Apple (NASDAQ:AAPL) – iPhone 16 sales in China
grew 20% in the first three weeks compared to its 2023 predecessor,
driven by demand for Pro and Pro Max models, which increased 44%.
Despite strong competition from Huawei and others, initial sales
show signs of success. On another front, Donald Trump claimed to
have received a call from Apple CEO Tim Cook about fines imposed by
the European Union. Apple was fined $15 billion, plus an antitrust
fine of $2 billion. Trump assured Cook that if elected, he would
protect American companies from such penalties. Shares rose 0.9% in
pre-market trading.
Sobr Safe (NASDAQ:SOBR) – Sobr Safe withdrew a
public offering of units. The alcohol detection company decided not
to proceed with the offering, which involved common stock and
warrants, without disclosing values. Shares surged 108.8% in
pre-market trading after closing 0.4% higher on Thursday.
ASML (NASDAQ:ASML) – Samsung delayed ASML
equipment deliveries to its $17 billion Texas factory due to a lack
of key customers. The $200 million EUV machines were initially
scheduled for delivery this year but were postponed. Production,
originally planned for 2024, may now begin in 2026. ASML shares
rose 2.5% in pre-market trading.
Nvidia (NASDAQ:NVDA), Taiwan
Semiconductor Manufacturing Co. (NYSE:TSM) – Nvidia shares
hit an intraday record following TSMC’s optimistic sales forecast,
boosting investor confidence in demand for AI chips. TSMC shares
rose 9.8% on Thursday, while Nvidia gained 0.9%, reflecting growing
optimism in the chip sector. Nvidia shares were up 1.2% pre-market,
while TSMC shares fell 1.0%.
Intel (NASDAQ:INTC) – Intel is seeking to sell
a minority stake in its Altera unit, valued at around $17 billion,
to raise funds. After market losses and a stock price decline, the
company is considering private investor proposals, shifting from a
previously planned 2026 IPO. Shares rose 0.5% in pre-market trading
after closing 0.6% higher on Thursday.
Vistra Corp. (NYSE:VST) – JPMorgan analyst
Jeremy Tonet recommends buying Vistra shares, highlighting its
exposure to ERCOT, natural gas generation, and nuclear option.
Despite a 317% rise over the past 12 months, Tonet forecasts an
additional 31% increase, citing potential nuclear contracts as a
positive catalyst. Shares rose 1.8% in pre-market trading after
closing down 6.2% on Thursday.
Alphabet (NASDAQ:GOOGL) – Google will transfer
its Gemini app team to its AI lab, DeepMind, to streamline its
structure and accelerate generative AI development. Sundar Pichai
stated this will improve feedback and new model implementation.
Demis Hassabis, DeepMind’s CEO, will lead the team. Additionally,
Google appointed Nick Fox as its new head of research, ads, and
commerce division, replacing Prabhakar Raghavan, who will take the
role of chief technologist. The move is aimed at adapting to the
rapid evolution of AI. Shares rose 0.3% in pre-market trading after
closing down 1.4% on Thursday.
Amazon (NASDAQ:AMZN) – Amazon executive Matt
Garman defended the company’s five-day-a-week in-office policy,
stating that employees who disagree should find other jobs. He
emphasized that innovation is more effective in person, and the
current three-day policy has not met the company’s goals.
Additionally, AWS expects Nvidia’s new Blackwell chips to be ready
by early 2025, following a production delay. Nvidia had promised
availability by the end of 2024, but manufacturing adjustments
postponed the plan. AWS will receive the first major shipments next
year. Shares rose 0.2% in pre-market trading after closing 0.3%
higher on Thursday.
Walt Disney (NYSE:DIS) – The FCC proposed
fining ESPN $147,000 for misusing emergency alert tones in
promotions for the 2023-2024 NBA season. The FCC prohibits using
these tones outside of official alerts to avoid confusion. ESPN has
been fined in 2015 and 2021 for similar violations. Disney shares
rose 0.2% in pre-market trading after closing down 0.2% on
Thursday.
BP Plc (NYSE:BP) – BP is considering selling a
minority stake in its offshore wind energy business to reduce its
renewable energy investments. Under pressure from shareholders, CEO
Murray Auchincloss is focusing on high-margin businesses. BP
continues to develop large wind projects but has revised its
expansion plans. Shares rose 1.2% in pre-market trading after
closing 1.3% higher on Thursday.
Archer-Daniels-Midland (NYSE:ADM) –
Archer-Daniels-Midland was accused of intentionally neglecting the
maintenance of safety systems at its grain plant, contributing to a
2023 explosion that severely injured a worker. According to
Reuters, the incident is part of a series of safety problems at
ADM’s facilities in Decatur, Illinois. Shares rose 0.3% in
pre-market trading after closing 0.6% higher on Thursday.
Deere and Co (NYSE:DE) – The U.S. Federal Trade
Commission (FTC) is investigating Deere for potential restrictions
in its equipment repair policies, which may violate the “right to
repair,” Reuters reports. The investigation, launched in September
2021, is evaluating whether Deere unfairly prevented customers from
repairing their own products. The company is cooperating with the
FTC and already faces lawsuits from farmers over these practices.
Deere also signed an agreement last year allowing farmers to repair
their equipment at independent shops. Shares were flat in
pre-market trading after closing down 1.0% on Thursday.
SolarWinds (NYSE:SWI) – SolarWinds plans to
open an office in Riyadh, Saudi Arabia, in 2025 due to rapid
business growth in the Middle East. Since 2022, sales in the region
have grown in double digits. The company is considering relocating
its headquarters from Cork, Ireland, to Dubai, reflecting its focus
on the region.
General Motors (NYSE:GM) – GM plans to expand
its investments in lithium and other essential minerals for
electric vehicles in the U.S. after increasing its stake in a
Nevada mine to nearly $1 billion. The automaker formed a joint
venture with Lithium Americas to develop the Thacker Pass mine,
extending its access to lithium for 20 years. Shares rose 0.2% in
pre-market trading after closing 0.8% higher on Thursday.
CSX Corp. (NASDAQ:CSX) – CSX received a
subpoena from the SEC related to previously disclosed accounting
errors and certain non-financial performance metrics. The company,
which corrected these errors in August, is cooperating with the
investigation. While the errors were not material to previous
periods, they could have impacted 2024 results if repeated. Shares
fell 6.7% on Thursday.
Boeing (NYSE:BA) – Boeing requested to sell up
to $25 billion in shares and bonds, but it is awaiting SEC
approval, which may take days or weeks. Issues related to aircraft
safety disclosures could be delaying the process. Boeing seeks to
raise funds to bolster its cash position after burning $8 billion
this year.
Catalent (NYSE:CTLT), Novo
Nordisk (NYSE:NVO) – U.S. consumer groups and labor unions
urged the FTC to block Novo Holdings’ acquisition of Catalent,
citing concerns about competition in weight loss drugs and gene
therapies. The $16.5 billion deal could hinder the development of
competitors like Amgen and Pfizer.
Supernus Pharmaceuticals (NASDAQ:SUPN) –
Supernus Pharmaceuticals released results from a Phase 2a study of
an antidepressant therapy, showing effective reduction in
depression symptoms.
Goldman Sachs (NYSE:GS),
Blackstone (NYSE:BX) – Goldman Sachs and
Blackstone sold $475 million in loans to private funds backed by
securities. These loans allow funds to delay liquidity requests
from investors. Blackstone bought the riskiest part, and Goldman
seeks to expand this practice, benefiting from low credit risk
involved. The strategy reflects a growing partnership between banks
and private lenders to optimize balance sheets and minimize
exposure to risk capital under Basel III rules.
New York Community Bancorp (NYSE:NYCB) –
Flagstar Bank, a unit of New York Community Bancorp, plans to lay
off about 1,900 employees. Around 700 cuts have already occurred,
with another 1,200 following the sale of the mortgage servicing
unit to Mr. Cooper for $1.4 billion, expected in Q4 2024.
Berkshire Hathaway (NYSE:BRK.A), Bank
of America (NYSE:BAC) – Berkshire Hathaway sold more Bank
of America shares, unloading 8.7 million shares for $370 million on
October 15. The previous week, it sold 9.5 million shares for
$382.4 million, continuing to reduce its stake below 10%.
Home Bancorp (NASDAQ:HBCP) – The Home Bancorp
board increased the quarterly dividend from $0.25 to $0.26 per
share, raising the annual payout to $1.04 per share. The dividend
will be paid on November 8, with a yield of 2.3%, based on a $45.00
share price.
Nomura Holdings (NYSE:NMR) – Major Japanese
financial institutions temporarily suspended trading with Nomura
Holdings following a market manipulation scandal. At least 10
companies, including insurers and banks, halted activities until
the brokerage implements corrective measures. Nomura faces a
temporary loss of clients and declining shares, worsening its
recent crisis.
Pony AI – Chinese autonomous driving company
Pony AI, backed by Toyota, filed for an initial public offering
(IPO) in the U.S. The company’s revenue nearly doubled to $24.7
million in H1 2024, but it still posted a $51.3 million loss. Pony
AI operates a fleet of 250 robotaxis with 33.5 million kilometers
of autonomous driving.
Assai (NYSE:ASAI) – Brazilian retailer Assai
revised its 2025 store opening forecast, now planning around 10 new
stores, half its previous target. The company, which seeks to
reduce its leverage after accelerated expansion, expects to resume
growth in 2026 with 20 new stores.
PepsiCo (NASDAQ:PEP),
Coca-Cola (NYSE:KO) – Pepsi and Coca-Cola bottlers
in the West Bank face shortages of cans and sugar due to the
closure of the Allenby Bridge. Pepsi’s production fell by 35%, and
its factory operates with only one shift per day. Coca-Cola also
faces shortages of essential supplies.
Tyson Foods (NYSE:TSN) – Tyson Foods heir John
R. Tyson was fined for DUI in June, paying $960 in fines and
serving 32 hours of community service. His 90-day jail sentence was
suspended. Tyson was suspended as CFO after the incident and later
replaced by Curt Calaway. He remains on medical leave.
PPG Industries (NYSE:PPG) – PPG Industries
announced it will lay off 1,800 employees in the U.S. and Europe
and close plants as part of a cost-cutting program. The company
will also sell its architectural coatings business for $550 million
and expects to save around $175 million annually from these
changes.
Earnings
Netflix (NASDAQ:NFLX) – The global streaming
and content production company beat Q3 expectations with earnings
per share (EPS) of $5.40, surpassing the $5.12 forecast. Net income
for the period was $2.36 billion. Revenue reached $9.83 billion,
adding 5.1 million subscribers, totaling 282.7 million. Netflix
exceeded analysts’ revenue estimates of $9.77 billion and 282.15
million paid subscribers. The Q4 forecast is $10.13 billion in
revenue and $4.23 EPS. Netflix expects advertising to drive growth
through 2026. Shares rose 5.7% in pre-market trading after closing
down 2.0% on Thursday.
Intuitive Surgical (NASDAQ:ISRG) – The advanced
surgical robotics and medical solutions company beat Q3
expectations with adjusted earnings per share of $1.84, above the
forecast of $1.64. Revenue rose 17% to $2.04 billion, surpassing
the $2.01 billion projection. The number of procedures using the Da
Vinci robot grew 18%, driving sales of disposable instruments.
Shares rose 6.3% in pre-market trading after closing down 0.6% on
Thursday.
WD-40 (NASDAQ:WDFC) – The maintenance and
lubrication products manufacturer beat Q4 2024 expectations with
earnings per share of $1.23 and revenue of $156 million, above the
$149.19 million estimates. The gross margin rose to 54.1%, and net
income was $16.8 million. The company projects growth between 6%
and 11% in 2025.
Crown Holdings (NYSE:CCK) – The metal beverage
and product packaging company reported a Q3 loss of $1.47 per
share, or $175 million, due to pension settlement charges. Adjusted
earnings were $1.99, beating estimates of $1.81. Revenue rose 0.2%
to $3.07 billion, slightly above the $3.06 billion expected. The
company forecasts full-year adjusted earnings between $6.25 and
$6.35.
First National Bank (NYSE:FNB) – The
traditional and corporate banking services provider reported net
income of $110.1 million in Q3 2024, down from $145.28 million the
previous year. Earnings per share were $0.30, compared to $0.40
last year. Net interest income fell to $323.33 million, down from
$326.58 million the previous year.
OceanFirst Bank (NASDAQ:OCFC) – The regional
community banking services provider reported net income of $25.12
million in Q3 2024, up from $20.67 million the previous year.
Earnings per share rose to $0.42, beating the previous year’s
$0.33. Net interest income was $82.22 million, down from $91
million last year.
Bank OZK (NASDAQ:OZK) – The regional
diversified financial services bank reported record net income of
$177.1 million in Q3 2024, a 4.4% increase from the previous year.
Diluted earnings per share rose to $1.55, 4% higher than the prior
year. Net revenue before provisions reached $282.6 million, up 7%.
Loans and deposits grew 15.3% and 19.6%, respectively.
Alpine Income Property Trust (NYSE:PINE) – The
commercial real estate investment trust (REIT) reported Q3 2024
revenue of $13.48 million, beating estimates of $12.03 million. Net
income was $3.35 million, reversing a loss from the prior year.
Diluted earnings per share were $0.21, while funds from operations
(FFO) increased 14%, reaching $6.69 million.
Marten Transport (NASDAQ:MRTN) – The
refrigerated goods transportation company reported net income of
$3.8 million in Q3 2024, a significant drop from $13.6 million the
previous year. Earnings per share were $0.05, down from $0.17 last
year. Total operating revenue was $237.4 million, below estimates
of $243.89 million.
Metropolitan Commercial Bank (NYSE:MCB) – The
commercial banking services provider reported a net interest margin
of 3.62% in Q3 2024, an increase of 18 basis points. Diluted
earnings per share were $1.08, down from $1.50 in the previous
quarter. Loans totaled $5.9 billion, with deposits of $6.3 billion.
The bank maintains strong liquidity with $3.1 billion available.
The quarter included $12.6 million in pre-tax expenses related to
regulatory reserves and digital transformation initiatives.
MGP Ingredients (NASDAQ:MGPI) – The distilled
beverages and food ingredients producer forecast a 24% drop in Q3
sales to $161.5 million, below estimates of $186.5 million.
Adjusted earnings per share are expected to be $1.29, lower than
the $1.44 expected. The company also lowered its full-year revenue
and earnings forecast. Full results are scheduled for release on
October 31.
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