Intel (NASDAQ:INTC) – Intel was sued by
shareholders who allege the company concealed financial problems
that led to poor results, layoffs, and dividend suspension,
resulting in a $32 billion market value loss in a single day. The
lawsuit, filed in San Francisco, accuses Intel of misleading
information that inflated stock prices. Since the bad news, Intel’s
stock has dropped 34.6%. Additionally, Intel missed the opportunity
to invest in OpenAI in 2017-2018, when the AI startup was emerging.
Intel discussed acquiring 15% of OpenAI for $1 billion and
providing hardware at cost but declined, believing generative AI
wouldn’t be profitable short-term. Now, OpenAI is valued at $80
billion. Shares rose 0.4% pre-market.
JPMorgan Chase (NYSE:JPM) – JPMorgan increased
the probability of a U.S. recession by the end of the year to 35%
due to labor market weakness. Despite this, the bank reduced the
chance of prolonged high-interest rates to 30%, predicting cuts in
September and November. Additionally, JPMorgan reported that
three-quarters of global carry trade operations were closed,
erasing this year’s gains. Returns on carry trade strategies have
fallen about 10% since May due to a recent sell-off and increased
market volatility. The current environment does not offer a good
risk-reward for these strategies.
Roblox (NYSE:RBLX) – Turkey blocked Roblox,
alleging that platform content could lead to child abuse, according
to an internet regulation law. Justice Minister Yilmaz Tunc stated
that protecting children is a state obligation. This block follows
a similar action against Instagram. Shares rose 0.7%
pre-market.
Micron Technology (NASDAQ:MU) – Micron
Technology resumed its share buyback after almost two years, citing
improved market conditions. The company, a leading AI memory
supplier, expects a significant increase in HBM3e chip sales.
Shares rose 0.2% pre-market.
Juniper Networks (NYSE:JNPR), Hewlett
Packard Enterprise (NYSE:HPE) – The UK antitrust authority
approved Juniper Networks’ $14 billion acquisition by Hewlett
Packard Enterprise, allowing expansion in networking. The EU has
already approved, but the U.S. Department of Justice is still
reviewing the deal. The closing is expected by late 2024 or early
2025.
Lumen Technologies (NYSE:LUMN) – Lumen
Technologies shares surged 33% on Wednesday, nearly fivefold since
July, driven by a partnership with Microsoft. However, concerns
about the sustainability of this growth remain, given high debt and
challenges in the traditional communications sector. Shares fell
0.9% pre-market.
Apple (NASDAQ:AAPL) – Analysts suggest Apple
may charge between $10 and $20 for advanced AI features in its new
system, Apple Intelligence, to be launched this year. The company,
which already raised $24.2 billion in services last quarter, may
integrate these features into Apple One. Apple’s AI aims to
increase user loyalty by offering personalized and premium
functionalities. Shares fell 0.2% pre-market.
Toyota Motor (NYSE:TM) – Toyota reduced its
global production target for 2024 by 5%, from 10.3 million to 9.8
million vehicles. The reduction is due to suspended production at
factories in Japan, marking the first annual production drop in
four years.
Delta Air Lines (NYSE:DAL) – Passengers sued
Delta Air Lines, alleging the company did not provide full refunds
after flight delays and cancellations caused by a system failure in
July. They also seek compensation for additional expenses like
hotels and meals. Delta says refunds and compensations are
available for those affected.
LATAM Airlines (NYSE:LTM),
Embraer (NYSE:ERJ) – LATAM Airlines is considering
adding smaller aircraft like Embraer’s E2 and Airbus’s A220 to its
fleet to support growth. The plan aims to mitigate delays in new
jet deliveries and aircraft inspections, but no final decisions
have been made.
Boeing (NYSE:BA) – NTSB Chief Jennifer Homendy
stated that the Alaska Airlines Boeing 737 MAX 9 incident could
have been avoided if unauthorized production issues had been
detected earlier. The FAA has intensified oversight and audits
following the accident, but concerns remain about the effectiveness
of Boeing’s supervision. Additionally, Boeing announced an increase
in PAC-3 seeker production, essential for Patriot missiles,
predicting over 20% growth this year to meet rising demand,
especially due to supply issues affecting Patriot missile
production in Japan.
Walgreens Boots Alliance (NASDAQ:WBA) –
Walgreens is evaluating selling or restructuring VillageMD due to
its high capital needs. VillageMD, part of Walgreens’ expansion,
plans to close underperforming clinics. The company also reached a
forbearance agreement after VillageMD failed to pay a $2.25 billion
credit line.
Nike (NYSE:NKE) – During the Summer Olympics,
Nike saw increased site visits and sales, outperforming competitors
like Adidas and Puma. Site visits reached 2 million after victories
by sponsored athletes. The company is heavily investing to revive
sales and compete with rivals.
VF Corp. (NYSE:VFC) – After a year as CEO,
Bracken Darrell believes VF Corp. has overcome its worst period. He
has worked to recover the company by reducing debt, selling the
Supreme brand for $1.5 billion, and closing unprofitable Vans
stores. Although revenue has improved, sales still decline.
Under Armour (NYSE:UA) – Under Armour hired
Eric Liedtke, former Adidas executive, as Chief Brand Officer after
acquiring his plant-based fashion startup, Unless Collective.
Liedtke, who helped Adidas grow, will report to CEO Kevin Plank and
focus on brand recovery and consumer engagement.
Kellanova (NYSE:K) – Mars is considering
acquiring Kellanova, a U.S. snack maker valued at $31 billion.
Experts believe the transaction has a good chance of approval by
antitrust regulators since product overlap is limited, and
competition in the sector will remain intense.
Kroger (NYSE:KR) – Kroger won a lawsuit
alleging deception by using the “farm fresh” label for eggs from
industrially caged hens. The judge ruled that the term refers only
to the eggs’ freshness and origin, not to the hens’ living
conditions, as suggested by the complaint.
Costco Wholesale (NASDAQ:COST) – Costco will
raise membership fees and implement scanning devices at store
entrances to enhance security. Members will need to scan their
physical or digital cards to enter, and guests must be accompanied
by a member. This measure aims to combat card misuse. In July, the
company reported sales of $19.26 billion, up 7.1% year-over-year.
Same-store sales rose 5.3% in the U.S., 6.3% in Canada, and 3.7%
internationally. E-commerce grew 20.2%.
Walt Disney (NYSE:DIS),
Comcast (NASDAQ:CMCSA) – Disney may have to pay up
to $5 billion more to buy Comcast’s stake in Hulu, depending on RBC
Capital’s valuation. The dispute arose after differing assessments,
with Comcast valuing the stake at over $40 billion, while Disney’s
advisor valued it below $27.5 billion. If the lower value is
upheld, Disney pays the agreed $8.6 billion. The final decision is
expected in 2025. Disney shares fell 0.2% pre-market.
Amazon (NASDAQ:AMZN) – Mike Hopkins transformed
Prime Video from a subscriber perk into a significant media
platform. Under his leadership, the service expanded its portfolio
with original content, live sports, and increased investments,
rivaling giants like Netflix and YouTube. Amazon aims to make Prime
Video a comprehensive entertainment hub, offering a wide range of
content and services to attract a broad audience. This includes
original series, live sports, and a vast array of movies, aiming to
boost the platform’s profitability and market position. Shares fell
0.3% pre-market.
BHP Group (NYSE:BHP) – BHP Group is considering
selling copper and gold assets in Brazil, acquired with the
purchase of Oz Minerals. The mining company hired Banco Santander
to advise on negotiations. The sale is part of a strategic
reevaluation after abandoning the Anglo American purchase.
Bunge Global SA (NYSE:BG), Moolec
Science (NASDAQ:MLEC) – Bunge and Moolec Science will edit
safflower genes to improve the oilseed for biofuels. The
partnership aims to increase productivity and explore new
sustainable raw material options. The project may also include
soybeans, while Moolec has already developed other genetic
modifications in plants.
Morningstar (NASDAQ:MORN) – Investors are suing
TIAA and Morningstar, alleging their partnership was manipulated to
direct funds to TIAA’s expensive products. The lawsuit, seeking
compensation for losses, claims the RAFV recommendation tool was
designed to favor TIAA products. TIAA denies the allegations.
Bank of America (NYSE:BAC) – Bank of America
warned shareholders about potential legal risks related to
low-interest rates on cash sweep accounts, where uninvested money
is transferred to low-yielding bank deposits. The company may face
similar issues to competitors like Morgan Stanley, which are
already under investigation. Shares fell 0.5% pre-market.
Berkshire Hathaway (NYSE:BRK.B) – Warren
Buffett may take advantage of the drop in Japanese trading houses’
shares as an opportunity to buy more after an initial loss of $6.7
billion (¥980 billion), which fell to about $3.8 billion (¥550
billion). With cheaper valuations and a robust cash reserve of
$276.9 billion, Berkshire Hathaway may increase its stakes.
Equity Residential (NYSE:EQR),
Blackstone (NYSE:BX) – Equity Residential bought
11 properties from Blackstone for $964 million. The portfolio
includes 3,572 apartments in cities like Atlanta and Denver,
targeting high-end renters. The acquisition aims to increase
revenue in strong growth markets while the U.S. apartment supply
dwindles.
BlackRock (NYSE:BLK) – BlackRock selected James
Raby, current operations director for Asia-Pacific, to replace Una
Neary as global head of compliance. Raby, who will move to New
York, assumes the role in September. The change comes amid an
evolving regulatory environment and new challenges for the world’s
largest asset manager.
Roblox (NYSE:RBLX)
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Roblox (NYSE:RBLX)
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