Tapestry (NYSE:TPR), Capri
(NYSE:CPRI) – A U.S. judge blocked the $8.5 billion merger between
Tapestry and Capri, favoring the Federal Trade Commission (FTC) and
marking a win for the Biden administration before the elections.
The FTC argued the merger would reduce competition among top U.S.
handbag makers, raising prices. Tapestry’s shares rose 12.4%
pre-market, while Capri’s fell -45.4%.
Apple (NASDAQ:AAPL) – iPhone sales in China
dropped 0.3% in Q3 2024, while Huawei’s rose 42%, intensifying
competition in the Chinese market. Apple held second place with a
15.6% share, while Huawei was third at 15.3%. Vivo, known for more
affordable devices, led with 18.6%. Apple shares fell 1.0%
pre-market.
Alphabet (NASDAQ:GOOGL) – Missouri Attorney
General Andrew Bailey began an investigation into Google over
alleged censorship of conservative speech, an accusation the
company denies. Republicans have long claimed bias against
conservatives on tech platforms, and Donald Trump has promised to
sue Google if he wins the presidential election. Shares rose 0.4%
pre-market.
Microsoft (NASDAQ:MSFT) – Microsoft CEO Satya
Nadella’s compensation rose 63% in 2024, totaling $79.1 million,
mainly driven by stock awards that increased from $39 million to
$71 million. Microsoft’s shares gained around 31.2%, and its
investment in OpenAI bolstered its role in advancing generative AI.
Shares were up 0.4% pre-market.
Taiwan Semiconductor Manufacturing Co.
(NYSE:TSM) – TSMC achieved higher initial yields at its Arizona
plant compared to Taiwan, marking a significant step in its U.S.
expansion despite labor challenges. The facility, producing with
4-nanometer technology, supports the Biden administration’s plan to
bolster domestic semiconductor production. Shares rose 1.0%
pre-market.
Tesla (NASDAQ:TSLA) – Tesla shares surged
nearly 22% on Thursday, marking the biggest one-day gain in over a
decade, after Elon Musk forecasted 20%-30% sales growth in 2024 and
reported its highest profit in a decade. This increase raised
Musk’s fortune by $33.5 billion, now totaling $270.3 billion. Musk
promised an affordable vehicle by 2025 and discussed cost
reductions that improved Q3 margins, pleasing investors. Ahead of
the presidential election, Musk donated an additional $56 million
to support Donald Trump and other Republicans, bringing his 2024
campaign contributions to $132 million. His donations include funds
to the America PAC, aimed at increasing voter turnout in crucial
states, and contributions to Republican Senate committees,
enhancing his political influence. Shares dropped 2.3%
pre-market.
Boeing (NYSE:BA) – The White House urged Boeing
and the machinists union to continue negotiations after the
rejection of the latest contract offer. With the strike affecting
737 MAX production, Acting Labor Secretary Julie Su maintains
contact with both sides to facilitate an agreement. The union seeks
a 40% wage increase and the return of pensions. Shares fell 0.1%
pre-market.
Spirit Airlines (NYSE:SAVE) – Spirit Airlines
sold 23 Airbus planes for $519 million, boosting its liquidity by
$225 million through the end of 2025. The sale comes amid talks of
possible bankruptcy to facilitate an acquisition by Frontier after
a merger block with JetBlue. Shares rose 14.1% pre-market.
Wells Fargo (NYSE:WFC) – CEO Charlie Scharf of
Wells Fargo noted the bank could face $2-$3 billion in losses from
commercial real estate loans, though it has reserves for this.
Losses are expected over three to four years, despite a recovering
commercial real estate sector facing reduced office demand. Shares
were up 0.1% pre-market.
Morgan Stanley (NYSE:MS) – Morgan Stanley
announced Ted Pick will succeed James Gorman as CEO and chair, with
Gorman taking on Disney’s board chair role in January. Gorman will
act as an advisor at Morgan Stanley until 2026. This transition
upholds Wall Street’s tradition of consolidating CEO and chair
roles for swift decision-making.
HSBC Holdings Plc (NYSE:HSBC) – HSBC has joined
China’s payment system, facilitating yuan transactions and helping
clients utilize the currency in global trade. With countries and
companies seeking alternatives to the dollar, the yuan is gaining
traction, though its global transaction presence remains minor.
Shares rose 0.8% pre-market.
BlackRock (NYSE:BLK) – BlackRock launched three
new ETFs: iShares Top 20 US Stocks ETF, iShares Nasdaq Top 30
Stocks ETF, and iShares Nasdaq-100 ex Top 30 ETF. Two target the
largest U.S. stocks, and one focuses on smaller companies, catering
to diverse investor profiles. These funds leverage megacaps’
popularity and demand for diversification. The firm manages over
1,400 ETFs, with $4.2 trillion in assets.
Santander (NYSE:SAN) – Santander Chair Ana
Botin announced the bank will have a fully digital U.S. operation
by 2025, offering high-yield savings accounts to fund up to $30
billion in loans and expand its retail sector. Santander, one of
few European banks still in the U.S. market, anticipates a mild
economic recovery and more investment after the U.S. elections.
Shares rose 0.4% pre-market.
Phunware (NASDAQ:PHUN) – Phunware’s shares
closed down 40% on Thursday, the steepest drop since January,
following CEO Mike Snavely’s exit, with Stephen Chen taking over as
interim CEO on October 22. Known for its involvement with Trump’s
campaign and recent AI projects, Phunware saw strong gains in 2024.
Shares were up 12.7% pre-market.
McDonald’s (NYSE:MCD), Yum
Brands (NYSE:YUM) – Colorado resident Eric Stelly sued
McDonald’s after contracting E. coli from a Quarter Pounder linked
to an outbreak causing one death and sickening 50 others. The
lawsuit in Cook County, Illinois, seeks over $50,000 for alleged
food handling negligence. Yum Brands announced it would remove
fresh onions from select Taco Bell, Pizza Hut, and KFC restaurants
as a precaution.
Keurig Dr Pepper (NASDAQ:KDP) – Keurig Dr
Pepper acquired the energy drink brand Ghost, expanding its
portfolio beyond coffee and sodas, for over $1 billion. The deal
involves an initial 60% stake for $990 million, with the remaining
40% to be acquired in 2028, based on Ghost’s 2027 financial
performance. Known for flavors like Sour Patch Kids, Ghost will
remain led by its founders.
Exxon Mobil (NYSE:XOM) – Federal regulators
granted Exxon Mobil and Qatar Energy LNG a three-year extension to
complete the Golden Pass LNG plant, following delays due to the
March bankruptcy of contractor Zachry Holdings. Located at Sabine
Pass, the facility aims to expand U.S. LNG export capacity.
Avangrid (NYSE:AGR), Dominion
Energy (NYSE:D) – Avangrid, part of the Iberdrola Group,
sold its Kitty Hawk North offshore wind lease to Dominion Energy
for $160 million. The deal includes the nearly 40,000-acre site and
related assets. Avangrid retains the Kitty Hawk South lease, with
potential to generate 2.4 gigawatts.
Earnings
Coursera (NYSE:COUR) – Coursera reported Q3
revenue of $176.1 million, beating FactSet’s $174 million estimate,
with a loss per share of 9 cents, better than the forecasted
16-cent loss. However, Coursera revised its 2024 revenue guidance
to $690-$694 million, down from the previous $695-$705 million
range. Shares fell 18.6% pre-market.
Sanofi (NASDAQ:SNY) – French pharmaceutical
company Sanofi saw a 14.4% increase in Q3 operating profit,
reaching €4.6 billion ($5 billion), above the €4 billion forecast,
due to early vaccine sales, which rose 25.5% to €3.8 billion. The
company is also nearing a sale of 50% of its consumer division,
valued at €16 billion, to focus on new drugs. Shares rose 2.7%
pre-market.
Vale (NYSE:VALE) – Vale reported a 15% drop in
Q3 net income due to lower iron ore prices and provisions linked to
the Mariana disaster. Nonetheless, net income was $2.41 billion,
surpassing expectations of $1.65 billion. Net revenue fell 10% to
$9.55 billion. EBITDA dropped 18% YoY to $3.62 billion but was
above projections. Shares rose 1.1% pre-market.
Televisa (NYSE:TV) – Televisa CEO Emilio
Azcarraga entered “administrative leave” as he awaits results from
a U.S. Department of Justice investigation into alleged bribes for
securing World Cup rights. Televisa, which agreed to a $95 million
investor lawsuit settlement, reported $33.85 million Q3 profit,
bolstered by its Univision partnership, although total revenue fell
6% to $780 million, mainly due to SKY unit losses.
Capital One (NYSE:COF) – Capital One reported a
1.6% increase in Q3 net income, aided by high-interest rates
boosting credit card debt revenue. Total net revenue rose 7% to $10
billion, while net interest income rose nearly 9% to $8.1 billion.
Adjusted net income reached $1.73 billion, or $4.51 per share, with
delinquency rising to 3.27%.
L3Harris (NYSE:LHX) – In Q3, L3Harris reported
adjusted EPS of $3.34 and sales of $5.29 billion, both slightly
above analyst estimates. L3Harris raised its 2024 EPS and revenue
guidance, driven by strong demand for weapons and defense spending
amid rising global tensions. It now expects adjusted EPS of
$12.95-$13.15, with revenue of $21.1-$21.3 billion.
Deckers Outdoor (NYSE:DECK) – Deckers Outdoor
exceeded Q2 expectations and raised its annual sales forecast due
to high demand for UGG and Hoka brands. Net sales rose 20% to $1.31
billion, and adjusted EPS was $1.59, surpassing the $1.20 billion
and $1.23 estimates. Gross margin increased to 55.9%. Deckers now
projects a 12% sales growth, reaching $4.8 billion annually. Shares
rose 14.7% pre-market.
Dexcom (NASDAQ:DXCM) – Dexcom reported adjusted
EPS of 45 cents, beating the 43-cent estimate, with revenue of $994
million, slightly above the $990 million projection. Annual revenue
grew 2%, though U.S. market sales fell 2%. Dexcom maintained its
annual revenue guidance of $4-$4.05 billion. Shares fell 7.0%
pre-market.
Western Digital (NASDAQ:WDC) – Western Digital
posted adjusted EPS of $1.78, above the $1.71 forecast, with
revenue at $1.10 billion, slightly below the $1.11 billion
estimate. Cloud revenue, comprising 54% of the total, rose 153%
year-over-year. Next quarter’s guidance includes EPS of $1.75-$2.05
and revenue of $4.20-$4.40 billion. Shares rose 10.6%
pre-market.
Skechers (NYSE:SKX) – Skechers reported Q3
sales of $2.35 billion, up 15.9% year-over-year, with diluted EPS
of $1.26. For Q4, it projects sales of $2.165-$2.215 billion and
EPS of $0.70-$0.75. In 2024, it expects sales of $8.925-$8.975
billion, with EPS of $4.20-$4.25.
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