SolarEdge Technologies (NASDAQ:SEDG) –
SolarEdge Technologies faces a 13.1% drop in pre-market trading
after announcing the issuance of $300 million in senior convertible
notes due 2029 and revealing that PM&M Electric, a customer
owing $11.4 million, has declared bankruptcy under Chapter 7.
Novo Nordisk (NYSE:NVO) – Novo Nordisk
announced the approval of Wegovy in China, initially planning to
market it to patients who can afford the weekly injectable
treatment. While facing competition from Eli Lilly, the company is
mindful of the upcoming patent expiration of the key ingredient,
semaglutide, in less than two years in the country. Additionally,
Novo Nordisk unveiled a $4.1 billion investment in a new facility
in Clayton, North Carolina, to expand the production of Wegovy and
Ozempic injection pens. With completion expected between 2027 and
2029, this expansion will create 1,000 jobs and aims to meet the
growing global demand for obesity and diabetes treatments. Shares
rose 1.6% in pre-market trading.
Illumina (NASDAQ:ILMN), Grail
– Grail, newly spun off from Illumina, debuts on Nasdaq today with
the Galleri test, which aims to detect multiple types of cancer
early. With strategic partnerships in health, employment, and
insurance, it seeks to expand its global impact following clinical
trials and regulatory approvals in the U.S. and abroad.
Apple (NASDAQ:AAPL), Meta
Platforms (NASDAQ:META) – Apple rejected the integration
of Meta’s Llama chatbot into its devices due to privacy concerns,
according to Bloomberg. Conversations between Apple and Meta in
March did not progress to formal negotiations. Simultaneously,
Apple has partnered with OpenAI and Alphabet to incorporate their
AI technologies.
Nvidia (NASDAQ:NVDA) – Nvidia shares rose 2.30%
in pre-market trading. On Monday, Nvidia shares fell 6.7%, marking
their third negative session, accumulating a 13% drop over three
days. Nvidia entered correction territory, losing $430 billion in
market value, the largest three-day devaluation in history,
reflecting growing concerns about the sustainability of its high
valuation. The sell-off led investors to use technical analysis to
seek price support. The stock, now in technical correction, shows
signs of capitulation, with potential supports at $115 and $100.
Simona Jankowski, Nvidia’s VP of investor relations and strategic
finance, is leaving to become CFO of an unspecified startup. She
was instrumental in Nvidia’s financial growth during the AI boom,
working closely with CEO Jensen Huang since 2001.
Microsoft (NASDAQ:MSFT) – A White House
official said on Monday that Microsoft’s $1.5 billion investment in
G42 is seen positively as it steers the UAE company away from ties
with Huawei, promoting an alternative more aligned with U.S.
security interests.
Oracle (NYSE:ORCL) – Oracle warned of the
negative financial impact of new U.S. legislation that could ban
TikTok from using its internet hosting services. This could
significantly reduce its revenue associated with the app, estimated
between $480 million and $800 million annually.
Super Micro Computer (NASDAQ:SMCI) – Super
Micro Computer shares rose 1.7% in pre-market trading on Tuesday
after falling 8.7% in Monday’s session, its worst performance since
a 14% drop on May 1.
AT&T (NYSE:T) – AT&T CEO John Stankey
proposed that large technology companies contribute to the
Universal Service Fund, currently funded by telecommunications
subscribers’ fees. He argues that these companies should
participate to ensure equitable access to essential services.
Paramount Global (NASDAQ:PARA) – Paramount
Global is increasing subscription rates for its streaming services,
such as Paramount+ and Paramount+ Essential, by up to $2 per month,
aiming to restructure its business and pay down debt. This follows
the failure of merger talks with Skydance Media.
Warner Music Group (NASDAQ:WMG) – Record labels
Sony Music, Universal Music Group, and Warner Records sued Suno and
Udio for copyright infringement for using recordings to train AI
music generation systems, alleging direct impact on human artists
and demanding up to $150,000 per copied song in lawsuits filed in
New York and Massachusetts.
Trump Media & Technology Group (NASDAQ:DJT)
– Trump Media & Technology Group, the company behind Donald
Trump’s Truth Social platform, saw its shares rise 10.4% in
pre-market trading. On Monday, the shares had already increased by
21%, marking the second-largest percentage gain since Trump Media
merged with Digital World Acquisition Corp. in late March.
Amazon (NASDAQ:AMZN) – Whole Foods, owned by
Amazon, is betting on “little luxuries” – gourmet foods in small
portions as an emerging trend, perfect for consumers seeking
moderate indulgences. Jason Buechel highlighted this trend at the
Summer Fancy Food Show, exemplifying with Petit Pot’s organic
puddings. Simultaneously, Whole Foods plans to expand with smaller
convenience stores called Daily Shop, starting in Manhattan.
Shopify (NYSE:SHOP) – Shopify expanded access
to Sidekick and AI tools, allowing image editing on smartphones for
customers. This initiative strengthens its e-commerce platform,
which faces recent challenges with inflation and economic
uncertainty, despite its growth during the pandemic.
Target (NYSE:TGT) – Target is collaborating
with Shopify to expand its marketplace, Target Plus, allowing
Shopify sellers to offer products on the Target site. This
partnership aims to increase the variety of available merchandise,
competing with Amazon and Walmart, while maintaining a selective
product curation model.
Nike (NYSE:NKE) – Nike is expanding its
presence in China with a 1,000-square-meter store in Beijing
dedicated to Michael Jordan. This space will not only sell
exclusive products and collaborations with local artists but also
aims to strengthen ties with Chinese basketball. The strategy seeks
to revitalize the brand amid declining sales and rising consumer
nationalism.
Birkenstock (NYSE:BIRK) – Birkenstock’s largest
shareholder, L Catterton, will sell 14 million shares in a
secondary public offering. Despite the drop, shares have risen
22.7% this year. The offering aims to increase the investor base
and liquidity of the shares.
Abercrombie & Fitch (NYSE:ANF) –
Abercrombie & Fitch shares have outperformed Nvidia in terms of
stock growth. Over the past 12 months, Abercrombie shares rose
357%, compared to Nvidia’s 191%, and over two years, 816% compared
to 630%. Abercrombie has benefited from a successful recovery
strategy that resonates with younger consumers.
Pool Corp. (NASDAQ:POOL) – The pool equipment
distributor raised concerns about a slowdown in the leisure sector
after cutting its profit forecasts due to weak demand for new pool
construction, impacted by high costs and unfavorable macroeconomic
conditions.
Boeing (NYSE:BA) – Families of the victims of
the Boeing 737 MAX crashes have requested a U.S. judge appoint an
independent monitor to oversee the company’s safety procedures,
citing concerns about regulatory violations and recent incidents.
The judge will decide after the Department of Justice considers new
legal actions against Boeing.
Spirit AeroSystems (NYSE:SPR) – Boeing has
proposed buying Spirit AeroSystems for about $35 per share, a 6%
premium over the recent closing value, according to Bloomberg. The
offer is stock-based, with possible inclusion of cash, and an
agreement could be announced soon.
Toyota Motor (NYSE:TM) – Toyota sold $2 billion
in cross-shareholdings in the last fiscal year, reducing the number
of its holdings from 141 to 124. The company completely divested
from ANA Holdings, Japan Airlines, and East Japan Railway, which
did not hold Toyota shares.
Tesla (NASDAQ:TSLA) – Tesla CEO Elon Musk
promised a new “Master Plan 4,” potentially revolutionizing
robotics, following mixed success in previous plans. Despite
criticism for unmet promises, his supporters see immense future
value in innovations such as robots and autonomous taxis. The
plan’s revelation remains undefined.
Rivian (NASDAQ:RIVN) – Rivian streamlined its
manufacturing process, removing over 100 steps in battery
production and 52 pieces of equipment, resulting in significant
material cost reductions. The company aims to improve profitability
while facing financial challenges and production delays.
BYD Co. (USOTC:BYDDY) – BYD launched its third
electric vehicle, the Seal sedan, in Japan at a competitive price
to attract consumers in a market that favors hybrids and local
brands.
Uber Technologies (NYSE:UBER),
Lyft (NASDAQ:LYFT) – The U.S. Court of Appeals
rejected a class-action lawsuit against Uber, claiming its policy
of firing drivers with low ratings is not racially discriminatory.
The decision highlighted the lack of solid statistical evidence
that non-white drivers were deactivated in greater numbers than
white drivers with similar ratings. Additionally, Bloomberg
reported that Uber and Lyft are blocking drivers in New York during
low-demand periods to combat a minimum wage rule that requires
payment for idle time between rides. This has reduced drivers’
earnings by up to 50%, causing criticism and strike threats. The
companies blame regulations that they say unfairly penalize their
operations.
Chevron (NYSE:CVX) – Chevron expects a
reduction of 65,000 barrels of oil equivalent per day in
second-quarter production due to shutdowns in Kazakhstan and the
Gulf of Mexico. Additionally, it expects a $300-400 million impact
on earnings due to refinery maintenance in California.
Goldman Sachs (NYSE:GS), Hess
Corp (NYSE:HES) – John Hess, CEO of Hess Corp, has been
named an independent director on the Goldman Sachs board, also
joining the compensation, governance, and risk committees. This
addition comes as Hess Corp is in the process of being sold to
Chevron and involved in arbitration with Exxon Mobil and CNOOC.
JPMorgan Chase (NYSE:JPM) – Oliver Cox, manager
of the JPMorgan SAR Asian Fund, highlights that chip stocks in Asia
are undervalued compared to their U.S. counterparts, predicting a
recovery due to continued demand for artificial intelligence. He
points out that lower valuations offer growth opportunities,
especially for companies like TSMC and Samsung.
Citigroup (NYSE:C) – Citigroup faces challenges
with its living will, deemed invalid by regulatory authorities due
to deficiencies in derivatives. This implies additional consulting
and legal costs, increasing pressure on management already dealing
with other issues, including litigation and data management.
Moody’s highlights the need to improve crisis resolution and
regulatory compliance.
HSBC (NYSE:HSBC) – FundPark, a Hong Kong
fintech, secured a $250 million private loan from HSBC, focusing on
technology and healthcare in the region. This is the second
significant loan this year, strengthening its role in financing
small and medium-sized e-commerce businesses in China.
PacifiCorp (USOTC:PPWLO), Berkshire
Hathaway (NYSE:BRK.A) – PacifiCorp, owned by Berkshire
Hathaway, agreed to pay $150 million to settle claims related to
the Slater Fire, which affected areas of California and Oregon in
2020. This is part of a larger effort to resolve litigation that
includes accusations of not shutting off power lines during
storms.
KKR & Co (NYSE:KKR) – KKR is seeking $20
billion for its new North American private equity fund, facing a
challenging fundraising market. The North America Fund XIV aims for
a high-teens net internal rate of return (IRR), following a
predecessor with a 20.5% net IRR through March.
Riot Platforms (NASDAQ:RIOT),
Bitfarms (NASDAQ:BITF) – Riot is seeking three
board seats at Bitfarms after withdrawing its $950 million
acquisition offer. The dispute has intensified with mutual
accusations of poor governance as both companies prepare for a
board battle over Bitfarms’ strategic future.
TWFG – TWFG announced a 27% increase in annual
net profit and is preparing for its initial public offering (IPO)
in the U.S. TWFG joins other recent companies, such as Bowhead
Specialty, in listing its shares in a hot IPO market in 2024,
encouraged by a stable economy.
HSBC (NYSE:HSBC)
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