UBS Group AG (NYSE:UBS) – UBS reported a net
profit of $1.136 billion in Q2, exceeding the $528 million
forecast. Revenue also surpassed expectations, reaching $11.904
billion. Despite lower profits compared to Q1, the bank highlights
progress in cost reduction and Credit Suisse integration, expecting
$7 billion in gross savings by year-end. The bank is advancing
integration efforts, already saving $0.9 billion in costs. Future
expectations include additional $1.1 billion in integration
expenses. UBS agreed on Tuesday to sell Credit Suisse’s U.S.
mortgage servicing business, with completion expected by Q1 next
year. Shares rose 2.3% in pre-market trading.
Intel (NASDAQ:INTC), Arm
Holdings (NASDAQ:ARM) – Intel sold its 1.18 million shares
stake in Arm Holdings for approximately $146.7 million in Q2. This
move is part of Intel’s restructuring, which includes cutting 15%
of jobs and focusing on AI chips to recover its technological edge.
Intel shares rose 0.1% pre-market, while Arm shares gained
0.5%.
Flutter Entertainment (NYSE:FLUT) – Flutter
raised its annual profit forecast after a better-than-expected Q2
and decided not to impose surcharges in U.S. states with high
taxes. Adjusted Q2 earnings reached $2.61 per share (up 56%),
beating the $1.47 estimate. Q2 revenue was $3.61 billion (up 20%),
above the $3.4 billion forecast. The company now projects U.S.
revenue of $6.2 billion for the year and forecasts profits between
$680 million and $800 million for FanDuel, surpassing the previous
estimate. Shares rose 8.5% pre-market.
DraftKings (NASDAQ:DKNG) – DraftKings also
canceled its proposed surcharge for bettors in high-tax states
after receiving negative customer feedback. The measure aimed to
offset higher fees in states like New York and Illinois. Shares
fell 0.5% pre-market.
Alphabet (NASDAQ:GOOGL),
Peloton (NASDAQ:PTON) – Google launched new Pixel
smartphones, such as the Pixel 9, starting at $799, featuring
advanced AI capabilities like information search in screenshots and
Gemini chatbot integration that can overlay other apps. The event
also introduced the Pixel Watch 3 and a partnership with Peloton to
offer fitness content. Additionally, the U.S. Department of Justice
is considering breaking up Alphabet due to allegations of Google’s
monopoly in the search market, with possible measures including the
sale of parts of the business, such as AdWords and the Chrome
browser, or data-sharing mandates. Alphabet shares fell 1%
pre-market, while Peloton shares rose 1%.
Nvidia (NASDAQ:NVDA) – After six tough weeks,
Nvidia saw its shares rise 17% over the past four sessions, adding
$424 billion in market value. This significantly contributed to the
S&P 500’s gain. The recovery comes after a historic drop and
intense volatility, driven by positive news and more attractive
valuations. Shares rose 0.6% in pre-market trading.
Foxconn (USOTC:FXCOF) – Foxconn reported 6%
growth in Q2 net profit, reaching T$35.05 billion ($1.09 billion),
beating analysts’ forecast of T$34.29 billion, thanks to strong
demand for AI servers. Additionally, Hon Hai will begin shipping a
limited volume of servers with Nvidia’s latest chips in Q4.
Significant shipments are only expected in 2025 due to challenges
with Nvidia’s Blackwell chip innovation. The Taiwanese company aims
for a 40% share of the AI server market.
Viasat (NASDAQ:VSAT) – Viasat shares fell 22.6%
on Tuesday after major investors, including Canadian pension funds,
announced the sale of about 11.2 million shares. Although the
company isn’t issuing new shares or receiving money from the sale,
the additional supply pressured the stock price.
DigitalBridge (NYSE:DBRG),
Jtower (USOTC:JTWRF) – DigitalBridge is offering a
152% premium to acquire Jtower, valuing it at about $630 million.
The ¥3,600 per share offer includes the sale of 26% stakes held by
Atsushi Tanaka and Nippon Telegraph & Telephone. Jtower, listed
since 2019, specializes in telecommunications towers.
Bank of America (NYSE:BAC) – In August,
investors reduced their stock positions and increased their cash
allocation due to declining global growth expectations. BofA’s
survey revealed the proportion of investors overweight in stocks
fell from 51% to 31%, while cash allocation rose from 4.1% to 4.3%.
Market volatility and weak U.S. employment data contributed to the
shift.
Berkshire Hathaway (NYSE:BRK.B),
Chubb (NYSE:CB) – Berkshire Hathaway is expected
to soon reveal whether it continued buying Chubb shares after
accumulating about $7 billion in late 2023 and early 2024.
Berkshire currently owns approximately 6% of Chubb.
Blackstone (NYSE:BX) – Blackstone is
considering selling Clarion Events, valued at up to $2.6 billion,
as the events market recovers. Blackstone bought Clarion in 2017
for $600 million, and after the pandemic’s impact, the company saw
a significant revenue increase. The sale could begin early next
year.
Riot Platforms (NASDAQ:RIOT),
Bitfarms (NASDAQ:BITF) – Riot Platforms increased
its stake in Bitfarms to 18.9%, acquiring 1 million shares.
Bitfarms announced the departure of co-founder Nicolas Bonta, who
was on the board Riot sought to replace. The two companies have
been in conflict since Riot’s hostile $950 million bid. Riot shares
rose 0.3% pre-market, while Bitfarms shares rose 0.9%.
Coinbase Global (NASDAQ:COIN) – Coinbase will
resume operations in Hawaii after seven years, now allowing
cryptocurrency trading and staking. The decision followed the
removal of a local regulatory requirement that forced crypto
companies to maintain fiat reserves. Shares rose 0.4%
pre-market.
Tesla (NASDAQ:TSLA) – The United Auto Workers
sued the National Labor Relations Board, alleging that Donald Trump
and Elon Musk threatened workers with termination for unionizing or
striking. This followed Trump’s praise for Musk handling strikes
and cutting costs. According to Reuters, the UAW is using the
lawsuit to support Kamala Harris and criticize Trump. Federal Judge
Reed O’Connor recused himself from a case brought by X, another
Musk company, against advertisers, after it was revealed that he
owned Tesla shares. The case will now be handled by Judge Ed
Kinkeade. X accuses advertisers of boycott and revenue loss. Tesla
shares fell 0.7% pre-market.
General Motors (NYSE:GM) – General Motors is
being sued by Texas for allegedly collecting and selling driver
data from more than 14 million vehicles without consent. The state
claims the data, used to assess driving behaviors, helped insurers
adjust premiums and coverage. GM is reviewing the complaint and
seeking consumer privacy protection. Additionally, GM is recalling
21,469 Cadillac Lyriq electric SUVs in the U.S. due to an issue
with the anti-lock brake system. The defect can cause unexpected
brake activation. The fix will be done through a remote update,
following an NHTSA review in April.
WeRide – Chinese autonomous driving startup
WeRide received permission from California to test autonomous
vehicles with passengers, without charging fares. The three-year
CPUC authorization allows tests in San Jose. This comes as WeRide
seeks a valuation of up to $5 billion in its New York IPO.
Boeing (NYSE:BA) – In July, Boeing delivered 43
commercial jets, maintaining last year’s pace. Under new CEO Kelly
Ortberg, the company faces supply chain challenges and has
increased production. Boeing also recorded 72 new orders and
resumed 737 MAX deliveries to China after a pause. The goal of
producing 38 737 MAX jets per month in 2024 may not be met due to
strikes and quality issues. Analysts expect production to reach 32
jets per month in 2024, with the target of 38 only being met in
2025. Shares rose 0.1% pre-market.
Southwest Airlines (NYSE:LUV) – Elliott
Investment Management seeks to replace 10 of Southwest Airlines’ 15
directors and push for the dismissal of CEO Robert Jordan due to
the company’s poor performance. Southwest, whose shares have fallen
24% over the past year, is trying to recover with new measures and
a shareholder rights plan to prevent takeovers. Shares rose 1%
pre-market.
LATAM Airlines (NYSE:LTM),
Embraer (NYSE:ERJ) – LATAM Airlines may purchase
up to 30 aircraft from Embraer to expand its operations in Brazil,
as stated by Brazil’s Minister of Ports and Airports. The Chilean
airline is considering smaller models like Embraer’s E2 due to long
delivery times for narrowbody aircraft. The Brazilian government
encourages the purchase to support Embraer and strengthen regional
aviation.
Lockheed Martin (NYSE:LMT), General
Dynamics (NYSE:GD) – Lockheed Martin has reached an
agreement with General Dynamics to produce solid rocket motors,
driven by high global missile demand due to conflicts in Ukraine
and the Middle East. Production will begin in 2025 at General
Dynamics’ Arkansas plant, with Lockheed increasing deliveries from
10,000 to 14,000 units.
Intuitive Machines (NASDAQ:LUNR) – Intuitive
Machines plans to launch its next lunar mission in early 2025,
following its historic 2023 landing success. The company expects to
ship the module for launch in Q4 2024. The company reported Q2 2024
revenue of $41.4 million, more than doubling from the previous
year. In the first half of the year, total revenue reached $114.5
million, surpassing all of 2023’s revenue. The full-year forecast
is $210 million to $240 million.
BHP Group (NYSE:BHP) – Union No. 1 at the
Escondida mine began a strike aiming for a larger share of the
profits from the world’s largest copper producer. The union, which
represents the majority of workers and has strong financial
backing, has previously caused significant production halts. The
strike could influence global copper prices, depending on its
duration and impact on BHP’s operations. Shares fell 2.4%
pre-market.
Kellanova (NYSE:K) – Mars, owner of brands like
M&M’s and Snickers, is nearing a deal to buy Kellanova, maker
of snacks like Cheez-It and Pringles, for about $30 billion. The
deal, to be announced soon, will be all-cash, paying $83.50 per
Kellanova share. Shares rose 7% pre-market.
Starbucks (NASDAQ:SBUX), Chipotle
Mexican Grill (NYSE:CMG) – Starbucks has appointed Brian
Niccol, former CEO of Chipotle, as its new leader, replacing Laxman
Narasimhan. Niccol, known for revitalizing Chipotle, faces
challenges at Starbucks, which has struggled with declining sales
and investor pressure. Starbucks stated that Niccol will focus on
innovation and improving employee morale, assuming the role on
September 9. Starbucks shares closed up 24.5% on Tuesday with the
news of the appointment, while Chipotle shares fell 7.5%.
Additionally, Starbucks plans to double its stores in India by
2028, exploring new store formats and adapting its menu to local
tastes. The company, facing challenges in other markets like the
U.S. and China, plans to expand with smaller stores and beverage
and food options tailored to Indian preferences. In pre-market
trading, Starbucks shares fell 0.8%, while Chipotle shares fell
0.7%.
McDonald’s (NYSE:MCD) – McDonald’s in France is
considering removing curry sauce from its menus ahead of the next
Olympics in a humorous protest against Stephen Curry, who helped
the U.S. defeat France in basketball in Paris. The chain posted the
idea on Instagram, joking about the sauce’s “return in four
years.”
DoorDash (NASDAQ:DASH) – DoorDash now offers
free access to the Max streaming service for subscribers of its
DashPass program in the U.S. This partnership follows the trend of
combining streaming services with delivery platforms, aiming to
attract customers looking for value deals. Warner Bros Discovery’s
Max can be accessed with or without ads for an additional cost.
Paramount Global (NASDAQ:PARA) – Paramount
Global will begin laying off 15% of its U.S. staff and close its
Paramount Television studio as part of a restructuring effort. The
company aims to cut costs by $500 million and prepare for a merger
with Skydance Media. Approximately 2,000 employees will be affected
by the end of 2024. Shares fell 0.3% pre-market.
Sea Limited (NYSE:SE) – Sea Ltd. improved its
sales forecasts for Shopee, its e-commerce arm. The company is
outpacing rivals like TikTok and Lazada and expects to become
profitable next quarter. Increased commissions for merchants and a
forecast of 20% growth in gross merchandise value highlight its
confidence in the market. In Q2, Sea Ltd. reported net profit of
$80 million, above the $60 million forecast, with a 23% increase in
sales, totaling $3.8 billion. Gross merchandise volume reached
$23.3 billion, 29% above the estimate. Gaming segment revenue fell
18% to $435.6 million, while financial services revenue grew
21%.
Kroger (NYSE:KR), Albertsons
(NYSE:ACI) – The Kroger-Albertsons merger spent over $800 million
on legal fees and consulting due to legal challenges and antitrust
lawsuits. The merger faces obstacles in several courts and
regulatory bodies. Kroger spent $535 million, and Albertsons $329
million, totaling about $864 million.
Tilray Brands (NASDAQ:TLRY), Molson
Coors (NYSE:TAP) – Tilray Brands will acquire four Molson
Coors breweries to diversify its business beyond cannabis. With the
acquisition of Hop Valley, Terrapin Beer, Revolver Brewing, and
Atwater Brewery, Tilray aims to increase its beer customer base by
30%. Tilray shares rose 0.3% pre-market.
Amneal Pharmaceuticals (NYSE:AMRX) – Amneal
Pharmaceuticals will reformulate its private-label Mucinex to
remove an ingredient made with benzene, a carcinogen. The new
formula, which is expected to be submitted to the FDA by the end of
the year, should be on the market before August 2025. The company
is following the trend of eliminating hazardous substances from
medications.
Darling Ingredients (NYSE:DAR) – California
suggested limiting the use of seed oils in green diesel. The
proposal could benefit Darling Ingredients, which uses used cooking
oil, if approved. The change is not expected to take effect before
2028.
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