Microsoft (NASDAQ:MSFT),
Vodafone (NASDAQ:VOD) – Microsoft announced a new
stock buyback program of up to $60 billion and a 10% increase in
its quarterly dividend to $0.83. The company plans to hold its
annual shareholders’ meeting on December 10. Additionally,
Microsoft revealed that Vodafone signed a significant contract to
use 68,000 licenses for Copilot AI assistants in Office after tests
showed a time-saving of three hours per worker weekly. Microsoft
also introduced new AI tools for Excel, Outlook, and Teams aimed at
enhancing business productivity. Microsoft shares rose 1.9% in
pre-market trading after closing up 0.2% on Monday.
Intel (NASDAQ:INTC) – Intel signed a deal with
Amazon’s cloud services division to produce custom AI chips. CEO
Pat Gelsinger highlighted cost-cutting efforts and restructuring
its foundry operations to increase competitiveness after a
disappointing quarterly report. Additionally, Intel’s construction
projects in Poland and Germany will be delayed by around two years,
although German Chancellor Olaf Scholz assured that Intel remains
committed to building factories in eastern Germany. Intel has
already qualified for up to $3 billion from the US CHIPS and
Science Act program. Shares climbed 6.9% in pre-market trading
after closing up 6.4% on Monday.
Amazon (NASDAQ:AMZN) – Amazon CEO Andy Jassy
announced changes to improve efficiency, such as eliminating
management layers and requiring employees to return to the office
five days a week starting in January. The move aims to reduce
bureaucracy that hinders quick decision-making. Jassy also plans to
increase the proportion of individual contributors by 15% by March
2025 and set up a direct line for reporting inefficient processes.
Separately, hundreds of Amazon delivery drivers joined the
International Brotherhood of Teamsters, demanding better wages and
working conditions. They are calling for Amazon to recognize their
union. Amazon shares rose 0.5% in pre-market trading after closing
down 0.9% on Monday.
Micron Technology (NASDAQ:MU) – Micron
Technology shares fell 4.43% on Monday, signaling a bearish chart
pattern for the first time in over two years, suggesting potential
accelerated losses. Morgan Stanley expressed pessimism about the
memory chip sector, predicting a nearly 30% contraction in
valuations as investors worry about a possible profit peak. Shares
rose 1.1% in pre-market trading.
Apple (NASDAQ:AAPL) – Apple shares closed down
2.78% on Monday after analysts noted that delivery times for the
new iPhone 16 Pro indicate weaker-than-expected demand. The average
shipping time is shorter compared to previous models, raising
concerns about the lack of AI features in the release. Pre-order
sales also saw significant drops. Shares rose 0.2% in pre-market
trading.
Affirm Holdings (NASDAQ:AFRM) – Affirm
announced on Monday that its “buy now, pay later” payment options
are now available to Apple Pay users on iPhones and iPads. This
integration offers flexibility and security, allowing users to
select customized payment plans. Shares rose 0.5% in pre-market
trading after closing up 0.1% on Monday.
Dell Technologies (NYSE:DELL), Super
Micro Computer (NASDAQ:SMCI) – Dell received an Outperform
rating and a $135 price target from Mizuho. Mizuho also initiated
coverage of Super Micro Computer with a Neutral rating and a $450
price target. SMCI shares rose 0.5% in pre-market trading, while
Dell shares rose 1.7%.
Alphabet (NASDAQ:GOOGL) – Google reinforced its
commitment to hardware, highlighting Pixel devices as showcases for
Android. Despite this, sales have never rivaled the iPhone or
Galaxy. The company’s AI advantage, exemplified in its Gemini AI
suite, is a new bet for differentiation. The Pixel 9 and other
devices offer software and hardware integration, but practical
limitations remain, such as commands that Google Assistant fails to
execute properly, according to Bloomberg. Nevertheless, the new
Pixels continue to exemplify the best Android experience with sleek
designs and advanced camera functionality. Shares rose 0.5% in
pre-market trading after closing up 0.4% on Monday.
Meta Platforms (NASDAQ:META) –
EssilorLuxottica, maker of Ray-Ban and Oakley eyewear, announced on
Tuesday the extension of its partnership with Meta Platforms to
develop smart glasses for the next decade. In other news, Meta
announced a ban on RT and other Russian state media, citing
deceptive online influence tactics. The ban will be implemented
across all Meta platforms in the coming days. Meta shares rose 0.2%
in pre-market trading after closing up 1.7% on Monday.
Udemy (NASDAQ:UDMY) – Udemy announced a new
round of layoffs as part of its recovery plan, expected to be
completed by March. About half of the 280 affected employees will
be rehired, mainly in lower-cost regions. The company estimates
charges between $16 million and $19 million, recognized from 2024
to 2025. In February 2023, Udemy had already cut 10% of its
workforce, ending 2023 with 1,443 employees.
Flutter Entertainment (NYSE:FLUT) – Flutter
Entertainment agreed to acquire Playtech’s gaming division,
Snaitech, for $2.6 billion, aiming to expand its presence in the
Italian market. The deal is expected to close in the second quarter
of 2025. With this acquisition, Flutter will control around 30% of
the Italian betting market. Shares rose 0.4% in pre-market trading
after closing up 1.3% on Monday.
DraftKings (NASDAQ:DKNG) – The Major League
Baseball Players Association sued DraftKings and Bet365, alleging
unauthorized use of athletes’ images in marketing campaigns,
violating Pennsylvania law. The union seeks damages and a cease in
image usage, as well as the return of profits.
Tapestry (NYSE:TPR), Capri
Holdings (NYSE:CPRI) – Designer Michael Kors explained in
court that the luxury handbag market is highly competitive and
diverse, with new brands rapidly gaining popularity thanks to
social media and influencers. Kors testified that the competition
in the handbag market is so intense that he only discovered the
Aupen brand after seeing Taylor Swift with one of their bags. Kors
noted how social media has made it easier to launch new brands and
pointed out that celebrities like Swift and Beyoncé are not paid
for such promotions. His testimony came during a hearing about the
$8.5 billion merger between Tapestry and Capri Holdings, which
faces regulatory opposition for potentially reducing competition in
the “accessible luxury” handbag market.
Starbucks (NASDAQ:SBUX) – Michael Conway, CEO
of Starbucks North America, announced his retirement after 11 years
with the company. The change comes as new CEO Brian Niccol
implements a recovery plan and will not fill Conway’s position.
Sarah Trilling, head of retail operations, will report directly to
Niccol. Conway will serve as a consultant until the end of 2024.
Shares rose 0.2% in pre-market trading after closing down 2.3% on
Monday.
Chipotle (NYSE:CMG) – Chipotle is testing a
bowl-making machine and an avocado-processing robot at some
California locations. The technology aims to improve efficiency as
the chain seeks to maintain quality customer service. Broader
implementation will depend on feedback received. Chipotle also
mentioned that the automation is not related to the state’s wage
increase. Shares rose 0.03% in pre-market trading after closing up
2.7% on Monday.
Walmart (NYSE:WMT) – The Walton family, heirs
to Walmart, reached significant wealth milestones, with Jim and Rob
Walton each surpassing $100 billion in net worth, while Alice
Walton is close to that figure. Walmart shares have been boosted in
2024 by increased online sales, reflecting growing demand for
groceries and consumer products. Shares rose 0.1% in pre-market
trading after closing down 0.05% on Monday.
Target (NYSE:TGT) – Target announced plans to
hire about 100,000 seasonal workers for the holiday season,
maintaining the same level as in the past three years. Despite
projected retail sales growth at the slowest pace in six years, the
company will focus on offering affordable products to attract
inflation-conscious consumers.
Sprouts Farmers Market (NASDAQ:SFM) – Evercore
ISI believes Sprouts Farmers Market’s positive trajectory will
continue after its shares more than doubled in value this year,
driven by growing consumer interest in healthy eating. Following an
“outperform” rating upgrade, the stock hit a record high, with a
new $120 price target indicating more upside potential. Shares
closed up 4.4% on Monday.
Chewy (NYSE:CHWY) – Chewy shares closed up 2.2%
on Monday, completing a seven-day winning streak after influential
trader Keith Gill, known as Roaring Kitty, made an enigmatic post
featuring a dog image. This marks the longest winning streak since
June 2019, with the stock closing at $32.67.
Tupperware Brands (NYSE:TUP) – Tupperware
Brands is preparing to file for bankruptcy this week after years of
failed attempts to revitalize the company in a declining market.
The company, which faces over $700 million in debt, violated loan
terms and hired financial advisors. Tupperware has struggled in
recent years, including closing its only US factory and laying off
employees. The brand, known for its storage products, began selling
its items in 1946. Shares closed down 57.5% on Monday.
Boeing (NYSE:BA) – According to Reuters, Boeing
could lose more than $100 million in daily revenue until it reaches
an agreement with its striking union, representing over 30,000
workers. The strike, the first since 2008, could cost Boeing up to
$3 billion, putting pressure on its already strained finances.
Boeing has frozen hiring and is considering temporary layoffs to
cut costs. Additionally, FAA chief Mike Whitaker will testify on
September 24 about Boeing’s quality improvement plan, following the
plan’s submission in May. Senator Blumenthal emphasized the need to
explain FAA oversight and Boeing’s safety culture. Whitaker also
prohibited Boeing from increasing production until issues are
resolved. Boeing faces growing scrutiny from Congress, especially
after a 737 MAX incident. Shares rose 0.3% in pre-market trading
after closing down 0.8% on Monday.
Embraer (NYSE:ERJ) – Boeing will pay Embraer
$150 million after backing out of merger talks in 2020, concluding
a long arbitration process. Embraer’s US-listed shares closed down
4.1% on Monday as the amount was considered below market
expectations. Nevertheless, the stock remains up 120% for the year.
The dispute arose after Boeing accused Embraer of not meeting
conditions for the $4.2 billion deal.
Ryanair Holdings (NASDAQ:RYAAY) – Ryanair
estimates that a Boeing strike will delay its aircraft deliveries
by six weeks, pushing jets from the first half of 2025 to the end
of the year. CEO Michael O’Leary mentioned that up to 10 deliveries
could be affected, impacting the carrier’s target of transporting
200 million passengers. Shares rose 0.8% in pre-market trading
after closing up 0.2% on Monday.
Stellantis (NYSE:STLA) – The United Auto
Workers (UAW) union accused Stellantis of unfair labor practices
for not providing information about its product plans and
attempting to move Dodge Durango production out of the US. UAW
president Shawn Fain criticized the company’s management and
highlighted delays in investments. Shares rose 0.9% in pre-market
trading after closing up 0.8% on Monday.
Tesla (NASDAQ:TSLA) – Tesla shares closed down
1.52% on Monday, ending a five-day winning streak, as the S&P
500 and Dow Jones rose. The weakness was attributed to a general
decline in tech stocks, despite Tesla’s announcement of producing
its 100 millionth 4680 battery cell. Investors are looking ahead to
the company’s RobotaxiDay on October 10 and the Federal Reserve’s
interest rate decision, which could affect vehicle financing.
Shares rose 0.6% in pre-market trading.
Mobileye Global (NASDAQ:MBLY) – Mobileye shares
rose 4.2% in pre-market trading after closing up 4.7% on Monday,
following reports that the Israeli driver-assistance technology
company was not mentioned in Intel’s new “transformation” phase.
Bloomberg recently reported that Intel is evaluating its 88% stake
in Mobileye amid a restructuring of its chip division.
Exxon Mobil (NYSE:XOM),
Chevron (NYSE:CVX) – Oil companies like Exxon
Mobil and Chevron won an appeal from consumers accusing them of
conspiring with Donald Trump, Russia, and Saudi Arabia to reduce
production and raise prices. The US Ninth Circuit Court of Appeals
ruled that the case involved political questions and found no
evidence of antitrust violations. Exxon shares rose 0.2% in
pre-market trading, while Chevron shares rose 0.3%.
BP Plc (NYSE:BP) – BP Plc plans to sell its US
onshore wind energy operation, refocusing on its core business and
reducing exposure to renewables. The company will also sell part of
its stake in a pipeline to Apollo Global Management for $1 billion,
facing financial challenges. BP, which committed to increasing
dividends and share buybacks, is now seeking to simplify its
portfolio and prioritize its solar arm, Lightsource BP. Shares rose
0.3% in pre-market trading after closing up 1.4% on Monday.
Petrobras (NYSE:PBR) – Petrobras’ five-year
business plan, set for release in November, will include realistic
investments and may raise the debt ceiling to $65 billion,
providing more financial flexibility. The company focuses on
expanding oil and gas reserves. Recently, it sold $1 billion in
bonds, with strong demand from international markets. Shares rose
0.1% in pre-market trading after closing up 1.7% on Monday.
Equinor (NYSE:EQNR) – Equinor plans to begin
production at the Johan Castberg oil field in the Barents Sea later
this year after anchoring a production ship on-site. The field has
recoverable resources of 450 to 650 million barrels of oil
equivalent and is expected to operate for 30 years. Equinor holds
50% of the field, while Var Energi owns 30% and Petoro 20%. Shares
fell 0.1% in pre-market trading after closing up 0.4% on
Monday.
Berkshire Hathaway (NYSE:BRK.B) – Berkshire
Hathaway could reach up to $300 billion in cash by the end of
September, driven by stock sales and solid profits, despite a weak
buyback quarter. The current cash balance of $277 billion
represents over 25% of its market value, while stock buybacks have
been drastically reduced. Shares rose 0.3% in pre-market trading
after closing up 0.9% on Monday.
Bank of America (NYSE:BAC) – Bank of America
hired Johnbull Okpara, former chief accounting officer at
Citigroup, as its new head of accounting. Okpara, who will assume
the role in December, will work with Rudolf Bless through 2025. He
brings over 30 years of experience in governance and financial
management, having also worked at Morgan Stanley and American
Express. The bank also appointed Jim Rourke and Michael Liu as
co-leaders of the “Private Client Partnership Development”
initiative, aimed at increasing connectivity between its investment
banking and wealth management units. They will be responsible for
maximizing opportunities in Global Corporate & Investment
Banking, Merrill Wealth Management, and Private Bank. Shares rose
0.3% in pre-market trading after closing up 1.2% on Monday.
Charles Schwab (NYSE:SCHW) – Charles Schwab
shares closed up 2.53% on Monday after the company reported a
significant increase of $32.8 billion in new net assets in August,
despite a decline in bank deposits. Schwab faces challenges with
cash sorting, but analysts believe the situation may improve as
interest rates ease.
UBS Group AG (NYSE:UBS) – A Swissmem survey of
231 companies in August 2024 revealed that nearly 25% of Swiss
industrial companies are dissatisfied with UBS services,
particularly in lending, since its acquisition of Credit Suisse in
2023, reflecting concerns about the bank’s dominance. While UBS
reiterated its commitment to the market, only 2% said banking
services had improved, while 74% reported dissatisfaction with
lending terms. Shares rose 0.5% in pre-market trading after closing
up 0.7% on Monday.
Citigroup (NYSE:C) – Citigroup appointed Tim
Ryan, head of technology, to work with Anand Selva on addressing
data management issues. Ashutosh Nawani, head of risk management,
will also join the team. The bank faces pressure to improve after
being fined $136 million for insufficient progress. Shares closed
up 1.3% on Monday.
Barclays (NYSE:BCS) – Barclays hired Morgan
Stanley veteran Rob Patterson to lead investment banking coverage
in data and information. Patterson will report to Kristin Roth
DeClark as Barclays continues to expand its technology and M&A
team. In another development, Barclays’ Skylar Montgomery Koning
believes stronger sales will shift expectations of rate cuts,
boosting the dollar. Montgomery stated that the dollar is set to
recover as traders overestimate Federal Reserve rate cuts and
underestimate an upcoming retail sales report. Shares rose 1.9% in
pre-market trading after closing up 0.9% on Monday.
Blackstone (NYSE:BX),
Smartsheet (NYSE:SMAR) – Vista Equity Partners and
Blackstone are in advanced talks to acquire Smartsheet, valuing the
company at around $8 billion, with a bid of roughly $56 per share,
according to Reuters. If successful, the deal will be one of the
largest transactions of the year, driven by expectations of Federal
Reserve rate cuts. Blackstone shares closed up 2.2% on Monday,
while Smartsheet rose 0.9%.
Apollo Global Management (NYSE:APO) – Apollo
Global Management’s Scott Kleinman warned that investors are
overestimating Federal Reserve rate cuts over the next 12 months.
He believes rate cuts will only happen if there is a recession, and
that wage and housing inflation will limit reductions, with markets
not yet reflecting this scenario.
Rappi – Colombian startup Rappi, backed by
SoftBank, could launch an initial public offering on the New York
Stock Exchange within 12 months, according to co-founder Simon
Borrero. He emphasized that the company is profitable and will take
a patient approach in choosing the right time for the IPO. Rappi
operates in nine Latin American countries and offers delivery and
digital banking services.
BKV Corp. – BKV, a natural gas production unit
of Thailand’s Banpu Pcl, seeks to raise up to $315 million in an
initial public offering in the US, offering 15 million shares
priced between $19 and $21 each. Founded in 2015, the company
operates in the Barnett Shale and Northeast Marcellus formations.
Banpu, which owns 93% of BKV, will continue to control the majority
of voting shares.
Shein – Chinese online clothing company Shein
faces challenges in going public in the US, with members of
Congress calling on the SEC to block its listing due to concerns
over sustainability, labor practices, and ties to China. The Biden
administration’s recent proposal to limit tariff benefits for
Chinese companies further complicates Shein’s IPO ambitions and
underscores the growing skepticism of doing business with China in
the current political climate.
Guardian Pharmacy Services – Guardian Pharmacy
Services announced a valuation of up to $973.5 million for its
initial public offering in the US, planning to list on the New York
Stock Exchange as “GRDN.” The pharmaceutical services company aims
to raise up to $108 million by selling 6.75 million shares priced
between $14 and $16 each.
Johnson & Johnson (NYSE:JNJ) – An Oregon
judge overturned a $260 million verdict against Johnson &
Johnson in a mesothelioma case linked to the use of talc. Judge
Katharine von ter Stegge granted the company’s request for a new
trial, while the plaintiff, Kyung Lee, plans to appeal. J&J
faces over 62,000 asbestos-related claims tied to its products.
Petroleo Brasileiro ADR (NYSE:PBR)
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