back to
2021 record highs, benefiting from increased visibility and
advertising revenue potential.
Walmart (NYSE:WMT) – Walmart opposes New York’s
new legislation requiring panic buttons in stores, arguing it may
trigger too many false alarms. The law was passed to enhance retail
worker safety in response to rising violence and thefts. In other
related news, Walmart forecasts its US e-commerce business to be
profitable within the next two years. The company is focused on
cost reduction and order fulfillment, capitalizing on the 22% surge
in online sales in the last quarter.
Yelp (NYSE:YELP) – Yelp may sue ReviewVio for
falsely advertising that it can remove negative reviews from the
Yelp website, alleging trademark infringement and unfair
competition. Judge William Alsup in San Francisco allowed the
lawsuit to proceed, highlighting potential confusion about the
relationship between the companies and the impact on Yelp’s
advertising services.
Tesla (NASDAQ:TSLA) – Tesla CEO Elon Musk
announced that there won’t be an updated version of the Model Y
this year, despite ongoing improvements to vehicles. Upgrades to
Tesla’s older models have been sluggish due to high interest rates
and competition from more affordable models in China. Additionally,
Tesla shareholders will soon vote on a controversial $56 billion
compensation package for Elon Musk. With approximately 90% of
retail shareholders seemingly in favor, approval seems likely
despite opposition from major funds and recommendations against
from proxy advisors. Norway’s $1.7 trillion sovereign wealth fund
will vote against Elon Musk’s $56 billion pay package at Tesla,
after a judge deemed it unfair to shareholders. Tesla also argues
that the legal team that nullified Elon Musk’s pay package in
January deserves only a fraction of the $5.6 billion in fees
sought, as the case brought little benefit to the company. The
automaker proposes to pay $13.6 million for legal services.
Stellantis (NYSE:STLA) – Stellantis has
preemptively expanded the recall of potentially faulty airbags in
Europe, Africa, and the Middle East to include more Citroen, DS,
and Opel models. The recall now covers Citroën C4, DS4, DS5 models,
and some Opel vehicles, albeit less restrictive than the initial
recall, which included Citroën C3 and DS3.
Southwest Airlines (NYSE:LUV)- Elliott
Investment Management, an activist investor, has acquired a nearly
$2 billion stake in Southwest Airlines. They plan to press the
airline for strategic changes to rectify its underperforming
performance.
Spirit Airlines (NYSE:SAVE) – Spirit Airlines
dismisses the possibility of bankruptcy and is optimistic about its
plan following the failure of the merger with JetBlue (NASDAQ). CEO
Ted Christie expressed this confidence at the annual shareholder
meeting, despite a recent decline in the company’s shares and
operational challenges, including aircraft groundings.
Boeing (NYSE:BA) – Boeing’s CST-Starliner space
taxi successfully docked with the International Space Station,
bringing its first astronauts, Sunita Williams and Barry Wilmore.
This test flight is crucial for both NASA and Boeing, especially
after multiple delays and technical setbacks.
Virgin Galactic (NYSE:SPCE) – Virgin Galactic
successfully conducted its second spaceflight this year on
Saturday, carrying Turkish, American, and Italian tourists to the
edge of space. Galactic Mission 07 reached approximately 55 miles
in altitude on a flight lasting just over an hour, departing and
returning to Spaceport America in New Mexico.
BP plc (NYSE:BP) – BP updated its conflict of
interest policy, requiring employees to disclose any intimate
relationships with colleagues. The change follows the dismissal of
former CEO Bernard Looney for failing to disclose such
relationships, emphasizing total transparency to avoid conflicts of
interest, under the threat of dismissal.
Occidental Petroleum (NYSE:OXY),
Berkshire Hathaway (NYSE:BRK.A) – Warren Buffett’s
Berkshire Hathaway acquired about 2.57 million shares of Occidental
Petroleum from June 5 to 7, investing over $150 million. This
raised its total stake in the company to approximately 250.6
million shares, representing about 28% of Occidental.
US Steel (NYSE:X) – Takahiro Mori, vice
president of Nippon Steel, returned to the US to promote the
acquisition proposal for US Steel, receiving positive feedback from
employees and community leaders. Despite regulatory scrutiny and
union opposition, the Japanese company aims to conclude the $14.9
billion merger, already approved outside the US.
Diamond Offshore Drilling (NYSE:DO),
Noble Corporation (NYSE:NE) – Diamond Offshore
Drilling has agreed to be acquired by Noble Corp. for approximately
$1.6 billion in a cash and stock deal. Under the agreement, Diamond
Offshore’s shares were valued at $15.52 based on Friday’s closing
price. Diamond Offshore Drilling shares rose 4.6% in pre-market
trading to $14.57.
CrowdStrike (NASDAQ:CRWD), KKR &
Co (NYSE:KKR), GoDaddy (NYSE:GDDY) –
S&P Dow Jones Indices announced that KKR & Co, CrowdStrike,
and GoDaddy will be added to the S&P 500 index on June 24,
replacing Robert Half (NYSE:RHI),
Comerica (NYSE:CMA), and Illumina
(NASDAQ:ILMN).
Blackstone (NYSE:BX) – Nadeem Meghji, global
co-head of Blackstone’s real estate sector, noted that liquidity is
returning to the real estate market, with high-quality assets
attracting more interest. He observed an increase in the number of
bidders for apartment buildings, attributing this to falling
capital costs and new supply.
KKR & Co (NYSE:KKR) – KKR & Co.
invested $50 million in one of its main real estate funds and
committed to supporting its valuation amidst commercial real estate
market instability. The company also plans to repurchase up to 7.7
million shares if the fund’s valuation falls below $27 per share by
2027, ensuring value for shareholders and demonstrating confidence
in the real estate market’s recovery.
PowerSchool Holdings (NYSE:PWSC), Bain
Capital (NYSE:BCSF) – Bain Capital will acquire
PowerSchool Holdings in a deal valuing the educational software
company at $5.6 billion. Bain will pay $22.80 per share, a 37%
premium over the previous closing price. Vista Equity and Onex will
retain minority stakes post-acquisition.
Visa (NYSE:V), Mastercard
(NYSE:MA)- Visa and Mastercard will face new lawsuits in London
after a court allowed collective proceedings on behalf of merchants
to proceed. The companies are accused of overcharging interchange
fees, with many lawsuits already underway in London’s Competition
Appeal Tribunal.
Waystar (WAY) – Waystar shares fell on Friday
in their Nasdaq debut after raising $968 million in their initial
public offering, one of the largest IPOs of the year. The shares
opened at $21, below the IPO price of $21.50, and closed at $20.70,
valuing the company at $3.50 billion.
Walgreens Boots Alliance (NASDAQ:WBA) –
Walgreens Boots Alliance is considering an initial public offering
for its Boots pharmacy network in the UK, while continuing sale
negotiations. The company has informally discussed with potential
buyers, including private equity firms, without yet making a final
decision on Boots’ sale.
Pfizer (NYSE:PFE) – A study by Stanford
University found that a 15-day treatment with Pfizer’s antiviral
Paxlovid did not alleviate long Covid symptoms. Despite hopes based
on anecdotal reports, the study involving 155 participants showed
no significant improvement in symptoms like fatigue and mental
confusion.
Moderna (NASDAQ:MRNA) – Moderna announced that
its combined Covid-19 and flu vaccine is more effective than
individual vaccines, based on a late-stage trial. Being the first
to release positive phase three data, the company plans to seek
regulatory approval in the US soon, targeting a 2025 launch.
Express (NYSE:EXPR) – Express is selling its
business for $160 million to a consortium including mall owners and
investment firms. The sale, still open to better offers, also
includes assuming $38 million in liabilities. This move averts the
risk of liquidation and protects jobs and stores.
GameStop (NYSE:GME) – GameStop shares rose 6.6%
in pre-market trading after closing down 39% on Friday, marking its
worst day since February 4, 2021. This occurred despite Keith Gill,
the infamous meme trader known as Roaring Kitty, scarcely
mentioning GameStop in his live stream on Friday, although he
reiterated his bullish stance on the company.
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