Paramount Global (NASDAQ:PARA) – National
Amusements ended negotiations with Skydance for a merger with
Paramount Global, with terms not agreed upon. The dispute involved
share control and finances. Continuing current operations without
significant changes is unsustainable, pressuring Redstone to find
another sale offer. Meanwhile, Paramount outlined a plan to reduce
debt and seek streaming partnerships, preparing for an independent
future.
Apple (NASDAQ:AAPL) – Apple shares reached a
record high, rising 7.3% on Tuesday, driven by announcements of new
AI features. Analysts revised share price targets upward,
anticipating increased sales due to these innovations. In addition
to incorporating OpenAI’s advanced AI technologies into its Siri
assistant, technical details indicate Apple is also using AI
hardware from Google, specifically TPUs, to enhance its AI models,
underscoring the strategic importance of the partnership with
Google. Meanwhile, four new U.S. states joined the Department of
Justice lawsuit against Apple, accusing it of monopolistic
practices in the smartphone markets. The lawsuit highlights how the
company allegedly raises prices for consumers and imposes
restrictive contractual conditions on developers.
Alphabet (NASDAQ:GOOGL) – Google’s Alphabet
unit will launch an anti-theft feature for Android phones in
Brazil, using artificial intelligence. Three types of locks will be
available, including suspicious movement detection and remote
locking. In 2022, nearly 1 million cell phone theft cases were
reported in Brazil.
Berkshire Hathaway (NYSE:BRK.A) – Despite the
strong rise in Apple shares on Tuesday, Berkshire Hathaway shares
did not follow suit. While Berkshire is one of Apple’s largest
shareholders, its shares did not recover, possibly due to declines
in the financial sector, where Berkshire also has significant
exposure.
Amazon (NASDAQ:AMZN) – Amazon announced an
additional $1.4 billion investment in its Housing Equity Fund to
support the creation of 14,000 affordable housing units in Seattle,
Nashville, and Washington. This new contribution raises the
company’s total commitment to housing to $3.6 billion.
Meta Platforms (NASDAQ:META) – Analysts
speculate that Meta Platforms may be the next company to conduct a
stock split, being the only one of the so-called “Magnificent
Seven” that has never done so. With shares trading above $500 and a
450% increase since the 2022 low, Meta is seen as ready for a stock
split.
Accenture (NYSE:ACN) – Angie Park will assume
the role of CFO of Accenture in December, succeeding KC McClure.
With nearly 30 years at the company, Park has previously served as
CFO in the Technology Services and Investor Relations divisions.
The company also announced other internal appointments while facing
a reduction in revenue forecasts.
Spotify (NYSE:SPOT) – Spotify will launch a new
premium plan later this year, offering higher-quality audio and new
playlist tools. According to Bloomberg, this addition will likely
cost an extra $5 per month for existing users, aiming to increase
margins following a recent premium plan price hike.
Tesla (NASDAQ:TSLA)- Elon Musk, CEO of Tesla,
withdrew his lawsuit against OpenAI and its CEO, accusing them of
deviating from the original nonprofit AI mission. The lawsuit was
dismissed without prejudice, allowing for a possible reopening.
Musk founded his own AI startup, xAI, after the dispute.
Additionally, Musk faces accusations from an institutional
shareholder of insider trading by selling Tesla shares and
profiting billions. The lawsuit alleges Musk artificially inflated
stock prices by hiding investment plans in Twitter. He is also
accused of diverting resources and employees from Tesla to his
other ventures. Meanwhile, JPMorgan analysts said that Tesla
investors expecting a lucrative robotaxi deal soon will likely be
disappointed. Although a robotaxi concept is expected on August 8,
it is unlikely to generate significant revenue in the coming years
due to production and regulatory challenges.
General Motors (NYSE:GM) – GM reduced its
electric vehicle production forecast for 2024, focusing on the
profitability of gasoline-powered models. Additionally, the company
announced a new $6 billion share buyback plan, seeking to return
capital to shareholders after recent challenges, including the
United Auto Workers (UAW) strike and issues in its autonomous
vehicle unit, Cruise.
VinFast Auto (NASDAQ:VFS) – The Vietnamese
electric car manufacturer is advancing its expansion in Asia
despite the global slowdown in electric vehicle demand and a slow
start in the U.S. Founder Pham Nhat Vuong plans to open a factory
in India six months ahead of schedule and start construction on
another in Indonesia within the next two months, demonstrating
determination to expand operations.
Boeing (NYSE:BA) – In May, Boeing delivered 24
commercial aircraft, half the number delivered in the same period
last year, due to a slower production line and a renewed focus on
quality after an incident. Of the deliveries, 19 were MAX jets,
reflecting a 45% decline compared to the previous year. The company
also received four new orders for the 787-10 Dreamliner model from
Eva Air, totaling 142 new orders in 2024. After accounting
adjustments, Boeing recorded 130 net adjusted orders to date.
Additionally, the company announced the opening of a new
engineering facility in Daytona Beach, Florida, planning to hire
about 200 engineers this year. The facility will focus on
engineering for military programs, advanced technology, and
prototyping, with plans for expansion in the coming years.
Alaska Airlines (NYSE:ALK) – Alaska Airlines
lost a $160 million trademark appeal case with the Virgin Group.
The London court ruled that Alaska must pay annual royalties of $8
million until 2039, even though it no longer uses the Virgin brand.
The appeal was rejected.
Virgin Galactic (NYSE:SPCE) – Virgin Galactic
shares rose 12.3% on Tuesday, marking their biggest daily gain
since May 28. This increase followed a 5.1% drop the previous day
and follows the success of the company’s last commercial
spaceflight of the Unity spacecraft.
GameStop (NYSE:GME) – On Tuesday, GameStop
announced the completion of a market share offering, raising $2.14
billion in gross revenues. After rising 23% yesterday, the shares
are down 4.4% in pre-market trading.
Rentokil Initial (NYSE:RTO) – Shares of the
pest control company rose 12.6% in pre-market trading following
confirmation from Nelson Peltz’s Trian Partners of its substantial
position in the company, now ranked among the top ten
shareholders.
WeWork (NYSE:WE) – David Tolley stepped down as
CEO of WeWork after the company emerged from bankruptcy. John
Santora, experienced in the real estate sector, took over. Under
Tolley’s leadership, the company reduced its portfolio,
renegotiated leases, and secured new capital, but its valuation
dropped significantly after restructuring.
KKR & Co (NYSE:KKR) – KKR & Co agreed
to acquire a significant stake in Quick Quack Car Wash for $850
million. Founders and Seidler Equity Partners will remain
invested.
Bank of New York Mellon (NYSE:BK) – The Bank of
New York Mellon is adopting “BNY” as its new nickname, marking a
change after 240 years of history. This change reflects the
expansion of its business beyond custody, including financial
services and investments, while retaining the corporate name as The
Bank of New York Mellon Corporation.
JPMorgan Chase (NYSE:JPM) – According to
Bloomberg, when JPMorgan transferred loss risks on loans through
SRT trades, part of those risks ended up in rival banks. These
banks lent money to SRT investors, keeping the associated risks
within the banking system. This contradicts the goal of such
trades, which is to distribute risk outside the banking sector,
worrying regulators and revealing flaws in the structure of these
transactions.
UBS Group AG (NYSE:UBS) – UBS’s acquisition of
Credit Suisse, two of the largest Swiss banks, raises concerns
about the concentration of power and potential consequences for the
Swiss financial market. Credit Suisse played a vital role in
financing Swiss exports. With fewer financing options available,
especially for small businesses, there is a fear that costs will
increase. Regulators are closely monitoring the situation due to
implications for competition and consumers.
Affirm Holdings (NASDAQ:AFRM) – Affirm
announced that its “buy now, pay later” services will be available
for Apple Pay users in the U.S. later this year, allowing
installment payments for purchases made online or via app on iPhone
and iPad devices. The company anticipates that this partnership
will not significantly impact its revenues in 2025.
Johnson & Johnson (NYSE:JNJ) – Johnson
& Johnson agreed to pay $700 million to settle investigations
by 42 U.S. states and Washington, DC, over the safety of its talc
products, accused of causing cancer. The company denies wrongdoing
but faces thousands of lawsuits related to talc.
Earnings
Oracle (NYSE:ORCL) – Oracle reported adjusted
fourth-quarter earnings of $1.63 per share on revenue of $14.29
billion, while analysts expected earnings of $1.65 per share on
revenue of $14.55 billion. Despite posting fourth-quarter fiscal
results below analysts’ expectations, the technology company
announced significant cloud deals with Google and OpenAI. The
positive impact of new partnerships boosted investor confidence,
and shares rose 8.7% in pre-market trading.
Rubrik (NYSE:RBRK) – In the first quarter, the
cloud data management and data security company reported an
adjusted loss per share of $1.58, up from a loss of $1.48 in the
same quarter last year. Revenue of $172.2 million increased 38%
year-over-year. Analysts expected a loss of $1.84 per share on
revenue of $171.5 million. For the second quarter, Rubrik expects
to see a loss per share of 48 to 50 cents on revenue of $195
million to $197 million, in line with estimates.
Casey’s General Stores (NASDAQ:CASY) – Casey’s
reported earnings per share of $2.34, beating the estimate of
$1.72, and representing a 57% year-over-year increase. Net sales
increased 5.6% to $3.60 billion, above expectations of $3.47
billion. Same-store sales rose 5.6%. Casey’s announced a 16.3%
increase in its quarterly dividend to $0.5 per share, payable on
August 15 to investors registered on August 1. For fiscal year
2025, CASY expects same-store sales to increase by 3% to 5% and
operating expenses to increase by 6% to 8%.
Mama’s Creations (NASDAQ:MAMA) – Mama’s
Creations reported earnings per share of 1 cent and revenue of
$29.80 million in the first quarter. Analysts estimated earnings
per share of 2 cents and revenue of $26.13 million. The shares fell
2.9% in pre-market trading.
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