FedEx (NYSE:FDX) – FedEx exceeded profit
forecasts for the quarter, posting an adjusted profit of $3.86 per
share, higher than the $3.45 per share expected by analysts
consulted by LSEG. However, the company’s revenue did not meet
estimates. FedEx also announced a $5 billion share buyback program.
FedEx shares rose 12.6% in pre-market trading.
Nike (NYSE:NKE) – The German Football
Association (DFB) announced that Nike will be its official supplier
from 2027, ending a long partnership with Adidas. The change comes
after Nike offered the best financial deal to outfit the national
teams until 2034. In the third fiscal quarter, Nike exceeded Wall
Street projections, with a profit of 77 cents per share and revenue
of $12.43 billion, surpassing the expectations of analysts
consulted by LSEG, who predicted 74 cents per share and revenue of
$12.28 billion. Nike observed a slowdown in its sales in China.
Shares are down -6.6% in pre-market trading.
Lululemon Athletica (NASDAQ:LULU) – In the
fourth fiscal quarter, Lululemon recorded earnings per share of
$5.29 and revenue of $3.21 billion, against estimates of $5.00 in
earnings and $3.19 billion in revenue. Net income was $669.5
million, and revenue grew about 16% from the previous year. Despite
exceeding expectations, the outlook was below estimates, with
growth stagnating in North America. Shares are down 12.7% in
pre-market trading.
Academy Sports & Outdoors (NASDAQ:ASO) –
Academy Sports & Outdoors reported earnings of $6.96 per share
and revenues of $6.159 billion last quarter, slightly below
forecast. Despite this, the CEO highlights a solid growth strategy
and expansion plans for more than 800 stores, maintaining a
positive outlook for the future.
Accenture (NYSE:ACN) – Accenture released the
results of the latest quarter on Thursday, with revenue of $15.80
billion, slightly below the average analyst estimate of $15.84
billion. The company also reported adjusted earnings of $2.77 per
share, surpassing the $2.66 per share estimate. Accenture lowered
its revenue forecasts for fiscal year 2024, now estimating growth
of 1% to 3%, compared to the previous projection of 2% to 5%.
Corporate highlights
Microsoft (NASDAQ:MSFT) – Microsoft agreed to
acquire AI startup Inflection for about $650 million in cash,
allowing it to use Inflection’s models and hire its team, including
co-founders. The models will be available on Azure, and investors
will receive a 1.5 times return on their investment.
Apple (NASDAQ:AAPL) – Antitrust proceedings and
potential infringements of the Digital Markets Act led to a drop in
Apple’s shares on Thursday, erasing about $113 billion in market
value. Regulators in the US and Europe have intensified
investigations into Apple, raising investor concerns about fines
and its dominance.
Meta Platforms (NASDAQ:META) – After more than
three hours of interruption, Meta Platforms’ Instagram was back
online for most users. About 400 interruptions persisted, most
related to login issues, after more than 5,000 initial reports.
Walt Disney (NYSE:DIS) – Nelson Peltz’s
campaign for a seat on Disney’s board gained momentum with the
endorsement of Institutional Shareholder Services (ISS), increasing
tension before the shareholder vote on April 3. While Disney
already had support from Glass Lewis and notable figures, ISS
criticized Disney’s performance and suggested that Peltz could
improve corporate governance, despite Disney‘s
opposition to his candidacy.
Spotify (NYSE:SPOT) – Spotify launched a
feature that reveals the magnitude of podcasters. Joe Rogan leads
with 14.5 million followers, highlighting his influence. Meanwhile,
BandLab celebrates 100 million users, highlighting the continued
success of the music platform.
Rush Street Interactive (NYSE:RSI),
DraftKings (NASDAQ:DKNG) – Rush Street is
considering strategic options, including a potential sale,
according to Bloomberg. The company, with brands such as BetRivers
and RushBet, approached potential buyers, including DraftKings.
Founded by Neil Bluhm, Rush Street operates in 15 states and three
countries, reporting sales of $691 million last year, despite
facing stiff competition from market leaders like DraftKings and
FanDuel.
Booking.com (NASDAQ:BKNG) – The Italian
Competition Authority (AGCM) has initiated an investigation into
Booking.com for possible anti-competitive practices, including
adjusting accommodation prices on the platform without the consent
of hotels, aiming to maintain competitiveness against more
advantageous offers from other sites.
Reddit (NYSE:RDDT) – Social media platform
stocks are down 3.1% in pre-market trading. On Thursday, Reddit
made its debut on the New York Stock Exchange, seeing a 48%
increase in its value on the first day of trading. ARK Invest, led
by investor Cathie Wood, acquired almost 10,000 Reddit shares.
These shares were added to the ARK Next Generation
Internet (AMEX:ARKW) and ARK Fintech
(AMEX:ARKF) ETFs, totaling an investment valued at $503,492.
Auna SA – Auna SA raised $360 million in its
initial public offering in the US, pricing shares below the
announced range. The healthcare provider in Latin America, with
hospitals and clinics in Mexico, Peru, and Colombia, sold 30
million shares at $12 each, below the range of $13 to $15.
Grifols (NASDAQ:GRFS) – The Spanish stock
market regulator, CNMV, found no significant errors in Grifols’
accounts, ruling out the need for revision, despite some
deficiencies that do not affect the representation of the company’s
financial reality. The investigation followed accusations from
Gotham City Research but confirmed the integrity of Grifols’
financial disclosures.
Alibaba (NYSE:BABA), Bilibili
(NASDAQ:BILI) – Alibaba offloaded nearly $360 million in shares of
the Chinese streaming platform Bilibili at a considerable discount,
part of a series of divestments as it seeks capital to invest in AI
and rejuvenate its business.
Best Buy (NYSE:BBY) – Best Buy shares advanced
1.94% in pre-market trading, reaching $82.00, following an upgrade
in rating by analysts at JPMorgan, who moved from “Neutral” to
“Overweight” and raised the target price from $89 to $101, as
reported by The Fly.
Dutch Bros (NYSE:BROS) – Shares of the
drive-through coffee chain fell about 5.4% in pre-market trading.
Dutch Bros announced the start of a secondary offering of its
shares, conducted by some shareholders associated with TSG Consumer
Partners LP. These shareholders plan to make 8 million shares
available, and Dutch Bros will not receive any
proceeds from the sale.
PepsiCo (NASDAQ:PEP) – PepsiCo has committed to
investing an additional $400 million in Vietnam to build two new
renewable energy-powered hubs, as announced by the Vietnamese
government on Friday. These investments come during a visit by
delegations from over 60 US companies to the country.
Boeing (NYSE:BA) – Heads of major airlines will
hold discussions with Boeing’s new board chairman, Larry Kellner,
about concerns stemming from issues at Alaska Airlines and in
production, seeking solutions for safety and quality issues.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines approved a new five-year work contract for 18,000 agents,
with an hourly wage rate of $38, 6.6% above United
Airlines (NASDAQ:UAL). The agreement shortens the time to
reach the top of the pay scale to 10 years of service, instead of
11.
American Airlines (NASDAQ:AAL) – Last month, an
American Airlines Boeing 737-800 went off the runway due to a brake
failure, related to incorrect maintenance, as stated by US
investigators on Thursday. The incident occurred at Dallas-Fort
Worth International Airport, and none of the 104 passengers was
injured, with the pilots using thrust reversers to slow down.
United Airlines (NASDAQ:UAL) – United Airlines
Holdings will allow up to five MileagePlus associates to share and
redeem miles in a joint account starting Thursday, without
affecting membership status. Loyalty programs gained momentum
during the pandemic, expanding similar options in other
airlines.
Tesla (NASDAQ:TSLA) – Tesla reduced the
production of electric cars at its factory in China, in response to
slow growth in new energy vehicle sales and intense competition.
The automaker instructed employees at the beginning of the month to
work five days a week, reducing the production of the Model Y and
Model 3.
Aston Martin (USOTC:ARGGY) – Adrian Hallmark,
former CEO of Bentley, was hired by Aston Martin to stabilize the
iconic luxury car manufacturer, replacing Amedeo Felisa. Hallmark,
with extensive experience in the automotive industry, will lead the
company’s transformation, facing financial challenges and seeking
solutions for recovery.
Goldman Sachs (NYSE:GS) – Goldman Sachs Asset
Management announced it raised over $700 million for the Union
Bridge Partners I fund, part of the company’s $340 billion External
Investment Group. This fund will collaborate with external
managers, targeting investment opportunities in public and private
markets, focusing on sectors such as hospitality, software, and
music royalties. This initiative reflects Goldman Sachs’ strategy
to expand its private credit portfolio to $300 billion over five
years.
Santander (NYSE:SAN) – Santander announced that
its shareholders are expected to receive over $6.5 billion in
dividends and buybacks this year, driven by a strong start. CEO Ana
Botin anticipates a 9% increase in first-quarter revenue compared
to the previous year, maintaining annual targets.
Bank of America Corp (NYSE:BAC) – In
anticipation of the Federal Reserve’s policy meeting, US stocks saw
significant outflows, pushing the S&P 500 index to new highs.
US equity funds experienced withdrawals of about $22 billion, the
largest figure since December 2022, according to Bank of America,
citing data from EPFR Global. Bank of America strategist Michael
Hartnett warned about the gains, suggesting signs of a possible
bubble, contrasting with the optimistic view of other analysts.
JPMorgan Chase (NYSE:JPM) – The head of
JPMorgan Chase in China for private banking, Grace Lin, will retire
after 8 years at the institution. Her successor will be announced
shortly. The change is part of a broader reorganization in the
bank’s leadership, including appointments in the Asia region.
BlackRock (NYSE:BLK) – A senior BlackRock
executive expressed dismay over the Texas state fund’s decision to
withdraw $8.5 billion in assets, urging the fund’s administrators
to reconsider. The dispute highlights concerns about the use of ESG
criteria in investing.
Capital One (NYSE:COF), Discover
Financial Services (NYSE:DFS) – The $35.3 billion merger
between Capital One and Discover Financial will be scrutinized by
investors and will face resistance from antitrust advocates and
Democratic lawmakers, who believe it will increase costs for
consumers and threaten financial stability. The Biden
administration’s Justice Department is ramping up scrutiny of bank
mergers.
First Citizens BancShares (NASDAQ:FCNCA) –
Goldman Sachs rated First Citizens BancShares as a buy with a
target price of $1,950, highlighting its potential for low- to
mid-teens return. Now the 16th largest bank in the US, with assets
of $213.6 billion, the bank is praised for its recovery and growth
in the banking sector, especially after acquiring parts of Silicon
Valley Bank.
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