Robinhood Markets (NASDAQ:HOOD) – Robinhood has
launched a $1 billion share buyback program, reflecting confidence
in the company. The program is expected to be executed over two to
three years, starting in the third quarter of 2024, subject to
market conditions. Robinhood’s shares rose 3.3% in pre-market
trading.
Nvidia (NASDAQ:NVDA), Apple
(NASDAQ:AAPL) – Nvidia’s shares reached a record high on Tuesday,
approaching Apple’s market value. Nvidia’s market capitalization
hit $2.85 trillion, still about $80 billion behind Apple’s market
cap of $2.93 trillion.
Apple (NASDAQ:AAPL) – Apple will expand its
presence in Southeast Asia with its first store in Malaysia, set to
open at The Exchange TRX mall in Kuala Lumpur on June 22. The
company already has stores in India, Thailand, and Singapore,
demonstrating its focus on the growing region.
Samsung Electronics (USOTC:SSNHZ) – Samsung
Electronics’ union is planning its first strike, challenging South
Korea’s largest company amid efforts to reverse losses in the
semiconductor sector. The decision comes after stalled wage
negotiations, with the union seeking fair compensation for
work.
Microchip Technology (NASDAQ:MCHP) – Microchip
announced its intention to raise $1.1 billion in convertible senior
notes due in 2030 in a private offering, subject to market
conditions and other factors.
Texas Instruments (NASDAQ:TXN) – Investor
Elliott Investment Management revealed a $2.5 billion stake in
Texas Instruments and urged the company to improve its free cash
flow. Elliott proposed a dynamic capacity management strategy to
achieve free cash flow of up to $9 per share by 2026.
Amazon (NASDAQ:AMZN) – A Seattle judge rejected
Amazon’s request to dismiss a Federal Trade Commission lawsuit
accusing the company of enrolling consumers in Amazon Prime without
consent. The FTC argues that Amazon made cancellation difficult and
used obscure patterns to induce automatic enrollments.
Verizon (NYSE:VZ) – Verizon revealed on Tuesday
the addition of Comcast’s Peacock (NASDAQ:CMCSA)
and a discount on YouTube Premium for myPlan subscribers, saving
30%. Peacock will be available starting June 5, while discounted
YouTube Premium will be offered for $10 per month starting
Thursday.
BuzzFeed (NASDAQ:BZFD) – Vivek Ramaswamy, a
BuzzFeed shareholder, urged the company to reduce staff, strengthen
its audio and video content, and hire content creators like Candace
Owens and Tucker Carlson. He called for a total restructuring to
face the future of media, emphasizing diversity of thought.
Sea Ltd. (NYSE:SE) – Indonesian antitrust
authorities are investigating Sea Ltd., the Southeast Asian
e-commerce giant, for alleged unfair preference of its own delivery
service. Through its Shopee platform, Sea is accused of
prioritizing its service, potentially violating regulations. The
company commits to cooperating.
Uber Technologies (NYSE:UBER) – Uber revealed
on Wednesday a series of measures to meet demand during the Paris
Olympics, including partnerships for Seine river cruises. The
company will offer free Uber Cruises and launch Uber Bubbles with
champagne tasting. Uber plans significant investment in driver
incentives and passenger discounts.
Vinfast (NASDAQ:VFS) – The Vietnamese electric
car manufacturer is considering further delaying its planned $4
billion factory in North Carolina due to difficulty attracting U.S.
consumers. Facing low sales and legal challenges, the company is
reviewing its construction process while planning international
expansion.
Faraday Future (NASDAQ:FFIE) – The electric
vehicle maker announced on Tuesday the withdrawal of its 2024
production forecast, citing current market and financing
conditions. The company seeks strategic investors and financing
alternatives to reduce dependence on dilutive funds.
Tesla (NASDAQ:TSLA) – Elon Musk is offering
tours of Tesla’s factory next month to 15 shareholders who vote on
his $56 billion pay package, aiming to garner support after a court
overturned the compensation. The vote is seen as a referendum on
Musk’s leadership, with investors concerned about potential
distractions and controversial comments. Musk faces resistance from
institutional shareholders and proxy advisers.
Boeing (NYSE:BA) – Boeing and the union
representing about 125 firefighters reached a tentative contract
agreement after months of negotiations and a lockout that began in
May. If approved in a vote on Thursday, firefighters will return to
work on Saturday. Details of the agreement were not disclosed.
American Airlines (NASDAQ:AAL), United
Airlines (NASDAQ:UAL) – American Airlines revised down its
second-quarter sales projections and now expects adjusted earnings
between $1 and $1.15 per share, compared to the previous guidance
of $1.15 to $1.45 per share, as revealed in a regulatory filing.
This revision is also below FactSet consensus expectations of $1.30
per share. United Airlines reiterated its second-quarter profit
forecast, maintaining it between $3.75 and $4.25 per share.
Norfolk Southern (NYSE:NSC) – Norfolk Southern
named Claude Mongeau, former CEO of Canadian National
Railway (TSX:CNR), as its new board chairman, replacing
Amy Miles. Mongeau, with extensive railway experience, led
customer-centric strategy at CNR. The company also overcame a
recent activist campaign.
Virgin Galactic Holdings (NYSE:SPCE) – Virgin
Galactic’s shares jumped 22.6% on Tuesday in anticipation of the
final flight of its Unity spacecraft next month. The shares ended
an eight-day losing streak, reflecting growing interest ahead of
the Galactic 07 mission, marking a positive shift for the
company.
Moderna (NASDAQ:MRNA) – Moderna’s shares are
down 2.7% in pre-market trading after plunging 8% on Tuesday,
marking the worst performance since September. Although there is no
apparent reason for the decline, the company faces crucial moments
with pending developments in cancer treatments, a new vaccine, and
avian flu, influencing its future.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase is
dealing with investigations of an explosion at its building in
Youngstown, Ohio. The company is ensuring the safety of occupants
and the area, committing to the investigation and damage
assessment.
UBS Group (NYSE:UBS) – UBS Global Research
raised its final projection for the S&P 500 to 5,600 points,
the highest among brokers. This represents a rise of about 5.6%
from the current close. Optimism is driven by stronger profit
forecasts and a favorable economic outlook.
Campbell Soup (NYSE:CPB) – Campbell revealed on
Tuesday plans to downsize its Jeffersonville, Indiana, unit and
close the Tualatin, Oregon, facility, resulting in 415 job cuts.
These measures are part of efforts to strengthen growth and
optimize production and distribution.
Nike (NYSE:NKE), Adidas
(USOTC:ADDYY) – A German court ruled that Nike can include three
stripes on some pants designs in a case against Adidas. Four models
were cleared, while one restriction remains. The stripes are a
trademark of Adidas, which has revoked a similar lawsuit in the
past.
Acquisitions
BHP Group (NYSE:BHP), Anglo
American (LSE:AAL) – BHP requested an extension to
negotiate with Anglo American minutes before the deadline for its
$49 billion bid. Anglo American, in turn, decided to terminate the
pursuit by BHP, threatening to end a $49 billion search. The
decision came hours before the deadline for BHP to commit to an
offer or withdraw for six months. Anglo rejected BHP’s proposals,
continuing to oppose the deal’s complex structure. Anglo’s shares
fell after the announcement, while BHP’s shares rose 1.6% in
pre-market trading.
Hess (NYSE:HES), Chevron
(NYSE:CVX) – Hess’s $53 billion merger proposal with Chevron was
approved by shareholders on Tuesday, paving the way for the
second-largest U.S. oil company to secure valuable assets in
Guyana. The transaction, however, faces regulatory hurdles and an
arbitration dispute.
ConocoPhillips (NYSE:COP), Marathon
Oil (NYSE:MRO) – ConocoPhillips is in advanced talks to
acquire Marathon Oil in a deal that could value the company at more
than its market value of $15 billion, according to the Financial
Times. Although close, there is a risk of failure or interference
from rival bidders. Marathon Oil’s shares rose 6.4% in pre-market
trading, while ConocoPhillips’ shares fell 0.7%.
T-Mobile (NASDAQ:TMUS), United States
Cellular (NYSE:USM) – T-Mobile agreed to acquire nearly
all of United States Cellular’s wireless operations, including
customers, stores, and 30% of its spectrum assets, in a $4.4
billion deal. The transaction aims to improve coverage and will not
affect T-Mobile’s 2024 financial projections.
Merck & Co (NYSE:MRK) – Merck & Co is
close to a $1.3 billion cash deal to acquire ophthalmology biotech
company Eyebiotech, with the possibility of an additional $1.7
billion in milestone payments. The deal could be announced soon,
according to the Wall Street Journal. Merck seeks acquisitions to
offset revenue loss from its drug Keytruda, which will lose patent
protection by the end of the decade.
Riot Platforms (NASDAQ:RIOT),
Bitfarms (NASDAQ:BITF) – Riot Platforms made a
$950 million offer for Bitfarms after the Bitcoin miner previously
refused to consider an acquisition. The $2.30 per share proposal
comes after Riot already acquired 9.25% of Bitfarms.
Earnings
Cava Group (NYSE:CAVA) – Cava reported earnings
of 12 cents per share with revenue of $259 million, surpassing
analysts’ forecasts of 4 cents per share and $246 million in
revenue. Cava’s shares fell by 2.9% in pre-market trading on
Wednesday, after reaching a 52-week high in regular trading on
Tuesday.
Box Inc (NYSE:BOX) – Box announced an adjusted
profit of 39 cents per share, exceeding analysts’ expectations of
36 cents per share, as reported by LSEG. Total revenue amounted to
$264.7 million, surpassing the forecast of $262 million for the
quarter. Shares are up 0.3% in pre-market trading.
Heico Corp (NYSE:HEI) – Heico reported a 17%
increase in net income, reaching $123.1 million, or $0.88 per
diluted share, surpassing analysts’ forecast of $0.81 per share.
Net sales rose by 39%, reaching $955.4 million, slightly above the
estimated $955.38 million. Operating income increased by 33%,
reaching $209.2 million.
Joyy (NASDAQ:YY) – JOYY announced earnings of
$1.02 per share, surpassing analysts’ forecast of 81 cents per
share. The company’s revenue was $564.56 million, a 2.15% increase
over analysts’ estimate of $552.67 million.
Digital Turbine (NASDAQ:APPS) – Digital Turbine
reported fourth-quarter revenue of $112.22 million, falling short
of the $117.69 million estimate. However, Digital Turbine’s
earnings per share were 12 cents, exceeding the estimate of 7
cents. Shares fell by 8.5% in pre-market trading.
Ooma (NYSE:OOMA) – Ooma reported a loss of $2.1
million (or 8 cents per share) in the quarter ended April 30,
compared to a loss of $326,000 (or 1 cent per share) a year
earlier. Revenue increased to $62.5 million, surpassing analysts’
expectations. The company now forecasts adjusted earnings of 55 to
58 cents per share, above the previous estimate, while expecting an
unadjusted loss of 30 to 33 cents per share for fiscal year
2025.
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