Ericsson AB (NASDAQ:ERIC) – Ericsson AB
exceeded analysts’ expectations in the second quarter, benefiting
from cost-cutting measures amid a challenging market. The Swedish
company reported a 14% increase in adjusted earnings before
interest and taxes, reaching $307 million (3.23 billion Swedish
kronor), excluding amortizations. Despite a 7% decline in net
sales, revenues exceeded projections. The stock rose 4.2% in
pre-market trading.
Tesla (NASDAQ:TSLA), Uber
(NYSE:UBER), Lyft (NASDAQ:LYFT) – Tesla introduced
a new rear-wheel-drive version of the long-range Model 3, costing
$5,000 less than the all-wheel-drive variant, now priced at
$42,490. Other model prices remained unchanged. After an 11-day
rally, Tesla shares plummeted 8.4% on Thursday, reacting to the
postponement of its autonomous robotaxi launch to October for
prototype adjustments. Initially scheduled for August 8 by Elon
Musk, the delay negatively impacted Tesla shares and favored
competitors like Uber and Lyft, underscoring Tesla’s leading
position in the autonomous vehicle sector. Additionally, UBS
downgraded Tesla shares due to rapid appreciation driven by AI
enthusiasm, deemed exaggerated by analysts including Joseph Spak.
They also point to a more cautious EV market and challenges like
reduced sales and intense competition, leading to a sell
recommendation. Tesla will report quarterly results on July 23. In
pre-market trading, Tesla shares fell 1.4%, while Uber shares fell
0.2% and Lyft shares rose 0.7%.
Novo Nordisk (NYSE:NVO) – An Oxford University
study linked Novo Nordisk’s Ozempic to lower rates of dementia and
other mental issues, raising expectations about the diabetes
treatment’s secondary benefits. Patients treated with Ozempic had a
48% lower risk of dementia compared to those using sitagliptin, an
older drug, and also showed reduced cognitive deficits and smoking
risks. The stock rose 1.2% in pre-market trading.
Pfizer (NYSE:PFE) – Pfizer announced Thursday
it is back in the race to launch an effective weight loss pill. The
announcement, however, failed to dispel concerns about its oral
GLP-1 program, which may be too late. The program had safety and
side effect issues affecting previous experimental pills. Pfizer
now bets on a new daily version of danuglipron to resume larger
studies. Shares, which rose 1.1% on Thursday, are up 0.8% in
pre-market trading on Friday.
QuantumScape (NYSE:QS) – QuantumScape shares
soared 30.5% on Thursday following the announcement of a deal with
Volkswagen that could lead to large-scale production of solid-state
EV batteries. The partnership will allow Volkswagen’s battery
company PowerCo to industrialize QuantumScape’s new batteries,
promising lower costs, longer range per charge, and greater
safety.
General Motors (NYSE:GM) – General Motors plans
to invest at least $900 million to retool a car factory in Lansing,
Michigan, to produce electric vehicles, announced Energy Secretary
Jennifer Granholm on Thursday. GM will also receive $500 million in
government subsidies to convert the plant for EVs.
Stellantis (NYSE:STLA) – Chrysler’s parent
company is set to receive subsidies totaling $584.8 million to
convert its factories in Belvidere, Illinois, and Kokomo, Indiana,
to produce electric vehicles and components, as part of the Biden
administration’s efforts to boost EV manufacturing in the US. The
stock rose 0.2% in pre-market trading.
Magnificent Seven – On Thursday, the massive
sell-off of major tech company stocks resulted in the
second-largest single-day market capitalization elimination for the
“Magnificent Seven” on record. The drops in all seven stocks
resulted in a collective loss of $598 billion, the largest since
February 2022. Tesla fell 8.4%,
Nvidia -5.6%, Meta -4.1%,
Alphabet -2.9%, Amazon -2.4%,
Apple -2.3%, and Microsoft
-2.5%.
Microsoft (NASDAQ:MSFT) – Republican lawmakers
have requested an intelligence assessment from the Biden
administration on Microsoft’s $1.5 billion investment in the
UAE-based AI company G42, citing concerns about the transfer of
sensitive technology and G42’s historical ties with China. The
stock rose 0.3% in pre-market trading.
Apple (NASDAQ:AAPL) – Apple agreed to open its
tap-to-pay mobile payment system to competitors, announced the
European Union’s antitrust regulator on Thursday, though it has not
yet fully adjusted its business practices to comply with new tech
rules. The company faces multiple investigations under the EU
Digital Markets Act. The stock rose 0.4% in pre-market trading.
Amazon (NASDAQ:AMZN) – The UK grocery regulator
has threatened Amazon with a formal investigation if it does not
improve its compliance with a sector code designed to protect
suppliers. Amazon received criticism for its low compliance score,
falling to 47% in 2024 from 59% in 2023. The stock rose 0.1% in
pre-market trading.
Intel (NASDAQ:INTC) – Intel is making progress
in the software sector, led by Greg Lavender since 2021. The
company, which acquired three software firms, aims to reach $1
billion in software revenue by 2027. Lavender focuses on AI and
security services, highlighting the demand for the Gaudi 3 chip.
The stock fell 0.3% in pre-market trading.
Micron Technology (NASDAQ:MU) – Taiwan’s
President Lai Ching-te thanked Micron CEO Sanjay Mehrotra for
continued investment and confidence in the island during a rare
public meeting with a foreign tech executive. Despite Taiwan being
home to TSMC, the world’s largest contract chipmaker, it is unusual
for the president to have publicized meetings with foreign tech
executives. Lai praised Micron for long-term investment in Taiwan
and advancing DRAM chip technology. The stock rose 0.1% in
pre-market trading.
Paramount Global (NASDAQ:PARA) – The merger of
Paramount Global with Skydance Media illustrates that winning can
sometimes mean losing, at least in big Wall Street deals. Paramount
shares fell 20% in 2024 and 75% over the past five years,
disappointing investors who expected a good deal. The merger
benefits National Amusements and Skydance more than public
shareholders, especially non-voting Class B shareholders.
Fastenal (NASDAQ:FAST) – Fastenal’s financial
results are imminent, with investors eagerly anticipating growth.
The industrial distributor reports second-quarter numbers on Friday
morning. Wall Street expects earnings of 51 cents per share on
sales of $1.9 billion, compared to 52 cents and $1.8 billion in the
second quarter of 2023.
Grab Holdings (NASDAQ:GRAB) – Singapore’s
competition regulator questioned Grab and Trans-cab about
competition concerns following the acquisition of the taxi operator
last year. The transaction, around $74 million, could reduce
passenger choices and result in higher prices due to a potential
driver shortage. The stock rose 1.1% in pre-market trading.
Boeing (NYSE:BA) – Boeing informed some 737 Max
customers that deliveries scheduled for 2025 and 2026 could face
additional delays of three to six months. Boeing is close to
selling about 24 777X jets to Korean Air in a deal estimated
between $4 billion and $6 billion, expected to be finalized at the
Farnborough Airshow in July. After a surprise order of 33 Airbus
A350 jets in March, Korean Air is back in talks with its
traditional supplier. The stock fell 0.7% in pre-market
trading.
RTX (NYSE:RTX) – Raytheon Technologies, under
RTX, announced on Thursday it received a $1.2 billion contract to
supply Germany with additional Patriot air and missile defense
systems. This new order represents the second Patriot contract for
Germany this year.
Lockheed Martin (NYSE:LMT) – The Pentagon will
resume F-35 fighter jet deliveries next week despite delays in a
hardware and software update. The decision will allow Lockheed
Martin to receive about $700 million by year-end. With delays in
the full TR-3 upgrade, jets were accumulating in the Texas yard,
risking weather damage and limiting pilot training. The jets will
be delivered with intermediate training capability and receive the
full upgrade later.
Chevron (NYSE:CVX), Hess Corp
(NYSE:HES) – Chevron and Hess expect the US Federal Trade
Commission to review their merger proposal in the third quarter.
The FTC plans to delay its decision on blocking Chevron’s $53
billion acquisition of Hess until it resolves an arbitration case
with Exxon Mobil.
Devon Energy (NYSE:DVN) – Devon Energy shares
fell 3.2% over the past 7 days after announcing the acquisition of
Grayson Mill Energy’s assets. The reaction appears exaggerated for
a deal that could prove highly profitable. The $5 billion cash and
stock purchase of Williston Basin assets involves issuing new
shares, worrying investors about earnings per share dilution. Devon
will also need to increase its debt, but the deal is expected to
significantly boost earnings and free cash flow, potentially
offsetting these concerns.
Sunnova Energy (NYSE:NOVA),
SunRun (NASDAQ:RUN), SunPower
(NASDAQ:SPWR) – Solar energy company shares rose significantly on
Thursday, driven by a weaker-than-expected inflation index, raising
expectations that the Federal Reserve will start lowering interest
rates sooner. Companies like Sunnova Energy, SunRun, and SunPower
led gains yesterday, rising 19.1%, 15.5%, and 7.2%, respectively.
In pre-market trading, Sunnova shares rose 1.5%, SunRun shares rose
1.6%, while SunPower shares were stable.
Vista Energy (NASDAQ:VIST) – Vista reported
earnings per share of $0.74 last quarter, up from $0.61 per share
the previous year, but below analysts’ estimate of $1.40 per share.
The company had revenue of $396.72 million, slightly below
expectations but significantly up from $230.98 million a year ago.
The company projects earnings of $1.52 per share and revenues of
$475.58 million for the next quarter, and $6.33 per share in $1.7
billion revenues for the current fiscal year. The stock fell 0.6%
in pre-market trading.
Bain Capital (NYSE:BCSF),
Envestnet (NYSE:ENV) – Bain Capital will acquire
Envestnet for $4.5 billion, adding to its portfolio a financial
software provider serving 16 of the 20 largest US banks. Bain
Capital offers $63.15 per share in cash. The average target price
is $69.21, according to LSEG data. Investors like Reverence
Capital, BlackRock, Fidelity Investments, Franklin Templeton, and
State Street Global Advisors support the deal.
Citigroup (NYSE:C) – Citigroup, in hiring
Viswas Raghavan as head of banking, awarded him shares valued at
about $41 million. These shares compensate for what he lost leaving
JPMorgan. Raghavan, reporting to CEO Jane Fraser, cannot
immediately sell the shares, which will vest in tranches through
2031. The stock rose 0.4% in pre-market trading.
JPMorgan Chase (NYSE:JPM) – JPMorgan plans to
increase its market share, targeting 15% of consumer deposits in
the country and 20% of credit card spending. With $1.1 trillion in
retail deposits in the first quarter, the bank invests in
modernization and capabilities to maintain long-term leadership.
The bank will report second-quarter numbers today. Analysts
estimate the bank will report earnings of $5.88 per share,
exceeding last year’s $4.75. Key concerns for investors include the
bank’s capital plans, the impact of new regulations, and net
interest income, expected at $22.78 billion, up from $21.78 billion
last year. The stock rose 0.1% in pre-market trading.
Jefferies Financial Group (NYSE:JEF) –
Jefferies hired Stefani Silverstein from Goldman Sachs as managing
director focused on tech mergers and acquisitions, according to
Bloomberg. Silverstein, based in New York, will start at Jefferies
after a leave period. She worked at Goldman since 2016 and
previously at Barclays Plc for about seven years.
Iris Energy (NASDAQ:IREN) – Iris Energy shares
fell about -16% over the past seven days after Culper Research
questioned the Bitcoin mining company’s ability to support
high-performance computers used in generative AI. Culper alleged
the company’s data centers lack sufficient power for this. With low
profitability in Bitcoin mining, some in the sector consider
redirecting infrastructure to high-performance computing. The stock
rose 0.2% in pre-market trading.
Block (NYSE:SQ), Core
Scientific (NASDAQ:CORZ) – Block, the payment technology
company led by Jack Dorsey, is positioned to stand out in the
cryptocurrency mining industry. Analysts emphasize that disclosing
profit margins will be crucial for Wall Street to assess the
potential earnings impact. The deal with Core Scientific, where
Block will supply bitcoin mining chips, marks a significant step,
but financial transparency on specific deal details will be key for
investors. In pre-market trading, Block shares rose 1%, while Core
shares rose 0.1%.
Nike (NYSE:NKE) – Longtime Nike executive
Thomas Clarke will assume the role of senior advisor to CEO John
Donahoe and the leadership team. Clarke, with the company since
1980 and former president of innovation, will now focus on growth
initiatives. John Hoke, with 30 years at the company, will replace
Clarke. The stock rose 0.4% in pre-market trading.
Estée Lauder (NYSE:EL) – Estée Lauder announced
that Tracey Travis will step down as CFO after 12 years on June 30,
2025. A successor has been identified and will be named in the
coming weeks. Travis, who joined from Ralph Lauren, was
instrumental in Estée Lauder’s financial growth and strategic
acquisitions.
Dollar General (NYSE:DG) – Dollar General
agreed to pay $12 million in fines for safety violations including
blocked exits, inaccessible fire extinguishers, and improper
storage, as disclosed by the US Department of Labor. The company
must also improve store safety and implement corrective measures,
including hiring additional safety managers and extensive
training.
Brinker International (NYSE:EAT) – The Beastie
Boys sued Brinker International in federal court in New York,
alleging the company used their 1994 song “Sabotage” to promote the
Chili’s restaurant chain without permission, implying a false
endorsement. They seek monetary damages and a prohibition on using
their work.
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