Nike (NYSE:NKE) – Nike shares fell 14.04% in
pre-market trading. Nike exceeded fourth-quarter fiscal earnings
estimates with adjusted earnings of $1.01 per share, but sales of
$12.6 billion fell short of expectations. Annual revenue of $51.4
billion also missed the $51.6 billion target, despite adjusted
earnings of $3.95 per share surpassing forecasts of $3.70 per
share. Nike predicted a surprising revenue decline for fiscal 2025,
expecting a mid-single-digit percentage drop, against analysts’
expected increase of 0.91%. This is due to weakened demand for its
sneakers, as it loses market share to newer brands like On and
Hoka. Nike said it cut overstocked brands and invested in better
running shoes, and plans new versions of the Air Max line. For the
next quarter, Nike expects a revenue drop of about 10%. Due to
Nike’s unexpected fiscal 2025 revenue drop prediction, shares of JD
Sports and Puma fell significantly, while Adidas shares saw a brief
increase followed by a drop. Analysts expect Adidas to gain market
share as Nike recalibrates its business until at least spring
2025.
Nokia (NYSE:NOK), Infinera
Corporation (NASDAQ:INFN) – Nokia will acquire Infinera
for an enterprise value of $2.3 billion to expand its optical
networks business, especially in the North American market. The
price of $6.65 per share represents a 26.4% premium over Infinera’s
closing price. Nokia will pay at least 70% in cash. Nokia shares
rose 1.3% in pre-market trading, while Infinera shares jumped
18.4%.
Verizon Communications (NYSE:VZ),
AT&T (NYSE:T), T-Mobile
(NASDAQ:TMUS) – Major US telecom providers stated on Thursday that
some of their international traveling users are facing connectivity
issues due to an incident with a partner network provider. Verizon,
AT&T, and T-Mobile are working to resolve the issue but have
not detailed the extent or the responsible partner.
Super Micro Computer (NASDAQ:SMCI) – Super
Micro Computer may replace Walgreens in the Nasdaq 100 index due to
its rising market value. Walgreens faces increasing challenges,
having been excluded from the Dow Jones Industrial Average in
February and is now at risk of being removed from the Nasdaq 100
index. Its stock fell to its lowest level since 1997 after
announcing the closure of thousands of pharmacies and cutting
financial forecasts for the current fiscal year. Shares rose 0.4%
in pre-market trading.
Walgreens Boots Alliance (NASDAQ:WBA) – On
Thursday, Walgreens shares plunged 22% after reporting
third-quarter fiscal net income of $344 million, or 40 cents per
share, with adjusted earnings of 63 cents, below the expected 68
cents. Total sales were $36.351 billion, surpassing last year’s
$35.415 billion. The company adjusted its adjusted earnings
forecast for the fiscal year to $2.80 to $2.95 per share.
Additionally, Walgreens announced the closure of 650 to 700 stores
in the US and up to 650 Boots stores in the UK due to weak sales.
The company expects pre-tax costs between $3.8 billion and $4.1
billion and halved the dividend. Shares fell 0.6% in pre-market
trading.
Accolade (NASDAQ:ACCD) – Accolade exceeded
first-quarter expectations by reporting a loss per share of -35
cents, above analysts’ estimate of -48 cents. The company also
posted revenue of $110.47 million, 5.02% higher than the $105.19
million forecast. However, Accolade issued projections for the
fiscal second quarter and the year below analysts’ expectations.
The company expects revenue between $104 million and $106 million
for the second quarter and an adjusted EBITDA loss between $8
million and $10 million, higher than the projected loss of $5.9
million. Shares of the health technology company plummeted 26.3% in
pre-market trading.
Biogen (NASDAQ:BIIB) – Eisai and Biogen
launched their Alzheimer’s treatment, Leqembi, in China, following
launches in the United States and Japan. The drug, which removes a
toxic protein called beta-amyloid from the brain, is the first
proven to alter the course of the fatal disease. The initial cost
will be $345.04 (2,508 yuan) per 200 mg vial.
Novo Nordisk A/S (NYSE:NVO) – Novo Nordisk will
limit initial sales of its obesity treatment Wegovy in China while
managing access to the drug for the world’s largest obese
population. The company faces the challenge of meeting pent-up
demand, taking advantage of a temporary edge over its competitor,
Eli Lilly. Shares fell 0.7% in pre-market trading.
Illumina (NASDAQ:ILMN), Grail
(NASDAQ:GRAL) – Illumina announced on Thursday that it will record
a $1.47 billion goodwill impairment charge in the second quarter
related to Grail, a recently spun-off cancer diagnostics company.
Goodwill impairment reflects the perceived loss in value of an
acquired business. Additionally, it expects an additional charge of
approximately $420 million for Grail’s in-process research and
development asset.
Microsoft (NASDAQ:MSFT) – Russian hackers who
breached Microsoft’s systems and spied on employee inboxes earlier
this year also stole emails from its customers, the tech giant
revealed on Thursday. The disclosure highlights the extent of the
breach and increases regulatory pressure on Microsoft’s system
security against foreign threats. Shares rose 0.33% in pre-market
trading.
OpenAI – Time magazine and OpenAI have signed a
multi-year content agreement, allowing the creator of ChatGPT to
access Time’s news archive. The AI will cite and link to sources on
Time.com in user responses. Financial terms were not disclosed.
Meta Platforms (NASDAQ:META) – Meta, the owner
of Facebook, is considering blocking news content in Australia if
the government requires payment of licensing fees. Mia Garlick,
regional policy director, said all options are being considered,
including preventing Australians from sharing news on the platform
to avoid such fees. Additionally, a US appeals court on Thursday
revived a class-action lawsuit by a software engineer against Meta
Platforms, alleging the company refused to hire him, preferring
foreign workers paid lower wages, potentially setting a precedent
against discrimination of American citizens. Shares rose 0.6% in
pre-market trading.
Amazon (NASDAQ:AMZN) – Amazon plans to launch
its first space internet satellites in the fourth quarter of this
year, with Project Kuiper customer trials slated for 2025 and
limited commercial service also in 2025. The goal is to compete
with Elon Musk’s Starlink network, with a constellation of over
3,000 satellites. Shares rose 0.4% in pre-market trading.
Uber Technologies (NYSE:UBER),
Lyft (NASDAQ:LYFT) – Uber and Lyft agreed to adopt
a minimum payment standard of $32.50 per hour for drivers in
Massachusetts and pay $175 million to settle a lawsuit brought by
the state’s attorney general. The agreement includes paid leave,
accident insurance, and health stipends, reflecting a balance
between flexibility and benefits. Additionally, Uber is offering up
to $1,000 in credits for certain travelers in the US and Canada who
opt not to use their personal cars for five weeks. Instead, they
must use public transportation, car-sharing, or other alternative
transport options to reduce carbon emissions and promote
sustainable practices. Uber shares rose 0.3% in pre-market trading,
while Lyft shares were stable.
Tesla (NASDAQ:TSLA) – Tesla claims Elon Musk
won the legal dispute over his $56 billion pay package because
shareholders approved the compensation, despite a judge nullifying
it earlier this year. The company argues that the shareholder vote,
which ratified the 2018 package, should influence the final
judgment. According to the J.D. Power Initial Quality Study for the
2024 model year, Tesla no longer stands out in quality among
electric vehicles due to questionable design changes, such as the
removal of turn signal stalks, which frustrated owners and reduced
their scores in a key quality survey. Shares rose 0.5% in
pre-market trading.
Rivian Automotive (NASDAQ:RIVN) – Rivian plans
to reduce material costs in its electric SUVs and pickups by 20% by
the end of 2024, focusing on electronics and process simplification
to achieve profitability. The partnership with Volkswagen should
help reduce operational expenses and launch new affordable models.
Shares fell 0.8% in pre-market trading.
Fisker (NYSE:FSR) – Hope is dwindling for
owners of Fisker Inc.’s electric SUVs as the company faces
bankruptcy. Customers report increasing difficulties in getting
technical support for their problematic vehicles. According to
Bloomberg, an owner in Cincinnati has accumulated a dozen
unresolved service calls, while another in Colorado can’t find a
local shop to repair a crack in his vehicle’s sunroof.
Nikola (NASDAQ:NKLA), Walmart
(NYSE:WMT) – Nikola delivered its first hydrogen-electric
semi-truck to Walmart Canada, making it the first major retailer in
the country to add this vehicle to its fleet. The initiative is
part of Walmart’s efforts to achieve zero emissions by 2040. Nikola
shares rose 3.7% in pre-market trading, while Walmart shares rose
0.3%.
Target (NYSE:TGT) – Target is taking a tougher
approach to combat store theft, lowering the minimum value
threshold for theft intervention from $100 to $50. This change is
part of efforts to control inventory losses impacting its profit
margins. The new directive is expected to be implemented this
summer.
Boeing (NYSE:BA) – Despite Boeing’s financial
and production challenges following an incident in January,
workers’ willingness to strike for better working conditions will
not change, according to the local union president. Workers,
represented by the IAM, seek better retirement benefits and wage
increases above 40% over three to four years after years of
stagnant wages. Additionally, the National Transportation Safety
Board (NTSB) warned Boeing that it could lose its status as part of
the incident investigation after violating rules by disclosing
non-public information to the press and speculating on possible
causes.
Lockheed Martin (NYSE:LMT),
Boeing (NYSE:BA) – The joint venture between
Boeing and Lockheed Martin will replace Sierra Space’s Dream Chaser
aircraft with a mass simulator on its Vulcan rocket certification
flight in September, announced Tory Bruno, CEO of United Launch
Alliance. This flight is essential to qualify the Vulcan for US
national security missions.
Banks – Major US banks have sufficient capital
to withstand a severe economic downturn, according to the Federal
Reserve’s annual stress test results. While they may face
significant losses in risky business areas this year, the CET1
ratio shows robustness, with minimums above regulatory
requirements. Additionally, ten major banks agreed to pay $46
million to settle an antitrust lawsuit accusing them of
manipulating the interest rate swaps market. Investors claimed the
banks profited from bid/ask spreads, harming competitors and
investors. The banks include Bank of America
(NYSE:BAC), Goldman Sachs (NYSE:GS),
JPMorgan Chase (NYSE:JPM),
Barclays (NYSE:BCS), BNP Paribas
(EU:BNP), Citigroup (NYSE:C), Deutsche
Bank (NYSE:DB), Morgan Stanley (NYSE:MS),
NatWest (NYSE:NWG), and UBS
(NYSE:UBS).
New York Community Bancorp (NYSE:NYCB) – NYCB
announced a one-for-three reverse stock split, effective mid-July,
aiming to raise the stock price after a 71% drop since January due
to unexpected losses and dividend cuts. The measure aims to attract
more institutional and retail investors.
UBS Group AG (NYSE:UBS) – UBS is restructuring
its wealth management sector in the US, hiring Michael Camacho, a
former JPMorgan Chase executive, to lead the unit. Additionally,
UBS is creating a new division, Global Wealth Management Solutions,
focused on offering various products and services to its advisors
and clients. Camacho, who assumes the role on September 16,
replaces Jason Chandler, who will take on a new role in the
company.
Block (NYSE:SQ) – Block Inc.’s investment in
Bitcoin allows the company to explore a “potentially
transformative” technology, according to CFO and COO Amrita Ahuja.
The Bitcoin bet is seen as a long-term commitment, with the company
investing 10% of gross profit from Bitcoin products monthly. Ahuja
emphasizes that Bitcoin could change the reality of underserved
consumers, who typically pay high fees to move money.
Webtoon Entertainment (NASDAQ:WBTN) – Online
comics platform Webtoon Entertainment saw its shares rise up to
14.3% above the initial price on its Nasdaq debut, reaching a
market value of $2.71 billion. Founded as a side project in 2005 by
Junkoo Kim, the company plans to use the $315 million raised in the
IPO to expand its presence in North America. Shares jumped 11.17%
in pre-market trading.
Chewy (NYSE:CHWY) – Keith Gill, known as
Roaring Kitty, posted an image of a dog on his social network X on
Thursday, generating 2.5 million views and speculation about its
meaning, possibly related to Chewy Inc. The trading volume of the
pet products company’s shares was well above the 65-day average,
with shares rising quickly on Thursday but closing the day down
0.3%. Chewy shares fell 0.17% in pre-market trading.
Lockheed Martin (NYSE:LMT)
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