Microsoft (NASDAQ:MSFT) – A widespread failure
in Microsoft’s services affects many large companies globally. The
outage, which extended from the U.S. to Asia, impacted the
operations of many companies, causing issues from customer service
to banking and airline operations, including McDonald’s, the London
Stock Exchange, Bank of Israel. American, Delta, United, and
Allegiant Air suspended flights due to communication problems.
Zurich Airport and others also had to conduct manual check-ins due
to the issue. Players faced difficulties accessing services in
Nintendo’s online store. Banks, media, and telecommunications
companies were also affected. The problem, related to Crowdstrike’s
“Falcon Sensor” software, caused failures in Microsoft Windows.
Shares fell 2.47% pre-market.
CrowdStrike (NASDAQ:CRWD) – Currently,
CrowdStrike is working to roll back this update worldwide,
following numerous reports of technical failures globally. Shares
fell 14.56% pre-market.
OpenAI, Broadcom (NASDAQ:AVGO)
– OpenAI is in talks with chip designers, including Broadcom, to
create a new artificial intelligence chip, aiming to overcome the
shortage of graphics processing units needed to develop models like
ChatGPT, GPT-4, and DALL-E3. OpenAI seeks to expand access to AI
infrastructure more affordably. Additionally, OpenAI launched
GPT-4o mini, a more affordable and simpler version of its advanced
AI model, targeting developers and businesses. Available to users
and corporate clients, GPT-4o mini offers similar functionalities
to the larger model but at a reduced cost. Broadcom’s shares fell
0.02% pre-market.
McDonald’s Corp. (NYSE:MCD) – On Friday,
McDonald’s in Japan closed about 30% of its stores due to a system
failure, mainly affecting cash registers early in the day. The
cause and resolution timeframe are still under investigation. The
failure caused great disappointment among customers and became a
popular topic on the social network X in Japan.
Apple (NASDAQ:AAPL) – Apple is negotiating to
license more Hollywood films to expand its streaming portfolio.
Following the success of a recent deal for 50 films, Apple TV+ aims
to increase its content, diversifying beyond its original
productions to attract more subscribers in a competitive market.
Shares fell 0.70% pre-market.
Alphabet (NASDAQ:GOOGL),
Comcast (NASDAQ:CMCSA) – Google, NBCUniversal, and
the U.S. Olympic Committee will use AI to enhance coverage of the
Paris Olympics in the U.S. The technology will provide automated
explanations and summaries of competitions, with sports
commentators using AI to offer detailed insights. This is the first
AI partnership with the sports organization. Alphabet shares rose
0.68% pre-market, while Comcast shares remained stable.
Meta Platforms (NASDAQ:META),
EssilorLuxottica (EU:EL) – Meta Platforms is
negotiating to buy about 5% of EssilorLuxottica, its partner in the
manufacture of Ray-Ban smart glasses. The stake could be worth
about $4.73 billion, giving Meta more influence in the development
of these products. Meta shares rose 0.14% pre-market.
Amazon (NASDAQ:AMZN) – Consumers spent a record
$14.2 billion online during the 48-hour Amazon Prime Day. The
increase in sales was driven by back-to-school purchases and
electronics deals. The event turned July, traditionally slow for
retailers, into a busy season. In other news, a British union sued
Amazon, alleging the company unduly influenced its workers to vote
against unionization. The vote in Coventry failed by a few votes,
and the GMB union accuses Amazon of pressuring employees and
promoting the cancellation of union memberships with posters.
Shares rose 0.44% pre-market.
Amphenol (NYSE:APH), CommScope Holding
Co. (NASDAQ:COMM) – Amphenol agreed to acquire CommScope’s
wireless network and distributed antenna systems businesses for
$2.1 billion. The transaction represents the largest acquisition
ever made by Amphenol, consolidating its position in the electrical
equipment and connectivity market. CommScope shares fell 1.71%
pre-market.
SunPower (NASDAQ:SPWR) – SunPower saw its
shares plummet on Thursday after announcing a pause in several
operations, including leasing contracts and power purchases. The
company faces financial and market difficulties, exacerbated by
regulatory reforms in California that affected the demand for
residential solar energy. Shares fell 10.60% pre-market.
ConocoPhillips (NYSE:COP) – The Supreme Court
of Trinidad and Tobago confirmed that ConocoPhillips can execute
arbitration against Venezuela, blocking payments related to joint
gas projects. The decision allows ConocoPhillips to collect $1.33
billion for past expropriations, affecting shared gas projects
between the countries. Shares rose 1.19% pre-market.
Johnson Controls International (NYSE:JCI),
Robert Bosch GmbH (TG:A351UK) – Robert Bosch GmbH
is leading negotiations to acquire Johnson Controls International
Plc’s heating and ventilation assets in a potential deal that could
be worth billions of dollars. Bosch competed with other companies
like Lennox International Inc. and Samsung Electronics Co., but a
final agreement is yet to be confirmed.
Plug Power (NASDAQ:PLUG) – The company launched
a public offering of $200 million in common stock, with a 30-day
option to sell up to an additional $30 million. The money raised
will be used for general corporate purposes, with Morgan Stanley
acting as the sole book-running manager of the offering, which is
subject to market conditions. Plug Power shares fell 9.25%
pre-market, trading below $3 per share, set to register its fourth
consecutive year of losses.
Allegiant Travel (NASDAQ:ALGT) – Allegiant
Travel shares plummeted on Thursday after the company announced the
immediate suspension of its dividends and the change of CEO on the
same day. The decision to cut the 60-cent-per-share payment
reflects capital needs for fleet investments. The CEO change will
occur in September, with Gregory Anderson taking over from Maury
Gallagher.
Boeing (NYSE:BA) – The U.S. Department of
Justice announced it is significantly advancing a final agreement
with Boeing, expecting to finalize it by July 24. Boeing agreed to
plead guilty to criminal conspiracy, paying a $243.6 million fine
related to the 737 MAX failures following fatal accidents. Shares
rose 0.34% pre-market.
Embraer (NYSE:ERJ) – Embraer announced the
delivery of 47 aircraft in the second quarter of 2024, an 88%
increase compared to the previous year, reaffirming its forecasts
for the whole year despite supply chain challenges. With a firm
order backlog of $21.1 billion, the company expects growing demand
for its E2 and executive jets.
Tesla (NASDAQ:TSLA) – Tesla’s sales in
California fell 24% between April and June, marking the third
consecutive quarterly decline. Rising interest rates and strong
competition weakened demand for electric vehicles. The brand also
faces challenges due to controversies surrounding CEO Elon Musk.
Additionally, British builder Harmony Energy is constructing the
largest battery storage center in France. This 100-megawatt system,
located in Nantes, will be equipped with Tesla’s Megapack products
and will have the capacity to provide energy to 170,000 homes for
two hours. Shares fell 0.29% pre-market.
Ford Motor (NYSE:F) – Ford announced plans to
use its Canadian factory dedicated to electric vehicles to produce
larger gasoline versions of the F-Series pickup truck. This comes
after delaying electric SUVs and facing challenges in EV
profitability. The expansion focuses on meeting global demand for
Super Duty pickups while maintaining its commitment to future
electric vehicles. Shares fell 0.62% pre-market.
Stellantis (NYSE:STLA) – Stellantis issued a
global recall for approximately 24,000 Chrysler Pacifica plug-in
hybrid minivans due to the risk of battery fires. Owners were
advised to park outdoors and not recharge the vehicles until a
software update is installed, following reports of incidents
involving vehicle shutdowns and recharging. Shares fell 1.22%
pre-market.
Block (NYSE:SQ) – Block announced that its
payment service, Cash App, will cease operations in the United
Kingdom on September 15, after six years in the country. The
company decided to focus on the United States, discontinuing global
expansion. This decision affects customers, partners, and employees
involved in the project in the UK.
Citigroup (NYSE:C) – Citigroup agreed to pay a
fine of $138,000 to the Montreal Exchange for failing to properly
report positions in options contracts that exceeded established
limits. This penalty follows previous fines in the U.S. of $136
million for data management deficiencies. In other news, former
Citigroup director Kathleen Martin accused COO Anand Selva of
deliberately attempting to misreport the bank’s metrics to deceive
federal regulators. She claims this could benefit the bank but also
mislead shareholders and the public. Citigroup denies the
allegations and plans to contest them legally.
Abbott Laboratories (NYSE:ABT) – Abbott
Laboratories is considering discontinuing its special infant
formula for premature babies after legal concerns about the
product’s safety. CEO Robert Ford indicated that lawsuits and
criticism over failing to communicate risks to parents could lead
to the product’s withdrawal. The formula, intended for premature
babies under medical care, is under scrutiny for possibly
increasing the risk of severe intestinal damage.
Hasbro (NASDAQ:HAS) – Hasbro appointed John
Hight, a veteran video game executive known for his leadership in
Microsoft’s World of Warcraft franchise, as president of Wizards of
the Coast and the digital gaming division. He will oversee game
studios and digital agreements, in addition to strategies for
Magic: The Gathering and Dungeons & Dragons, while digital
games represent a significant portion of Hasbro’s revenue.
Vista Outdoor (NYSE:VSTO) – Glass Lewis
recommended Vista Outdoor shareholders vote in favor of merging the
ammunition unit with the Czechoslovak Group (CSG), highlighting an
increase in CSG’s offer as a reason to support the deal, despite
objections from other proxy advisory firms.
Enhabit (NYSE:EHAB) – Glass Lewis recommended
Enhabit shareholders choose three AREX Capital Management
candidates for the company’s board due to Enhabit’s poor financial
performance and strategic errors. The decision will be made on July
25, and AREX seeks to replace seven of the current nine
directors.
LATAM Airlines – LATAM Airlines plans to list
its shares on the New York Stock Exchange, potentially reaching a
valuation of $8.5 billion. The Chilean-based company aims to raise
over $533 million from the stock sale, which would be listed as
ADSs under the symbol “LTM.” The company, which emerged from
bankruptcy in 2022, will not receive proceeds from the sale.
Ardent Health Partners (NYSE:ARDT) – Ardent
Health Partners’ shares saw little change on the first trading day
on Thursday, closing at $16.06, almost equal to the IPO price of
$16. The healthcare services provider raised $192 million after
reducing the offering size and pricing below the expected range.
This was its second IPO attempt, succeeding after withdrawing the
first in 2020.
TWFG Insurance (NASDAQ:TWFG) – TWFG Insurance
shares, a Texas-based insurance brokerage, rose about 30% on its
first day on the Nasdaq, closing at $22.10, after being priced at
$17 each. The company, a Texas-based insurance brokerage, expected
to raise $170 million from the IPO.
Earnings
Netflix (NASDAQ:NFLX) – Netflix reported a net
profit of $2.15 billion, or $4.88 per share, with revenue of $9.56
billion, exceeding analysts’ forecasts of $4.74 per share and $9.53
billion in revenue. Netflix saw a 16.5% increase in global paid
subscriptions, reaching 278 million, surpassing the expected 274.4
million. Ad-supported subscriptions grew 34% compared to the same
quarter last year. The company now expects annual revenue growth
between 14% and 15%, compared to the previous forecast of 13% to
15%. Shares fell 1.45% pre-market.
PPG Industries (NYSE:PPG) – In the second
quarter, PPG Industries reported a decline in profit and revenue
due to lower global automobile production. The company posted a
profit of $528 million, or $2.24 per share, exceeding adjusted
expectations of $2.48. Revenue fell 2% to $4.79 billion, below the
expected $4.93 billion. PPG reduced its 2024 profit forecast to
$8.15 to $8.30 per share, previously estimated between $8.34 and
$8.59. Shares fell 2.82% pre-market.
Intuitive Surgical (NASDAQ:ISRG) – The medical
technology, robotics, and surgical innovation company announced
adjusted earnings of $1.78 per share with revenue of $2.01 billion.
Analysts polled by LSEG had forecast earnings of $1.54 per share
and revenue of $1.97 billion. Shares rose 6.69% pre-market.
Western Alliance (NYSE:WAL) – Western Alliance
reported earnings of $1.75 per share with revenue of $772 million.
Analysts expected earnings of $1.71 per share and revenue of $738
million, according to LSEG.
TWFG (NASDAQ:TWFG)
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