Arcus Biosciences (NYSE:RCUS), Gilead
Sciences (NASDAQ:GILD) – Arcus
Biosciences‘ shares rose 19.5% in pre-market trading on
Tuesday following news of a $320 million investment by
Gilead Sciences, which also led to a revision of
their collaboration agreement. This change aims to boost the growth
of their joint development programs and includes the appointment of
Johanna Mercier from Gilead to the
Arcus board.
Super Micro Computer (NASDAQ:SMCI) –
Super Micro Computer announced projected net sales
between $3.7 billion and $4.1 billion for the March quarter,
surpassing analysts’ expectations of $2.87 billion. Super
Micro‘s value has tripled since May 2023 due to strong
demand for AI servers. CEO Charles Liang believes growth will
continue for many quarters, and the company is at an advantage due
to its market agility and relationships with semiconductor
manufacturers. However, investors are also wary of a potential
downturn, as has happened with other server suppliers in the
past.
Amazon (NASDAQ:AMZN), iRobot
(NASDAQ:IRBT) – Amazon and the robotic vacuum
manufacturer iRobot announced the termination of
their merger plans due to opposition from EU and US antitrust
regulators. Amazon cited the impossibility of
regulatory approval in the EU as the reason. Regulators were
concerned that Amazon could harm
iRobot‘s rivals on its online marketplace. The FTC
was also prepared to reject the deal before its cancellation.
Additionally, iRobot plans a significant
restructuring, cutting 31% of its workforce.
Microsoft (NASDAQ:MSFT) –
Microsoft has appointed Johanna Faries as the
president of the Blizzard Entertainment gaming publishing unit,
part of the Activision Blizzard acquisition. Matt Cox is the new
Senior Vice President and General Manager of Call of Duty.
Teradyne (NASDAQ:TER) –
Teradyne, a supplier of semiconductor testing
equipment, has moved about $1 billion in production out of China
due to US export regulations. This affected its operations and
sales in China, resulting in a market share drop from 16% to 12% in
the three months ending on October 1st.
Calix (NYSE:CALX) – Calix, a
broadband software company, experienced a 22% drop in pre-market
trading on Tuesday after reporting a fourth-quarter loss and
projecting first-quarter revenue between $225 million and $231
million. This forecast was below the previous year’s $250 million
and analysts’ expectations of $267.5 million in revenue.
F5 (NASDAQ:FFIV) – In the fiscal first quarter,
F5 reported adjusted earnings of $3.43 per share,
beating analysts’ expectations, along with revenue of $693 million,
which also exceeded forecasts. The company anticipates
second-quarter sales between $675 million and $695 million,
compared to analysts’ predictions of $673 million.
Sanmina (NASDAQ:SANM) –
Sanmina forecasted second-quarter revenues between
$1.825 billion and $1.925 billion, exceeding FactSet’s expectations
of $1.8 billion. Adjusted earnings per share are projected between
$1.20 and $1.30, above analysts’ estimates of $1.02. In the first
quarter, the company reported a net income of $57.07 million and
revenue of $1.87 billion, with shares falling 8.8% over the past 12
months.
Albemarle (NYSE:ALB) –
Albemarle, the world’s leading lithium producer,
laid off over 300 employees, about 4% of its workforce, as part of
a cost-cutting strategy due to falling metal prices used in
electric vehicle batteries. The move aims to save at least $50
million in 2024, although the company has not disclosed specific
figures.
Cleveland-Cliffs (NYSE:CLF) –
Cleveland-Cliffs announced a fourth-quarter loss
that, although smaller than the previous year, was accompanied by
$5.11 billion in revenue that fell short of expectations. The steel
company forecasts that the adjusted profit in the first quarter,
before interest, taxes, depreciation, and amortization, will
“significantly exceed” the $279 million recorded in the fourth
quarter. This resulted in a 2.6% drop in shares in Tuesday’s
pre-market trading.
Exxon Mobil (NYSE:XOM) – Investors are
concerned about Exxon Mobil avoiding the US
securities regulator by suing shareholders over resolutions, as the
SEC has made it harder to avoid these resolutions under the Biden
administration. Currently, fewer companies are rejecting
shareholder resolutions, and the change in SEC rules has encouraged
activist shareholders, resulting in an increase in resolutions
submitted.
BP (NYSE:BP) – Activist investor Bluebell
Capital Partners criticizes BP Plc for its planned
reduction in oil and gas production, arguing that the company
should abandon this goal. Bluebell emphasizes the importance of
balancing strategy considering the ongoing demand for oil and the
transition to low-carbon energy. BP‘s new CEO,
Murray Auchincloss, has the opportunity to review the strategy, but
Bluebell is not calling for a complete halt to clean energy
investments. The campaign increases pressure on Auchincloss, who
replaced Bernard Looney, the architect of BP‘s
clean energy strategy. BP plans to invest more
than half of its annual spending on oil and gas by 2030, despite
the ongoing focus on clean energy.
Boeing (NYSE:BA) – An influential industry
leader expressed concerns about Boeing, warning
that additional production problems could lead to stricter
regulations. The president of Air Lease Corp, Steven Udvar-Hazy,
called on Boeing to demonstrate leadership in
aircraft design. He mentioned the explosion incident on an Alaska
Airlines 737 MAX 9 jet but downplayed systemic concerns.
Boeing withdrew a request for an exemption from
safety standards for the 737 MAX 7, which is awaiting
certification. The decision came after opposition from Senator
Tammy Duckworth, who was concerned about the anti-icing system that
could cause dangerous debris. Instead, Boeing will
opt for an engineering solution during the certification
process.
Gol (NYSE:GOL) – A US bankruptcy judge allowed
the Brazilian airline Gol to borrow the first $350
million of its proposed bankruptcy financing, deemed “desperately”
needed to maintain normal operations. The financing has a high
interest rate and additional costs, while Gol‘s
shares have significantly dropped. The company filed for Chapter 11
bankruptcy protection due to significant debts and post-pandemic
challenges.
VinFast (NASDAQ:VFS) – The Vietnamese electric
vehicle company VinFast announced plans to
establish an electric vehicle business network in the Philippines,
according to a statement issued by its parent company, Vingroup.
The investment in the Philippines is scheduled to start this
year.
Stellantis (NYSE:STLA) –
Stellantis has started mass production of hydrogen
fuel cell vans in Europe, expanding its lineup of zero-emission
commercial vehicles. Larger vans will be manufactured in Poland,
and medium-sized ones in France. The production faces tensions with
the Italian government. Stellantis expects to sell
over 10,000 units annually by 2025, with a range of up to 500
kilometers and refueling times of 4 to 5 minutes.
Ford Motor (NYSE:F) – US House Committee
chairpersons have called for an investigation into four Chinese
companies allegedly linked to sensitive issues related to
Ford‘s battery plant in Michigan.
Ford faces concerns about its partnership with
CATL but states that it follows strict regulations and human rights
standards. Lawmakers also called for investigations related to
sanctions evasion and ties to North Korea.
Toyota (NYSE:TM) – Toyota
retained its title as the world’s best-selling automaker for the
fourth consecutive year, recording record annual sales of 11.2
million in 2023. However, its president, Akio Toyoda, apologized
for scandals at group companies, including Daihatsu and Hino
Motors, which damaged the brand’s reputation in terms of quality
and safety. Toyota faces governance challenges
after irregularities in certification testing procedures for cars
and engines. Toyota also recently issued a “Do Not
Drive” warning to owners of about 50,000 older vehicles in the US
due to problems with Takata airbag inflators. This measure aims to
prevent potentially deadly explosions associated with these
inflators. To date, more than 30 deaths and hundreds of injuries
have been linked to Takata airbag inflators worldwide.
Whirlpool (NYSE:WHR) –
Whirlpool revised its 2024 projections,
forecasting sales of $16.9 billion, below estimates of $17.68
billion, and an adjusted annual profit between $13 and $15 per
share, compared to analysts’ average expectation of $15.48 per
share. The company reported that it eliminated about $800 million
in costs in 2023 and expects to cut up to $400 million more this
year.
WPP (NYSE:WPP) – The British advertising group
WPP announced that its net revenue, after
pass-through costs, grew by 0.9% last year. They predict similar
results in 2024, with a slight improvement in operating profit
margin. The company has also set a medium-term revenue growth
target of over 3%, driven by investments in technology.
EchoStar (NASDAQ:SATS) –
EchoStar Corp., parent company of Dish Network,
ended an exchange offer of over $5 billion in debt due in the
coming years for new notes, without disclosing the reason. The
previous offer to exchange $4.9 billion in convertible debt for new
securities is still in effect. Dish (NASDAQ:DISH)
faces a challenge in managing its debt of over $20 billion, leading
creditors to split into groups and hire consultants.
Diageo (NYSE:DEO) – Diageo,
the world’s largest spirits maker, experienced a 0.6% drop in
organic net sales in the first half, below estimates, due to a
decline in Latin America. Organic operating profit fell by 5.4%,
worse than expected, but the company anticipates an improvement in
the second half.
Chipotle Mexican Grill (NYSE:CMG) –
Chipotle Mexican Grill plans to hire 19,000 new
employees for the busy season, targeting Generation Z workers. The
company is introducing benefits such as retirement plans and access
to mental health resources to attract and retain this young
workforce.
UBS (NYSE:UBS) – The combined market share of
UBS and Credit Suisse in the
Swiss fund sector fell to 37.6% in 2023 as UBS
integrates Credit Suisse and some investors avoid
overexposure to a single institution. The Swiss fund market grew by
3.7%, reaching 1.37 trillion Swiss francs in 2023. Switzerland is
the third-largest asset management market in Europe, after the UK
and France. Moreover, as UBS moves forward with
the integration of Credit Suisse, it faces
regulatory concerns due to its size. Investors fear ongoing
conflicts with Swiss regulators over the bank’s size.
Deutsche Bank (NYSE:DB) – The CEO of
Deutsche Bank expressed concerns about the threat
of right-wing extremism in Germany, especially related to the rise
of the nationalist Alternative for Germany (AfD). He warned that
this could impact investment and confidence in the country’s
democratic values. Critical state elections this year are also
mentioned as crucial for the future of democracy in Germany and
business in the country.
Morgan Stanley (NYSE:MS) – Morgan
Stanley analysts are optimistic about major US banks due
to expectations of less burdensome regulations on capital levels,
which could lead to stock buybacks. They upgraded recommendations
for Goldman Sachs (NYSE:GS),
Citigroup (NYSE:C), and Bank of
America (NYSE:BAC) and consider the large-cap banking
group attractive. The regulatory reform, known as “Basel III End
Game,” could be less severe, allowing significant stock buybacks
due to the high levels of excess capital held by the largest US
banks.
HSBC Holdings (NYSE:HSBC) –
HSBC was fined $73 million in the UK for failing
to comply with deposit protection rules, incorrectly excluding
billions of pounds of customer money from a protection program. The
fine reflects the seriousness of the failures that occurred between
2015 and 2022.
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