OpenAI, Microsoft (NASDAQ:MSFT),
Apple (NASDAQ:AAPL) – Microsoft has given up its
observer seat on OpenAI’s board, which has attracted regulatory
attention in Europe and the US, following improvements in the AI
startup’s governance over the past eight months. Apple, which
recently integrated OpenAI’s ChatGPT into its devices, also opted
not to take on the observer role, contrary to expectations,
according to the Financial Times. OpenAI plans a new approach to
engagement with strategic partners like Microsoft and Apple through
regular stakeholder meetings. Microsoft shares rose 0.56% in
pre-market trading.
Taiwan Semiconductor Manufacturing Co
(NYSE:TSM) – TSMC, the world’s largest contract chipmaker, reported
strong second-quarter revenue growth, surpassing market forecasts
due to high demand for AI applications. April-June revenue was
$20.67 billion, up 32% from the same period last year. TSMC expects
a 30% increase in second-quarter net profit. Shares rose 1.83% in
pre-market trading.
Apple (NASDAQ:AAPL) – Global shipments of
personal computers rose 3% in the second quarter, driven by demand
for devices with artificial intelligence capabilities, with Apple
posting the highest growth among manufacturers, according to
preliminary data from IDC. This marks two consecutive quarters of
growth after two years of decline. Apple shares rose 0.38% on
Tuesday, closing the day with a market capitalization above $3.5
trillion. The recent increase was driven by the company’s new AI
strategy and potential better iPhone sales in China. Shares rose
0.14% in pre-market trading.
Samsung Electronics (KOSPI:005935) – Samsung
Electronics will launch a new health tracking feature that Apple
watches do not yet have, in an attempt to gain an advantage over
the American electronics leader. The new Galaxy Watch models will
monitor the Advanced Glycation End Products (AGEs) index, which can
indicate the user’s metabolic health and biological age.
Nvidia (NASDAQ:NVDA) – Nvidia shares closed up
2.5% on Tuesday, boosted by positive analyses and investments in AI
infrastructure. Following a recent correction, the shares are
approaching their all-time high, with predictions of increased
demand for chips and data center expansion. Shares rose 0.91% in
pre-market trading.
Intel (NASDAQ:INTC) – Intel shares are
recovering after a significant 38% drop in the first half of the
year. The company saw a 1.8% increase on Tuesday and has gained
12.2% over the last five trading sessions, marking its best
five-day performance since November 2023. Some analysts see the
recent rise as a result of short position adjustments, while others
are skeptical about a sustainable recovery beyond current levels.
Shares rose 0.17% in pre-market trading.
Aehr Test Systems (NASDAQ:AEHR) – Aehr Test
Systems released preliminary financial results for the fourth
quarter and fiscal year 2024. The company expects revenue of
approximately $16.6 million and net income of about $23.8 million
in the fourth quarter. For 2024, it expects $66.2 million in
revenue and $33.1 million in net income. Shares rose 14.50% in
pre-market trading.
Smart Global Holdings (NASDAQ:SGH) – Smart
Global Holdings reported third-quarter fiscal profit despite a 13%
annual revenue decline, totaling $300.6 million. The company
estimates fourth-quarter sales between $300 million and $350
million, differing from analysts’ expectations of $325 million.
Shares rose 5.21% in pre-market trading.
Baidu (NASDAQ:BIDU) – Baidu saw a significant
increase in interest in its Apollo Go robotaxi service in China,
resulting in a rise in optimistic purchase options for the company.
This growing interest is related to Beijing’s recent announcement
to support robotaxis for transport fleets and car rentals,
signaling potential technology expansion. Shares rose 1.57% in
pre-market trading.
Meta Platforms (NASDAQ:META) – Meta announced
it will begin removing more posts attacking “Zionists” when the
term is used to refer to Jews and Israelis, rather than supporters
of the political movement. The policy update follows consultations
with various groups and comes amid rising tensions in the Middle
East.
Oracle (NYSE:ORCL) – Elon Musk’s AI startup,
xAI, and Oracle ended negotiations on a potential $10 billion
server deal, according to The Information. The discussions aimed to
expand an existing agreement where xAI rented Nvidia AI chips
through Oracle. Negotiations stalled over Musk’s demands for rapid
supercomputer construction and Oracle’s concerns about power
capacity at the desired site.
UiPath (NYSE:PATH) – UiPath announced on
Tuesday that it will cut 10% of its global workforce, eliminating
about 420 jobs as part of a restructuring plan to reduce operating
expenses. This decision marks a significant shift since Daniel
Dines resumed as CEO after Rob Enslin’s resignation in May. Shares
rose 0.84% in pre-market trading.
LegalZoom (NASDAQ:LZ) – LegalZoom lowered its
full-year sales forecast and announced the departure of its CEO,
who will be replaced by one of the company’s largest individual
shareholders. Jeffrey Stibel, current chairman of the board with
approximately 3.5% ownership, will immediately assume the CEO role,
replacing Dan Wernikoff. The platform, which provides legal,
accounting, and other services for small businesses, now expects
sales between $675 million and $685 million, down from the previous
forecast of $700 million to $720 million. Shares fell 17.2% in
pre-market trading.
Goldman Sachs (NYSE:GS) – Goldman Sachs Asset
Management predicts that the US economy will grow more slowly in
the second half of 2024, around 2%, with stock indexes projected to
remain predominantly stable due to slowing profits and political
anxieties. GSAM sees opportunities in AI stocks and fixed-income
markets, especially in high-yield bonds and structured credit.
Citigroup (NYSE:C) – Citigroup strategists led
by Drew Pettit suggest that despite the strong performance of
AI-related stocks, investors should consider taking profits,
especially among chip manufacturers. Although sentiment is
optimistic, with cash flow forecasts exceeding expectations, they
warn of potential volatility and highlight the need for
diversification within the AI sector.
HSBC Holdings (NYSE:HSBC) – HSBC is
restructuring parts of its investment bank to resemble competitors
like Citigroup Inc. Sector coverage groups are being combined to
increase banker efficiency in providing services to clients in
response to challenging market conditions.
Wells Fargo (NYSE:WFC) – Wells Fargo announced
the appointment of Alexandra Barth as co-head of its leveraged
finance business, strengthening its team while seeking to expand
its investment banking operations. The bank has bolstered its
investment banking unit, adding more than 50 bankers and operators
since 2020. Barth, who previously co-led leveraged finance at
Deutsche Bank, where she worked for nearly 25 years, will now lead
the team alongside Trip Morris, reporting to Tim O’Hara.
UBS Group AG (NYSE:UBS) – UBS is changing its
leadership in Florida, appointing Lane Strumlauf as market
executive for the state, replacing Brad Smithy. Strumlauf, who has
been with UBS for 17 years and recently served as market executive
in Atlanta, will now oversee approximately 600 employees in over 20
offices in Florida. The change reflects the growing importance of
the Florida market for UBS, which has attracted many wealthy
clients in recent years.
Fifth Third Bancorp (NASDAQ:FITB) – Fifth Third
Bancorp agreed to pay $20 million in fines and compensate 35,000
consumers for unauthorized account openings and illegal car
repossessions. The Cincinnati bank, without admitting or denying
the charges, will also pay specific fines to resolve these issues,
as announced by the U.S. Consumer Financial Protection Bureau
(CFPB).
Blackstone (NYSE:BX) – Blackstone has hired
Tyler Dickson, former global head of investment banking at
Citigroup, to lead client relations in its credit and insurance
unit. Dickson, a 30-year Citi veteran, will now oversee the
Institutional Client Solutions team at Blackstone Credit &
Insurance (BXCI).
BlackRock (NYSE:BLK) – BlackRock Investment
Institute (BII) stated that the recent UK parliamentary elections
made the valuation of UK stocks attractive, while Japanese stocks
remain their top equity investment choice. The historic defeat of
the British Conservative Party in the election increased perceived
political stability, improving sentiment, according to Wei Li,
BlackRock’s chief investment strategist.
KKR & Co (NYSE:KKR) – Kokusai Electric
announced a secondary offering of up to 60.4 million shares, valued
at approximately $2.02 billion, including additional lots. This
follows a significant increase in the shares of the Japanese chip
equipment maker, driven by expectations of investments in
technology such as artificial intelligence. KKR’s stake, which
plans to sell part of its shares, would fall to 23%, down from
about 43% previously.
Berkshire Hathaway (NYSE:BRK.B) – Berkshire
Hathaway’s stock portfolio exceeded $400 billion, mainly driven by
the performance of Apple, its largest holding, which hit a record
high on Tuesday. Despite the increase in portfolio value,
Berkshire’s stock price rose only about 1% this quarter, lagging
the S&P 500’s performance. The company, dominated by its Apple
holding, which accounts for about 44% of its stocks, expects to
report results on August 3.
Tesla (NASDAQ:TSLA) – Tesla shares are on an
impressive winning streak, making them the most expensive in over
two years. After nine consecutive days of gains, totaling about
39%, and an increase of more than 80% since the 52-week low before
the first-quarter earnings announcement, which exceeded
expectations. On Tuesday, shares closed up 3.7%, while the
price-to-earnings ratio rose significantly, indicating that the
shares are now valued at 88 times future earnings. With Tesla
anticipating improvements such as higher battery storage sales and
vehicle deliveries, along with a future robotaxi event, investors
are optimistic but cautious about the company’s valuation. Shares
rose 0.92% in pre-market trading.
VinFast Auto (NASDAQ:VFS) – The Vietnamese
electric vehicle manufacturer is seeking a bank loan of about $250
million to finance the construction of its assembly plant in
Subang, Indonesia. Controlled by Pham Nhat Vuong, the company aims
to expand regionally and compete in the global electric vehicle
market.
Ford Motor (NYSE:F) – Ford Motor is receiving a
reduced incentive package from the state of Michigan for its
battery plant in Marshall, after cutting expected production to
match electric vehicle demand. The revised package offers up to
$409 million, down from $1.03 billion previously. The plant will
start production in 2026. Shares rose 0.1% in pre-market
trading.
Boeing (NYSE:BA) – Boeing reported that June
had the highest number of commercial jet deliveries of the year,
with 44 aircraft, a 27% reduction from the previous year due to
legal and production challenges. The company faces supply chain
difficulties and increased regulatory scrutiny. Shares rose 0.15%
in pre-market trading.
Delta Air Lines (NYSE:DAL) – Riyadh Air, Saudi
Arabia’s new airline, partnered with US-based Delta Air Lines to
expand its network before starting commercial operations next year.
Riyadh Air will be the second national airline, based in Riyadh,
alongside Jeddah-based Saudia. Delta will be Riyadh Air’s only
partner in North America, offering access to hundreds of
destinations in the US.
Goodyear Tire & Rubber Company (NASDAQ:GT),
Yokohama Rubber Co (TG:YRB) – Japan’s Yokohama
Rubber is negotiating the purchase of Goodyear Tire & Rubber’s
off-road tire division for at least $1 billion, according to
Bloomberg. Goodyear shares rose 1.42% in pre-market trading.
Helen of Troy (NASDAQ:HELE) – On Tuesday, Helen
of Troy reported financial results below expectations, with
adjusted earnings of 99 cents per share and revenue of $416.8
million, against estimates of $1.59 per share and $446 million in
revenue. The company expects first-quarter fiscal issues to
continue, adjusting its 2025 revenue forecast to a 6% to 3.5%
decline, worse than previous estimates.
Koss Corp. (NASDAQ:KOSS) – Koss Corp. shares
closed down 5.4% on Tuesday, after already dropping 21.4% on
Monday. Rumors of investment by Keith Gill, the Roaring Kitty, led
to a 143.8% gain in the stock on July 3, the largest daily gain
since January 2021. In 2024, Koss shares have risen 196.1%,
outperforming the S&P 500 index. The company also reported a
22% revenue decline in the third fiscal quarter, attributed to
reduced consumer spending due to high inflation and energy and loan
costs. Shares rose 5.65% in pre-market trading.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle
Mexican Grill veteran Jack Hartung will retire as CFO on March 31.
Adam Rymer, with 15 years at Chipotle and current vice president of
finance, will succeed him as CFO starting January 1. Shares rose
0.12% in pre-market trading.
Kura Sushi USA (NASDAQ:KRUS) – Kura Sushi
increased sales last quarter after adjusting menu prices but faced
a loss due to high labor costs. Revenue grew 28%, reaching $63.1
million, in line with expectations. The net loss was $558,000, or
-5 cents per share, compared to a profit of $1.7 million, or 16
cents per share, in the same period last year. FactSet analysts
expected 1 cent per share profit. The company revised its annual
revenue projections to $235 million to $237 million, down from the
previous range of $243 million to $246 million.
Tyson Foods (NYSE:TSN) – Tyson Foods agreed to
sell a chicken processing facility to House of Raeford Farms as
part of its strategy to regain profitability. Raeford Farms, a
family-owned meat producer, plans to maintain operations at the
Georgia plant with the current workforce and grower network. Tyson
will continue to fulfill customer orders from other locations.
Kroger (NYSE:KR), Albertsons
(NYSE:ACI) – Kroger disclosed details of the stores, distribution
centers, and plants it plans to sell to gain regulatory approval
for its merger with Albertsons Cos. The sale, including 579
locations in several states, aims to address antitrust concerns
before a trial scheduled for August.
Cigna Group (NYSE:CI), CVS
Health (NYSE:CVS), UnitedHealth Group
(NYSE:UNH) – The federal government intensified its campaign
against pharmacy benefit management companies with a critical
report from the Federal Trade Commission, alleging these companies
are raising drug costs and harming independent pharmacies. The
report, the result of a two-year ongoing investigation, blames the
industry for high drug prices in the US, highlighting the control
they exert, negatively impacting independent pharmacies. Despite
the criticism, the commission does not plan immediate regulatory
actions.
Tempus AI (NASDAQ:TEM) – Wall Street brokers
began covering Tempus AI, backed by SoftBank, with an optimistic
view, betting that its library of clinical and molecular data will
drive more powerful diagnostics and tests. Seven brokers, including
JPMorgan and Morgan Stanley, gave a “Buy” or “Overweight” rating,
boosting the company’s shares. The company sells genomic tests in
various medical fields and expects revenue and profit growth in the
coming years. Shares rose 2.61% in pre-market trading.
Pfizer (NYSE:PFE) – Mikael Dolsten, Pfizer’s
Chief Scientific Officer and a key figure in the development of the
Covid-19 vaccine, will leave the company after more than 15 years.
During his tenure, Dolsten led major projects, including the
Comirnaty vaccine and drugs like Vyndaqel and Eliquis. The search
for his successor has already begun. Shares fell 0.11% in
pre-market trading.
Novo Nordisk (NYSE:NVO), Eli
Lilly (NYSE:LLY) – An analysis showed that Eli Lilly’s
treatment promotes faster and more significant weight loss than
Novo Nordisk’s treatment. The analysis, which is not a direct
clinical trial, was based on health records and showed better
weight loss results with Mounjaro compared to Ozempic. Novo Nordisk
stated that direct comparisons in clinical trials are necessary,
while Lilly is conducting a more comprehensive study expected to
conclude this year. Novo shares fell -0.45% in pre-market
trading.
United Parcel Service (NYSE:UPS) – UPS
appointed longtime employee Brian Dykes as the new Chief Financial
Officer. Dykes, with over 25 years at the company, replaces Brian
Newman. The change comes as UPS faces higher labor costs due to the
new contract with the Teamsters and won an air cargo contract from
USPS, replacing FedEx.
Union Pacific (NYSE:UNP) – Union Pacific
reported that it has resumed most of its operations in Texas,
affected by Hurricane Beryl, but expects some disruptions until
power and road access are fully restored. Except for the Galveston
area, all impacted track segments were quickly reactivated. The
company warns of potential delivery delays by train in affected
areas.
Vale (NYSE:VALE) – Consulting firm Russell
Reynolds presented Vale’s board, one of the world’s largest iron
ore miners, with 15 potential candidates to replace current CEO
Eduardo Bartolomeo. The nominees include leaders from major
Brazilian companies like Francisco Gomes Neto from Embraer, Gustavo
Werneck from Gerdau, and Cristiano Teixeira from Klabin. Vale
expects to announce the new CEO by December. Shares fell 0.26% in
pre-market trading.
ArcelorMittal (NYSE:MT) – ArcelorMittal South
Africa decided to keep its long steel production unit, providing
South Africa with an opportunity to revitalize local manufacturing,
according to Philippa Rodseth, executive director of the
Manufacturing Circle. The move could sustain 270,000 jobs if
supported by industry, government, and workers. Shares rose 0.63%
in pre-market trading.
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