Virgin Galactic (NYSE:SPCE) – Virgin Galactic shares fell 9.1% in pre-market trading after announcing a reverse stock split to meet minimum share price requirements, with a ratio of 1 to 20. The goal is to maintain the New York Stock Exchange listing amid a continued decline in stock value.

Tesla (NASDAQ:TSLA) – Tesla shares are up 5.1% in pre-market trading. Tesla is conducting a vote where shareholders have likely approved a historic $56 billion pay package for Elon Musk and decided to relocate the company’s legal headquarters to Texas. Musk expressed his gratitude in a post on X, indicating broad approval. This result may alleviate concerns about Musk’s future at Tesla and strengthen the company’s position in legal disputes over the validity of the pay package. In Sweden, Tesla faces allegations of conducting unregistered electrical installations, according to the Swedish Electricians’ Union. Concurrently, Tesla has requested a reduced tariff from the European Union for its electric vehicles from China, arguing it has received fewer state subsidies. While other manufacturers face additional tariffs, Tesla seeks to avoid higher import fees. Additionally, in contrast to Wall Street’s caution, ARK Invest revealed an optimistic assessment of Tesla on Wednesday, predicting a target price of up to $2,600 by 2029, valuing it at over $8 trillion. In other related news, eight engineers have sued SpaceX and Elon Musk, alleging wrongful termination after raising concerns about harassment and sexual discrimination. They cite Musk’s tweets as evidence and seek compensation and changes in workplace policies. SpaceX denies wrongdoing. Moreover, it was noted by Bloomberg that Musk has transformed the environment of X (formerly Twitter), promoting conservative views and creating a more welcoming space for Republicans. Musk’s political actions, such as supporting Trump and criticizing the left, have shaped the platform’s direction, making it more attractive to conservatives and less so to Democrats.

Stellantis (NYSE:STLA) – Stellantis, the world’s fourth-largest automaker, reaffirmed its financial forecasts for 2024 and announced plans to increase its dividends in 2025. The company, resulting from the merger of Fiat Chrysler and Peugeot PSA, also plans to reward its shareholders with dividends and share buybacks totaling $8.32 billion.

Ford Motor (NYSE:F) – Ford plans to cut an additional 1,600 jobs at its Valencia, Spain, plant after a reduction of 1,100 employees the previous year. Of these, about 600 jobs will be permanently eliminated, with the possibility of rehiring 1,000 later, while production will increase from 2027 with a new hybrid vehicle.

General Motors (NYSE:GM) – GM is injecting $850 million into Cruise, its autonomous vehicle unit, to sustain it until the first quarter of 2023 while reevaluating its strategy. Following an incident in 2021, the company is now reviewing the technology and considering external financing options. Cruise recently resumed testing.

Honda Motor (NYSE:HMC) – Honda Motor will launch a small electric van for the Japanese delivery industry in October, starting at $15,550 (¥2.44 million), aiming for 40% of global electric vehicle sales by the end of the decade. With a range of 245 km, it will be classified as a “kei” vehicle, with low power and taxes. Honda is expanding its presence in kei vehicles, popular in Japan for urban and rural deliveries.

Boeing (NYSE:BA) – Boeing denied violating an agreement with the US Department of Justice after fatal 737 MAX accidents. Despite the May determination, the company claims to have complied with the agreement and continues transparent communication with the Department.

Southwest Airlines (NYSE:LUV) – Bob Jordan, CEO of Southwest Airlines, rejects stepping down amid pressure from activist investor Elliott Investment Management. Jordan emphasizes dialogue with Elliott and commitment to the company’s plan. Southwest expects to receive fewer aircraft from Boeing and is considering adjustments to its seating policy in response to customer preferences.

Apple (NASDAQ:AAPL) – Apple has regained the position of the world’s most valuable company, surpassing Microsoft on Wednesday with a market capitalization of $3.29 trillion. Its advance is driven by investments in artificial intelligence, highlighted at its annual developers conference, promoting a strong iPhone upgrade cycle. When Apple and OpenAI announced a partnership to integrate ChatGPT into Apple devices, financial details remained undisclosed. Although the deal does not generate immediate revenue, it may pave the way for future monetization opportunities, including subscriptions and revenue-sharing partnerships.

Microsoft (NASDAQ:MSFT), BlackRock (NYSE:BLAK) – The CEOs of Microsoft and BlackRock are set to participate in infrastructure negotiations at the G7 summit in Italy. The meeting will address development in Africa, with the presence of Italian business leaders.

Alphabet (NASDAQ:GOOGL) – Alphabet, Google’s parent company, faces a complaint from the Austrian advocacy group NOYB for allegedly tracking Chrome browser users without proper consent, thus violating EU rules, although Google is phasing out third-party cookies and introducing Privacy Sandbox to improve privacy. In the US, the National Highway Traffic Safety Administration (NHTSA) is investigating Waymo autonomous vehicles after reports of 17 collisions and questionable driving behavior. Waymo must provide details about its tests and updates by August, as the NHTSA expresses concerns about safety. Additionally, Google has partnered with a geothermal energy startup and a Nevada utility to operate data centers with geothermal electricity, reducing emissions. Fervo Energy’s 115 MW plant will supply electricity to NV Energy, which will sell to Google, potentially powering 86,000 homes.

Meta Platforms (NASDAQ:META) – The Norwegian Consumer Council accused Meta Platforms Inc. of violating strict EU data protection laws by using images and posts from Facebook and Instagram users to train AI. The case will be evaluated by European data protection authorities.

Spotify (NYSE:SPOT) – The National Music Publishers’ Association (NMPA) claims that Spotify, by adding audiobooks to its premium subscription offer, reclassified its service as a “bundle.” This reclassification allows Spotify to pay lower royalty rates to composers, as the service is considered a combination of books and music. The dispute led the NMPA to seek state investigations and potential class action lawsuits against Spotify. Spotify denies this and faces legal actions and copyright disputes.

Amazon (NASDAQ:AMZN) – Amazon and Vrio, a telecom subsidiary, announced a partnership to launch a satellite Internet service in seven South American countries, directly competing with Elon Musk’s Starlink. Scheduled to start in 2025, the service aims to provide Internet access in areas with limited connectivity. Additionally, in a case highlighting challenges at the intersection of labor rights and business freedom, a US appeals court rejected an order for Amazon to refrain from firing union supporters. The decision, based on the lack of justification for the original order, follows the firing of a union organizer.

Disney (NYSE:DIS) – Disney and Florida Governor Ron DeSantis resolved a dispute allowing Disney to develop the Walt Disney World Resort for another 15 years. This agreement includes significant expansion plans and billion-dollar investments, marking the end of a confrontation initiated due to political disagreements over educational legislation.

Paramount Global (NASDAQ:PARA), Moody’s (NYSE:MCO) – After Shari Redstone ended negotiations with Skydance Media, the co-CEOs acknowledged ongoing challenges and stated that the board would continue exploring strategic alternatives while advancing its investment plan. Paramount Global faces the risk of being downgraded to a lower credit rating by Moody’s due to the failure of sale negotiations with Skydance Media. This comes amid concerns about its ability to manage high debt levels and adapt to the shift in content distribution to the direct-to-consumer market. According to Reuters, Paramount Global wrote to its employees that it is now focused on transforming its streaming business, reducing costs, and selling assets to pay down debt.

Sony (NYSE:SONY) – Sony Pictures Entertainment acquired the Alamo Drafthouse Cinema chain, expanding its control over film distribution. The transaction, under the Sony Pictures Experiences division, makes SPE the first major studio to purchase a cinema chain since the 2020 repeal of the “Paramount” consent decrees.

JPMorgan Chase (NYSE:JPM) – JPMorgan Chase raised its investment banking revenue forecasts, expecting a 25% to 30% increase in the second quarter, driven by strong capital markets performance, as reported by Troy Rohrbaugh, co-CEO of commercial and investment banking.

Citigroup (NYSE:C)- Citigroup’s new head of wealth, Andy Sieg, reorganized the bank’s leadership team to attract more investment assets. He aims to raise the wealth unit’s returns above 20% in the medium term while reducing expenses. The goal is to compete effectively with industry giants like UBS and HSBC.

DoorDash (NYSE:DASH) – DoorDash, the US leader in restaurant deliveries, faces threats from major competitors such as Amazon and Uber. The company seeks to expand its offerings, diversifying beyond restaurant delivery to include grocery, alcohol, and other products delivery, to maintain leadership against advancing sector competition.

FedEx (NYSE:FDX) – FedEx plans to cut between 1,700 and 2,000 administrative jobs in Europe to reduce costs amid declining freight demand. This measure aims to save between $125 million and $175 million annually from 2027 as part of its restructuring strategy to increase profits.

NextEra Energy (NYSE:NEE) – Tech companies are seeking locations for massive data centers in the US, with energy demand equivalent to entire cities. NextEra Energy has received requests for sites with up to 5 gigawatts of demand, encouraging the expansion of clean energy to meet growing needs, driven by AI, streaming, and electrification. The surge in demand boosts both clean energy and consideration of fossil sources, challenging climate goals. NextEra is exploring options, including reactivating nuclear plants, to meet the rising demand.

Caterpillar (NYSE:CAT) – Caterpillar increased its share repurchase authorization by $20 billion and its quarterly dividends by 8%, maintaining its commitment to returning free cash flow to shareholders. With the new authorization, it can repurchase up to $21.8 billion of its shares.

Conagra Brands (NYSE:CAG) – A recent lawsuit accuses Conagra Brands of falsely labeling its frozen fish products as “100% whole fish,” alleging that they add water and sodium tripolyphosphate to artificially increase weight. Plaintiffs seek compensation for consumer law violations in three states.

Barnes & Noble Education (NYSE:BNED) – On Wednesday, Barnes & Noble Education shares plummeted 26% following a 1-for-100 reverse stock split.

GameStop (NYSE:GME) – GameStop claims that Keith Gill, known as ‘Roaring Kitty,’ held a large volume of company call options on Wednesday when its shares fell sharply. Gill stated he had acquired 120,000 contracts but has not yet closed his position. The shares rose and then fell, while the company took advantage to sell $2.14 billion worth of shares. Uncertainty over Gill’s potential exercise or closure of options affected the stock price, which dropped as much as 19% in the day, closing 17% lower. The $20 call options, trading at $13.90, fell to $6.40 at the close, still above the supposed average purchase price of $5.6754.

Earnings

Broadcom (NASDAQ:AVGO) – Broadcom surpassed analysts’ estimates for the fiscal second quarter, reporting adjusted earnings per share of $10.96 against the expected $10.84, and revenue of $12.49 billion compared to the forecasted $12.03 billion. The company anticipates $51 billion in annual sales for 2024, slightly above expectations. Shares rose 12.2% in pre-market trading.

Dave & Buster’s (NASDAQ:PLAY) – The restaurant and entertainment company reported first-quarter results below expectations. Adjusted earnings per share were $1.12, compared to the expected $1.77, and revenue was $588.1 million, below the forecasted $618.7 million and slightly below the same period last year. Comparable store sales fell 5.6%. The company did not provide specific financial projections for the upcoming quarters. Shares are down 10.6% in pre-market trading.

Torrid Holdings (NYSE:CURV) – The plus-size fashion company reported first-quarter adjusted earnings per share of $0.12, beating expectations of $0.07. Net sales were $279.8 million, slightly below the projected $280.16 million. For 2024, the company projects sales between $1.135 billion and $1.155 billion and adjusted EBITDA between $109.0 million and $116.0 million.

Oxford (NYSE:OXM) – The owner of Tommy Bahama, Lilly Pulitzer, and Southern Tide clothing lines reported first-quarter fiscal earnings of $38.4 million, with adjusted earnings per share of $2.66 and revenue of $398.2 million. For the second quarter, the company projects earnings per share between $2.95 and $3.15, with revenue between $430 million and $450 million.

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