Nvidia (NASDAQ:NVDA) – Nvidia shares are up
1.7% in Tuesday’s pre-market, driven by Oracle‘s
(NYSE:ORCL) emphasis on its importance in the artificial
intelligence market. After Monday’s close, Oracle announced a new
cloud computing infrastructure deal with Nvidia. Nvidia shares
closed lower on Monday, but Oracle CEO Safra Catz indicated a
promising collaboration in an earnings call. The statements
suggested a continued demand for AI chips, potentially alleviating
concerns about Nvidia’s chip shortage.
Meta Platforms (NASDAQ:META) – Meta Platforms
has filed a lawsuit against its former vice president, accusing him
of betrayal for taking confidential documents before joining an AI
cloud computing startup. Dipinder Singh Khurana now faces charges
of violating contracts and legal duties.
Advance Auto Parts (NYSE:AAP) – Dan Loeb’s
Third Point and activist Saddle Point have secured three seats on
the board of Advance Auto Parts in agreement. The newly appointed
directors were Tom Seboldt, Gregory Smith, and Brent Windom. Shares
are up 1.9% in the pre-market following the announcement.
Uber Technologies (NYSE:UBER) – Uber Freight is
expanding its presence in Europe, aiming to increase its freight
capacity to 2 billion euros by 2028. Although the segment
experienced a revenue drop in 2023, the company sees promising
opportunities on the continent, adopting a fourth-party logistics
approach for complete supply chain management of companies. With a
renewed focus on technology and sustainability, Uber Freight aims
to be the leading control tower for transportation operations in
Europe, targeting greater transparency and efficiency.
Xiaomi (USOTC:XIACF) – Xiaomi, the Chinese
smartphone giant, announced the launch of its first electric
vehicle, SU7. Amid fierce competition, Xiaomi plans to become one
of the leading global automakers, aiming to attract its customer
base with advanced technology and integration with its devices.
Tesla (NASDAQ:TSLA) – German lawmakers and
electric grid operators should join forces to strengthen the
response to incidents like the arson near Tesla’s factory. Security
needs to be reassessed, especially in the face of targeted attacks.
André Thierig, head of the Tesla factory in Gruenheide, stated that
it would take time to fully resume production after suspected
arson. Furthermore, the Insurance Institute for Highway Safety in
the US rated the Autopilot, Full Self Driving, and other nine
driver-assist systems from Tesla and other major
automakers as “poor,” stating there’s no evidence of real safety
benefits.
Ford Motor (NYSE:F) – Ford agreed to pay $365
million to settle US tariff breach allegations on its Transit
Connect vehicles. The Justice Department stated that Ford
understated the value of the vans to avoid higher fees.
Nissan Motor (USOTC:NSANY), Honda
Motor (NYSE:HMC) – Nissan is considering a 30% production
cut in China, while Honda plans to cut 20%, citing increased local
competition from electric vehicle manufacturers like BYD Co
(OTC:BYDDY), according to Nikkei.
Boeing (NYSE:BA) – New Zealand’s Transport
Accident Investigation Commission seized flight voice and data
records from a LATAM Airlines Boeing 787 after an incident with
over 50 injuries. Chilean authorities are collaborating in the
investigation of the Sydney-Auckland flight.
Bank of America (NYSE:BAC) – BofA Global
Research revised its S&P 500 earnings forecast on Tuesday,
projecting a 12% increase in the index’s company profits this year,
with an estimated $250 earnings per share (EPS) for 2024.
JPMorgan Chase (NYSE:JPM) – Jamie Dimon
indicated that a US recession is not out of the question, but that
the Federal Reserve should adopt a cautious stance regarding
interest rate cuts. He highlighted distortions caused by Covid-19
in economic indicators, emphasizing that the Fed should wait for
more clarity before acting. Regarding the US elections, he noted
the uncertainty regarding the outcome between Joe Biden and Donald
Trump, characterizing the scenario as a “circus.” On the potential
of Artificial Intelligence, Jamie Dimon highlighted its
“unbelievable” value for the banking sector. He emphasized the
increasing use of AI in areas such as risk, fraud, and marketing,
suggesting the need for a dedicated reporting framework for AI.
Raymond James Financial (NYSE:RJF) – Raymond
James hired 10 former Citigroup (NYSE:C) bankers
to expand its reach in the public finance market, creating a new
office in Seattle and expanding its presence in the western US.
New York Community Bancorp (NYSE:NYCB) – New
York Community Bancorp completed a $1 billion capital injection
deal and proposes a reverse stock split. Joseph Otting, former US
Comptroller of the Currency, became CEO, along with a new board of
directors. Shares are up 1.85% in the pre-market.
Tyson Foods (NYSE:TSN) – Tyson Foods announced
the permanent closure of a pork plant in Perry, Iowa, eliminating
1,200 jobs due to declining demand. The city, impacted, faces the
loss of its largest employer and a significant economic
challenge.
Choice Hotels International (NYSE:CHH) – Choice
Hotels International abandoned its attempt to acquire Wyndham
Hotels & Resorts (NYSE:WH) due to lack of support from Wyndham
shareholders for its hostile offer. Choice will now focus on its
independent strategy.
Walt Disney (NYSE:DIS) – Disney responded to
Nelson Peltz’s Trian Fund’s campaign for board seats with
criticisms of their motivations and qualifications, claiming they
do not meet the company’s needs. Disney also questioned the current
board’s oversight capability. Additionally, Blackwells Capital
revealed on Monday that Disney had not informed shareholders about
ValueAct Capital Management’s investments totaling over $350
million in the company’s pension fund assets.
Honeywell (NASDAQ:HON) – Honeywell announced on
Monday its intention to take a case regarding engine pricing with
Bombardier (TSX:BBD.B) to Canada’s Supreme Court, following a
controversial court order in December.
News Corp (NASDAQ:NWS) – According to Bloomberg
News, Rupert Murdoch’s News Corp and the owner of the Daily Mail
considered a joint bid with the UAE’s RedBird IMI fund to acquire
the Telegraph. RedBird could hold up to 25% of the newspaper to
mitigate concerns about foreign influence.
Acadia Pharmaceuticals (NASDAQ:ACAD) – Acadia
Pharmaceuticals shares plummeted 18.7% in Tuesday’s pre-market
after one of its drugs, pimavanserin (Nuplazid), failed to meet
goals in a schizophrenia treatment trial. The company does not plan
to conduct further clinical trials with the drug.
Earnings
Oracle (NYSE:ORCL) – Oracle shares are up
13.07% in pre-market trading, following the announcement of
adjusted earnings per share of $0.41 cents against an estimated
$1.38 cents by LSEG. Total revenue of $13.28 billion fell short of
the $13.3 billion expectation. Oracle’s main business area, cloud
services and license support, recorded a 12% revenue growth.
Vail Resorts (NYSE:MTN) – The ski resort
company’s shares fell 4.3% in pre-market trading after announcing
its fiscal second quarter failed to meet profit and performance
expectations. The company reported a net profit of $219.3 million,
or $5.76 per share on sales of $1.08 billion. Analysts surveyed by
FactSet expected Vail to earn $6.04 per share on sales of $1.15
billion. Moreover, Vail also revised its full-year forecast
downwards due to a lack of snow in its western North American
resorts until January.
Asana (NYSE:ASAN) – Shares of the work
management platform are down 2.3% in pre-market trading, following
the announcement of its fiscal fourth quarter results, which
exceeded expectations. Asana reported a loss of 4 cents per share,
which was 6 cents better than expected, according to LSEG.
Additionally, revenue of $117 million also exceeded estimates.
Casey’s General Stores (NASDAQ:CASY) – Casey’s
General Stores exceeded earnings per share expectations with $2.33,
but fell short on revenue, with $3.33 billion. The company
attributed this shortfall primarily to an unfavorable comparison in
fuel margin, which generated a one-time operational expense benefit
of $15 million in the previous year, and higher operational
expenses due to operating 167 additional stores. Inside sales
increased by 4.1%, and inside gross profit rose by 11.3%. The
company reaffirmed fiscal outlooks, planning for growth and share
repurchases. Shares are down -1.6% in pre-market trading.
Bombardier (TSX:BBD.B)
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