Apple (NASDAQ:AAPL) – The European Court of
Justice ruled against Apple in a tax case regarding benefits
received in Ireland, potentially leading to the recovery of up to
$14.4 billion in back taxes. This decision follows a long dispute
beginning in 2014 with an EU investigation. Apple launched the
iPhone 16 yesterday, featuring AI and Siri improvements, along with
new camera and audio features. The new iPhone 16 faced criticism in
China for its lack of AI features, especially amid increasing
competition from Huawei. Apple currently lacks an AI partner in
China, with its software available in Chinese only next year,
sparking dissatisfaction on social media. However, analysts believe
short-term sales will remain steady due to customer loyalty. On
Tuesday, Huawei launched its tri-fold Mate XT smartphone in
response to Apple’s iPhone 16. AI features for the iPhone 16 will
be gradually introduced, while Huawei already saw high demand for
its new model. Apple’s shares dropped 1.2% in pre-market trading
after closing up 0.04% on Monday.
Alphabet (NASDAQ:GOOGL) – On Tuesday, Google
lost its appeal against a $2.7 billion fine imposed by the EU in
2017 for anticompetitive practices. The court upheld the ruling
that the company abused its dominant position by favoring its own
price comparison service, harming competitors. Google now faces
$9.1 billion in antitrust fines from the EU and additional cases
related to Android and AdSense. Shares fell 0.2% in pre-market
trading after closing down 1.5% on Monday.
Oracle (NYSE:ORCL) – Oracle reported $13.31
billion in revenue for the quarter ending August 31, beating
estimates of $13.23 billion. Adjusted earnings per share were
$1.39, exceeding forecasts of $1.32. Cloud services revenue rose
21% to $5.6 billion. For the second quarter, Oracle forecasts
revenue growth between 8% and 10%, above analysts’ 8.72% estimate.
Oracle also announced a partnership with Amazon Web Services to
offer its database services on dedicated servers. Shares rose 8.5%
in pre-market trading after closing down 1.4% on Monday.
Hewlett Packard Enterprise (NYSE:HPE),
Juniper Networks (NYSE:JNPR) – Hewlett Packard
Enterprise announced a $1.35 billion convertible preferred stock
offering to fund the acquisition of Juniper Networks. The offering
will cover expenses for the $14 billion purchase aimed at boosting
its AI capabilities. The preferred shares will convert to common
stock in 2027 unless redeemed earlier. HPE shares dropped 5.7% in
pre-market trading after closing up 0.4% on Monday.
Taiwan Semiconductor Manufacturing Co.
(NYSE:TSM) – TSMC’s revenue grew 33% in August, reaching $7.8
billion (NT$250.9 billion), though growth slowed compared to the
previous month. TSMC benefits from demand for AI and smartphone
chips, with expectations of 37% growth in Q3 2024. Shares dropped
1.3% in pre-market trading after closing up 3.8% on Monday.
Edgio (NASDAQ:EGIO) – Edgio filed for Chapter
11 bankruptcy in Delaware. With $379 million in assets and $369
million in liabilities, the company negotiated a deal with its main
creditor, Lynrock Lake Master Fund LP, to sell $110 million in
assets. Lynrock will set the minimum for auction bids. Shares
dropped 1.6% in pre-market trading after closing down 80.2% on
Monday.
AngloGold Ashanti (NYSE:AU), Centamin
Plc (LSE:CEY) – AngloGold Ashanti Ltd. will acquire
Centamin Plc for around £1.9 billion ($2.5 billion), gaining
control of Egypt’s Sukari mine. The deal, representing a 37%
premium over Centamin’s share price, boosts AngloGold’s annual
production by 450,000 ounces. The transaction reflects gold
producers’ drive for expansion. AngloGold shares dropped 8.6% in
pre-market trading after closing up 1.0% on Monday.
Trump Media & Technology Group (NASDAQ:DJT)
– Trump Media’s shares rose 5.5% on Monday after a poll showed
Donald Trump in a close race with Kamala Harris for the presidency.
The recovery followed weeks of declines. The company is valued at
$3.6 billion, a partial rebound from its initial $10 billion
valuation at its March listing. Trump Media posted a $16.4 million
loss last quarter with revenue of just $837,000. Trump can sell his
shares starting September 20 if the price remains above $12 for 20
trading days starting August 22. Shares rose 2.3% in pre-market
trading.
News Corp (NASDAQ:NWS) – Hedge fund Starboard
Value has proposed a resolution to end News Corp’s dual-class share
structure, which allows Rupert Murdoch to control the company with
40% of the voting power despite owning just 14% of the stock. News
Corp defends the current structure, claiming it promotes stability
and success.
Boeing (NYSE:BA) – Boeing and the International
Association of Machinists and Aerospace Workers (IAM) reached a
tentative agreement that includes a 25% wage increase and the
construction of a new plane in Seattle. However, many workers
sought larger raises and the return of an old pension plan. Members
will decide on the agreement. Additionally, Boeing delayed 737 MAX
production to March 2025 from September 2024 due to safety and
regulatory challenges. The goal remains 38 jets per month by the
end of 2024. The company is also adjusting production and
reorganizing teams to improve communication with suppliers. Shares
fell 0.1% in pre-market trading after closing up 3.4% on
Monday.
General Motors (NYSE:GM) – GM and the Unifor
union began collective bargaining for workers at the CAMI plant in
Ontario, Canada. A strike mandate revealed 97% of Unifor Local 88
members support striking if no agreement is reached by September
17. GM committed to reaching a favorable deal. Shares rose 0.4% in
pre-market trading after closing up 0.6% on Monday.
Stellantis NV (NYSE:STLA) – The National
Highway Traffic Safety Administration (NHTSA) opened an
investigation into 781,000 Jeep Wranglers and Gladiators after nine
reports of fires, many with the engine off. The fires appear to
originate from an electrical connector on the power steering pump.
Stellantis is cooperating with the investigation. Shares fell 0.3%
in pre-market trading after closing up 0.3% on Monday.
Mobileye (NASDAQ:MBLY) – Mobileye is abandoning
the development of FMCW lidars for autonomous driving, claiming
their importance has decreased. This caused a drop in the company’s
stock, which initially rose 4.7% but closed down 3.5% on Monday.
The move could reduce costs and benefit lidar manufacturers, while
Tesla sees this as a validation of its camera-only strategy. Shares
rose 0.9% in pre-market trading after closing down 3.5% on
Monday.
Norfolk Southern (NYSE:NSC) – Norfolk
Southern’s CEO Alan Shaw is expected to step down due to an
investigation into possible workplace misconduct. The company is
assessing whether Shaw violated its ethics policy. This situation
follows a recent shareholder dispute and a derailment incident.
RTX Corp. (NYSE:RTX) – According to Bloomberg,
despite RTX Corp.’s efforts, its $7.6 billion GPS satellite network
faces significant issues, potentially leading to further delays in
acceptance by the U.S. Space Force. The system, with costs 73% over
budget and seven years behind schedule, continues to face criticism
for development problems and testing challenges.
Goldman Sachs (NYSE:GS) – Goldman Sachs CEO
David Solomon announced that trading revenue is expected to drop
around 10% in Q3 due to unfavorable conditions in August, following
a strong prior quarter. Solomon also mentioned the bank’s focus on
consumer business and improving private equity activity later this
year. Shares fell 0.6% in pre-market trading after closing up 1.9%
on Monday.
Bank of America (NYSE:BAC) – Savita Subramanian
from Bank of America believes that higher volatility and falling
interest rates will make utility stocks more attractive than
technology stocks. She upgraded utilities to overweight,
highlighting their outperformance against tech stocks and potential
for higher returns due to robust dividends. Bank of America also
hired Tim Carpenter, a former JPMorgan Chase executive, to co-lead
its software investment banking division. Shares rose 1.6% in
pre-market trading after closing up 1.8% on Monday.
Citigroup (NYSE:C) – Citigroup expects
investment banking fees to rise 20% in Q3 due to a recovery in debt
markets and mergers. However, market revenue is forecasted to fall
4%. The bank also faces challenges with credit card delinquencies
and data compliance issues. Shares rose 0.9% in pre-market trading
after closing up 0.8% on Monday.
HSBC (NYSE:HSBC) – HSBC is considering merging
its commercial and investment banking divisions to eliminate
redundant roles and cut costs, according to Bloomberg. The new
combined division could generate about $40 billion in annual
revenue. No final decision has been made. Shares fell 0.1% in
pre-market trading after closing up 2.0% on Monday.
UBS Group AG (NYSE:UBS) – UBS is considering
partnerships in India to expand its wealth management services,
potentially through acquiring a stake in a local firm. UBS seeks to
strengthen its presence in a competitive market facing challenges
from large local institutions. While no final decision has been
made, such a partnership could help access the growing wealth in
the country. Shares rose 0.2% in pre-market trading after closing
up 1.7% on Monday.
KeyCorp (NYSE:KEY) – KeyCorp sold $7 billion in
low-yielding investments, resulting in an approximately $700
million loss in the third quarter. The sale aims to reposition its
securities portfolio to improve profitability, following an
agreement with Scotiabank. Shares were down slightly in pre-market
trading after previous slight gains.
Nomura Holdings (NYSE:NMR) – Nomura Holdings
projects a 30% growth in trading revenue over the next three years,
driven by its expansion into hedge fund services. The markets
unit’s revenue rose by 15-20% in 2024, benefiting from enhanced
risk controls and technology improvements. The bank aims to
diversify its offerings and increase its footprint in the U.S. and
Asia.
Under Armour (NYSE:UAA) – Under Armour
announced that restructuring costs will be higher than previously
expected. The company, led once again by Kevin Plank, revised its
restructuring charge estimate to between $140-160 million, up from
the earlier forecast of $70-90 million. Shares closed down 4.2% on
Monday.
Boot Barn (NYSE:BOOT) – Boot Barn’s shares
closed up 3% on Monday following reports of a 4% growth in
same-store sales during the first ten weeks of the second fiscal
quarter. The increase was driven by a 3.4% rise in retail sales and
a 9.2% boost in online sales. The company’s stock has surged 60.73%
over the last 12 months.
Capri Holdings (NYSE:CPRI),
Tapestry (NYSE:TPR) – Capri Holdings CEO John Idol
testified that the $8.5 billion merger with Tapestry would
revitalize Michael Kors and benefit investors. The FTC, considering
the merger a competitive threat, requested a federal court in
Manhattan block the deal. The court’s decision will determine
whether the merger proceeds, combining the two fashion giants.
Church & Dwight (NYSE:CHD) – A class-action
lawsuit was filed on Monday alleging that Trojan condoms, produced
by Church & Dwight, contain PFAS, toxic chemicals linked to
cancer. The plaintiff, Matthew Goodman, claims the condoms,
marketed as safe, show traces of fluorine linked to PFAS. The
lawsuit seeks $5 million in damages.
MercadoLibre (NASDAQ:MELI) – MercadoLibre CEO
Marcos Galperin plans to triple the company’s user base and expand
services using artificial intelligence, drones, and online
payments, according to a Reuters report. The company aims to grow
organically, focusing on key markets like Brazil, Mexico,
Argentina, and Chile. Despite the economic crisis in Argentina,
Galperin remains optimistic about strategic investments.
Alibaba Group (NYSE:BABA) – Alibaba’s shares
have been added to the Stock Connect program, allowing mainland
Chinese investors to trade the company’s stock. This inclusion is
expected to attract approximately $20 billion in investments. The
move is seen as helping close the valuation gap between Alibaba and
its competitor, PDD Holdings. Shares rose 2.7% in pre-market
trading after closing up 0.3% on Monday.
Eli Lilly (NYSE:LLY) – Eli Lilly has appointed
Lucas Montarce as its new CFO, succeeding Anat Ashkenazi, who left
for Alphabet. Montarce, who has been with Eli Lilly since 2001,
will face the challenge of expanding production for its popular
diabetes and weight-loss drugs. Montarce’s base salary will be $1
million, with eligibility for an annual bonus of up to $1
million.
AstraZeneca Plc (NASDAQ:AZN), Daiichi
Sankyo (USOTC:DSNKY) – AstraZeneca and Daiichi Sankyo
shares dropped after mixed results from an advanced trial of their
lung cancer drug. Although some patients lived longer, the overall
results were not statistically significant. Despite showing
potential, the market reacted negatively. Meanwhile, Boehringer
Ingelheim reported promising results for a new oral treatment.
AstraZeneca’s shares fell 1.9% in pre-market trading after closing
down 2.6% on Monday.
SiNtx Technologies (NASDAQ:SINT) – SiNtx
Technologies shares soared 54.6% on Monday, closing at $4.36,
following the approval of a patent for a new ceramic material used
in medicine. The trading volume exceeded 63 million shares. The
patent enhances the biomedical properties of silicon nitride,
strengthening the company’s position in the biotech market. Shares
dropped 8.0% in pre-market trading.
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