Apple (NASDAQ:AAPL) – Apple will obtain an
observer role on the OpenAI board as part of an AI agreement, with
Phil Schiller chosen for the position. This arrangement will allow
Schiller to attend board meetings without voting rights, starting
later this year. In other related news, a former Apple corporate
law director convicted of insider trading was ordered to pay a
$1.15 million fine by the U.S. SEC after avoiding prison. Gene
Levoff admitted to illegal trades based on insider information
about the company’s earnings announcements. Additionally, Apple is
trying to amend a court document in China even after winning the
case, highlighting the delicacy of its position in the world’s
largest smartphone market. The company wants to remove references
to its “dominant position” and phrases suggesting “unfair pricing
could harm consumers” in the final decision.
Logitech International SA (NASDAQ:LOGI) – Wendy
Becker, chair of Logitech’s board, will not seek re-election in
2025, following reports that the company’s founder, Daniel Borel,
proposed a vote to replace her, criticizing the lack of adequate
technological experience in the company’s leadership.
Microsoft (NASDAQ:MSFT) – State-sponsored
Russian hackers accessed emails between Microsoft and various Texas
state agencies and public universities through a leak within
Microsoft, revealed in January. This attack was attributed to the
Midnight Blizzard group, linked to Russian intelligence services.
In other related news, Microsoft and G42, a UAE-based AI company,
announced plans in May to invest $1 billion in projects in Kenya,
including a major data center powered by geothermal energy. This
deal was negotiated with input from the U.S. and UAE governments
and coincided with a summit in Washington between President Joe
Biden and Kenyan President William Ruto.
Nvidia (NASDAQ:NVDA) – Nvidia shares fell 1.2%
in pre-market trading on Wednesday due to concerns about export
restrictions. Despite a 148% increase this year, the stock has
dropped from a recent peak. Mizuho analyst Vijay Rakesh maintains
an “Outperform” rating, citing continuous demand, especially in
China, despite U.S. restrictions. In France, Nvidia is facing
imminent charges from the antitrust regulator for allegedly
violating competition practices. Investigations began with raids
conducted last September in the graphics card sector, part of a
broader probe into cloud computing. The surge in demand for its
chips, especially after the release of generative AI applications
like ChatGPT, has brought regulatory scrutiny in both Europe and
the United States. According to Reuters, the French authority is
concerned about the graphics card sector’s reliance on Nvidia’s
CUDA programming software, essential for accelerated computing.
Alphabet (NASDAQ:GOOGL) – Over five years,
Google’s emissions have risen nearly 50%, reaching 14.3 million
tons of CO2 equivalent in 2023, a 48% increase since 2019 and 13%
from 2022. This growth, driven by the intensive use of artificial
intelligence in the company’s core products, makes it challenging
to meet the goal of eliminating carbon emissions by 2030 due to
higher energy consumption in data centers and supply chain
emissions.
Super Micro Computer (NASDAQ:SMCI) – The
small-cap stock index, Russell 2000, is losing one of its key
components, Super Micro Computer. With Super Micro’s exit, which
doubled its market value this year, the Russell 2000, which was
marginally positive for the year, will face challenges without this
significant influence.
Simulations Plus (NASDAQ:SLP) – The modeling
and simulation software company suspended its quarterly dividend,
opting to invest the funds in growth initiatives to generate
long-term shareholder value. Additionally, it reported adjusted
earnings per share of 19 cents in the third quarter, exceeding
analysts’ estimates, with revenue of $18.5 million, a 14% increase
year-over-year.
Paramount Global (NASDAQ:PARA) – Shari
Redstone’s National Amusements reached a preliminary agreement to
sell its control of Paramount Global to David Ellison’s Skydance
Media. The $1.75 billion deal includes a 45-day period for other
offers.
Vodafone (NASDAQ:VOD) – If the merger between
Vodafone Group Plc and Three of CK Hutchison Holdings is approved,
the companies will sell part of their spectrum to Virgin Media O2
Ltd. The $16.4 billion (£13 billion) deal would create the UK’s
largest mobile operator and is under review by the UK’s Competition
and Markets Authority due to concerns about reduced competition.
The spectrum sale aims to mitigate these concerns.
Charter Communications (NASDAQ:CHTR) – Citi
analysts downgraded Charter’s shares from “Neutral” to “Sell” and
reduced the price target from $280 to $255.
Trump Media & Technology Group (NASDAQ:DJT)
– Trump Media announced that the conversion of warrants into shares
between June 20 and July 1 generated over $105 million.
Additionally, $41 million in restricted cash became available,
resulting in over $350 million in cash and no debt by July 1.
Walmart (NYSE:WMT), Humana
(NYSE:HUM) – Walmart is in talks to sell its closed medical
clinics. In April, it shut down all 51 health clinics and virtual
operations, deeming them unsustainable. The discussions include
health insurers like Humana, aiming to recover massive
investments.
Eli Lilly (NYSE:LLY) – The Food and Drug
Administration (FDA) approved Eli Lilly’s treatment for early
Alzheimer’s, the second available in the U.S. to slow disease
progression. Donanemab, marketed as Kisunla, was endorsed by the
agency’s external experts, who recommended its use due to benefits
outweighing risks.
Moderna (NASDAQ:MRNA) – The pharmaceutical
company Moderna received $176 million from the U.S. government to
develop a human avian flu vaccine based on messenger RNA. The
funding was granted by the Biomedical Advanced Research and
Development Authority during an unprecedented outbreak of avian
influenza in the U.S.
Grifols SA (NASDAQ:GRFS) – Scranton
Enterprises, the majority shareholder of the Spanish pharmaceutical
company Grifols SA, is negotiating a $140 million (€130 million)
credit line with Oaktree Capital Management, according to a report
by El Confidencial. The six-year loan would replace existing debts
with Spanish banks.
GSK plc (NYSE:GSK) – The British pharmaceutical
company announced it is restructuring its partnership with German
biotech CureVac, taking control of several jointly developed
vaccines. GSK will pay CureVac $429.44 million initially and up to
an additional $1.13 billion in future milestones, along with tiered
royalties.
U.S. Steel (NYSE:X) – Nippon Steel Vice
President Takahiro Mori will return to the U.S. to discuss
acquiring U.S. Steel. The $15 billion offer is supported by U.S.
Steel management but faces resistance from the White House and the
USW union. Mori will visit several states and meet with local
leaders.
Rio Tinto (NYSE:RIO) – Global miner Rio Tinto
is negotiating with workers at its Oyu Tolgoi copper operations in
Mongolia to avoid further strikes due to a sharp drop in wages that
caused a strike in May. Copper production is scheduled to reach
500,000 tons annually starting in 2028.
Exxon Mobil (NYSE:XOM),
Chevron (NYSE:CVX), Hess Corp
(NYSE:HES) – A three-person arbitration panel has been chosen to
resolve Exxon Mobil’s dispute over Chevron’s $53 billion
acquisition of Hess Corp, a process that delayed the planned
closure for the first half of 2024. The dispute centers on Exxon’s
rights to Hess’s assets in Guyana.
Schlumberger (NYSE:SLB) – The oilfield services
company announced it received a second request for additional
information from the U.S. Department of Justice regarding its $7.75
billion acquisition of smaller rival ChampionX. The deal is now
expected to close in the fourth quarter or first quarter of
2025.
Constellation Energy (NASDAQ:CEG) –
Constellation Energy is in advanced talks with the Pennsylvania
governor’s office and state legislators to fund a possible restart
of part of its Three Mile Island power facility, the site of a
nuclear meltdown in the 1970s. The project faces logistical,
financial, and environmental safety challenges.
Progressive (NYSE:PGR) – Progressive agreed to
pay $48 million to settle a class-action lawsuit accusing the
insurer of systematically undervaluing claims by New York drivers
whose vehicles were totaled. The suit alleged that Progressive used
software that underestimated vehicle values before declaring them
total losses.
Ford Motor (NYSE:F) – Ford Motor is encouraging
more managers to acquire electric vehicles, now limiting the
leasing program so they choose an electric Mustang Mach-E SUV or
F-150 Lightning pickup. This is the first time Ford has imposed
this restriction, aiming to increase familiarity with EV technology
among its employees.
General Motor (NYSE:GM) – GM reported slower
U.S. sales growth in the second quarter, affected by reduced sales
to rental companies and a cyber incident at CDK that impacted
dealerships. Total sales rose about 0.6% to 696,086 units, compared
to a roughly 19% increase in the same period last year.
Toyota Motor (NYSE:TM) – Toyota Motor North
America reported a roughly 9.2% increase in U.S. auto sales in the
second quarter. The company sold 621,549 vehicles in the quarter,
compared to 568,962 units a year earlier, with SUVs like the Land
Cruiser and 4Runner being standout performers.
Stellantis (NYSE:STLA) – Stellantis will invest
an additional $55 million in Archer Aviation following the
successful transition flight of its flagship aircraft last month.
With this, Stellantis, already the largest shareholder of the eVTOL
manufacturer, reinforces its support in the electric vertical
takeoff and landing sector.
Tesla (NASDAQ:TSLA) – Tesla reported a 5% drop
in vehicle deliveries in the second quarter, less than expected.
Shares closed up 10% on Tuesday, reaching the highest level in
nearly six months. The company delivered 443,956 vehicles,
surpassing Wall Street expectations of 438,019. In China, Tesla’s
sales of domestically made vehicles in June fell 24.2% year-on-year
to 71,007 units, according to data from the China Passenger Car
Association (CPCA). Deliveries of the American automaker’s Model 3
and Model Y in China fell 2.2% from May. Shares were up 2.40% in
pre-market trading.
Rivian Automotive (NASDAQ:RIVN) – Rivian denied
plans to produce vehicles with Volkswagen after reports that it was
in early discussions to expand a recent partnership beyond
software. The company maintains its plans to produce the R2 SUV in
Illinois and Georgia.
Chinese Electric Vehicles – EU countries are
divided on supporting additional tariffs on Chinese electric
vehicles, facing challenges in gaining support due to threats of
retaliation from Beijing. Germany opposes, while France strongly
supports. An advisory vote will soon decide on provisional tariffs
of up to 37.6%, with a final decision expected in October.
Polestar Automotive (NASDAQ:PSNY) – The Swedish
electric vehicle manufacturer is implementing further cost cuts
after deepening its losses to $232 million in the first quarter,
due to increased tariff barriers and pricing pressures in the
sector. The company also plans to adapt its business plan to
achieve breakeven cash flow by the end of 2025.
Nikola (NASDAQ:NKLA) – Nikola reported an 80%
increase in deliveries of its hydrogen fuel cell trucks in the
second quarter, exceeding its own expectations. With 72 units
delivered, the company signals strong demand for heavy-duty trucks
after a tumultuous transition from battery-electric vehicles.
Boeing (NYSE:BA), Spirit
AeroSystems (NYSE:SPR) – Boeing announced the repurchase
of Spirit AeroSystems and is searching for a new CEO after Dave
Calhoun announced he would step down. Patrick Shanahan, the current
CEO of Spirit, is among the candidates. Shanahan is recognized for
his engineering experience and for resolving issues in Boeing’s
troubled programs.
American Airlines (NASDAQ:AAL) – American
Airlines agreed to a preliminary deal to acquire 100
hydrogen-electric engines from aviation startup ZeroAvia for use in
aircraft on its regional routes. This investment increases its
support for alternative propulsion technology aiming to reduce
carbon emissions in commercial aviation by 2050.
Ryanair Holdings (NASDAQ:RYAAY) – In June,
Ryanair transported a record 19.3 million passengers, an 11%
increase from the previous year. Europe’s largest airline by
passenger numbers expects to reach between 198 million and 200
million people during its fiscal year ending March 2025.
Intuitive Machines (NASDAQ:LUNR) – Intuitive
Machines shares rose 5.2% in pre-market trading as the space
exploration company approaches its next mission to the Moon. The
company’s IM-1 mission made history by successfully landing on the
Moon, and they now focus on the IM-2 mission, scheduled for late
2024.
UBS Group AG (NYSE:UBS) – South Korea imposed a
record $19.5 million fine on two Credit Suisse subsidiaries,
acquired by UBS last year, to combat illegal short-selling. The
fines were distributed between Credit Suisse AG and Credit Suisse
Singapore Ltd.
HSBC Holdings Plc (NYSE:HSBC) – HSBC is slowing
hiring and asking investment bankers to cut back on travel and
entertainment expenses as CEO Noel Quinn seeks to reduce costs at
Europe’s largest bank, according to Bloomberg. In some cases, the
bank is not replacing staff who have left or resigned recently, and
some areas have been instructed to pause new hires entirely, though
this should not affect customer-facing positions.
Icahn Enterprises (NASDAQ:IEP) – CVR Energy,
controlled by billionaire Carl Icahn, made a binding offer in an
auction for shares of Citgo Petroleum’s parent company, owned by
Venezuela. CVR, which operates two refineries in the U.S., seeks to
acquire stakes to pay creditors with claims of $21.3 billion
against Venezuela.
Blackstone (NYSE:BX) – Blackstone is selling
Japanese pharmaceutical company Alinamin to private equity firm MBK
Partners. The deal is valued at $2.17 billion. Blackstone, which
acquired Alinamin in 2020, will reinvest a minority indirect stake
after the transaction closes.
Robinhood Markets (NASDAQ:HOOD) – Brokerage
Robinhood Markets is considering offering cryptocurrency futures in
the U.S. and Europe in the coming months, according to Bloomberg.
The platform, known for commission-free trading, plans to use
Bitstamp’s licenses, acquired for $200 million, to launch CME-based
futures for Bitcoin and Ether in the U.S. On Monday, Robinhood
announced the acquisition of Pluto, an investment research company
that uses artificial intelligence to develop personalized
investment strategies. Jacob Sansbury, founder and CEO of Pluto,
joined Robinhood’s leadership team to help integrate AI-driven
capabilities.
Chewy (NYSE:CHWY) – Keith Gill, also known as
Roaring Kitty, revealed a 6.6% stake in Chewy, briefly boosting the
online pet retailer’s shares. Despite the initial surge, the shares
closed down 6.6% on Monday and -2.2% on Tuesday. The disclosure
increased the stock’s volatility. The shares are down -0.1% in
pre-market trading.
Tempur Sealy (NYSE:TPX) – The U.S. Federal
Trade Commission voted unanimously to block Tempur Sealy’s proposed
$4 billion acquisition of Mattress Firm, citing concerns that the
deal would reduce competition in the sector. The agency issued an
administrative complaint and allowed a federal court process,
alleging that Tempur Sealy, as the world’s largest mattress
supplier and manufacturer, would have the ability and incentive to
suppress competition and raise prices for millions of
consumers.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle
shares fell after a 50-to-1 stock split last Wednesday, revealing
weaknesses in its high valuation. Although the stock has risen more
than 60% in the past 12 months, the high valuation has worried
investors, but it is too early to predict a sustained decline.
Constellation Brands (NYSE:STZ) – The seller of
Modelo Especial and Corona brands expects to report a 19% increase
in earnings per share to $3.46 and a 6% rise in total revenue to
$2.67 billion in the fiscal first quarter, which will be reported
today.
Chevron (NYSE:CVX)
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