Perficient (NASDAQ:PRFT) – After an acquisition
agreement with EQT, a Swedish private equity firm, Perficient saw
its shares soar 52.9% in pre-market trading to $73.55. EQT offered
$76 per share, representing a 58% premium over Perficient’s closing
price on Friday of $48.11.
Luminar Technologies (NASDAQ:LAZR) – Luminar
Technologies faces staff cuts, reducing 20% of its workforce due to
financial challenges. Shares plummeted 10.1% in Monday’s pre-market
as the pioneering LiDAR technology company plans to save $80
million annually by outsourcing more production.
Berkshire Hathaway (NYSE:BRK.A) – Berkshire
Hathaway saw a significant increase in operating profits in the
first quarter of 2024, especially from gains in insurance
underwriting, highlighted by a 185% growth at Geico. However, net
profit, including stock investment fluctuations, decreased by 64%.
The cash reserve reached a record $188.99 billion, showing Warren
Buffett’s caution in making large acquisitions. Buffett announced
the sale of all of Berkshire Hathaway’s stake in Paramount Global,
taking full responsibility for the decision, and also reduced its
stake in Apple. At the annual meeting, shareholders rejected
proposals on environmental and social issues, while Buffett paid
tribute to Charlie Munger, discussed company opportunities, and
reassured shareholders about succession, stating that the
designated executives were prepared to take over. Shares rose 1.16%
in pre-market trading.
Paramount Global (NASDAQ:PARA) – Paramount
Global’s special committee is evaluating new proposals after ending
negotiations with Skydance Media. Negotiations began with Sony
(NYSE:SONY) and Apollo Global Management (NYSE:APO), possibly
involving broadcasting rights for CBS. Meanwhile, Skydance is
weighing its options. Paramount faces challenges, including fierce
competition in the streaming market.
Apple (NASDAQ:AAPL) – Apple is set to finally
break the silence of over 18 months on updates to its iPad line. At
the online event “Let Loose,” scheduled for May 7, CEO Tim Cook
will unveil the much-anticipated new models of the iPad Pro and
iPad Air, along with updated accessories. The broadcast will occur
three hours earlier than usual, aiming to reach a global audience,
with special attention to boosting sales in China. The new iPads
will feature innovations such as OLED technology and M4 processors,
while the absence of announcements about Macs suggests that fans
will have to wait until late 2024 for updates in this product
line.
Starbucks (NASDAQ:SBUX) – Following a sharp
decline in sales, former CEO Howard Schultz urged the company to
address its shortcomings and implement significant changes. He
emphasized the importance of a renewed approach to market strategy,
focusing on coffee innovation and improving customer experience,
especially in China.
Alphabet (NASDAQ:GOOGL) – Google and the U.S.
Department of Justice concluded final discussions on antitrust
allegations, highlighting Google’s dominant influence on the web
and online advertising. Judge Amit Mehta examined the viability of
competing platforms like TikTok and Facebook as alternatives for
advertisers. A decision is pending.
Reddit (NYSE:RDDT) – Reddit co-founder and CEO
Steve Huffman holds 62.4 million Class A shares of the company,
representing 61.5% of that class, according to a regulatory
document released on Friday. The company, valued at $6.4 billion
after its initial public offering in March, will present its first
quarterly results on Tuesday.
Block (NYSE:SQ) – Jack Dorsey, CEO of Block,
left the board of the social networking platform Bluesky, which he
helped launch a year ago, after expressing disappointment with the
sale of Twitter to Elon Musk. He turned to Musk’s platform, now
called X, to announce philanthropic donations to open internet
protocols, highlighting the importance of technological freedom.
Jack Dorsey reduced his list of people he follows on the social
networking platform X to just three profiles: Elon Musk, Edward
Snowden, and Stella Assange, wife of the imprisoned WikiLeaks
editor. This change suggests a possible approach between Dorsey and
Musk.
Palantir Technologies (NYSE:PLTR) – Investors
eagerly await Palantir’s quarterly results, reflecting its growing
strength in the artificial intelligence market. Revenue is expected
to be between $612 million and $616 million, with adjusted
operating profit between $196 million and $200 million. Projections
for 2024 indicate revenues between $2,652 billion and $2,668
billion, with an adjusted free cash flow between $800 million and
$1 billion. Analysts expect commercial segment revenue of $292
million and government segment revenue of $322 million for the
first quarter.
HSBC (NYSE:HSBC) – Ping An Insurance Group, the
largest Asian investor in HSBC, voted against reappointing CEO Noel
Quinn as a director on the bank’s board. Quinn, who announced his
departure, defeated Ping An’s campaign to spin off HSBC’s Asian
businesses, being reelected with 83.93% of votes in favor.
Goldman Sachs (NYSE:GS) – Goldman Sachs
announced on Friday that it reached a preliminary agreement to
settle a class action from 2014 concerning the trading of platinum
and palladium. The bank, among several defendants, was accused of
violating antitrust laws by allegedly manipulating the prices of
these metals. The settlement awaits judicial approval.
UBS (NYSE:UBS) – UBS is set to disclose its
first quarter results on Tuesday. Expectations are for total
revenue of $11.95 billion and a pre-tax profit of $1.51 billion,
compared to $8.74 billion and $2.35 billion, respectively, in the
same period last year. Investors are attentive to the Swiss
government’s regulatory proposals, concerned about the effects on
UBS’s capitalization and its ability to return capital to
shareholders. Additionally, the integration of Credit Suisse
continues to influence UBS’s results.
Beijing Momenta Technology – Beijing Momenta
Technology, a Chinese autonomous vehicle company, has submitted a
confidential filing for an initial public offering in the U.S.,
potentially raising between $200 million and $300 million. Momenta
has investor General Motors (NYSE:GM), which obtained a license in
August to test autonomous electric vehicles in designated zones in
Shanghai, using Momenta’s technology.
Vistra (NYSE:VST), Marathon
Digital (NASDAQ:MARA) – Texas energy company Vistra will
be included in the S&P 500 index on Wednesday, replacing
Pioneer Natural Resources, acquired by Exxon Mobil. Aaon, focused
on HVAC, will replace Vistra in the S&P MidCap 400 index, while
Bitcoin miner Marathon Digital will enter the S&P SmallCap
600.
Li Auto (NASDAQ:LI) – U.S. shares of Li Auto
saw a 6.9% increase in pre-market trading after the Chinese
electric vehicle manufacturer announced a significant increase in
orders for its L6 model.
Rivian Automotive (NASDAQ:RIVN) – Rivian
Automotive named Javier Varela as its chief operating officer,
bringing his experience from Volvo as it expands electric vehicle
production. Varela, former vice CEO and COO of Volvo, will replace
Frank Klein in August, leading key operations to drive growth and
profitability for Rivian.
Tesla (NASDAQ:TSLA) – Tesla shares rose 1.1% in
pre-market trading after the company replaced its standard range
rear-wheel drive Model Y with a long-range version over the
weekend, reducing the range to about 320 kilometers per charge.
United Airlines (NASDAQ:UAL), American
Airlines (NASDAQ:AAL) – United Airlines and American
Airlines agreed to proceed with an $8.5 billion renovation of
Chicago’s O’Hare International Airport, after months of
disagreements over costs. The plan prioritizes the O’Hare Global
Terminal, aiming for benefits for travelers and job creation.
Construction will be phased.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines plans to reduce pilot hours and salaries to cope with
higher costs and staffing excess due to delays in Boeing (NYSE:BA)
aircraft deliveries. The company, affected by the Boeing crisis, is
also cutting operations at airports and reducing hiring to lower
expenses.
Boeing (NYSE:BA) – Boeing is set to launch its
Starliner spacecraft on its first manned flight to the
International Space Station on Monday, marking a milestone for NASA
and Boeing. The launch is scheduled for 10:34 PM. The mission, led
by NASA astronauts Butch Wilmore and Suni Williams, will test
Starliner’s capabilities throughout the space journey.
Exxon Mobil (NYSE:XOM) – Exxon Mobil expects it
will take 18 to 24 months to achieve full production synergies
after its $60 billion acquisition of Pioneer Natural Resources
(NYSE:PXD). Bart Cahir of Exxon anticipates rapid growth in oil
production in the Permian and smooth integration of operations.
BP plc (NYSE:BP) – BP will present its
first-quarter results on Tuesday. It is expected to post a profit
of $2.87 billion, a significant drop from 2023. The RC profit
before interest and taxes is estimated at $5.83 billion. Investors
will watch the operational performance, restructuring plans, and
shareholder returns.
CVS Health (NYSE:CVS) – Aetna, a subsidiary of
CVS Health, agreed to pay $2 million and revise its fertility
treatment coverage policies after a lawsuit alleging discrimination
against LGBTQ+ beneficiaries. The settlement establishes a new
equal health benefits plan, addressing concerns of unequal access.
Additionally, CVS Health faced a Medicare Advantage crisis last
week, resulting in a 19% stock drop on Wednesday, the largest since
2009. Medical insurance costs exceeded expectations by about $900
million, leading to a downward revision of the annual earnings per
share projection to at least $7.
Novo Nordisk (NYSE:NVO) – The U.S. Federal
Trade Commission (FTC) sought more details on Novo Nordisk’s $16.5
billion proposal to acquire Catalent (NYSE:CTLT), following a
recent approval request. Novo aims to expand its production of the
drug Wegovy, which may raise antitrust concerns.
Medical Properties Trust (NYSE:MPW) – Steward
Health Care, a hospital network, plans to file for bankruptcy
protection, impacting Medical Properties Trust shares with a 17.3%
drop in Monday’s pre-market trading. Medical Properties Trust’s
financing could reach up to $225 million, while Steward faces
financial challenges, evidenced by reports of operational issues in
hospitals.
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