VF Corp (NYSE:VFC) – VF Corp, the owner of Vans
and North Face brands, sold two jets and listed a hangar for sale
as part of its cost-cutting and cash-generating strategies. These
actions are part of the company’s plan to address continuous
revenue declines and prepare for future debt maturities.
Morgan Stanley (NYSE:MS) – James
Gorman, former CEO of Morgan Stanley, will step down as
chairman of the board at the end of the year, highlighting the
smooth transition to CEO Ted Pick. Despite the
approval of proposed salary packages, the relatively low support
reflects a trend of declining support for executive compensation in
the financial industry.
Goldman Sachs (NYSE:GS) – Goldman Sachs has
obtained a license to establish its regional headquarters in
Riyadh, Saudi Arabia. The decision follows new rules favoring
companies with a regional presence in the country with tax
incentives and the risk of losing lucrative government contracts
for those not locally established.
HSBC (NYSE:HSBC) – According to Michael
Roberts, CEO of HSBC in the US and the Americas, employee
attendance at HSBC’s new office in Hudson Yards, New York, has
increased to 80%, doubling from the 40% recorded at the old
headquarters in Bryant Park before the pandemic.
Citigroup (NYSE:C), HSBC
(NYSE:HSBC), Barclays (NYSE:BCS) – Citigroup,
HSBC, and Barclays are requiring more employees to attend the
office five days a week due to regulatory changes. These changes
complicate remote work on Wall Street, forcing adaptations to
flexible work policies.
Raymond James (NYSE:RJF) – Butch Oorlog was
chosen by Raymond James Financial to succeed Paul Shoukry as CFO
amid a series of executive changes. The appointments aim to ensure
leadership continuity as the company prepares for a CEO transition
and promotes other key executives.
KKR & Co (NYSE:KKR) – KKR expects to
receive EU antitrust approval for the purchase of Telecom Italia’s
fixed network. This approval is likely after KKR agreed to maintain
commercial agreements with Telecom Italia’s rivals, easing
regulatory concerns about competition. This $23.9 billion deal is
notable for being the first of its kind in a major European
country.
Nvidia (NASDAQ:NVDA) –
Nvidia’s market value surged by about $218 billion
on Thursday, driven by an optimistic revenue forecast and growing
demand for AI chips. Nvidia also announced a 10-for-1 stock split
following a notable price increase, aiming to attract more retail
investors. This move could facilitate its inclusion in the Dow
Jones Industrial Average. In the Chinese market, Nvidia’s latest AI
chip had a slow start, selling at a lower price than Huawei’s rival
chip due to abundant supply and low demand. This discount
highlights the pricing and competition challenges Nvidia faces in
China, particularly with increasing US sanctions and strong local
competition.
Alphabet (NASDAQ:GOOGL) – Alphabet, the parent
company of Google, by acquiring HubSpot, a marketing software
maker, would strengthen its position in the cloud-based business
software market, becoming a more robust competitor against
Microsoft. The acquisition aims to integrate customer relationship
management services, potentially enhancing Google’s capabilities to
compete in the corporate market. In other news, Google is building
the Umoja submarine cable, which will directly link Africa to
Australia, improving connectivity in the region. The project
follows the Equiano, which already connects Africa to Europe, and
will expand internet access in under-connected parts. Additionally,
Google will invest billions in Tamil Nadu, India, to assemble Pixel
smartphones and drones, diversifying manufacturing outside China
and boosting local industrialization.
Meta Platforms (NASDAQ:META),
Alphabet (NASDAQ:GOOGL) – Alphabet and Meta
Platforms are negotiating with Hollywood studios to license content
for their AI technologies that create realistic videos from texts.
They seek robust financial partnerships, while the studios evaluate
the use of AI to reduce costs but are concerned about controlling
their content.
Micron Technology (NASDAQ:MU) – A US jury
determined that Micron Technology must pay $445 million to Netlist
for patent infringement in memory module technology. Jurors
concluded that Micron willfully infringed two Netlist patents,
allowing the judge to increase financial damages. Micron’s shares
are up 1.2% in pre-market trading.
Adobe (NASDAQ:ADBE) – Canva launched a set of
design tools for corporate users, directly competing with Adobe by
attracting large clients and accelerating revenue growth. Canva’s
new tools, aimed at HR, sales, and design teams, simplify editing
and ensure visual consistency in business documents.
Paramount Global (NASDAQ:PARA), Charter
Communications (NASDAQ:CHTR) – Paramount Global has closed
a multi-year deal with Charter Communications to distribute its
full portfolio of cable networks and ad-supported versions of its
streaming services, such as Paramount+ Essential and BET+
Essential, to Charter’s Spectrum TV customers at no additional
cost. Financial terms of the agreement were not disclosed.
Tesla (NASDAQ:TSLA) – Tesla has removed the
target of 20 million vehicles annually by 2030 from its report,
signaling a shift in focus to robotaxis and indicating a pullback
in developing affordable electric vehicles. Tesla also reduced
Model Y production by double digits at its Shanghai plant,
responding to decreasing demand in China, its second-largest
market. This decision comes amid intense price competition among
electric vehicle manufacturers and an economic slowdown in the
country. Additionally, CEO Elon Musk has changed
his stance and expressed opposition to US tariffs on Chinese
electric vehicles. At an event in Paris, Musk emphasized that he
did not request the recent tariffs implemented by Biden and
stressed that market-distorting practices are harmful. Furthermore,
Bloomberg reported on Thursday that SpaceX, also led by Elon Musk,
is discussing the sale of existing shares that could value the
company at approximately $200 billion, up from a previous valuation
of $180 billion. On Friday, Elon Musk denied plans to sell SpaceX
shares.
General Motors (NYSE:GM) – At the Detroit
Economic Club, Mary Barra, CEO of General Motors,
emphasized the importance of developing autonomous vehicles by GM,
highlighting that the technology promises to be safer than human
driving, reducing the risk of accidents caused by human error.
Boeing (NYSE:BA) – Brian West,
CFO of Boeing, stated at the Wolfe Research conference that the
company will face negative free cash flow in 2024 and does not
foresee an increase in aircraft deliveries in the second quarter.
Boeing is dealing with production crises affecting its best-selling
models, as well as addressing safety concerns, as explained by the
head of the Federal Aviation Administration (FAA). Boeing has been
instructed to develop a plan within 90 days to correct systemic
quality issues following incidents and a ban on expanding 737 MAX
production. Boeing announced it has extended new hires’ training in
manufacturing and quality skills from 10 to 14 weeks, including
practice on a 737 fuselage section at its Renton training center,
as part of an improvement after a 737 MAX 9 incident.
BHP Group (NYSE:BHP), Anglo
American (USOTC:NGLOY) – BHP seeks to expand its copper
portfolio by acquiring Anglo American, facing the challenge of
overcoming the rejection of three acquisition proposals. After
ongoing negotiations and the need for adjustments in the offer,
Anglo American allows more time for a binding offer, highlighting
the complexity and resistance encountered, including demands for a
more attractive business structure for investors.
Hess Corp (NYSE:HES), Chevron
(NYSE:CVX) – John Hess, CEO of Hess Corp, has
until Tuesday to quell a shareholder rebellion dissatisfied with
the management of a $53 billion merger proposal with Chevron.
Support has dwindled in recent weeks, complicating the necessary
approval, despite Hess personally seeking investor support. The
decision is critical amid regulatory uncertainty and arbitration
disputes impacting the deal.
Earnings
Workday (NASDAQ:WDAY) – Workday reported
adjusted earnings per share of $1.74, above FactSet’s estimates of
$1.58 per share. Revenue rose to $1.9 billion, below expectations
of $1.97 billion. For the second quarter, Workday forecasted
subscription revenue of $1.895 billion, while StreetAccount
consensus forecasts $1.9 billion. Shares fell 12.3% in pre-market
trading.
Intuit (NASDAQ:INTU) – Intuit reported
third-quarter adjusted earnings per share of $9.88. Revenue
increased 12% to $6.74 billion. Analysts expected adjusted earnings
per share of $9.38 on revenue of $6.65 billion, according to
FactSet. For the fiscal fourth quarter, Intuit estimates adjusted
earnings of $1.80 to $1.85 per share, while analysts consulted by
FactSet expect $1.92 per share. Shares fell 6.2% in pre-market
trading.
Ross Stores (NASDAQ:ROST) – Ross Stores shares
rose 7.9% in pre-market trading after reporting first-quarter
earnings of $1.46 per share and revenue of $4.86 billion. Analysts
predicted earnings of $1.35 per share and revenue of $4.83 billion,
according to LSEG.
Deckers Outdoor (NYSE:DECK) – Deckers shares
rose 8.1% in pre-market trading after reporting fourth-quarter net
income of $127.5 million or $4.95 per share, on revenue of $960
million. Analysts consulted by LSEG predicted earnings of $2.89 per
share and revenue of $888 million. For the year, the company
expects earnings per share of $29.50 to $30, compared to $30.74 per
share expected by analysts consulted by FactSet.
Stepstone Group (NASDAQ:STEP) – The StepStone
Group announced fourth-quarter 2024 results, with earnings per
share of 33 cents, beating the 28 cents estimate. Reported revenue
was $177.36 million, 9.16% above analysts’ forecast of $162.47
million. Shares rose 3.0% in pre-market trading.
Lionsgate (NYSE:LGF.B) – In the fourth quarter,
Lionsgate reported revenues of $1.11 billion, representing a 3%
increase compared to the same period last year. The company managed
to reduce its net loss by 59% year over year, from $96.8 million to
$39.5 million in the fiscal fourth quarter of 2024, corresponding
to a loss of 22 cents per share. Shares rose 3.9% in pre-market
trading.
Charter Communications (NASDAQ:CHTR)
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