GameStop (NYSE:GME) – GameStop announced an
offering of up to 20 million shares. In Q2, GameStop reported
revenue of $798.3 million, compared to $1.16 billion in the same
period last year. Net income was $14.8 million (4 cents per share),
while the prior year showed a $2.8 million loss (1 cent per share).
Analysts expected $895.7 million in revenue, marking a significant
miss on estimates. Shares dropped 10.9% in pre-market trading after
closing down 3.3% on Tuesday.
Trump Media & Technology Group (NASDAQ:DJT)
– Trump Media & Technology Group shares rose for the second
consecutive day on Tuesday, closing up 3.3% ahead of the Trump vs.
Kamala Harris debate and amid expectations that Trump and other
insiders may soon sell their shares for the first time. In
pre-market trading, shares fell 16.3%.
GSK Plc (NYSE:GSK) – GSK’s experimental herpes
vaccine failed to achieve desired efficacy in an initial test,
although it did not present safety concerns. The immediate
financial impact is limited as the vaccine was not included in
revenue forecasts. GSK will continue analyzing the data for future
innovations. Shares fell 1.0% in pre-market trading, after closing
up 0.4% on Tuesday.
Alphabet (NASDAQ:GOOGL), News
Corp (NASDAQ:NWS) – News Corp estimated a $9 million loss
in advertising revenue in 2017 due to reliance on Google for ads,
as reported by a former executive during the second day of Google’s
antitrust trial. She alleged that Google manipulated the market to
favor its own tools, limiting options for publishers. The antitrust
case aims to prove that Google monopolized the ad market.
Nvidia (NASDAQ:NVDA) – Nvidia investors are
concerned about delays in the release of the Blackwell chip, which
has faced engineering issues. CEO Jensen Huang is expected to
provide updates at the Goldman Sachs conference today. Shares
dropped 0.6% in pre-market trading, after closing up 1.5% on
Tuesday.
Dell Technologies (NYSE:DELL) – Dell
Technologies will continue to reduce its workforce to control
costs, facing low demand for PCs and reduced margins in AI servers.
The company expects a continued reduction in employee numbers
through February 2025, despite stock appreciation and entry into
the S&P 500. Shares fell 0.6% in pre-market trading, after
closing up 0.7% on Tuesday.
Sony (NYSE:SONY) – Sony announced a PlayStation
5 Pro priced at $700, surpassing the Xbox Series X at $600. The PS5
Pro offers enhanced performance, targeting a loyal audience willing
to pay a premium. The strategy may increase Sony’s margins despite
high costs and competition with gaming PCs. Shares closed up 2.1%
on Tuesday.
Rubrik (NYSE:RBRK) – Rubrik shares closed down
1.5% on Tuesday as the end of its IPO lockup period approaches,
typically pressuring prices. Rubrik reported Q2 revenue of $205
million, beating the analyst consensus of $196.2 million. The
adjusted loss per share was 40 cents, better than the expected 49
cents per share.
Amazon (NASDAQ:AMZN) – Amazon Web Services
(AWS) announced a $10.45 billion investment in the UK over the next
five years to expand data centers. The project is expected to
contribute £14 billion to the UK GDP and create over 14,000 jobs,
driven by demand for cloud and AI services. Shares fell 0.2% in
pre-market trading after closing up 2.4% on Tuesday.
FedEx (NYSE:FDX) – FedEx announced that
collection and delivery services in Louisiana could be affected by
Tropical Storm Francine, which is intensifying into a hurricane.
Areas such as New Orleans and Lafayette may face disruptions, with
updates to be provided as the storm progresses.
Boeing (NYSE:BA) – Boeing and one of its
largest unions reached a tentative agreement that includes a 25%
wage increase and plans to build a new plane in Seattle. However,
the union expressed dissatisfaction, with many members seeking a
40% raise and pension plan restoration. If the agreement is
rejected, the new CEO, Kelly Ortberg, could face a strike that
would impact production. Shares fell 0.2% in pre-market trading,
after closing up 1.7% on Tuesday.
Ford Motor (NYSE:F) – Ford is negotiating with
the state of Tamil Nadu, India, to restart its local production
focused on exports. After halting manufacturing in India three
years ago due to weak sales, Ford is considering the Chennai plant
for electric vehicles and exports. Shares fell 0.1% in pre-market
trading after closing down 3.2% on Tuesday.
Honda Motor (NYSE:HMC) – Honda is cutting jobs
and pausing production at three plants in China to reduce
inventories and adjust its EV strategy. Over 2,000 employees will
receive redundancy packages. The company faces a 21.48% drop in
sales in China during the first half of 2024 and is adapting to the
growth of EVs in the Chinese market. Shares closed down 2.2% on
Tuesday.
Nikola (NASDAQ:NKLA) – A U.S. judge ruled that
Nikola founder Trevor Milton, convicted of fraud, must pay $167.7
million to the electric truck maker. The decision upholds an
arbitration award requiring Milton to cover most of a fine and
legal fees. Shares rose 2.1% in pre-market trading after closing
down 2.7% on Tuesday.
RTX (NYSE:RTX) – RTX CEO Greg Hayes warned of
ongoing global supply chain problems and a shortage of skilled
labor in the aerospace industry. Despite high demand, supply chain
recovery and shortages of parts and workers remain significant
challenges. Shares fell 0.7% on Tuesday.
Airlines – The Biden Administration is drafting
a rule that would require compensation for passengers on flights
delayed or canceled by more than three hours. Set for January 2025,
the measure would mandate cash compensation, meals, and lodging.
The goal is to align U.S. practices with those of the EU and other
countries.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines announced board changes, with Chairman Gary Kelly retiring
while CEO Bob Jordan remains. The company is responding to activist
investor Elliott’s demands for substantial board reform. Six
directors will depart, with new ones potentially nominated by
Elliott. Shares closed down 1.6% on Tuesday.
Delta Air Lines (NYSE:DAL) – The FAA is
investigating a collision between two Delta planes on a taxiway in
Atlanta on Tuesday morning. An Airbus A350 hit the tail of a
smaller regional jet, damaging both, but no injuries occurred.
Delta re-accommodated passengers and expects no further operational
disruptions. Shares rose 0.9% in pre-market trading after closing
down 0.6% on Tuesday.
Walt Disney (NYSE:DIS) – DirecTV rejected Walt
Disney’s proposal to temporarily restore the ABC network to allow
subscribers to watch the presidential debate. DirecTV argued that
the three-hour restoration would cause confusion, and subscribers
could watch the debate on other networks.
Dave & Buster’s Entertainment (NASDAQ:PLAY)
– Dave & Buster’s reported adjusted earnings per share of
$1.12, beating estimates of $0.91. Revenue reached $557.1 million,
up 2.8% year-over-year, but below the $567.33 million forecast.
Despite a 6.3% drop in comparable sales, adjusted EBITDA margin
rose to 27.2%. The company expects continued growth in the coming
quarters. Shares surged 12.3% in pre-market trading after closing
down 0.8% on Tuesday.
Starbucks (NASDAQ:SBUX) – Starbucks’ new CEO,
Brian Niccol, focuses on revitalizing U.S. store culture, improving
customer service and experience, and optimizing the supply chain
and mobile app. Niccol plans to refresh stores, turning them into
welcoming environments again after digital orders reduced customer
space. He also plans to strengthen the brand in China and address
boycott issues in the Middle East. Shares fell 0.2% in pre-market
trading after closing up 1.2% on Tuesday.
Tapestry (NYSE:TPR), Capri
Holdings (NYSE:CPRI) – Tapestry argues that merging with
Capri would allow for price increases and fewer discounts,
according to an executive during the trial. The FTC opposes the
merger, claiming it would reduce competition and raise prices. The
trial, in New York, is expected to conclude soon.
Nike (NYSE:NKE) – At its annual meeting, Nike
shareholders rejected a proposal to form binding agreements with
workers to improve human rights in the supply chain. The proposal,
backed by the Domini Impact Equity Fund, also called for a
worker-led social responsibility report. Nike has stated it already
has robust labor issue controls. Additionally, Nike canceled its
large annual “Just Do It Day” in Oregon, opting for smaller events
at global offices. Instead of big celebrity parties, the company
will host themed events for sports tournaments and bring athletes
for local interactions, due to its significant presence at the
Paris Olympics.
Campbell Soup (NYSE:CPB) – Campbell Soup is
rebranding to “The Campbell’s Company” to reflect its
diversification beyond soups, including sauces and snacks like
Goldfish. CEO Mark Clouse emphasized the company’s focus on 16 core
brands and announced a $250 million cost-cutting program.
Petco (NASDAQ:WOOF) – Petco exceeded Q2
earnings expectations, reporting $0.06 per share instead of the
expected $0.02 loss. Revenue was $1.52 billion, in line with
forecasts. The company projects EPS between -$0.03 and -$0.04 next
quarter, with revenue of $1.5 billion, below expectations. Shares
fell 5.5% in pre-market trading after closing up 7.7% on
Tuesday.
Goldman Sachs (NYSE:GS) – Goldman Sachs is set
to sell its General Motors credit card business to Barclays in a
deal worth approximately $2 billion. The move is part of Goldman’s
strategy to focus more on consumer services, which could negatively
impact Q3 results. Additionally, the bank appointed Raghav Maliah,
Yoshihiko Yano, and Ed Wittig as co-heads of M&A for
Asia-Pacific, aiming to expand the region’s coverage. Maliah is
based in Hong Kong, Yano is in Japan, and Wittig will join the team
later this year. Shares fell 4.4% on Tuesday, following a revenue
decline forecast.
Berkshire Hathaway (NYSE:BRK.B) – Berkshire
Hathaway reduced its stake in Bank of America by $229 million,
lowering it to under $34 billion. It now holds 11.1% of shares
after selling 5.8 million shares recently. Continued sales could
reduce the stake to 10% or less, eliminating frequent SEC
notifications. Regarding Occidental Petroleum, shares fell 15% in
2024, below the average price Berkshire paid. Buffett appears less
interested in Occidental, particularly after the company faced
financial struggles and maintained high debt.
Bank of America (NYSE:BAC) – Bank of America
CEO Brian Moynihan praised Warren Buffett for his investment but
mentioned that he didn’t ask for an explanation regarding the
recent stake reduction. Berkshire Hathaway has sold nearly $7
billion in BofA shares since July. Moynihan also noted that rising
capital requirements could limit the bank’s lending and said that
investment banking revenue is expected to remain stable at around
$1.2 billion in Q3. Shares fell 0.3% in pre-market trading after
closing down 1.7% on Tuesday.
Citigroup (NYSE:C) – Citigroup reported that
tech companies are considering IPOs in the U.S. during the last
quarter of the year. Paul Abrahimzadeh, co-head of Citigroup’s
North American equity capital markets, expects IPO growth to
accelerate in 2025, driven by a potential decrease in interest
rates. In other news, Citigroup’s chief accounting officer,
Johnbull Okpara, resigned to explore new opportunities. Robert
Walsh will serve as interim chief accounting officer, while Patrick
Scally will be the interim controller. Okpara will assist with the
Q3 close and transition, after nearly four years of helping
strengthen the bank’s financials.
UBS Group AG (NYSE:UBS) – UBS has developed an
AI tool that quickly analyzes data from 300,000 companies to
support mergers and acquisitions. The tool helps generate ideas,
identify buyers, and assess activist campaigns. While promising,
the implementation faces compliance and liability challenges. UBS
has been using the tool for a year. Shares rose 0.7% in pre-market
trading after closing down 1.3% on Tuesday.
Santander (NYSE:SAN) – Banco Santander
announced the sale of a 5.2% stake in its Polish subsidiary,
Santander Bank Polska, for $633.6 million. After the sale,
Santander will retain a 62.2% stake. The funds will be used for
growth and share buybacks. The transaction, at a 7.9% discount, is
expected to close by Friday. Shares rose 0.4% in pre-market trading
after closing down 2.1% on Tuesday.
HSBC Holdings (NYSE:HSBC) – HSBC has initiated
a strategic review of its Malta unit following the appointment of
Georges Elhedery as CEO. The bank is evaluating options for its 70%
stake in the operation and promised to provide more information in
the future. This sale would be the first major transaction under
Elhedery’s new leadership.
Charles Schwab (NYSE:SCHW) – Charles Schwab is
being sued by Ruth Rootenberg, 92, who lost $278,000 in a scam. The
elderly woman claims the brokerage ignored warning signs and failed
to prevent fraud. Schwab asserts that it followed its policies and
defends its actions. Shares fell 0.3% in pre-market trading after
closing up 0.1% on Tuesday.
Corebridge Financial (NYSE:CRBG) – Corebridge
Financial CEO Kevin Hogan expects the company’s $5.5 billion
alternative portfolio to generate 8% to 9% returns annually over
the long term, though it returned about 4% last quarter. He expects
similar performance this quarter, with losses in hedge funds offset
by gains in real estate.
US Steel (NYSE:X) – Nippon Steel’s vice
president, Takahiro Mori, will meet with U.S. officials in
Washington to advocate for its $14.9 billion acquisition proposal
for US Steel. The deal faces opposition from the Committee on
Foreign Investment in the U.S. (CFIUS) and politicians concerned
about national security issues.
Anglo American Plc (LSE:AAL) – Anglo American
sold 13.94 million shares of Anglo American Platinum at 515 rand
each, raising about $402 million. The sale, representing about 5.3%
of Amplats shares, aims to increase liquidity before a complete
exit from the South African company as part of a restructuring
plan.
Exxon Mobil (NYSE:XOM) – Exxon CEO Darren Woods
warned that the company may sue activist shareholders who abuse the
proxy proposal process, as occurred with climate resolutions in
January. Woods said that while Exxon doesn’t oppose shareholder
proposals, it will demand proper use of the process. Shares rose
0.5% in pre-market trading after closing down 3.6% on Tuesday.
SLB (NYSE:SLB) – SLB announced breakthroughs in
its lithium extraction technology, recovering 96% of the metal at a
test plant in Nevada. Using a faster and more environmentally
friendly approach than traditional evaporation, the company aims to
produce commercial lithium in a smaller footprint. The DLE
technology promises greater efficiency and sustainability and could
transform lithium supply. Shares rose 0.4% in pre-market trading
after closing down 2.0% on Tuesday.
Deere (NYSE:DE) – Deere agreed to pay $9.93
million to settle SEC charges of bribery involving its subsidiary
in Thailand. The company was accused of offering improper gifts and
services to win contracts, violating integrity standards. The
settlement includes a fine, disgorgement, and interest.
Walgreens (NASDAQ:WBA), Teva
Pharmaceutical (NYSE:TEVA) – Baltimore announced a
settlement with Walgreens over allegations that the pharmacy
contributed to the city’s opioid crisis. According to Reuters, the
settlement amount, undisclosed, could be around $80 million,
similar to the agreement with Teva. The city seeks larger
recoveries outside national settlements to recover more funds.
Novo Nordisk (NYSE:NVO) – Researchers found
that Novo Nordisk’s obesity drug Liraglutide may be safe and
effective for overweight children as young as six years old. In a
study, children taking the drug had an average 5.8% reduction in
BMI compared to a 1.6% increase in the placebo group. Shares rose
1.0% in pre-market trading after closing down 1.6% on Tuesday.
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