BP plc (NYSE:BP) – BP expects weak margins in
its refining business to impact its second-quarter profits by up to
$700 million. The decline in refining margins, due to excess
renewable diesel in the US, is the main cause. Shares fell 3.5% in
pre-market trading.
Morgan Stanley (NYSE:MS) – Mike Wilson, Chief
Investment Officer at Morgan Stanley, predicts a 10% drop in the
S&P 500 index before the US presidential elections, citing
uncertainties about the Federal Reserve’s monetary policy and the
weakening ability of companies to maintain high prices for their
products, which could lead to disappointing earnings results.
JPMorgan Chase (NYSE:JPM) – JPMorgan has
lowered its forecast for emerging market companies expected to
default due to a significant improvement in market stress prices
since 2016. Corporate default levels in 2024 are expected to be
below the historical average, with China and Latin America still
facing challenges.
Bank of America Corp. (NYSE:BAC), PNC
Financial (NYSE:PNC), KeyCorp (NYSE:KEY)
– UBS analysts highlighted Bank of America as the most interesting
bank as the second-quarter earnings season approaches. The bank may
benefit from a potential interest rate cut, boosting its net
interest income. UBS also adjusted its ratings for PNC Financial,
upgrading it to “Buy,” but downgraded KeyCorp due to concerns about
its capital position. Bank of America shares rose 0.7% in
pre-market trading.
Citigroup (NYSE:C) – Citigroup will end its
operations in Haiti due to low demand from institutional clients
and reduced international banking activity after more than five
decades in the country. This decision is part of a strategic review
and will not have a significant economic impact on Citi, which,
under CEO Jane Fraser, has focused on more profitable markets and
is preparing for an initial public offering of its consumer unit in
Mexico in 2025.
KKR & Co (NYSE:KKR), Kokusai
Electric (USOTC:KOKSF) – The private equity firm KKR plans
to reduce its stake in Kokusai Electric, selling about half of its
43% shares. Kokusai plans to repurchase shares on the market. Since
its IPO in 2018, shares of the deposition equipment manufacturer, a
former subsidiary of Hitachi, have tripled in value.
Bain Capital (NYSE:BCSF),
Envestnet (NYSE:ENV), Bapcor
(ASX:BAP) – Bain Capital is close to acquiring Envestnet, a US
financial software provider valued at about $3.5 billion. The deal,
expected this week, would value Envestnet near its current share
price, about $63. The company is facing a leadership transition
after the CEO announced his departure. Envestnet shares fell 0.40%
in pre-market trading. Elsewhere, Bapcor, an Australian automotive
parts retailer, rejected a $1.2 billion buyout offer from Bain
Capital, considering it low. The offer of A$5.40 per share does not
reflect fair value, according to the company, which also owns
Autobarn and the Midas network, among other brands.
Constellation Energy (NASDAQ:CEG),
Vistra (NYSE:VST) – The nuclear energy companies
Constellation Energy and Vistra lead the S&P 500 after Super
Micro and Nvidia, due to explosive growth in demand for clean
energy to support data centers and manufacturers amid the expansion
of artificial intelligence. Investors are betting on these nuclear
companies, driven by US government support for sustainable energy
investments. This year, Vistra is up 132% and Constellation Energy
81%. Constellation shares are stable in pre-market trading, while
Vistra shares rose 0.8%.
Exxon Mobil (NYSE:XOM) – Exxon Mobil indicated
that lower refining margins and reduced natural gas prices will
impact its second-quarter earnings, expected to be between $1.50
and $2.40 per share. Excluding the $60 billion acquisition of
Pioneer, additional production will not be reflected until the
third quarter. Shares are stable in pre-market trading.
Devon Energy (NYSE:DVN) – Devon Energy
announced on Monday the acquisition of Grayson Mill Energy’s
assets, focused on the Bakken, for $5 billion in cash and shares.
The deal will strengthen Devon’s multi-basin business, increasing
its position in the Williston Basin with 500 new wells. The
transaction is expected to close by the end of the third quarter.
Additionally, Devon’s board plans to expand share repurchases by
67% to $5 billion by mid-2026, while expecting the acquisition to
contribute to the company’s dividend payments starting in 2025.
Shares fell 0.8% in pre-market trading.
Petrobras (NYSE:PBR) – Petrobras announced on
Monday its first gasoline price increase in almost a year, also
raising the prices of gas used for cooking and heating. The 7%
increase in gasoline for distributors takes effect on Tuesday and
indicates a shift under new executive leadership.
Alphabet (NASDAQ:GOOGL) – The use of artificial
intelligence has driven tech stocks this year, but analysts are
cautious about Alphabet’s (Google) stock outlook. Although Wells
Fargo raised the price target to $187, maintaining an “Equal
Weight” rating, this still implies a 2% drop from Friday’s closing
price of $190.60. Alphabet closed down -0.8% on Monday. Shares rose
0.21% in pre-market trading.
Meta Platforms (NASDAQ:META),
Vodafone (NASDAQ:VOD) – Meta Platforms’
advertising sales have accelerated over the past four quarters,
boosting an optimistic revenue and stock forecast. Wedbush analyst
raised the price target for Meta shares to $570 due to strong
advertiser spending. Recently, Meta collaborated with Vodafone to
optimize the delivery of short videos on 11 European mobile
networks without significantly compromising viewing experience.
This was in response to the steady growth in data usage driven by
videos on platforms like Instagram, TikTok, and YouTube. The
optimization managed to reduce Meta’s data traffic on Vodafone’s UK
network, freeing up capacity in busy locations. Shares rose 0.55%
in pre-market trading.
Logitech International SA (NASDAQ:LOGI) –
Logitech rejected founder Daniel Borel’s attempt to replace board
chair Wendy Becker with Guy Gecht at the annual shareholders’
meeting. Gecht, who is already on the board, stated he had no
interest in being chair and supports Becker. Borel criticized the
company’s leadership and Becker’s technological competence, who
announced her resignation for 2025. Dissatisfied, Borel took the
issue to court. Meanwhile, the company recovered economically after
a post-pandemic decline. Shares fell 0.64% in pre-market
trading.
Intel (NASDAQ:INTC) – Intel shares closed with
a 6.2% gain on Monday after a Melius Research report highlighted
that Intel could perform well in the second half of the year. The
company has been up in six of the last seven sessions. Shares rose
4.24% in pre-market trading on Tuesday.
Helios Technologies (NYSE:HLIO) – Helios
Technologies’ board placed CEO and president Josef Matosevic on
paid leave to investigate allegations of a possible violation of
the company’s code of conduct and ethics. Helios stated that the
alleged conduct does not affect the company’s strategy or financial
reports. Shares fell 8.22% in pre-market trading.
Walt Disney (NYSE:DIS) – Disney announced plans
to launch a new cruise ship in Tokyo starting in 2028, in
partnership with the Oriental Land Company, operator of Tokyo
Disneyland. This ship, modeled after the “Wish,” will be the ninth
in Disney’s fleet, part of a 10-year, $60 billion expansion in the
company’s theme parks and cruise business. Shares rose 0.22% in
pre-market trading.
Paramount Global (NASDAQ:PARA) – David Ellison,
CEO of Skydance Media, outlined on Monday a vision for Paramount
Global as a hybrid technology and media company, amid competition
from tech giants in the entertainment sector. He highlighted the
importance of the merger with Paramount to better serve a
transformed market, emphasizing the use of artificial intelligence
and technology to enhance services like Paramount+. Shares fell
0.18% in pre-market trading.
AMC Entertainment Holdings (NYSE:AMC) – AMC
shares closed up 8.3% on Monday after a successful weekend since
the US Independence Day holiday, marking the busiest
Wednesday-to-Sunday period of 2024, with over four million
visitors. Additionally, merchandise sales for “Despicable Me 4”
were the second highest in AMC’s history, surpassed only by those
related to Taylor Swift. The film topped the box office, generating
significant revenue and demonstrating the strong appeal of summer
releases for the cinema chain. Shares fell 1.83% in pre-market
trading.
Cinemark Holdings (NYSE:CNK) – Surprising box
office success is driving shares of Cinemark Holdings, which are up
more than 55% this year, especially with the releases of major
animated sequels. Unlike rival AMC, Cinemark is profitable and
well-positioned financially, promising potential returns to
shareholders through share buybacks and dividends. Shares are
stable in pre-market trading.
Uber Technologies (NYSE:UBER) – Hong Kong plans
to regulate ride-hailing apps like Uber, which has operated
unregulated in the city for a decade. The proposal includes
licensing these platforms and introducing fleets of premium taxis,
but maintains the limited number of permits, which could leave many
drivers illegal. Shares rose 0.27% in pre-market trading.
Hertz Global (NASDAQ:HTZ), Delta Air
Lines (NYSE:DAL) – Gil West, CEO of Hertz and former COO
of Delta, has hired former Delta executives for senior positions at
Hertz, including Sandeep Dube as chief commercial officer. West
focuses on reversing losses by selling Tesla’s electric fleet and
raised $1 billion in debt for greater financial flexibility. Hertz
shares rose 1.11% in pre-market trading, while Delta shares rose
0.63%.
Tesla (NASDAQ:TSLA) – The price of Tesla shares
continued its nine-day climb, closing with a slight gain on Monday
despite opening lower. Analysts point to the high volatility of
Tesla’s shares, with a wide range of target prices. Unlike tech
giants, Tesla faced difficulties in 2024 but has recently
recovered, driven by vehicle sales that exceeded expectations.
Before the second-quarter earnings report, it is crucial to review
Tesla’s strategy in artificial intelligence (AI), especially in
autonomous driving, with the company investing in robust
infrastructure, including its supercomputer and plans to use 85,000
Nvidia GPUs. In related news, three law firms have requested $7
billion in fees for successfully challenging Elon Musk’s $56
billion compensation package at Tesla, encouraging lawyers to hold
corporate boards accountable. The debate over the appropriate
amount of these fees took place in a Delaware trial, with intense
discussions about the impact of this compensation. Shares are down
-0.41% in pre-market trading.
Lucid Group (NASDAQ:LCID) – Lucid Group shares
reached their highest level in two months on Monday after the
electric vehicle manufacturer reported a significant increase in
deliveries in the second quarter. Despite a slight drop in
production, this reduction may ease concerns about oversupply due
to slowing EV demand. Lucid delivered 2,394 EVs in the quarter, a
70.5% increase from the previous year, while production fell 2.9%.
The company will announce full second-quarter results on August 5.
Shares rose 0.6% in pre-market trading.
Stellantis (NYSE:STLA) – Stellantis plans to
expand its affordable hybrid vehicle lineup to 36 models in Europe
by 2026 due to increasing demand. The company, a result of the
merger between PSA and Fiat Chrysler, already offers 30 hybrid
models across nine of its 14 brands and will add six more in the
next two years. The company highlighted a 41% growth in sales of
these vehicles in Europe in the first half of this year. In Italy,
Stellantis’ car production fell 36% in the first half, impacted by
delays in government-promised electric vehicle subsidies. Total
production, including light vehicles, was 303,510 units, a 25%
reduction from the previous year. If the trend continues, annual
production will be far below the 751,000 vehicles of 2023. Shares
rose 1.1% in pre-market trading.
Honda Motor (NYSE:HMC) – Honda will end vehicle
production at its plant in Ayutthaya province, Thailand, by 2025,
consolidating production at its Prachinburi plant. The move
reflects the growing challenges for the Japanese brand with
aggressive competition from Chinese brands and increased demand for
electric vehicles. Shares are stable in pre-market trading.
Boeing (NYSE:BA) – Boeing agreed to plead
guilty to a charge of conspiracy to commit criminal fraud related
to two fatal 737 MAX crashes, in negotiations with the US
Department of Defense on the impact of this on its government
contracts. The Pentagon plans to evaluate Boeing’s improvement
plans and the agreement with the Department of Justice, which could
affect its ability to secure important contracts with the US
Department of Defense and NASA. Final agreement details are
expected by July 19. Meanwhile, the US Federal Aviation
Administration (FAA) has required inspections of 2,600 Boeing 737
planes due to an issue with the oxygen mask restraint belts, which
could fail in emergencies. The airworthiness directive demands
inspections and necessary corrections within up to 150 days,
varying by plane model. Shares are stable in pre-market
trading.
Southwest Airlines (NYSE:LUV) – Elliott
Investment Management announced on Monday its intention to launch a
proxy battle to change the leadership of Southwest Airlines in the
US. In a letter to Southwest’s board, Elliott demanded changes in
the board and criticized the company’s disappointing financial
results. Southwest said it is open to constructive conversations
but rejected Elliott’s personal criticisms of its leadership.
Shares are stable in pre-market trading.
United Airlines (NASDAQ:UAL) – On Monday, a
United Airlines plane lost a landing gear wheel upon takeoff from
Los Angeles but landed safely in Denver, its planned destination,
without injuries. The wheel was recovered in Los Angeles, and
United is investigating the causes of the
incident. Shares are stable in pre-market trading.
Nike (NYSE:NKE), Foot Locker
(NYSE:FL) – Nike has rehired Tom Peddie, a retired senior
executive, to oversee retail partnerships after issues with sneaker
sellers and declining sales. Peddie, who worked at Nike for 30
years before retiring in 2020, returns as vice president of market
partners. Nike seeks to improve relations with retailers like Foot
Locker after prioritizing its own stores, e-commerce, and apps.
Nike’s stock fell 33% this year due to continued declining sales.
Shares of Nike rose 0.6% in pre-market trading.
Koss Corp. (NASDAQ:KOSS) – Koss Corp. shares
fell 21.4% in regular trading on Monday, after a 25.6% increase on
Friday, amid rumors that trader Keith Gill might be buying shares.
Speculations on social media drove the company into a meme-stock
frenzy, resulting in a significant 213.1% rise in 2024. Koss Corp.
shares fell 6.6% in pre-market trading.
Vista Outdoor (NYSE:VSTO) – Vista Outdoor
rejected a final $3.2 billion buyout offer from MNC Capital,
claiming undervaluation, opting for an increased offer for its
ammunition unit from Czechoslovak Group (CSG). The deal with CSG
was raised to $2.1 billion, expected to close later this month.
Corning (NYSE:GLW) – Corning shares rose 12% on
Monday after the company raised its second-quarter forecasts ahead
of its earnings report. Sales are expected to be around $3.6
billion, with earnings per share at the high end of the 42-46 cents
range, driven by strong demand for optical connectivity products
for artificial intelligence. Corning shares rose 1.3% in pre-market
trading.
Abbott (NYSE:ABT) – Abbott will face trial over
allegations that its formula for premature babies causes
necrotizing enterocolitis. The case in St. Louis is the second of
hundreds in the US, arguing that the product contributed to the
fatal disease. Abbott defends that its formulas are essential in
standard medical care for preterm infants.
Raw – Josh Kesselman, founder of cigarette
paper manufacturer Raw, plans to take the company public without
compromising its culture. With annual revenue of about $120 million
and celebrity support from rapper Lil Wayne, he seeks an
alternative public offering to maintain family and philanthropic
control, inspired by examples like the Green Bay Packers and
Spotify.
HilleVax (NASDAQ:HLVX) – HilleVax saw its
shares plummet yesterday after halting the development of a
norovirus vaccine for infants, whose trial did not meet primary
endpoints. The company, which went public in April 2022 at $17 per
share, closed at $1.75 on Monday. Shares rose 5.5% in pre-market
trading.
Kymera Therapeutics (NASDAQ:KYMR),
Sanofi (NASDAQ:SNY) – Kymera Therapeutics
announced that Sanofi plans to expand its Phase 2 clinical trials
for Hidradenitis Suppurativa and Atopic Dermatitis, aiming to
quickly advance to pivotal studies.
Eli Lilly (NYSE:LLY), Morphic
Holding (NASDAQ:MORF) – Eli Lilly agreed on Monday to buy
Morphic Holding for $3.2 billion in cash, strengthening its
portfolio of inflammatory bowel disease (IBD) drugs and expanding
its presence in a multi-billion-dollar market. The $57 per share
offer represents a 79% premium over Morphic’s last Friday closing
price. The acquisition is expected in the third quarter of 2024.
Morphic shares closed up 75.1% on Monday, while Eli Lilly rose
0.38%. In pre-market trading on Tuesday, Morphic shares rose 1.45%,
while Eli Lilly shares rose 0.7%.
Thermo Fisher Scientific (NYSE:TMO),
Olink Holding AB (NASDAQ:OLK) – The UK competition
regulator approved on Monday the acquisition of Swedish
biotechnology company Olink Holding AB by American medical
equipment manufacturer Thermo Fisher Scientific, in a $3.1 billion
deal.
Kokusai Electric (PK) (USOTC:KOKSF)
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