Arcadium Lithium Plc (NYSE:ALTM) – Arcadium
Lithium will suspend or delay two of its four expansion projects
due to a global oversupply and prolonged lithium price decline. The
company revised the project timeline in Argentina and is
considering bringing a partner for the Galaxy project in Canada.
The changes will reduce capital spending by about $500 million.
Shares rose 13.3% pre-market.
Joby Aviation (NYSE:JOBY) – Joby Aviation
requested certification in Australia for its eVTOL aircraft,
seeking validation based on an agreement between US and Australian
regulators. The company, aiming to start commercial operations in
2025, is also seeking certifications in Japan and the UK. Shares
rose 2.1% pre-market.
Glencore Plc (LSE:GLEN) – Glencore Plc decided
to keep its coal unit, abandoning separation plans after
shareholder rejection. Coal is highly profitable and essential for
funding green metals investments, while global demand remains high.
The decision reflects the dilemma of balancing profits with
environmental pressure.
Apple (NASDAQ:AAPL) – The antitrust decision
that deemed Google a monopoly could benefit Apple. The case showed
that companies do not need to facilitate competition with their
tools. This could help Apple argue that limiting developers’ access
to its technology is not anti-competitive, as Google tried to
demonstrate. However, Apple’s agreement with Google, which pays $20
billion annually to be the default search engine on Apple devices,
could be threatened by the court decision. If the agreement ends,
Apple could lose 4%-6% of its profits and seek alternatives such as
AI technologies. Shares rose 0.4% pre-market.
Alphabet (NASDAQ:GOOGL) – Waymo, Alphabet’s
intelligent transportation unit, is expanding its autonomous
services in San Francisco and Los Angeles due to high demand. New
coverage areas will include Daly City and parts of Hollywood.
Alphabet plans to invest $5 billion in Waymo. The court decision
declaring Google a search monopoly is considered historic, but its
practical impact is still uncertain. Although Google has
significant dominance, past regulatory changes, such as in Europe,
had minimal market impact. Alphabet is appealing, and the process
could take years to conclude. Judge Amit Mehta criticized Google on
Monday for destroying evidence and abusing legal protections, but
decided not to apply formal sanctions. He warned that Google could
face future problems for similar practices. Shares rose 1.4%
pre-market.
Samsung Electronics (KOSPI:005930),
Nvidia (NASDAQ:NVDA) – Samsung’s 5th generation
HBM3E chips outperformed Nvidia’s in AI tests. Samsung plans to
start supplying these chips in 2024. However, the 12-layer chips
have not yet been approved. Samsung seeks to compete with SK Hynix,
which is ahead in advanced memory supply. Nvidia shares rose 0.9%
pre-market.
Logitech International (NASDAQ:LOGI) – Logitech
appointed Matteo Anversa as CFO effective September 1, replacing
Meeta Sunderwala, who was interim. Anversa, former CFO of Gentherm,
takes over after Charles Boynton’s departure. Logitech raised its
sales and profit forecasts for 2024, driven by strong results and
AI.
Hashicorp (NASDAQ:HCP), IBM
(NYSE:IBM) – Hashicorp announced that the UK’s Competition and
Markets Authority began reviewing the proposed merger with IBM,
receiving a notification last week.
Autodesk (NASDAQ:ADSK) – Activist investor
Starboard Value pressured Autodesk to consider a CEO change and cut
costs, claiming the company missed financial targets and
underperformed the market. Starboard, with a $500 million stake,
also wants executive compensation tied to shareholder value.
Meta Platforms (NASDAQ:META) – Meta Platforms
CEO Mark Zuckerberg, often the target of memes and jokes, is now
embracing his public image with more ease. Recently, he has adopted
a new stance, mixing activities like wakesurfing with public events
and changing his personal style. This change also reflects Meta’s
strategy to reinvent itself with a focus on artificial intelligence
and the metaverse, far from its old identity as a social media
company. Shares rose 1.2% pre-market.
Microsoft (NASDAQ:MSFT), Delta Air
Lines (NYSE:DAL) – Microsoft blamed Delta Air Lines for
not updating its IT infrastructure, contributing to the cyber
failure that caused the cancellation of 6,000 flights. Delta, which
lost $500 million due to the disruption, is suing Microsoft and
CrowdStrike, alleging they failed to provide necessary support.
Microsoft shares rose 1% pre-market.
United Airlines (NASDAQ:UAL) – United Airlines
began negotiations with the Teamsters union for a new contract
covering 10,000 maintenance workers. The union seeks competitive
wages, an accelerated schedule for maximum pay, better benefits,
and higher safety standards. The negotiation comes after record
airline profits and as flight attendants also demand
improvements.
JetBlue Airways (NASDAQ:JBLU) – JetBlue Airways
is negotiating a $2.75 billion debt offer, secured by its loyalty
program. The deal, which involves leveraged loans and bonds, aims
to refinance debts. The proposal is influenced by recent market
volatility and is supported by Barclays and Goldman Sachs. Shares
rose 0.2% pre-market.
Alaska Air Group (NYSE:ALK) – After an
explosion on the panel of a Boeing 737 MAX 9 on January 5, flight
attendants feared passengers would be sucked out. Testimonies
reveal the crew dealt with a hole in the plane, empty seats, and
communication difficulties with the cabin. The NTSB and Boeing
failed to identify who removed a door plug. NTSB Chair Jennifer
Homendy criticized Boeing for its poor safety culture and lack of
internal trust.
Boeing (NYSE:BA) – Boeing faces problems after
an accident with the 737 MAX 9, revealing production and safety
flaws. Investigations show a door plug was poorly installed and
lacked proper documentation. Boeing plans to make design
improvements to prevent future incidents. The company agreed to pay
a $243.6 million fine for fraud related to previous accidents.
Shares rose 0.9% pre-market.
Embraer (NYSE:ERJ) – Embraer closed a new $1
billion credit agreement for five years, expanding the $650 million
credit line it had since October 2022.
Tesla (NASDAQ:TSLA) – Tesla is conducting a
remote recall in China for 1.7 million vehicles, including the S,
X, 3, and Y models. The recall, which involves a software update
via Wi-Fi, aims to fix an issue where the system may not detect the
front trunk lid unlocked, posing safety risks. Rossmann, a German
pharmacy chain, decided to stop buying Tesla cars due to Elon
Musk’s support for former President Donald Trump, whose stance on
climate change contrasts with Tesla’s environmental mission. The
decision is immediate, but the company will continue to use the
Teslas it already owns. Shares rose 0.3% pre-market.
Citigroup (NYSE:C) – A federal court ruled that
Tamika Miller, a former Citigroup employee, is not entitled to part
of the $400 million fine the bank paid in 2020 for risk management
failures. The decision was based on the lack of evidence that her
whistleblowing led to the fine agreement. Shares rose 0.2%
pre-market.
Goldman Sachs (NYSE:GS) – Goldman Sachs
launched a new Financial Stress Index (FSI), which showed a recent
tightening due to high volatility in stock and bond markets but is
still within normal historical levels. The FSI suggests that
despite recent stress, there is no urgent need for policy
intervention.
Charles Schwab (NYSE:SCHW) – On Monday, Charles
Schwab faced temporary disruptions on its platform due to high
trading volumes and technical issues with a vendor, affecting
customer access. Despite this, the company reported the issue was
resolved. Other brokerages also reported similar difficulties.
BlackRock (NYSE:BLK), Nasdaq
Inc (NASDAQ:NDAQ) – BlackRock and Nasdaq proposed a change
to allow trading options on BlackRock’s spot Ethereum fund. The
SEC, which has already approved Ethereum ETFs from other companies,
needs to review the proposal. Options offer investors a way to
trade the asset at a reduced cost.
T-Mobile (NASDAQ:TMUS) – T-Mobile delayed the
sale of $500 million in bonds backed by wireless equipment plans
due to recent market volatility. This delay highlights the stress
in the ABS (Asset-Backed Securities) market, affected by slow
economic growth and other uncertainties. Shares rose 0.6%
pre-market.
SeaWorld (NYSE:SEAS) – SeaWorld delayed
refinancing a $1.55 billion loan due to market volatility. JPMorgan
led the process, aiming to extend the term and reduce costs. The
decision comes after a decline in shares and the withdrawal of
other loans in the sector.
FuboTV (NYSE:FUBO) – FuboTV won a court case to
block the launch of a new sports streaming service called Venu
Sports, which it considered a threat. Fubo argued that the service,
developed by Fox, Warner Bros., and Disney, could force higher
prices and harm competition. Venu Sports will be sold for $42.99
per month.
Amazon (NASDAQ:AMZN) – Manish Tiwary will leave
his position at Amazon India in October to pursue new
opportunities. Amazon’s investment in India, totaling $26 billion
by 2030, remains a strategic priority for growth outside North
America. Shares rose 1.5% pre-market.
WK Kellogg (NYSE:KLG) – WK Kellogg plans to
close its Omaha plant by 2026 and cut its workforce by 17%. The
company expects its adjusted net sales in 2024 to be between 1%
growth and 1% decline, and projects restructuring charges between
$230 million and $270 million. The planned spending to optimize
production is between $450 million and $500 million.
TJX Cos. (NYSE:TJX) – On Monday, TJX fell 3.8%,
its biggest drop in over two years, following a period of losses.
Despite no specific news, the decline reflects general fears about
the economy and retail. However, TJX has a good track record of
gaining market share and is well-positioned to benefit in uncertain
economic times.
Newell Brands (NASDAQ:NWL) – Newell Brands is
moving appliance production from China to other countries and
relocating pen manufacturing to Tennessee due to tariff
uncertainty. The company seeks to reduce costs and volatility
associated with the global supply chain while facing economic
challenges and high inflation.
Microsoft (NASDAQ:MSFT)
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