Fisker (NYSE:FSR) – The American electric
vehicle manufacturer filed for bankruptcy last night, aiming to
sell its assets and restructure debts following severe financial
challenges in the production and delivery of its “Ocean” SUVs.
Fisker, declaring bankruptcy under Chapter 11, reported assets
valued between $500 million and $1 billion and liabilities ranging
from $100 million to $500 million. This indicates that while the
company has substantial resources, it also faces significant debt.
In 2023, Fisker produced over 10,000 vehicles but delivered only
about 4,700, showing a discrepancy between production and actual
delivery, possibly reflecting operational or demand challenges.
Chegg (NYSE:CHGG) – Chegg plans to reduce its
global workforce by 23%, cutting 441 employees and closing offices.
The restructuring aims to focus on more integrated and efficient
educational solutions driven by artificial intelligence. Nathan
Schultz, the new CEO, is leading the transformation to compete in a
market dominated by educational technology. Shares jumped 19.5% in
pre-market trading.
Nvidia (NASDAQ:NVDA) – On Monday, the US
Supreme Court decided to hear an appeal by Nvidia to overturn a
lawsuit accusing the company of misleading investors about the
extent of sales related to the cryptocurrency sector. The case was
revived after a lower court allowed the class-action suit to
proceed.
Apple (NASDAQ:AAPL) – Apple announced it will
discontinue its “buy now, pay later” service in the US, replacing
it with a new installment loan program. Starting later this year,
users will be able to access loans through credit cards, debit
cards, and other lenders when using Apple Pay.
Microsoft (NASDAQ:MSFT),
Roblox (NYSE:RBLX) – Jerret West, head of
marketing at Xbox, is leaving Microsoft to become chief marketing
officer at Roblox. His departure comes amid a broad restructuring
in Xbox marketing, forming a central game marketing team and
transferring other teams.
Adobe (NASDAQ:ADBE) – The US government has
sued Adobe, accusing it of hiding high termination fees and making
it difficult to cancel subscriptions in its most popular plan. The
FTC claims that Adobe was not transparent about the terms of the
subscription and created obstacles for consumers trying to
cancel.
Broadcom (NASDAQ:AVGO) – On Monday, Broadcom’s
shares closed up 5.4%, pushing its market capitalization above Eli
Lilly’s, making it the 8th most valuable US company, with over $847
billion. The surge reflects the company’s strong recent performance
in the chip sector and its expansion into the AI market. In
pre-market trading on Tuesday, shares rose +2.80%.
Amazon (NASDAQ:AMZN) – Unionized Amazon workers
voted to join the International Brotherhood of Teamsters, one of
the largest unions in the US. This partnership aims to strengthen
workers’ positions in future negotiations for better working
conditions and dignified jobs at Amazon.
Snowflake (NYSE:SNOW) – Cybercriminals are
demanding ransoms from up to 10 companies compromised on the
Snowflake data platform, with amounts ranging from $300,000 to $5
million. The gang is using stolen data to pressure payments,
auctioning them off on illegal forums, in a campaign described as a
“new stage” by Mandiant analyst Austin Larsen.
Tesla (NASDAQ:TSLA) – Tesla has filed a lawsuit
against Matthews International in a California federal court,
accusing it of misappropriating and disclosing trade secrets
related to battery manufacturing. The electric vehicle company is
seeking more than $1 billion in damages and injunctions to
safeguard its innovations. Matthews denies the allegations and
commits to defending itself robustly. Meanwhile, Tesla is also
involved in a legal dispute related to validating a shareholder
vote that approved a record compensation package for Elon Musk,
arguing that it impacts a Delaware case on the legality of the
salary package. Elon Musk also announced a stock-based compensation
plan for high-performing employees at Tesla, aiming to reward
exceptional contributions amidst job cuts and competitive
challenges in the electric vehicle market.
Toyota Motor (NYSE:TM) – Despite contrary
recommendations from major proxy advisors, Akio Toyoda and nine
other Toyota board members were re-elected, reflecting their
popularity among retail investors and the company’s record results.
The drop in Toyoda’s approval rating to 85% and certification
testing violations could prompt governance reforms.
Stellantis NV (NYSE:STLA) – Stellantis NV has
reversed its remote work policy, requiring its engineers to work in
the office at least three days a week to facilitate collaboration
in vehicle design and development, especially during new model
launches.
GE Aerospace (NYSE:GE) – The Wall Street
Journal reported that Larry Culp, CEO of GE Aerospace, declined an
offer from Boeing to take the top position at the aircraft
manufacturer. Culp previously mentioned that he could better serve
Boeing as its primary supplier.
Boeing (NYSE:BA) – Boeing CEO Dave Calhoun will
address safety culture concerns at a US Senate hearing today,
acknowledging the need for improvements following recent incidents
with the 737 MAX 9. Calhoun is expected to state that the company
is acting to correct flaws and ensure aerospace safety.
Embraer (NYSE:ERJ) – Embraer arrives at the
Farnborough Airshow event, scheduled from July 22 to 26, with
shares at a historic high. After receiving significant orders, the
Brazilian aircraft manufacturer is ready to meet future demand for
new planes. The company stands out amid a global shortage,
benefiting from available production slots ahead of its larger
rivals.
Citigroup (NYSE:C) – Citigroup is highlighting
one of its less visible segments, services, in its revitalization
strategy. This sector, responsible for nearly half of last
quarter’s profits, will be presented to investors by Jane Fraser
and Mark Mason in New York. The initiative aims to demonstrate how
efficient global money movement operations can boost the bank’s
profitability. Meanwhile, the Federal Deposit Insurance Corp (FDIC)
board plans to vote to downgrade Citigroup’s data management
systems rating from “deficiency” to “shortcoming.” This action
stems from a gap identified in the bank’s “living will,” detailing
how it would be dissolved in case of bankruptcy. Although the FDIC
considers this action, it is not expected that the US Federal
Reserve will do the same. Citigroup stated that it is always
improving its stress testing and resolution planning processes,
maintaining strong financial health.
Goldman Sachs (NYSE:GS) – Goldman Sachs
economists warn that the US labor market may be at a “tipping
point,” where a decline in worker demand would directly affect
employment, not just available positions. This reflects economic
uncertainty that could lead to interest rate cuts by the Fed.
Bank of America (NYSE:BAC) – According to a
Bank of America survey, global investors are expected to continue
investing in stocks, with 32% preferring US stocks after
reallocating funds from the money market. The survey revealed
record optimism among managers, with money market fund cash levels
at a three-year low.
UBS Group AG (NYSE:UBS) – UBS has started a
share buyback program, acquiring about $50.21 million (44.8 million
Swiss francs) in shares last week, with plans to repurchase up to
$1 billion in shares this year.
Berkshire Hathaway (NYSE:BRK.A),
BYD (USOTC:BYDDY), Occidental
Petroleum (NYSE:OXY) – Warren Buffett’s Berkshire Hathaway
recently reduced its stake in BYD, the world’s largest electric
vehicle seller in 2022, by selling 1.3 million shares, reducing its
stake from 7.02% to 6.90%. Additionally, Berkshire increased its
stake in Occidental Petroleum to about 29%, acquiring 2.9 million
shares for approximately $173 million in June. Buffett took
advantage of falling energy sector stock prices, paying an average
of less than $60 per share in recent purchases.
Blackstone (NYSE:BX) – Blackstone has proposed
an offer of 275.8 billion yen (approximately $1.74 billion) to buy
Infocom, a Japanese digital comics distributor. The offer includes
a public share acquisition at 6,060 yen per share, totaling 141.4
billion yen. Teijin, the current controller, plans to sell its 58%
stake in the company after the acquisition.
Standard Chartered (LSE:STAN) – Standard
Chartered failed to dismiss allegations of more extensive
violations of US sanctions against Iran than previously admitted.
More than 200 investors are suing the bank in London for false
statements about compliance with sanctions from 2007 to 2019.
Shell (NYSE:SHEL) – Shell agreed to buy
Singapore’s Pavilion Energy from Temasek, strengthening its
dominant position in the liquefied natural gas (LNG) market. The
deal, with no financial details disclosed yet, will expand Shell’s
access to gas markets in Europe and Singapore.
Exxon Mobil (NYSE:XOM) – A US judge dismissed
Exxon Mobil’s lawsuit against the activist group Arjuna Capital
after the latter agreed not to present future proposals at the
company’s annual meetings about greenhouse gas emissions,
eliminating the basis of the lawsuit.
Bunge Global SA (NYSE:BG) – The $34 billion
merger between US-based Bunge and Glencore-backed Viterra to form
an agricultural trading giant is pending EU regulatory approval
until July 18. The European Commission will decide whether to
approve the deal, require corrective measures, or initiate a
prolonged investigation.
Sociedad Quimica y Minera de Chile SA
(NYSE:SQM) – The world’s second-largest lithium producer has signed
a long-term agreement to supply lithium hydroxide to Hyundai and
Kia, crucial for electric vehicle batteries. This deal follows
similar partnerships with Ford and LG Energy, bolstering SQM’s
expansion plans.
Southern Company (NYSE:SO) – Southern Company
CEO Chris Womack predicts more industry commitments to build
large-scale light water reactors in the US before 2030, driven by
the recent start of operations at the Vogtle 4 reactor, the first
in over 30 years in the country.
Merck & Co. (NYSE:MRK) – Merck has received
FDA approval for its pneumococcal vaccine Capvaxive, competing with
Pfizer’s Prevnar 20. Capvaxive covers 84% of strains causing
pneumococcal diseases in older adults and may expand its access
depending on CDC recommendations this month. The competition
promises to be fierce in the adult pneumococcal vaccine market.
Pfizer (NYSE:PFE) – Kansas has sued Pfizer,
accusing it of misleading the public about the efficacy and safety
of its Covid-19 vaccine, alleging violations of the state’s
Consumer Protection Act. The state seeks unspecified damages for
purported false statements about the vaccine’s effectiveness and
risks.
UnitedHealth Group (NYSE:UNH) – The Centers for
Medicare & Medicaid Services announced they will end an advance
payment program that helped Medicare providers during service
disruptions from Change Healthcare, a UnitedHealth unit. The
program will conclude on July 12, and new requests will not be
accepted after that date.
Lennar (NYSE:LEN) – For the quarter ended May
31, Lennar Corp reported earnings of $3.45 per share, exceeding
analysts’ average estimate of $3.24 per share. The average price
per home was $426,000, down from $449,000 the previous year. The
company delivered 19,690 homes, compared to 17,885 last year. For
the next quarter, Lennar expects to deliver between 20,500 and
21,000 homes, while analysts estimate 20,917 homes. Shares fell
-3.44% in pre-market trading.
La-Z-Boy (NYSE:LZB) – La-Z-Boy exceeded
fourth-quarter expectations with net income of $40.3 million (91
cents per share), up from $34.6 million (79 cents per share) the
previous year. Sales reached $554 million. Analysts tracked by
FactSet estimated adjusted earnings per share of 70 cents on $516.4
million in sales. Projections for the first quarter include sales
between $475 million and $495 million. The company anticipates a
slowdown due to the summer season and a one-week factory shutdown
in July. Additionally, La-Z-Boy plans to open 12 to 15 new
furniture galleries in the next fiscal year.
Best Buy (NYSE:BBY) – UBS analyst Michael
Lasser said Best Buy shares are well-positioned for a rise. He
upgraded his rating to “Buy” due to an 18% upside potential,
highlighting the strong correlation with appliance sales, the
electronics replacement cycle, and product innovation.
GameStop (NYSE:GME) – CEO Ryan Cohen announced
plans to operate a smaller network of stores without detailing the
use of the company’s $4 billion cash. The lack of clarity on
strategic plans disappointed investors, contributing to a 12% drop
in share value on Monday. Shares fell -1.55% in pre-market trading
on Tuesday.
Philip Morris International (NYSE:PM) – Philip
Morris International announced the suspension of online sales of
Zyn nicotine pouches by Swedish Match North America while
responding to a DC subpoena related to a flavored tobacco sales ban
in the region. The company seeks to ensure compliance with local
regulations.
Webtoon Entertainment – Webtoon Entertainment,
an online comics platform, plans to raise up to $315 million in its
US initial public offering, with a valuation of up to $2.67
billion. The company will offer 15 million shares at a price
between $18 and $21 each. The company will be listed on the Nasdaq
Global Select Market under the symbol “WBTN.” After the IPO and a
private placement, Naver, the South Korean tech giant and majority
owner of Webtoon Entertainment, will hold a 63.4% stake in the
company.
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