Nvidia (NASDAQ:NVDA) – Nvidia’s stock closed
down 9.5% on Tuesday, leading to a $279 billion loss in market
value due to fading optimism over AI following weak economic data.
Historically, September has been tough for Nvidia, and this year is
no exception. The stock has already dropped 20% from its all-time
high. However, performance tends to improve in the following
months, especially in November. Additionally, the U.S. Department
of Justice has subpoenaed Nvidia as part of an antitrust
investigation, raising concerns about practices that hinder
supplier switching. Nvidia claims its customers choose its products
based on merit. Pre-market trading showed a 1.7% decline.
Athira Pharma (NASDAQ:ATHA) – Athira Pharma’s
stock dropped 71% in pre-market trading after closing down 8.41% on
Tuesday, following the failure of its drug fosgonimeton to meet
primary and secondary goals in an Alzheimer’s study. The company
found no statistical significance compared to placebo after 26
weeks of treatment.
Intel (NASDAQ:INTC) – Intel may be removed from
the Dow Jones index due to its nearly 60% stock price drop this
year, making it the worst-performing stock in the index. The
company faces financial challenges and increased competition, and
its removal could further damage its reputation. Nvidia and Texas
Instruments are potential replacements. Intel’s stock was up 0.4%
in pre-market trading after an 8.8% drop on Tuesday.
Super Micro Computer (NASDAQ:SMCI) – Super
Micro Computer rejected allegations from Hindenburg Research, which
accused it of “accounting manipulation” and export control issues.
The company called the report “false and inaccurate,” stating that
the situation does not affect its production or financial results.
Shares dropped 2.2% in pre-market trading after closing up 0.9% on
Tuesday.
Apple (NASDAQ:AAPL) – Starting in 2025, Apple
will replace LCD screens with OLED in all iPhone models. OLED
displays offer more vibrant colors and better contrast, pushing out
suppliers like Sharp and Japan Display. BOE Technology and LG
Display will begin supplying the new screens. The launch of Apple’s
new iPhone boosted its stock on expectations of AI advancements.
However, Apple’s stock has historically underperformed after
product launches. With a high price-to-earnings ratio, any failure
to meet expectations could hurt the company’s valuation. Apple
shares were down 0.9% in pre-market trading after a 2.7% drop on
Tuesday.
Hewlett Packard Enterprise (NYSE:HPE) – The
U.S. Department of Commerce proposed granting $50 million to
Hewlett Packard Enterprise to modernize and expand its Oregon
facility, focusing on semiconductor and microfluidics technology.
This investment aims to support the development of equipment for
biological sciences and AI, benefiting institutions like Harvard
and the CDC.
Meta Platforms (NASDAQ:META) – Elon Musk’s X
was banned in Brazil for failing to comply with legal orders
regarding misinformation and legal representatives. This ban
benefited rivals like Instagram and Threads from Meta Platforms,
which saw increased activity. Meta, which previously faced a ban
with WhatsApp, could face similar challenges in the future. Meta
shares dropped 0.5% in pre-market trading after a 1.8% decline on
Tuesday.
Snap Inc (NYSE:SNAP) – Snap CEO Evan Spiegel
announced a new strategy to improve the company’s ad performance,
focusing on augmented reality and automation. In response to slow
growth compared to competitors, Snap plans to expand its AR glasses
technology and new generative AI tools. Snap shares were down 0.1%
in pre-market trading after a 5.1% decline on Tuesday.
Salesforce (NYSE:CRM) – Salesforce announced
its acquisition of Tenyx, an AI startup specializing in voice
agents. The financial terms of the deal were not disclosed. Tenyx,
serving various sectors, will have its team, including co-founders,
integrated into Salesforce. The acquisition aims to strengthen
Salesforce’s AI-driven solutions.
Airbnb (NASDAQ:ABNB) – Airbnb has requested New
York to review Local Law LL18, which requires hosts to be permanent
residents and register before listing properties. The company
argues that the law has not impacted the housing crisis and has
increased travel prices, leading to an 83% drop in short-term
rental listings.
AT&T (NYSE:T), Nokia
(NYSE:NOK) – The CWA union withdrew from mediation with AT&T,
claiming the company was merely delaying the process. Over 17,000
workers have been on strike since last month. AT&T said
mediation stalled due to a lack of willingness for agreements and
that it is prepared to keep services running. Additionally,
AT&T and Nokia have agreed to build a new fiber network in the
U.S. This contract follows AT&T’s choice of Ericsson for its
wireless network and aims to expand broadband access. The financial
terms of the deal were not disclosed, but it is seen as a
significant step for Nokia. AT&T shares were down 0.2% in
pre-market trading after a 2.7% increase on Tuesday.
Verizon (NYSE:VZ) – Verizon may increase its
dividends later this week, potentially boosting its stock. Morgan
Stanley analyst Simon Flannery expects a nearly 2% increase,
raising the quarterly dividend from 66.5 cents to about 71 cents.
Verizon shares dropped 0.3% in pre-market trading after a 2.8%
increase on Tuesday.
Sony Group (NYSE:SONY) – Sony is canceling the
online game “Concord,” launched just two weeks ago, after failing
to attract players. The title, developed for PS5 and PC, will be
shut down on September 6, with refunds offered. The game faced
heavy criticism and competition, leading to its early closure.
Unity Software (NYSE:U) – Unity’s stock closed
up 2.02% on Tuesday following a positive update from Morgan
Stanley. Analyst Matthew Cost upgraded the stock from “Equal
Weight” to “Overweight,” maintaining a price target of $22,
highlighting that the stock is near historical lows and presents an
investment opportunity. Unity’s stock was down 0.4% in pre-market
trading.
US Steel (NYSE:X) – Nippon Steel stated that if
it acquires US Steel, most of the American company’s directors and
top management will be U.S. citizens. This comes in response to
concerns raised by politicians like Kamala Harris about U.S.
control over US Steel. Nippon Steel also announced plans to invest
$1.3 billion and has hired Mike Pompeo as an advisor. US Steel
shares fell 0.1% in pre-market trading after a 6.1% drop on
Tuesday.
Halliburton (NYSE:HAL) – Halliburton downplayed
the financial impact of a recent cyberattack, claiming it will not
materially affect its finances or operations. The company activated
its security response plan, shut down some systems, and notified
authorities but continues to provide services normally. Halliburton
shares dropped 1% in pre-market trading after a 4.0% decline on
Tuesday.
Berkshire Hathaway (NYSE:BRK.B), Bank
of America (NYSE:BAC) – Berkshire Hathaway sold more Bank
of America shares, totaling over $6 billion, following a
significant increase in the bank’s stock value. The sale, which
occurred between August 28 and 30, is seen as a profit-taking
strategy. Berkshire’s stake in Bank of America is now below 10%.
Berkshire shares were down 0.3% in pre-market trading after a 0.2%
increase on Tuesday. Bank of America shares dropped 0.5% in
pre-market trading.
Goldman Sachs (NYSE:GS) – Goldman Sachs
temporarily suspended its zinc market coverage due to “limited
capacity” after its metals strategist Nicholas Snowdon left for
Mercuria. Snowdon’s departure follows that of Jeff Currie, who
joined Carlyle, and Xiao Qin, who will retire. Additionally,
Goldman Sachs economists evaluated that a Donald Trump victory
could slow U.S. GDP growth due to higher tariffs and immigration
restrictions, while a Kamala Harris win could slightly boost GDP
through new spending and tax credits, despite a negative impact
from increased corporate taxes.
JPMorgan Chase & Co (NYSE:JPM) – JPMorgan
is forming a private banking team in Dubai to attract millionaires
moving to the region. The bank has relocated two bankers from
Geneva and London to begin the team, which will serve
high-net-worth individuals, family offices, and foundations. The
Middle East is becoming a hotspot for millionaires due to its
tax-free environment and luxurious lifestyle. JPMorgan shares
dropped 0.4% in pre-market trading after a 2% decline on
Tuesday.
Charles Schwab (NYSE:SCHW) – Three investors
have sued Charles Schwab for alleged fiduciary duty violations,
accusing the company of designing its cash sweep program to benefit
Schwab at clients’ expense. The lawsuit seeks class-action status
and monetary compensation, alleging Schwab did not disclose
financial agreements related to TD Bank. Schwab denies the
accusations and defends its cash sweep program as safe and
transparent. Schwab shares dropped 0.2% in pre-market trading after
a 0.5% decline on Tuesday.
Raymond James Financial (NYSE:RJF) – Raymond
James agreed to pay over $1.9 million to settle charges of failing
to maintain records of client complaints and mutual fund
transactions. Finra alleged that the company did not comply with
Rule 4530, which requires the reporting of complaints within 30
days.
Robinhood Markets (NASDAQ:HOOD) – Robinhood
launched a stock lending program in the U.K., allowing investors to
earn passive income by “renting” their shares to other parties.
Investors receive a monthly fee and retain ownership of the shares.
This move is part of Robinhood’s effort to expand its international
presence. Robinhood shares dropped 1.6% in pre-market trading after
a 3.7% decline on Tuesday.
KKR & Co. (NYSE:KKR) – KKR has expedited
its public offer to acquire Fuji Soft to September 5, aiming to get
ahead of a rival bid from Bain Capital. KKR is looking to finalize
the purchase before Bain submits a binding proposal in October,
driving up Fuji Soft’s stock value.
Moody’s (NYSE:MCO), S&P
Global (NYSE:SPGI) – Moody’s, S&P, and Fitch will pay
$48 million in fines for failing to maintain electronic
communications, related to the WhatsApp investigations. The SEC
reported that Moody’s and S&P will each pay $20 million, while
Fitch will pay $8 million. The companies have agreed to hire
compliance consultants to correct their practices.
Boeing (NYSE:BA) – Boeing may delay its $10
billion free cash flow target to 2027-28 and will need to raise $30
billion before developing new aircraft, according to Wells Fargo.
The company’s current debt stands at $45 billion. Wells Fargo
downgraded Boeing to “underweight” and lowered its price target to
$119, a 32% drop from the last closing price. Boeing shares fell
0.5% in pre-market trading after a 7.3% decline on Tuesday.
Southwest Airlines Co. (NYSE:LUV) – Southwest
Airlines shares closed up 2.3% on Tuesday after activist investor
Elliott Investment Management revealed a 10% stake in the company.
Elliott seeks to call a special meeting to discuss replacing the
CEO and board members. Southwest will meet with Elliott to present
details of its transformation plan on September 26. Southwest
shares dropped 0.9% in pre-market trading.
Stellantis (NYSE:STLA) – Stellantis named Bob
Broderdorf as the new head of Jeep North America. Previously the VP
of operations for Ram and Dodge, Broderdorf will oversee Jeep’s
strategy, sales, and marketing in North America. He replaces Bill
Peffer, who will manage the dealer network in the region.
Stellantis shares were up 0.8% in pre-market trading after a 5.2%
drop on Tuesday.
Tesla (NASDAQ:TSLA) – Tesla plans to launch a
six-seat version of the Model Y in China starting in 2025,
initially boosting its stock on Tuesday before it closed down 1.6%.
Weak manufacturing data hit the broader market, and Tesla shares
were further affected by a general sales slowdown and concerns over
growth. Tesla stock was down 1.1% in pre-market trading.
iRhythm (NASDAQ:IRTC) – Expected benefits from
smartwatches and monitoring sensors, like iRhythm’s Zio, were not
proven in a recent study. Although more atrial fibrillation cases
were detected, the study did not show a reduction in stroke-related
hospitalizations. The low event rate and small number of
participants limited conclusions.
BioAge Labs – BioAge Labs, focused on obesity
therapy and partnerships with Eli Lilly and Novo Nordisk, filed for
an IPO in the U.S. to capitalize on the sector’s enthusiasm. The
startup, with no revenue and a $26.6 million loss for the
half-year, recently raised $170 million and will list its stock on
Nasdaq under the symbol “BIOA.”
Illumina (NASDAQ:ILMN), Grail
(NASDAQ:GRAL) – Illumina won its legal dispute against the European
Commission, which had tried to block its $7.1 billion acquisition
of Grail. The EU Court of Justice ruled that the Commission lacked
authority to review the merger under Article 22. Illumina will not
have to pay the $478 million fine.
Constellation Brands (NYSE:STZ) – Constellation
Brands will reduce the value of its wine and spirits division,
booking a charge of up to $2.5 billion due to weak U.S. demand. The
company also adjusted its net sales growth forecast to 4%-6%, down
from 6%-7%, and revised its earnings per share estimates for fiscal
2025.
Molson Coors Beverage (NYSE:TAP) – Molson Coors
is scaling back its corporate diversity efforts following criticism
from conservative activists. The company will remove the link
between executive compensation and diversity goals, discontinue
supplier diversity goals, and drop its Human Rights Campaign
ratings. The move follows an online attack by conservative activist
Robby Starbuck.
Earnings
Zscaler (NASDAQ:ZS) – The cloud security
company reported earnings per share of 88 cents, up 37%
year-over-year, and revenue of $592.9 million, beating estimates of
$567.5 million. Fourth-quarter billings grew 27% to $910.8 million.
However, the fiscal 2025 forecast disappointed: EPS of $2.84 (below
the $3.33 expected) and revenue of $2.61 billion (slightly below
the $2.62 billion forecast). For the current quarter, revenue is
projected at $605 million, just above the $603 million expected.
Zscaler shares dropped 15.3% in pre-market trading after a 3.4%
decline on Tuesday.
GitLab (NASDAQ:GTLB) – GitLab reported
second-quarter earnings per share of $0.15, beating the $0.10
estimate. Revenue reached $182.6 million, above the $177.1 million
expected. For fiscal 2025, the company projects revenue between
$742 million and $744 million, and adjusted EPS of $0.45 to $0.47,
exceeding forecasts of $737.8 million and $0.36, respectively.
GitLab shares were up 15.5% in pre-market trading after a 5.7% drop
on Tuesday.
Asana (NYSE:ASAN) – The project management
software company reported an adjusted second-quarter loss of five
cents per share, better than the eight cents expected, with revenue
of $179.2 million, above the $177.67 million forecast. For the
third quarter, revenue is projected between $180 million and $181
million, with a loss of seven cents per share, below estimates of
$182.29 million in revenue and a three-cent loss. For the fiscal
year, a loss of 19 to 20 cents per share is expected on revenue of
$719 million to $721 million, slightly below analyst forecasts.
Asana shares fell 15.1% in pre-market trading after a 5.5% decline
on Tuesday.
PagerDuty (NYSE:PD) – PagerDuty reported
revenue of $115.9 million, beating the $112 million estimate, and a
net loss of $13 million (14 cents per share), better than last
year’s loss of $24 million (26 cents per share). For the year,
PagerDuty raised its earnings per share forecast to $0.67 to $0.72
and annual revenue to $463 million to $467 million. PagerDuty
shares dropped 13.2% in pre-market trading after a 7.5% decline on
Tuesday.
OneStream (NASDAQ:OS) – OneStream’s
second-quarter total revenue grew 36% year-over-year to $117.5
million. The company’s GAAP operating loss was reduced to $11.6
million, and its GAAP operating margin improved to -10%. For the
third quarter of 2024, OneStream projects revenue between $123
million and $125 million, with non-GAAP earnings per share between
-$0.01 and $0.01.
HealthEquity (NASDAQ:HQY) – HealthEquity
reported earnings per share of $0.86 last quarter, beating the
$0.70 estimate. Revenue reached $299.93 million, above the $284.24
million forecast. For the next quarter, earnings are projected at
$0.73 per share, with revenue of $289.42 million and $3 in $1.17
billion in revenue for the current fiscal year.
Sportsman’s Warehouse (NASDAQ:SPWH) – The
outdoor sporting goods retailer reported second-quarter net sales
of $288.7 million, down from $309.5 million last year. The net loss
was $5.9 million (16 cents per share), compared to $3.3 million (9
cents per share) a year ago. Same-store sales fell 9.8%
year-over-year. The fiscal 2024 outlook is for sales of $1.13
billion to $1.17 billion and adjusted EBITDA of $20 million to $35
million.
Ascendis Pharma (NASDAQ:ASND) – The biotech
company reported a 24% revenue decline in the second quarter, from
EUR 36 million, below the expected EUR 83 million, with a net loss
of $120.8 million (EUR 1.91 per share). For the quarter, Ascendis
also secured a $150 million royalty financing deal with Royalty
Pharma.
Nokia (NYSE:NOK)
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