SunPower (NASDAQ:SPWR) – SunPower filed for
Chapter 11 bankruptcy in the US and sold part of its business to
Complete Solaria for $45 million. Complete Solaria will acquire
Blue Raven Solar, New Homes segments, and SunPower’s non-installing
dealer network. The company listed its assets and liabilities
between $1 billion and $10 billion and will continue selling
remaining assets, planning to liquidate operations after the sale.
SunPower also announced a workforce reduction of about 1,000
employees and the closure of its residential installation sites and
direct sales locations. Shares fell 25.9% pre-market.
Alphabet (NASDAQ:GOOGL) – Judge Amit Mehta
ruled that Google violated antitrust laws by spending billions on
exclusive deals to maintain a monopoly in the search market,
dominating 90% of the sector. He stated that Google acts as a
monopoly, hindering true competition and limiting innovation
incentives, maintaining its market dominance. The ruling could lead
to Alphabet’s breakup and marks a major victory for antitrust
authorities. Alphabet plans to appeal, and the legal battle may
last until 2026. Shares rose 0.9% pre-market.
Apple (NASDAQ:AAPL) – Google’s recent antitrust
defeat could impact Apple, which receives about $20 billion
annually from the search giant. The court deemed Google’s payment
to be the default search engine illegal. This threatens Apple’s
revenue stream, as it shifts from traditional searches to investing
in AI, like Apple Intelligence, potentially changing user-device
interaction. Apple may still maintain deals with AI providers, but
significant financial results will take time. Shares rose 0.5%
pre-market.
Meta Platforms (NASDAQ:META) – Meta apologized
for removing posts by Malaysia’s Prime Minister Anwar Ibrahim
honoring a deceased Hamas leader. The posts were restored, and a
live broadcast interruption was fixed. The Malaysian government
criticized the removal as discriminatory and a violation of free
speech. Shares rose 1.1% pre-market.
OpenAI – Elon Musk reopened a lawsuit against
OpenAI and its CEO Sam Altman, alleging the company prioritizes
profits over public good. Musk, who left OpenAI in 2018, argues the
partnership with Microsoft for AI technology violates OpenAI’s
original agreement. The lawsuit seeks to invalidate OpenAI’s
license with Microsoft and questions OpenAI’s transformation into a
for-profit entity.
Tesla (NASDAQ:TSLA) – The National Highway
Traffic Safety Administration is investigating a fatal crash
involving a Tesla Cybertruck in Texas. Tesla began delivering the
Cybertruck in November 2023 and has issued four recalls for the
2024 model. X, formerly Twitter, will close its San Francisco
office and relocate employees to San Jose and Palo Alto. The
decision ends the company’s presence in the city since 2006,
reflecting Elon Musk’s criticism of local culture and market
conditions. The move follows Musk’s plan to transfer headquarters
to Texas. Additionally, Secretaries of State from five US states
asked Musk to correct X’s chatbot Grok after it spread false
information about the November elections. Concerns about
misinformation misleading voters, especially in an election year,
were raised. Tesla shares rose 3% pre-market.
Toyota Motor (NYSE:TM) – Honda and Nissan are
developing vehicle software, and an academic suggests Toyota join
them to better compete with global rivals. Japan aims to dominate
30% of the software-defined vehicle market by 2030. Collaboration
among automakers could help achieve this goal and face competitors.
Toyota shares rose 2.1% pre-market.
Xpeng (NYSE:XPEV) – Xpeng Aeroht, a division of
Xpeng, raised $150 million to develop a flying car in Guangzhou.
The “Land Carrier” is a six-wheel ground vehicle that carries a
two-seat electric aircraft, which takes off and lands vertically.
Pre-sales will begin at the end of 2024. Shares rose 0.8%
pre-market.
Boeing (NYSE:BA), Spirit
AeroSystems (NYSE:SPR) – Executives from Boeing and Spirit
AeroSystems will testify at an NTSB hearing about the mid-air
explosion of an Alaska Airlines Boeing 737 MAX 9. The hearing,
analyzing the plane’s manufacturing and inspection, will start
today and last two days, investigating safety failures like missing
fasteners. Boeing faced fines and production restrictions related
to previous incidents.
Southwest Airlines (NYSE:LUV) – Elliott
Investment Management revealed a 7% stake in Southwest Airlines,
composed of shares and derivatives. The fund seeks to reshape the
airline’s management and board, pushing for executive replacement
and proposing new directors. Southwest responded with a defense
plan against acquisitions.
Nvidia (NASDAQ:NVDA) – Analysts downplay the
impact of potential three-month delays in Nvidia’s Blackwell chips,
which could affect clients like Meta and Google. Despite this, AI
chip demand remains high, and Nvidia should offset with sales of
older chips, maintaining its market dominance. CEO Jensen Huang
sold $322.7 million in shares in July and nearly $500 million since
the AI-driven stock peak. Although sales were under a trading plan,
the timing coincided with a 14% stock drop. The crisis affected
markets globally, reducing fortunes, including Huang’s, who fell to
16th on the billionaire list. Shares rose 2.6% pre-market.
Intel (NASDAQ:INTC), ASML Holding
NV (NASDAQ:ASML) – Intel is receiving its second “High NA”
EUV tool from ASML, valued at 350 million euros. These machines are
crucial for manufacturing advanced chips. Intel plans to use the
technology by 2027, while other chipmakers should start using it
between 2025 and 2026. Intel and ASML shares each rose 1.6%
pre-market.
Taiwan Semiconductor Manufacturing Co.
(NYSE:TSM) – Morgan Stanley considers TSMC a good choice despite
Monday’s record stock drop. They highlight TSMC’s quality and
defensive nature in downturn cycles. The price target is 50% higher
than the recent close. The stock, valued at 16 times projected 2025
earnings, rose 7.1% in Taiwan on Tuesday. The benchmark gained up
to 4.1% after the biggest fall in 57 years on Monday. New
York-listed shares rose 1.1% pre-market.
Broadcom (NASDAQ:AVGO), Arm
Holdings (NASDAQ:ARM), Intel
(NASDAQ:INTC), Nvidia (NASDAQ:NVDA), Super
Micro Computer (NASDAQ:SMCI) – Some semiconductor and AI
stocks that fell during Monday’s session recovered in pre-market
trading. Broadcom rose 1.9%, Arm rose 2.4%, and Super Micro
Computer rose 1.3%.
CrowdStrike (NASDAQ:CRWD) – CrowdStrike is
being sued by airline passengers due to a global computer outage
caused by a software update failure. The class action lawsuit,
filed in Austin, Texas, accuses the company of negligence and seeks
compensation for those affected by flight delays and cancellations.
Shares rose 3.5% pre-market.
Dell Technologies (NYSE:DELL) – Dell is cutting
jobs and restructuring its sales teams, including a new group
focused on artificial intelligence. The company is streamlining
management and prioritizing AI and high-power server investments.
Despite a 34% stock rise this year, Dell faces challenges with the
PC market and a major job reduction of 13,000 in 2023. Shares rose
1.2% pre-market.
Logitech International (NASDAQ:LOGI) – Logitech
co-founder Daniel Borel urged shareholders to choose a new board
chairman this year, replacing Wendy Becker, who will not seek
re-election in 2025. Borel suggested Guy Gecht as a replacement,
criticizing Becker for not addressing urgent company challenges.
The next general meeting is scheduled for September 4.
Banks – In the second quarter, demand for
commercial and industrial loans in the US remained stable, marking
the first time in two years it did not fall. The Federal Reserve
survey revealed that while credit standards remain tight, demand
for consumer loans and credit cards is improving.
Charles Schwab (NYSE:SCHW) – Charles Schwab and
Fidelity Investments resolved technical issues with their apps
faced by users trying to trade during Monday’s sharp market drop
due to recession fears. The failures, affecting account access,
caused panic and criticism, leading the SEC to monitor the
situation. Shares rose 1.9% pre-market.
JPMorgan Chase (NYSE:JPM) – According to
JPMorgan Chase, the carry trade reversal may continue as the yen
remains undervalued. Arindam Sandilya stated the reversal is
between 50% and 60% complete. The carry trade, involving cheap
loans in Japan to invest in higher-yield assets, was affected by
yen volatility and US recession fears. In other news, investors are
uncertain about who will replace Jamie Dimon as JPMorgan Chase CEO.
Meanwhile, co-CEOs Jennifer Piepszak and Troy Rohrbaugh are focused
on expanding the market and developing future leaders, highlighting
the intense competition in the sector and record growth in
investment banking revenues.
Morgan Stanley (NYSE:MS) – Morgan Stanley
revealed that the SEC is investigating account balance transfers to
affiliate bank deposit programs, in compliance with the Investment
Advisers Act of 1940. The company also announced a conditional
settlement for a 2017 dispute over OW Bunker’s IPO.
Citigroup (NYSE:C) – Citigroup hired Yeo
Wenxian as head of wealth for South Asia and CEO of Citibank
Singapore Ltd. She joins the bank on November 1 from DBS, where she
worked for 13 years. CEO Jane Fraser seeks to expand and improve
performance in wealth management. Shares rose 0.8% pre-market.
Novartis (NYSE:NVS), Viatris
(NASDAQ:VTRS) – Henrietta Lacks’ family sued Novartis and Viatris,
alleging the companies profited from “HeLa” cells used to develop
drugs without permission or compensation. The cells, taken without
her knowledge in 1951, were crucial for medical research. The
family seeks compensation and an order to stop future use of these
cells. Novartis shares fell 1.1% pre-market, while Viatris shares
fell 1.6%.
Eli Lilly (NYSE:LLY), Novo
Nordisk (NYSE:NVO) – Eli Lilly, with its drug Zepbound, is
gaining market share in the US against Novo Nordisk’s Wegovy.
Although Zepbound shows a slight weight loss advantage, shortages
of both drugs force doctors to prescribe what’s available. Lilly
has captured about 40% of the market since December, while Novo
faces similar supply challenges. Eli Lilly shares rose 0.9%
pre-market, while Novo shares rose 2.1%.
Archer-Daniels-Midland (NYSE:ADM),
Bunge Global SA (NYSE:BG) – With increasing
liquidation crop sales, companies like Archer-Daniels-Midland and
Bunge should benefit from lower soybean and corn prices. Farmers
are emptying silos due to low prices, helping processors better
utilize capacity and improve profit margins.
Cemex (NYSE:CX) – Cemex announced the sale of
its operations in the Dominican Republic to Cementos Progreso and
partners for about $950 million. The transaction includes a cement
plant, as well as export businesses to Haiti, and is expected to
close in Q4 2024.
SunPower (NASDAQ:SPWR)
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