Taiwan Semiconductor Manufacturing Company
(NYSE:TSM) – TSMC evacuated some factories and suspended operations
after a 7.4 magnitude earthquake hit Taiwan, raising concerns about
the global technology supply chain. Companies like
Apple (NASDAQ:AAPL) and Nvidia
(NASDAQ:NVDA) are affected. Taiwan is crucial for chips but
vulnerable to natural disasters and geopolitical tensions. TSMC
shares are down 0.9% in pre-market trading.
Cal-Maine Foods (NASDAQ:CALM) – Shares of the
U.S.’s leading egg producer rose 8.3% in pre-market trading after
beating Wall Street’s quarterly estimates, with record sales volume
due to high demand and price reductions. The company earned $146.4
million, or $3.01 per share, in the fiscal third quarter. Cal-Maine
reported temporarily closing a Texas plant due to an avian flu
outbreak, resulting in the culling of 1.6 million chickens.
Walt Disney (NYSE:DIS) – Disney and Bob Iger
are expected to win the proxy battle against Nelson Peltz’s Trian
Fund Management. With over 60% of the votes counted, the support
from Vanguard and BlackRock gives a significant boost to Disney in
the board dispute. The dispute will be resolved at Disney’s
shareholder meeting on Wednesday.
Paramount Global (NASDAQ:PARA) – Paramount
Global’s shares rose 3.7% in pre-market trading after reports that
the media giant might be moving forward with a possible sale. The
New York Times revealed that Paramount is considering exclusive
negotiations with Skydance, led by David Ellison.
Trump Media & Technology Group (NASDAQ:DJT)
– Donald Trump sued the co-founders of Trump Media for allegedly
violating a corporate structure agreement and not deserving 8.6% of
the shares, valued at $606 million. The co-founders, in turn, sued
Trump for trying to dilute their stakes. The dispute comes amid
fluctuations in Trump Media’s shares following its merger with a
SPAC. Trump holds 57% of the company, valued at $4.02 billion, but
his ability to sell shares is temporarily blocked. The Delaware
judge did not expedite the co-founders’ process but will consider
possible sanctions against Trump due to the lawsuit filed in
Florida.
DraftKings (NASDAQ:DKNG) and MGM
Resorts International (NYSE:MGM) – DraftKings and MGM
Resorts International are exploring the rapidly growing Brazilian
online gambling market, following legalizations in 2018. Over 130
companies, including Hard Rock International, are seeking licenses.
High fees and taxes could pose challenges for smaller companies.
Formalization attracts global giants but challenges locals.
Microsoft (NASDAQ:MSFT) – The U.S.
Cybersecurity Review Board blamed Microsoft for security lapses
that allowed a Chinese attack on senior government officials’
emails in 2023, calling it “preventable.” Microsoft has pledged
improvements and reforms to strengthen its systems.
Alphabet (NASDAQ:GOOGL) – Google agreed to
delete “billions” of user browsing activity records as part of a
class-action settlement. Although plaintiffs sought $5 billion, the
settlement involves no payment. Plaintiff lawyers consider the
agreement “groundbreaking.”
Intel (NASDAQ:INTC) – Intel announced on
Tuesday an increase in operational losses in its foundry business
as it seeks to regain the technological lead lost to TSMC. Shares
fell with forecasts of worse losses in 2024 and a search for
operational balance by 2027.
Amazon (NASDAQ:AMZN) – Amazon Web Services
(AWS) expanded its free credits program for startups, now covering
the use of leading AI models’ costs, in an effort to strengthen its
Bedrock platform. The initiative includes partnerships with
Anthropic, Meta, Mistral AI, and Cohere, boosting AWS adoption
among startups. Moreover, Amazon.com is phasing out its Just Walk
Out supermarket system, removing a technology that allowed
customers to skip lines. The focus will now be on its Dash Cart,
reducing complexity. The technology will still be used in Amazon Go
stores and licensed to other retailers.
Alibaba (NYSE:BABA) – Alibaba Group announced a
$4.8 billion share buyback in the last quarter, the company’s
second largest, boosting its buyback plan after increasing it by an
additional $25 billion. The move aims to reassure investors amid
market challenges and competition.
PVH Corp (NYSE:PVH) – PVH Corp’s shares plunged
on Tuesday after the Calvin Klein owner forecasted a sharper than
expected annual revenue decline due to weakened demand in Europe.
The company plans to scale back online platforms in Europe,
anticipating a 5% sales drop on the continent.
Tesla (NASDAQ:TSLA) – Tesla experienced its
first quarterly delivery drop in nearly four years, falling below
Wall Street estimates and causing a drop in shares on Tuesday.
Challenges include ineffective price cuts and intense competition.
The company faces a potential slowdown in 2024. Shares are down
-0.82% in pre-market trading. Despite a quarterly drop in car
sales, its energy storage business set a record. Battery
deployments reached 4,053 megawatt-hours, nearly 2% above the
previous record. CEO Elon Musk seeks to convert this success into
more significant revenues.
General Motors (NYSE:GM) – On Tuesday, GM
reported a 1.5% decline in U.S. vehicle sales in the first quarter,
mainly due to reduced deliveries to commercial customers. The
Detroit automaker sold 594,233 units in the first three months of
2024, compared to 603,208 vehicles in the same period last
year.
Toyota Motor (NYSE:TM) – Toyota Motor North
America (TMNA) recorded about a 20% growth in U.S. vehicle sales in
the first quarter, driven by demand for its sedans, crossover SUVs,
and affordable pickups, totaling 565,098 units sold. The RAV4
crossover led sales, increasing 47.4%, while electrified vehicles
grew about 74%. The automaker is also updating its long-standing
models, such as the Land Cruiser, 4Runner, Tundra, and Prius.
Boeing (NYSE:BA) – The U.S. Department of
Justice plans to meet with families of the victims of the 737 MAX
crashes that resulted in 346 deaths, as it evaluates the
possibility of pursuing a criminal lawsuit.
VivoPower International (NASDAQ:VVPR),
Cactus Acquisition (NASDAQ:CCTS) – Shares of
VivoPower International PLC skyrocketed on Tuesday after announcing
the profitable sale of its Tembo subsidiary, in a deal with Cactus
Acquisition Corp. for $838 million. Shares surged 323.4%. In
Wednesday’s pre-market trading, shares are down -17.80%.
General Electric (NYSE:GE) – General Electric
completed its split into three $191.9 billion companies on Tuesday,
ending a 132-year conglomerate. The aerospace and energy entities
began trading on the New York Stock Exchange, marking the end of a
transformation led by CEO Larry Culp. Optimistic investors hope
this will challenge the weak stock performance after many splits.
GE shares have risen almost 37% this year.
Rivian Automotive (NASDAQ:RIVN) – Rivian
Automotive delivered 13,588 vehicles in the first quarter,
exceeding the expectations of 16 analysts for 12,415 units,
according to Visible Alpha. The company reaffirmed its annual
production projections.
Honeywell International (NASDAQ:HON) –
Honeywell International is evaluating the sale of its Personal
Protective Equipment (PPE) division in a deal that could exceed $2
billion, according to Bloomberg sources. The company is seeking
strategic alternatives for the business.
United States Steel (NYSE:X) – The United
Steelworkers (USW) union rejected support for the proposed
acquisition deal by Nippon Steel to acquire United States Steel,
citing a lack of substantial grounds to resolve the ongoing
dispute.
Schlumberger (NYSE:SLB) and
ChampionX (NYSE:CHX) – SLB announced the
acquisition of smaller rival ChampionX in a stock deal valued at
$7.75 billion, reflecting the increasing consolidation in the U.S.
energy sector. This is SLB’s second acquisition in a week and its
largest since 2016.
Exxon Mobil (NYSE:XOM) and
Chevron (NYSE:CVX) – Stabroek, an oil reserve off
the coast of Guyana, is at the center of a legal battle involving
ExxonMobil and Chevron. Chevron’s acquisition of Hess, with access
to Stabroek, is contested by Exxon. The outcome reshapes the global
oil landscape.
Endeavor Group Holdings (NYSE:EDR) – Silver
Lake, the main investor in Endeavor Group Holdings, announced on
Tuesday a deal to take the talent and entertainment agency private
for $13 billion, offering Endeavor shareholders $27.50 per share in
cash.
Citigroup (NYSE:C) – Citigroup asked a federal
judge on Tuesday to dismiss the lawsuit by New York Attorney
General Letitia James, claiming that charges of failing to
reimburse online defrauded customers are based on a
misunderstanding of federal law.
UBS Group (NYSE:UBS) – UBS appointed three
banking industry veterans to lead its Capital Markets (ECM) unit in
the U.S., aiming to strengthen other divisions following last
year’s acquisition of Credit Suisse. The new leaders will take
their positions in July 2024. Additionally, UBS unveiled a new
share buyback program worth up to $2 billion, with half expected to
be completed by 2024, starting on Wednesday. The Swiss bank had
previously announced a $1 billion buyback in February.
Goldman Sachs (NYSE:GS), JPMorgan
Chase (NYSE:JPM), and Wells Fargo
(NYSE:WFC) – Goldman Sachs highlighted JPMorgan and Wells Fargo as
top picks among seven major banks. Goldman raised Wells Fargo’s
target price from $57 to $65 per share, and JPMorgan Chase’s from
$215 to $229, citing promising net interest income. Analysts
maintained buy ratings for several banks, anticipating potential
revenue growth and effective capital management.
Eli Lilly (NYSE:LLY) – Due to high demand, the
four doses of Eli Lilly’s diabetes medication, Mounjaro, will
continue to be in limited supply until 2024, as indicated on the
U.S. Food and Drug Administration’s website.
Abbott Laboratories (NYSE:ABT) – Abbott
announced U.S. FDA approval for its TriClip heart valve repair
device, designed to treat tricuspid regurgitation. This approval
followed a similar one for rival Edwards Lifesciences. TriClip
offers a less invasive option for high-risk patients.
WeWork (USOTC:WEWKQ) – WeWork announced on
Tuesday its plan to emerge from Chapter 11 bankruptcy in the U.S.
and Canada by May 31, after successful negotiations secured over $8
billion in lease commitment reductions, reflecting a drop in demand
during the pandemic. The plan involved modifying about 150 leases
to more favorable economic terms, including reduced rent payments,
while ending another 150 and maintaining 150 unchanged. WeWork aims
to emerge as a leaner company, focused on providing flexible
workspace in an uncertain commercial real estate market.
Autodesk (NASDAQ:ADSK) – Autodesk revealed an
internal investigation into its accounting practices and postponed
its annual financial report, raising concerns about accounting
practices around free cash flow and non-GAAP operating margin.
Walt Disney (NYSE:DIS)
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