Toyota Motor (NYSE:TM) – Toyota’s global
production fell 12.9% in June to 795,862 vehicles, marking the
fifth consecutive month of decline. The automaker faced
certification issues in Japan and intense price competition in
China, contributing to significant reductions both domestically and
internationally. In other news, Toyota President Akio Toyoda stated
he might not be re-elected if shareholder support continues to
decline. At the last meeting, his support was 72%, down from 85% in
2023. Institutional investor support was especially low at 34%.
Toyota shares rose 1% in pre-market trading.
Delta Air Lines (NYSE:DAL),
Microsoft (NASDAQ:MSTR),
CrowdStrike (NASDAQ:CRWD) – Delta Air Lines will
sue Microsoft and CrowdStrike for a global cyber failure that
caused over 6,000 flight cancellations in July. The airline seeks
compensation for financial impacts and slow service recovery.
CrowdStrike shares fell 4.9% in pre-market trading.
Meta Platforms (NASDAQ:META) – Meta Platforms
will launch AI Studio, a tool that allows users to create and share
custom AI chatbots. In addition to enabling the creation of AI
characters, this tool will help Instagram creators manage automatic
interactions in DMs and story replies. Shares fell 0.1% in
pre-market trading.
Apple (NASDAQ:AAPL), Alphabet
(NASDAQ:GOOGL) – Apple revealed that its AI system, Apple
Intelligence, was trained on Google TPU processors, offering an
alternative to Nvidia for AI training. The company launched a
preview version of Apple Intelligence, which includes new features
for Siri and improvements in natural language processing and image
generation. In pre-market trading, Apple rose 0.2% while Alphabet
rose 0.1%.
Nvidia (NASDAQ:NVDA) – Nvidia launched NIMs
(Nvidia Inference Micro Services) to facilitate the use of
generative AI by businesses, charging for this convenience.
Announced by CEO Jensen Huang at the Siggraph conference, NIMs
integrate with Nvidia AI Enterprise. Nvidia aims to expand AI use
across various industries, highlighting benefits like enhanced
image generation and the creation of virtual worlds. Examples
include Getty Images generating high-resolution images from text
and Shutterstock’s Edify creating 3D images. Apple Vision Pro
allows creating virtual worlds and training robots. Nvidia shares
fell 0.2%.
Adobe (NASDAQ:ADBE) – Adobe’s rival Canva
acquired startup Leonardo.ai to integrate its image and video
generation tools into its products. This acquisition, the second
this year, is a strategy to compete with Adobe in creative
software. Founded in 2022, Leonardo.ai has a team of 120 people and
has created over a billion images.
Hewlett Packard Enterprise (NYSE:HPE),
Juniper Networks (NYSE:JNPR) – Hewlett Packard
Enterprise is set to receive unconditional antitrust approval from
the EU for its $14 billion acquisition of Juniper Networks. HPE
seeks to expand its products and services, especially in artificial
intelligence. The European Commission is expected to decide by
August 1, and the UK regulator is also evaluating the deal.
WPP Plc (NYSE:WPP), BT Group
(LSE:BT.A) – WPP is set to appoint Philip Jansen, former CEO of BT
Group, as its new chairman, succeeding Roberto Quarta. The decision
may be announced this week, as reported by the Financial Times. The
change comes at a critical time for WPP, which faces financial
challenges. WPP shares rose 0.6% in pre-market trading.
Occidental Petroleum (NYSE:OXY),
Permian Resources (NYSE:PR) – Occidental Petroleum
will sell assets in the Delaware Basin to Permian Resources for
$818 million to reduce debt. With these and other divestments,
Occidental expects to raise $970 million this year. The sale
includes 29,500 acres and is expected to close in the third quarter
of 2024. OXY shares fell 0.1% in pre-market trading.
Loews (NYSE:L) – James Tisch will step down as
CEO of Loews after nearly 25 years, with his son Benjamin Tisch
taking over. James will become chairman on December 31. Loews
reported a 2.5% increase in second-quarter profit, driven by
insurance premiums and investment returns.
Tesla (NASDAQ:TSLA) – Morgan Stanley selected
Tesla, replacing Ford, as its top pick in the automotive industry,
highlighting the growth potential of Tesla’s energy sector. Tesla
is expected to excel in the electric vehicle credits market,
despite challenges with profit margins and demand, while Ford
posted disappointing financial results. In other news, Elon Musk
stated that investors won’t understand Tesla without experiencing
the Full Self-Driving (FSD) system. Bloomberg reported that analyst
William Stein tested FSD and nearly had an accident due to system
failures, highlighting that despite some advancements, FSD is not
truly autonomous. Tesla shares rose 1.6% in pre-market trading.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines is eliminating free seating to increase revenue, following
investor pressure and declining profits. The new designated seating
model, including extra space options, may alienate loyal customers
and change the company’s identity but aims to improve
profitability.
Berkshire Hathaway (NYSE:BRK.A), Bank
of America Corp (NYSE:BAC) – Berkshire Hathaway reduced
its stake in Bank of America for the third time in July, totaling
$3 billion, by selling shares worth $767 million between July 25
and 29. Despite this reduction, Berkshire still holds nearly 962
million shares of the bank, valued at $39.5 billion. The sale
reflects a partial withdrawal from a bet that began in 2011.
Wells Fargo (NYSE:WFC) – A US judge ruled that
Wells Fargo must face a lawsuit for allegedly misleading
shareholders about its diversity hiring practices. The bank is
accused of conducting false interviews for non-white and female
candidates without intending to hire them.
Citigroup (NYSE:C), Morgan
Stanley (NYSE:MS) – Recently, Citigroup and Morgan Stanley
sold preferred shares with yields of 7% and 6.625%, respectively.
Citi raised $1.5 billion, while Morgan Stanley raised $1 billion.
Both offerings valued above the initial issuance price, with Citi
issuing $3.8 billion in preferred shares this year.
UBS Group AG (NYSE:UBS) – The Swiss financial
regulator FINMA is meticulously evaluating how UBS selects risky
Credit Suisse clients to avoid old Credit Suisse problems
transferring to UBS post-merger. This supervision includes
verifying UBS’s risk filters and compliance procedures’
effectiveness. UBS shares rose 0.1% in pre-market trading.
Charles Schwab (NYSE:SCHW) – After the latest
earnings report, Charles Schwab shares fell 11%, and analyst
Patrick Moley downgraded his recommendation from “Buy” to
“Neutral.” He reduced the price target from $80 to $64, citing
uncertainties due to changes in the company’s banking
operations.
BHP Group (NYSE:BHP) – Workers at the Escondida
mine in Chile, represented by the union, were called to reject
BHP’s latest contract offer and consider a strike. Voting will be
from Monday to Thursday, and a strike could begin immediately,
affecting copper production. The union seeks better benefits and
conditions for workers. BHP shares fell 2.7% in pre-market
trading.
BHP Group (NYSE:BHP), Lundin
Mining (TSX:LUN), Filo Corp (TSX:FIL) –
BHP and Lundin Mining will buy Filo Corp for $3.25 billion (C$ 4.5
billion), creating a 50/50 joint venture for the Filo del Sol and
Josemaria projects on the Argentina-Chile border. The offer is C$
33 per share, with a 12.2% premium.
Guardant Health (NASDAQ:GH) – The Food and Drug
Administration (FDA) approved Guardant Health’s colorectal cancer
screening blood test. The test, called Shield, is the first of its
kind approved in the US and covered by Medicare, aiming to improve
early detection and survival rates of colorectal cancer.
Bristol Myers Squibb (NYSE:BMY),
Johnson & Johnson (NYSE:JNJ),
AbbVie (NYSE:ABBV), AstraZeneca
(NASDAQ:AZN) – These major pharmaceutical companies stated they do
not expect significant impacts on their businesses after seeing the
proposed US government prices for Medicare drugs, which will take
effect in 2026. The companies consider the prices “okay” and in
line with expectations.
J.M. Smucker (NYSE:SJM) – J.M. Smucker is
considering selling Voortman Bakery, valuing the cookie and wafer
brand at over $350 million. Smucker, which bought Hostess Brands
for $5.6 billion, hired Goldman Sachs to find buyers. Voortman was
acquired by Hostess in 2019 for about $320 million.
Berkshire Hathaway (NYSE:BRK.A)
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