Berkshire Hathaway (NYSE:BRK.B), Bank
of America (NYSE:BAC) – Berkshire Hathaway sold a total of
14 million shares of Bank of America in recent days, reducing its
stake to 12%. The sale, which raised about $550 million, was made
last Thursday, Friday, and Monday, at an average price of $39.50
per share. Berkshire now owns 928 million shares of the bank. Bank
of America shares fell 0.1% in pre-market trading.
Paramount Global (NASDAQ:PARA) – Edgar Bronfman
Jr. made a bid of approximately $4.3 billion to acquire National
Amusements, which controls Paramount. His proposal includes $2.4
billion in debt and equity and $1.5 billion for Paramount. This
offer competes with Paramount’s agreement with Skydance, valuing
Paramount at $4.75 billion. Paramount has 45 days to explore other
offers, extendable until September 5. Bronfman believes his offer
is superior as it does not involve acquiring Skydance and directly
improves Paramount’s financial situation. Shares fell 0.2% in
pre-market trading.
Morgan Stanley (NYSE:MS) – Jonathan Bloomer,
chairman of Morgan Stanley International, is missing after the
luxury yacht “Bayesian” sank off the coast of Sicily due to a
storm, with 10 crew members and 12 passengers on board. The storm
left six people missing, including Bloomer, and resulted in the
confirmed death of the cook, Ricardo Thomas. Also missing are Chris
Morvillo, a lawyer at Clifford Chance, and businessman Mike Lynch
with his daughter.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines is preparing to face Elliott Investment Management, which
is seeking drastic changes in the company’s leadership. CEO Bob
Jordan has been rallying support from investors and employees,
arguing that Elliott’s approach is predatory. Elliott wants to
replace the current leadership, citing Southwest’s unsatisfactory
performance.
Alaska Air Group (NYSE:ALK), Hawaiian
Airlines (NASDAQ:HA) – Alaska Airlines overcame a
regulatory hurdle for the $1.9 billion merger with Hawaiian
Airlines after the DOJ review period expired. The deal now awaits
review by the U.S. Department of Transportation. The merger will
expand destinations for Hawaiian residents and maintain the value
of HawaiianMiles. Alaska Air Group shares rose 0.1% in pre-market
trading, while Hawaiian Airlines shares jumped 9.6%.
Boeing (NYSE:BA) – The Saudi Arabian Public
Investment Fund is in talks to purchase Boeing 777 and Airbus 350
jets to establish a new cargo airline. The operation will serve
Saudia and the new startup Riyadh Air, according to Bloomberg News.
Additionally, the U.S. Federal Aviation Administration (FAA)
ordered inspections of 787 Dreamliners following a March incident
where a LATAM Airlines plane plunged due to uncommanded seat
movement, disconnecting the autopilot. The directive affects 158
aircraft in the U.S. and 737 globally, requiring inspections and
fixes within 30 days. Meanwhile, Boeing is halting 777X flight
tests after an inspection revealed flaws in a structure connecting
the engine to the aircraft, as reported by The Air Current on
Monday. Shares fell 0.9% in pre-market trading.
General Motors (NYSE:GM) – General Motors
announced on Monday that it is laying off more than 1,000 employees
from its software and services units globally. The layoffs, which
include around 600 positions at the tech campus near Detroit,
follow an operational review after the departure of software and
services VP Mike Abbott. GM states these layoffs are not for
cost-cutting but to streamline operations and focus on strategic
investments. Shares fell 0.2% in pre-market trading.
Stellantis (NYSE:STLA) – The United Auto
Workers (UAW) union warned that Stellantis workers might go on a
nationwide strike due to the automaker’s failure to fulfill 2023
production promises. Stellantis committed to investing in new
factories and creating jobs in the U.S., but delays in Illinois
investments have sparked the dispute. Shares rose 1.5% in
pre-market trading.
Tesla (NASDAQ:TSLA) – Donald Trump claimed that
if elected, he could eliminate the $7,500 tax credit for electric
vehicles and consider appointing Elon Musk to an advisory or
cabinet role. While a fan of electric cars, Trump expressed
concerns about the EV market due to costs and range issues. He also
plans to discourage exports from Mexico and impose tariffs to
incentivize U.S. automotive production. Shares rose 0.5% in
pre-market trading.
Harley-Davidson (NYSE:HOG) – Harley-Davidson
ended diversity, equity, and inclusion (DEI) initiatives following
pressure from an anti-DEI activist. The Milwaukee-based company
eliminated minority supplier targets, social training, and
participation in LGBTQ rankings, joining other firms re-evaluating
diversity policies due to criticism.
Nutrien (NYSE:NTR), CH
Robinson (NASDAQ:CHRW) – A potential labor dispute at
major Canadian railways is unlikely to significantly impact U.S.
oil exports due to extra pipeline capacity like Trans Mountain.
Companies, including Nutrien and CH Robinson, are preparing for
disruptions, but the impact on oil exports should be minimal, as
rail crude imports from Canada to the U.S. have declined in recent
years.
US Steel (NYSE:X) – Donald Trump pledged to
repeal a pollution rule for power plants imposed by the Biden
administration and block Nippon Steel’s purchase of US Steel. He
also vowed to restrict foreign access to U.S. markets and ensure a
100% American supply chain if elected. Shares dropped 6% in
Monday’s regular trading session.
Apple (NASDAQ:AAPL) – Apple will begin
manufacturing the iPhone Pro and Pro Max in India this year, a
significant milestone for the company and the local industry. The
local production aims to reduce costs and risks associated with
manufacturing in China. Local assembly could reduce Pro models’
prices by up to 10% in India and boost sales in the region.
Advanced Micro Devices (NASDAQ:AMD) – AMD
announced on Monday plans to acquire server maker ZT Systems for
$4.9 billion to strengthen its chip and AI hardware portfolio,
challenging Nvidia. AMD will pay 75% in cash and the rest in stock.
The acquisition will enable AMD to deploy its AI GPUs faster,
especially for major cloud computing firms like Microsoft and Meta.
AMD plans to sell the server manufacturing business after closing
the deal, expected in the first half of 2025. AMD intends to retain
about 1,000 of ZT Systems’ 2,500 employees, resulting in
approximately $150 million in annualized operating expenses. Shares
rose 0.2% in pre-market trading, following a 4.5% gain on
Monday.
Nvidia (NASDAQ:NVDA) – Nvidia shares have
posted a weekly gain of over 15%, driven by the longest winning
streak in five months. Expectations of positive earnings and
increased AI demand are exciting investors, despite potential
delays in the company’s new chip lineup. Shares fell 0.6% in
pre-market trading, following a 4.4% rise on Monday.
HP Inc. (NYSE:HPQ) – HP Inc. shares closed down
3.65% on Monday after Morgan Stanley downgraded the stock from
“Overweight” to “Equal-Weight,” citing that many positive factors
have already been priced in, and high inflation and interest rates
are impacting HP’s revenue, limiting immediate growth.
Uber Technologies (NYSE:UBER) – In Kenya, a
price war between Uber, Bolt, and local startups is leading drivers
to increase their own fares due to low commissions and high costs.
Uber, with low fares, prohibits higher price agreements, but
drivers are defying this by negotiating directly with customers,
claiming current prices do not cover high costs. The dispute is
causing frustration among passengers and drivers. Shares fell 0.2%
in pre-market trading, following a 3% gain on Monday.
Sonder Holdings (NASDAQ:SOND),
Marriott (NASDAQ:MAR) – Sonder Holdings shares
soared 130.53% on Monday after the company announced capital
agreements and a partnership with Marriott. With $43 million in
preferred shares and $83 million in liquidity, Sonder will
integrate its properties into Marriott’s system, enabling
reservations through the Marriott Bonvoy loyalty program. Sonder
shares fell 13.9% in pre-market trading.
Walt Disney (NYSE:DIS) – Walt Disney decided to
take to court a wrongful death lawsuit filed by the widower of a
woman who died after an allergic reaction at a Disney Springs
restaurant. Initially, Disney claimed the case should be resolved
through arbitration as the plaintiff had signed up for Disney+ and
used the company’s services. However, Disney now opted to waive
arbitration to settle the case in court, seeking a sensitive
resolution for the affected family. Additionally, Disney appointed
veteran producer Almin Karamehmedovic as president of ABC News.
Karamehmedovic started at ABC News as a freelance video editor in
1998 and was the executive producer of shows like “World News
Tonight with David Muir” and “Nightline.” Shares rose 0.1% in
pre-market trading, following a 1.7% gain on Monday.
Live Nation Entertainment (NYSE:LYV) –
Attorneys general from about 26 U.S. states are seeking treble
damages against Live Nation Entertainment and its subsidiary
Ticketmaster, accusing them of monopolizing the live concert market
and illegally inflating ticket prices. Ten additional states joined
the original lawsuit, bringing the total to 39 states and the
District of Columbia.
Kroger (NYSE:KR), Albertsons
(NYSE:ACI) – Kroger sued the U.S. Federal Trade Commission (FTC),
seeking to block the $25 billion merger with Albertsons from being
reviewed in the FTC’s internal court, which Kroger deems
unconstitutional. The company wants the case decided in federal
court, arguing that the FTC’s internal process is illegal and could
delay the merger for years.
GoPro (NASDAQ:GPRO) – GoPro announced it will
cut 15% of its workforce, about 139 employees, as part of a
restructuring plan to reduce operating expenses. The company
expects to incur charges between $5 million and $7 million, with
layoffs occurring by the end of 2024. Shares closed up 5.7% on
Monday.
Amer Sports (NYSE:AS) – Since its February
debut, Amer Sports shares have fallen to be the worst among IPOs
over $1 billion in the U.S. since 2022. With a slowdown in China
impacting sales, Wall Street expects Tuesday’s financial results to
show improvement, with analysts optimistic about demand for its
Arc’teryx brand. Shares rose 3.6% in pre-market trading, following
a 7.8% gain on Monday.
Pilgrim’s Pride (NASDAQ:PPC) – The U.S. poultry
processor agreed to pay $100 million to settle allegations of
conspiring with competitors to reduce payments to chicken
producers. This settlement, the largest in a seven-year antitrust
case, still requires court approval. Pilgrim’s Pride denies
wrongdoing.
JPMorgan Chase (NYSE:JPM) – According to
JPMorgan, European companies that relist in New York tend to have
better valuations, partly due to the large number of passive
investments in the U.S. Companies like CRH, Ferguson, and Linde
have reduced their discounts relative to American competitors by an
average of 15% after the move, benefiting from a deeper market and
a broader investor base.
Goldman Sachs (NYSE:GS) – Goldman Sachs hired
Matt Beitzel, former head of bank coverage at Citigroup, for its
financial institutions group. Beitzel, who will start in November
after a sabbatical, will lead deals involving banks and financial
services firms in the Americas. He has over 20 years of experience
in the field.
Icahn Enterprises LP (NASDAQ:IEP) – Carl Icahn
and his firm, Icahn Enterprises, agreed to pay a $2 million fine to
resolve allegations that they failed for years to disclose that
most of the firm’s bonds were pledged as collateral for personal
margin loans. The SEC investigation was triggered by accusations
from Hindenburg Research, which Icahn denies.
Deutsche Bank (NYSE:DB) – Gavin Black, a former
Deutsche Bank trader, settled a $30 million lawsuit against the
bank, claiming his career was ruined after being falsely implicated
in the manipulation of the London Interbank Offered Rate (Libor).
Black, whose conviction was overturned in 2022, accused the bank of
scapegoating him to reduce its legal liabilities. Shares fell 0.1%
in pre-market trading.
American Express (NYSE:AXP) – American Express
is trying to expand its presence in Africa, where cash still
dominates payments. The company is persuading hotels, restaurants,
and tourist destinations to accept its cards. Recently, Amex
partnered with local banks and processors, aiming to have 75% of
merchants accept its cards.
Electra Battery Materials (NASDAQ:ELBM) –
Canada’s Electra Battery Materials received $20 million from the
U.S. to build a cobalt refinery in Ontario, the only one in North
America dedicated to electric vehicle batteries. With a total cost
of $250 million, the project in Temiskaming Shores aims to
strengthen the EV supply chain and reduce dependence on Chinese
production. The company, with a market value of about $28 million,
had paused the project due to rising costs and falling cobalt
prices, predominantly processed in China. Electra has already
received C$ 5 million ($3.7 million) from the Canadian government
and is seeking more financial support. Shares fell 15.2% in
pre-market trading, following a 48.8% gain on Monday.
BHP Group (NYSE:BHP) – The recent six-day
strike at the Escondida copper mine in Chile resulted in a
favorable agreement for workers, who received a bonus larger than
initially offered by BHP. This outcome could influence future
negotiations, especially at other Chilean mines where unions are
also pushing for better wages due to high copper prices. Shares
rose 0.2% in pre-market trading.
Andersons (NASDAQ:ANDE) – Andersons appointed
Bill Krueger as CEO to lead the company through a period of weak
agricultural markets. Krueger, former COO and CEO of Lansing Trade
Group, will succeed Pat Bowe, who will become chairman. The move
aims to expand the company’s grain and commodities business, which
faced a 30% revenue decline in the second quarter.
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