Honeywell (NASDAQ:HON) – Honeywell announced
the acquisition of CAES Systems for $1.9 billion, focusing on
expanding its aerospace and defense technology operations. Under
the leadership of CEO Vimal Kapur since June 2023, Honeywell seeks
growth in automation, future aviation, and energy transition,
consolidating its third major deal of the year.
Sarepta Therapeutics (NASDAQ:SRPT) – The Food
and Drug Administration (FDA) approved expanded indications for
Elevidys, Sarepta Therapeutics’ treatment for Duchenne muscular
dystrophy. The drug is now approved for both ambulatory and
non-ambulatory individuals with confirmed DMD gene mutations, aged
four and older. Sarepta Therapeutics surged 33.6% in pre-market
trading.
Gilead Sciences (NASDAQ:GILD) – Gilead Sciences
closed up 8.5% on Thursday after a study showed its semi-annual
antiviral injection, lenacapavir, effectively prevented HIV in all
female participants tested in South Africa and Uganda. This could
potentially expand the market for HIV pre-exposure prophylaxis
(PrEP). Gilead’s shares rose 5.3% in pre-market trading.
Novo Nordisk A/S (NYSE:NVO) – The World Health
Organization (WHO) issued a warning about counterfeit batches of
Novo Nordisk’s Ozempic, used for diabetes and obesity, found in
Brazil, the UK, and the US. These counterfeit products pose health
risks due to incorrect ingredients or the presence of harmful
substances like insulin.
Nvidia (NASDAQ:NVDA) – Nvidia’s put options
trading on Thursday saw significant volume, with 365,000 contracts
at a $135 strike price and 250,000 at a $130 strike price. This
increased the put-to-call ratio to 0.70 from 0.58 a few days prior.
Volatility in Nvidia’s stock led to an intraday movement of over
6%, peaking and then falling 3.5%, closing at $130.78, putting
Microsoft’s market capitalization back on top. Nvidia’s recent rise
as the world’s most valuable company is driven by its AI chip
leadership, with revenues expected to double to $120 billion.
Despite risks of overvaluation and competition, investor optimism
is sustained by the company’s innovation and profitability
potential, with a P/E ratio starting the year at 25, now at 45,
modestly above the five-year average of 41. However, not all
investors are optimistic. Paul Wick of Seligman Investments has
been reducing his Nvidia holdings due to concerns about profit
growth prospects and high valuations. He compared Nvidia’s current
situation to Cisco’s boom during the dot-com bubble, highlighting
dependence on a few large customers as a significant risk. Nvidia
shares fell 1.0% in pre-market trading.
Alphabet (NASDAQ:GOOGL) – A judge from Brazil’s
Superior Court ended the investigation into Google and Telegram,
accused of coordinating opposition to an anti-fake news bill, due
to a lack of evidence for criminal proceedings.
Oracle (NYSE:ORCL) – Oracle plans to invest
over $1 billion in Spain over 10 years, focusing on artificial
intelligence and cloud computing. This investment aims to expand
local capabilities, help companies adopt the cloud and comply with
European regulations, and strengthen strategic partnerships like
Telefónica España.
Autodesk (NASDAQ:ADSK) – Autodesk confirmed its
annual shareholder meeting will occur on July 16, after a judge
rejected Starboard Value’s attempt to delay it. Starboard sued the
company seeking to postpone the meeting to nominate new directors
following allegations of lack of transparency about accounting
practices.
Micron Technology (NASDAQ:MU) – Micron is
developing a project for up to four semiconductor factories in
Syracuse but faces delays due to the discovery of endangered bats.
This complexity highlights the challenges of combining industrial
expansion with stringent environmental requirements, despite strong
government support and plans to start construction in 2025.
Advanced Micro Devices (NASDAQ:AMD) – Advanced
Micro Devices’ shares rose 4.5% on Thursday, driven by analyst
Harsh Kumar’s optimistic outlook from Piper Sandler on its AI
server business. Kumar highlighted AMD’s strong chip performance
and its direct competition with Nvidia, along with expansion
potential with key customers like Microsoft and Meta. AMD shares
fell 0.55% in pre-market trading.
LendingTree (NASDAQ:TREE),
Snowflake (NYSE:SNOW) – Hackers are auctioning
consumer data from LendingTree’s subsidiary QuoteWizard after a
data breach in a Snowflake-hosted database. LendingTree is
investigating the impact and cooperating with Snowflake and
Mandiant to understand the extent of the leak and its causes.
Trump Media & Technology Group (NASDAQ:DJT)
– After regulators allowed potential stock dilution, Trump Media’s
stock closed down 14.6% on Thursday and declined for five
consecutive trading sessions, losing 33.9% during that period. The
Securities and Exchange Commission approved the company’s
registration statement and resale of shares and warrants this week.
The stock rose 2.3% in pre-market trading on Friday.
AT&T (NYSE:T) – California rejected
AT&T as the “provider of last resort,” preventing it from
ending essential landline services for over 580,000 households. The
decision aims to protect continued access to voice and 911
services, requiring AT&T to maintain these services until
modern alternatives are available.
American Airlines (NASDAQ:AAL) – The American
Airlines flight attendants’ union did not reach an agreement in the
latest negotiations, moving closer to a strike. However, a strike
requires permission from the National Mediation Board, a lengthy
and complex process, making effective strikes difficult.
Southwest Airlines (NYSE:LUV) – The FAA is
investigating an incident involving Southwest Airlines flight 4069,
which departed from Las Vegas and descended abruptly to a low
altitude near Oklahoma City’s airport on Wednesday. The minimum
altitude alert sounded, and the crew was notified by an air traffic
controller. The investigation follows multiple recent incidents
with the airline.
United Airlines (NASDAQ:UAL) – A United
Airlines aircraft, an Airbus SE A320, departed Bradley
International Airport in Hartford en route to Denver International
Airport but had to return to Connecticut after losing part of its
engine cowling during takeoff on Thursday. There were no injuries,
and the FAA is investigating the incident.
Boeing (NYSE:BA), Spirit
AeroSystems (NYSE:SPR) – Boeing is close to finalizing the
repurchase of Spirit AeroSystems after progress in negotiations
with Airbus over program division. The deal aims to resolve a
conflict over Airbus component manufacturing while Boeing seeks to
strengthen its supply chain after 737 MAX issues. Additionally,
Boeing is shifting engineers from the experimental X-66A project to
support the production and delivery of the 737-7, 737-10, 777-9,
and 777-8F models. This move aims to accelerate deliveries while
maintaining commitments to customers and advancing zero-emission
aviation goals with the X-66A in partnership with NASA.
Joby Aviation (NYSE:JOBY) – Joby Aviation
received FAA approval to use its in-house software, ElevateOS, to
manage air taxi operations, such as pilot workload and passenger
coordination. Preparing for a 2025 launch, Joby plans to integrate
the software with Uber and Delta Air Lines, facing technological
and regulatory challenges.
Hertz Global Holdings (NASDAQ:HTZ) – Hertz
plans to raise $750 million through secured notes to strengthen its
balance sheet, facing challenges after losses with electric
vehicles. The company faces high depreciation pressures and
expectations of significant losses, alongside a strategic
adjustment to reduce reliance on these vehicles.
General Motors (NYSE:GM) – Cruise, General
Motors’ unit, received the maximum penalty for lacking transparency
about an accident involving its autonomous vehicle in California.
The fine totals $112,500, highlighting rigorous scrutiny of
autonomous vehicle safety by regulators.
Ford Motor (NYSE:F) – Jim Farley, CEO of Ford,
is tackling high recall costs, amounting to $4.8 billion annually.
To improve quality, Farley adopted a strategy of retaining
redesigned models for up to six weeks for additional checks, aiming
to reduce future failures and warranty costs.
Toyota Motor (NYSE:TM) – Toyota suspended
production and delivery of the Grand Highlander and Lexus TX SUVs
due to an issue with the driver’s side curtain airbag. This affects
145,000 model year 2024 vehicles in the US, where the airbag may
not deploy correctly if the driver’s window is down during certain
crashes.
VinFast (NASDAQ:VFS), BYD
(USOTC:BYDDY) – Electric vehicle sales are rapidly growing in
Southeast Asia, with the Chinese BYD and Vietnamese VinFast leading
the way. These brands are entering a market previously dominated by
Japanese and Korean manufacturers. According to Counterpoint
Research, EV sales in the region doubled in the first quarter
compared to the previous year, while combustion car sales fell 7%.
In Canada, Prime Minister Justin Trudeau’s government is
considering imposing tariffs on electric vehicles made in China.
This move aligns with similar policies in the US and the EU, which
have already announced or plan to increase tariffs to curb these
imports.
Chevron (NYSE:CVX), Hess
(NYSE:HES), Exxon Mobil (NYSE:XOM) – An
arbitration panel between Chevron and Hess, delayed by the
non-appointment of the third arbitrator, is postponing the decision
on Hess’s $53 billion sale to Chevron in Guyana. The dispute
involves Exxon’s right of first refusal over Hess’s operations in
the country, impacting the transaction’s conclusion.
Nikola (NASDAQ:NKLA) – Nikola announced a
1-for-30 reverse stock split to meet Nasdaq requirements, aiming to
increase the share price. The move comes after disappointing
first-quarter revenues and a significant drop in shares, which hit
a historic low of 40 cents.
Mastercard (NYSE:MA), Visa
(NYSE:V) – China is negotiating with Visa and Mastercard to reduce
foreign card transaction fees in the country, aiming to facilitate
payments for international visitors, according to Bloomberg. The
proposal is to lower the fee from 2% to 1.5%.
PayPal (NASDAQ:PYPL) – PayPal hired Srini
Venkatesan from Walmart as its new chief technology officer to lead
advancements in artificial intelligence, information security, and
product engineering. He brings significant experience in digital
transformation and technology leadership, highlighting the
company’s renewed focus on innovation and personalization to drive
global commerce.
Upstart (NASDAQ:UPST) – Castlelake, a private
credit lender, will acquire up to $1.2 billion in installment loans
from Upstart to expand its presence in the retail lending sector.
Investors are seizing opportunities in risky loans, driven by less
restrictive regulations and high interest rates.
PicPay – The Brazilian mobile banking app
with 35 million active customers owned by J&F Investimentos SA,
is seeking an initial public offering in the U.S. in collaboration
with Citigroup. The company intends to proceed as soon as market
conditions allow, after having reported a net profit in 2023 and
reached operational breakeven for the first time.
JPMorgan Chase (NYSE:JPM) – JPMorgan sees signs
of recovery in the Chinese economy, which could revitalize its
business in the country after a slow period. Mary Erdoes, the
bank’s CEO of asset and wealth management, noted that despite
previous challenges, there is growing optimism, particularly since
March.
Citigroup (NYSE:C) – US regulators rejected
Citigroup’s recovery plan, known as a “living will,” which outlines
procedures in case of bankruptcy. The decision, based on
deficiencies in the bank’s data controls, raises doubts about
Citi’s ability to reorganize without risks to the financial system.
Additionally, Germany fined Citigroup around $13.94 million for
failures in its trading system controls after a 2022 incident
involving erroneous orders of $1.4 billion. The BaFin regulator
criticized Citi for not preventing errors that could disrupt the
financial market.
HSBC (NYSE:HSBC) – Danielle Johnson, formerly
of Goldman Sachs, was appointed global head of institutional
clients at HSBC, bringing over 20 years of experience in
relationship management and equity sales in the US. She will
strengthen HSBC’s client coverage, based in New York and reporting
to global banking coverage directors.
NatWest Group Plc (NYSE:NWG) – J Sainsbury Plc,
a London-based supermarket chain, agreed to transfer its banking
business to NatWest for $159 million (£125 million), aiming to
divest personal loans, credit cards, and deposits. This decision
reflects the difficulty supermarkets face in effectively competing
in the financial sector against traditional lenders.
BlackRock (NYSE:BLK) – Global Infrastructure
Partners (GIP) announced that after being acquired by BlackRock for
$12.5 billion, it will retain control of its operations. This comes
amid criticism in Malaysia, a Muslim-majority country, against
airport privatization due to alleged ties between BlackRock and
Israel. Malaysia, which supports Palestine, protested GIP’s
participation due to BlackRock’s investments in Israel, currently
in conflict with Hamas. The $3.9 billion airport privatization has
faced opposition similar to previous boycotts of Western
brands.
Coinbase (NASDAQ:COIN) – Coinbase launched a $2
million campaign targeting Latino voters in the US, promoting
cryptocurrencies for remittances, highlighting lower fees with USD
Coin.
Target (NYSE:TGT) – Target is implementing the
generative AI chatbot “Store Companion” in 400 stores to improve
operational efficiency and integrate new employees. This growing
trend in retail, where AI promises to transform operations from
customer service to e-commerce optimization, aims to increase
productivity and profitability.
McDonald’s (NYSE:MCD) – McDonald’s is set to
launch a $5 meal in select US restaurants. The promotion, starting
June 25, includes a McDouble or McChicken, fries, Chicken
McNuggets, and a small drink. This initiative aims to attract
low-income consumers amid rising inflation and competition in the
fast-food sector.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle
Mexican Grill shares fell 6.1% on Thursday ahead of its stock
split, despite recent strong financial performance with rising
revenues and profits. The decline may be attributed to
profit-taking by institutional investors after significant gains,
while the company faces criticism over smaller portions and higher
prices.
MGM Resorts International (NYSE:MGM) – MGM
Resorts International will introduce online betting with live
dealers at its Bellagio and MGM Grand resorts in Las Vegas, a first
for Strip casinos. Local dealers will manage games like roulette
and baccarat for online customers outside the US, under the “MGM
Live” brand.
Boyd Gaming (NYSE:BYD), Penn
Entertainment (NASDAQ:PENN) – Boyd Gaming approached Penn
Entertainment for a possible acquisition, according to Reuters.
Penn, known for its involvement in online gaming and sports
betting, has made strategic partnerships, including renaming
Barstool Sportsbook to ESPN Bet.
Nike (NYSE:NKE) – Sam Poser, an analyst at
Williams Trading, cut Nike’s price target to $75, matching the
lowest on Wall Street, citing company stagnation and a lack of
attractive new products. He predicts a more than 20% drop in
shares, criticizing current management and product strategy.
FedEx (NYSE:FDX) – FedEx shares have been
volatile this year, initially gaining over 20% by March but have
since moved to a 0.2% loss for the year. With concerns about
profits and sales below expectations, the company focuses on
cost-cutting and operational improvements to boost margins and
returns to shareholders.
Earnings
Smith & Wesson Brands (NASDAQ:SWBI) – In
the fourth quarter, Smith & Wesson reported earnings per share
of 45 cents, above the 34 cents expected by analysts. The company
had revenue of $159.15 million, a 10% increase from the last
quarter, and 1.50% better than the $156.80 million forecast.
Despite outperforming estimates, shares fell 3.96% in pre-market
trading.
Algoma Steel Group (NASDAQ:ASTL) – In the
fourth quarter, Algoma Steel reported earnings per share of 7
cents, beating analysts’ expectations of a 1 cent per share loss.
However, its revenue of $460.44 million was 19.92% below analysts’
estimate of $575.00 million. Shares are flat premarket.
Kroger (NYSE:KR) – In the first quarter, Kroger
reported net income of $947 million, equivalent to $1.29 per share,
adjusted to $1.43 per share, beating the FactSet expectation of
$1.35. Sales reached $45.269 billion, surpassing the $44.867
billion consensus. Sales grew modestly, driven by lower pricing
strategies and promotions. Kroger reaffirmed its annual forecasts
despite outperforming in the first quarter, expecting 0.25% to
1.75% same-store sales growth, excluding fuel, and earnings per
share between $4.30 and $4.50. FactSet consensus forecasts a 1.1%
sales increase and $4.44 earnings per share.
Accenture (NYSE:ACN) – In the fiscal third
quarter, Accenture PLC (NYSE: ACN) reported net income of $1.934
billion, or $3.04 per share, adjusted to $3.13, close to the
FactSet consensus of $3.16. Total revenue was $16.467 billion,
slightly below expectations of $16.548 billion. For the fiscal
fourth quarter, the company projected revenue between $16.05
billion and $16.65 billion. For the full fiscal year, adjusted
earnings per share are expected to be between $11.85 and
$12.00.
Darden Restaurants (NYSE:DRI) – Darden
Restaurants reported adjusted earnings per share of $2.65,
exceeding expectations of $2.61, but its revenue of $2.96 billion
was slightly below the forecast of $2.97 billion. Olive Garden
faced a 1.5% sales decline, while LongHorn Steakhouse saw 4%
growth. Fiscal 2025 projections include 1% to 2% sales growth,
$9.40 to $9.60 earnings per share, and net sales between $11.8
billion and $11.9 billion, with 2% to 3% price increases and
capital expenditures of $550 million to $600 million.
Kroger (NYSE:KR)
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