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.
Microsoft (NASDAQ:MSFT)
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