Eli Lilly (NYSE:LLY) – Eli Lilly’s experimental
Alzheimer’s drug, donanemab, has received backing from a U.S. FDA
advisory panel. The advisors voted unanimously in favor of the
efficacy and benefits of donanemab for patients with early-stage
Alzheimer’s, despite concerns about side effects. The potential
approval could offer a new treatment option, although competition
with Biogen’s Leqembi remains an unknown. Lilly’s shares rose 2.9%
in pre-market trading.
Rio Tinto (NYSE:RIO) – Rio Tinto will acquire
11.65% of Boyne Smelters from Mitsubishi Corp, increasing its stake
to 73.5%. This acquisition follows the purchase from Sumitomo
Chemical. Mitsubishi is restructuring its aluminum portfolio,
focusing on trade and investments in bauxite, targeting growth
potential in lightweight vehicles.
Apple (NASDAQ:AAPL)- At the developers’
conference, Apple introduced AI innovations such as Apple
Intelligence, aiming to revitalize the loyalty of its vast customer
base and boost iPhone sales amid intense competition and variable
consumer spending. This integration seeks to enhance Siri, allowing
advanced interactions with apps and customization of
communications, while maintaining a strict focus on user privacy.
The technology also requires the new iPhone 15 Pro or Pro Max,
driving a significant upgrade cycle. Additionally, Apple announced
that it would use its own server chips to enhance AI capabilities
in its devices. Shares fell 0.7% in pre-market.
Intel Corp (NASDAQ:INTC) – Intel has suspended
plans for a $25 billion chip factory in Israel, according to
Calcalist. While not confirmed, the company emphasized the need to
adapt large projects to shifting timelines, reaffirming its ongoing
commitment to Israel and its presence there.
Taiwan Semiconductor Manufacturing Co.
(NYSE:TSM) – Comparatively, TSMC outpaces China’s Semiconductor
Manufacturing International Corp by nearly two decades, reflecting
TSMC’s lead in chip technology. China seeks to close the gap but
faces technological challenges and U.S. export restrictions.
Tesla (NASDAQ:TSLA) – Tesla’s CEO Elon Musk
threatened to ban Apple devices from his companies if Apple
integrates OpenAI into its operating system, citing security
concerns. Musk also stated that Apple devices would be stored in a
Faraday cage at his facilities to mitigate security risks.
Additionally, investors await the vote on Elon Musk’s compensation
package at Tesla’s annual meeting on Thursday. Options indicate
concern over a potential share price drop if the package is
rejected. The uncertainty about the vote’s impact on leadership and
future company value persists. In other related news, a California
judge rejected Tesla’s attempt to dismiss charges that it
exaggerated its autonomous driving capabilities. The decision
allows enforcement actions based on allegations by the California
Department of Motor Vehicles against the company to proceed.
Toyota Motor (NYSE:TM) – Japan’s Ministry of
Transport has identified six cases of irregularities in Toyota
Motor vehicle certifications, potentially violating United Nations
standards, according to the Yomiuri newspaper. If detected
elsewhere, such irregularities could impact mass production in
Europe and other regions.
Uber Technologies (NYSE:UBER) – A U.S. appeals
court denied an attempt by Uber and Postmates to challenge a
California law that would require treating drivers as employees
rather than independent contractors. The decision upholds the AB5
legislation, aimed at regularizing labor rights in the ride-hailing
sector.
Southwest Airlines (NYSE:LUV) – Elliott
Investment Management, after acquiring a significant stake in
Southwest Airlines, demands changes in leadership and the board,
criticizing financial and operational performance. Southwest faces
challenges, including the Boeing crisis. Elliott suggests a
comprehensive analysis and board renewal to boost stock value.
Boeing (NYSE:BA) – Boeing’s Starliner
spacecraft achieved a significant milestone with the successful
delivery of two astronauts to the International Space Station.
However, issues encountered during the journey highlight ongoing
challenges. Boeing faces multiple test milestones before
considering regular missions, despite progress made. In other news,
Boeing secured a significant 737 Max order from El Al Israel
Airlines, valued between $2 billion and $2.5 billion. The planes
will gradually replace older models in the fleet, strengthening
confidence in the aircraft after recent challenges.
Embraer (NYSE:ERJ) – Embraer’s subsidiary Eve
plans to raise funds to finance certification of its electric
flying taxi by 2026. With orders from various countries, including
the USA and Brazil, the company seeks to secure certification while
keeping development on schedule.
Trump Media & Technology (NASDAQ:DJT) –
Shares of Trump Media & Technology closed down 5.6% on Monday
after a new accounting firm reviewed its finances. The auditor
change follows accusations of massive fraud against the previous
auditor, BF Borgers CPA, and its owner Benjamin F. Borgers,
resulting in significant fines and permanent suspensions. Shares
fell 0.2% in pre-market.
UBS Group AG (NYSE:UBS) – The merger between
the Swiss units of UBS and Credit Suisse is set to complete on July
1, according to Sabine Keller-Busse, president of UBS Switzerland.
Following UBS’s acquisition of Credit Suisse due to its collapse,
the integration process is progressing well, consolidating a single
global bank in Switzerland.
BlackRock (NYSE:BLK) – The BlackRock Investment
Institute has cautioned against long-term U.S. Treasury bonds due
to expected broad fiscal deficits, predicting that investors will
demand higher term premiums. BlackRock recommends an “overweight”
stance on short-term bonds given the high-interest rate
environment.
DXC Technology (NYSE:DXC), Apollo
Global Management (NYSE:APO), Kyndryl
Holdings (NYSE:KD) – Apollo Global and Kyndryl Holdings
are negotiating an offer to acquire DXC Technology, with values
between $22 and $25 per share.
Bapcor (ASX:BAP), Bain Capital
(NYSE:BCSF) – Bain Capital has offered to acquire Bapcor for $1.21
billion, offering a 23.9% premium over the last share closing.
Analysts suggest the offer could attract more bidders, highlighting
Bapcor’s strong regional position in the automotive market.
Brookfield Corp (NYSE:BN) – Brookfield Asset
Management sold the Conrad hotel in Seoul for approximately $300
million to ARA Korea REF. This is part of its recent asset sales,
including a stake in the ICD Brookfield Place tower in Dubai,
aiming to reach its $15 billion target for real estate funds.
New York Community Bancorp (NYSE:NYCB) –
Liberty Strategic Capital, led by Steven Mnuchin, revealed a 7.7%
stake in New York Community Bancorp as of June 7. Mnuchin and other
investors injected about one billion dollars into the bank in
March.
Morgan Stanley (NYSE:MS) – Ted Pick, CEO of
Morgan Stanley, revealed that artificial intelligence could save up
to 15 hours a week for financial advisors, enhancing efficiency. AI
will help personalize interactions with clients and tailor
investment products. The bank also plans to expand sophisticated
lending to high-net-worth clients. Additionally, Morgan Stanley
downgraded Indonesian stocks due to fiscal policy uncertainty and a
strong dollar, noting that electoral promises may increase the
fiscal burden. According to the bank, the earnings outlook has also
deteriorated, and a stronger dollar is concerning ahead of
decisions by the Federal Reserve and the Bank of Indonesia.
JPMorgan Chase (NYSE:JPM),
PayPal (NASDAQ:PYPL) – JPMorgan has hired Sri
Shivananda, a former PayPal executive, as its new Chief Technology
Officer (CTO), aiming to boost its technology budget of $17
billion. Shivananda will succeed AJ Lang and will report to Lori
Beer, the CIO of the bank. Other hires aim to strengthen the bank’s
technological capabilities, with the goal of adding value and
attracting talent.
American Express (NYSE:AXP)- Citi analyst Keith
Horowitz began covering American Express on Monday, praising its
management team and long-term growth prospects, but assigning a
neutral rating due to the relatively high valuation of the shares.
He highlights the possibility of above-average growth, especially
in premium and youth segments, driven by inflation in luxury goods
and international expansion.
Rogers Communications (NYSE:RCI),
Warner Bros. Discovery (NASDAQ:WBD),
Comcast (NASDAQ:CMCSA) – Rogers Communications has
secured multi-year deals with NBCUniversal and Warner Bros.
Discovery to bring sports and entertainment content to Canada,
aiming to expand its presence in these segments amid fierce
competition. The company plans to invest in original and
independent content.
CVS Health (NYSE:CVS) – Pharmacies, including
CVS, are facing frequent recalls of private-label drugs, with
third-party factories cited for quality failures. The emphasis on
cost over quality leads to inferior drugs. According to Bloomberg,
the Food and Drug Administration (FDA) rarely inspects these, and
consumers may not be aware of the dangers.
Krispy Kreme (NASDAQ:DNUT) – Truist Securities
upgraded Krispy Kreme to “buy,” highlighting the resilience of the
donut market despite the rise in weight-loss medications. The
partnership with McDonald’s is also seen as a significant boost,
making Krispy Kreme a true national brand.
Yext (NYSE:YEXT) – In the first quarter, Yext
reported a net loss of $3.8 million and revenue of $96 million,
below expectations. Second-quarter revenue forecasts range between
$98 million and $98.4 million, with adjusted earnings per share
between 2 and 3 cents. This projection also fell short of analyst
expectations, who had anticipated an average revenue of $98.4
million and adjusted earnings per share of 9 cents. The company
announced it is restructuring its partnerships and said it would
acquire Hearsay Systems, a platform that helps the financial
services sector engage customers, for about $125 million. Shares
fell 16.1% in pre-market trading.
Calavo Growers (NASDAQ:CVGW) – In the second
quarter, Calavo Growers reported sales of $184.4 million, with a
profit of $6.1 million, or 34 cents per share. Higher avocado
prices boosted the results.
Brookfield (NYSE:BN)
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