Boeing (NYSE:BA) – Boeing workers on the U.S.
West Coast ended a seven-week strike after approving a contract
that includes a 38% wage increase over four years. The strike,
which impacted 737 MAX production and other models, cost Boeing
about $100 million per day. The contract also includes a $12,000
bonus and increased 401(k) contributions. Shares rose 2.0% in
pre-market.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines appointed Rakesh Gangwal, aviation veteran and co-founder
of Indigo, as independent board chair after an agreement with
Elliott Investment Management. Gangwal acquired Southwest shares
before the resolution, which included board concessions and CEO Bob
Jordan’s retention. As part of the agreement, Southwest added five
Elliott nominees, including Gregg Saretsky as finance committee
chair. Shares rose 0.5% in pre-market after closing down 2.3% on
Monday.
Dollar Tree (NASDAQ:DLTR) – Rick Dreiling
resigned as CEO of Dollar Tree for health reasons on November 3,
2024. Chief Operating Officer Michael Creedon Jr. takes over as
interim CEO, while Edward J. Kelly III, Independent Director, was
named Chair. The Board is searching for a new CEO, considering
internal and external candidates. The company reaffirmed its
financial forecast for the third quarter and continues its
strategic review of Family Dollar, which could include a potential
sale. Shares rose 3.8% in pre-market after closing up 0.3% on
Monday.
Apple (NASDAQ:AAPL) – According to Bloomberg,
Apple launched Project “Atlas” to research smart glasses, gathering
internal feedback and evaluating devices on the market. This study,
led by the Product Systems Quality team, aims to develop
affordable, functional glasses potentially integrated with the
iPhone, following criticism over the high cost and weight of the
Vision Pro. In Indonesia, Apple plans a $10 million investment in a
factory to manufacture components and meet local content
requirements. The goal is to lift the local sales ban on the iPhone
16. Shares fell 0.23% in pre-market.
Foxconn (USOTC:FXCOF) – Apple’s main
manufacturer reported its lowest monthly sales growth since
February, with NT$804.9 billion (US$25.2 billion) in October, an
8.6% increase but below expectations. This performance reflects
Apple’s weak holiday quarter forecast.
Meta Platforms (NASDAQ:META) – Meta plans to
use AI to identify teens lying about their age on Instagram,
automatically placing them in more restrictive privacy settings.
Using a tool called the “adult classifier,” AI analyzes account
data, followers, and interactions to predict users’ ages. Meta also
authorized U.S. defense agencies and contractors to use its AI
models, Llama, to bolster national security. In an exception to
military restrictions, the company aims to expand Llama’s reach and
support allies, emphasizing the importance of ethical and
responsible technology use. Additionally, Meta was fined $15.67
million by South Korea for collecting sensitive data from
approximately 980,000 South Korean users without consent, sharing
it with advertisers. Seoul’s data protection agency noted that
information on religion, politics, and sexuality was used by 4,000
advertisers, while Meta denied user requests for data access. On
the misinformation front, Meta will maintain a ban on new political
ads after the U.S. elections until the end of the week. During this
restriction, only active political ads with at least one prior
impression may continue, but with limited edits. Shares rose 0.42%
in pre-market.
OpenAI – OpenAI is negotiating with
California’s attorney general to change its structure to a
for-profit company, a significant shift since its founding as a
nonprofit in 2015. This would attract more investors, while the
original OpenAI would retain a minority stake. Recently, the
company raised $6.6 billion, valuing it at up to $157 billion.
Intel (NASDAQ:INTC), Bain
Capital (NYSE:BCSF) – Silver Lake, Bain Capital, and
Francisco Partners are interested in acquiring a minority stake in
Altera, Intel’s programmable chip division. Intel seeks to raise
cash to cut costs and expects a valuation similar to the $17
billion paid in 2015, preparing Altera for a future IPO. Altera
continues with 14% revenue growth, reaching $412 million last
quarter. Intel shares rose 0.13% in pre-market after closing down
2.93% on Monday.
Snowflake (NYSE:SNOW) – Alexander “Connor”
Moucka was arrested in Canada, suspected of cyberattacks against
165 Snowflake Inc. clients, including extortion and data theft.
Moucka, considered a leading threat actor in 2024, targeted over
100 companies since April, exploiting security gaps in
organizations lacking multi-factor authentication. Shares rose 0.7%
in pre-market after closing down 1.5% on Monday.
Paramount Global (NASDAQ:PARA) – Shari Redstone
will not remain on the board of Paramount Global following its
merger with Skydance Media. Although she and her son Tyler Korff
have the option to join the new entity’s board, they do not intend
to do so. After the merger, Skydance founder David Ellison will
become CEO of the new Paramount. Shares rose 0.2% in pre-market
after closing down 1.0% on Monday.
Amazon (NASDAQ:AMZN) – Amazon confirmed plans
to build a data center campus in Pennsylvania next to Talen
Energy’s nuclear plant, despite regulatory rejection of a special
power supply deal. The $650 million project, funded by Amazon Web
Services, aims to supply up to 960 megawatts directly from the
Susquehanna plant, reducing fossil fuel dependence for its
expanding operations. In Mexico, Amazon partnered with Jüsto, a
Mexican food delivery startup, to expand its fresh produce
offerings, enhancing its strategy to deliver essential goods
quickly. Shares rose 0.1% in pre-market after closing down 1.1% on
Monday.
Uber Technologies (NYSE:UBER) – Uber suggested
a 6.1% reduction in per-mile rates to New York’s Taxi and Limousine
Commission, citing lower gasoline costs. The goal is to make rides
cheaper and attract more passengers, but drivers worry about
further cuts amid frequent blocks and rule changes that have
already impacted earnings. The TLC is reviewing Uber’s proposal,
while drivers and unions protest, advocating for better working
conditions and financial stability. Shares rose 0.3% in
pre-market.
Tesla (NASDAQ:TSLA) – Tesla raised wages by 4%
for all employees at its German gigafactory, effective in November.
The increase follows the conversion of 500 temporary workers to
permanent status. The union IG Metall was not involved in the
decision. Shares rose 2.0% in pre-market after closing down 2.5% on
Monday.
Toyota Motor (NYSE:TM) – Toyota is expected to
report a 14% drop in annual operating profit for the second
quarter, totaling $7.9 billion, according to LSEG. With hybrids
accounting for 41% of sales, Toyota faces challenges in China and a
slight decline in global sales, with EVs representing only 1.5% of
sales.
Ford Motor (NYSE:F) – The National Highway
Traffic Safety Administration (NHTSA) closed an investigation into
411,000 Ford vehicles, including models like Bronco, Edge, and
F-150, over a valve defect in 2.7L and 3.0L EcoBoost engines that
could cause sudden power loss. Following a recall of 90,000 units,
Ford offers a 10-year or 150,000-mile extended warranty and
resolved the valve material issue in models manufactured after
October 2021. Shares rose 0.3% in pre-market after closing up 1.4%
on Monday.
Morgan Stanley (NYSE:MS) – Morgan Stanley
received final approval to launch futures operations in China,
becoming the second major U.S. bank with a standalone derivatives
unit in the country. The new unit will serve local clients and
foreign investors, planning to begin operations in collaboration
with Chinese regulators and exchanges.
BlackRock (NYSE:BLK) – BlackRock will support
Naturgy’s energy transition projects after acquiring a 20.6% stake
through the $12.5 billion purchase of Global Infrastructure
Partners. The company commits to maintaining Naturgy’s control over
key subsidiaries, expanding its infrastructure platform, which now
manages over $150 billion in assets.
Robinhood Markets (NASDAQ:HOOD) – A consortium
of cryptocurrency companies, including Robinhood, Kraken, and
Galaxy Digital, launched a stablecoin called USDG, pegged to the
U.S. dollar and issued in Singapore by Paxos. The Global Dollar
Network aims to promote global stablecoin usage, offering economic
advantages to partners. This initiative seeks to compete with
giants like Tether and USD Coin, which dominate the market. Shares
rose 0.5% in pre-market after closing up 1.5% on Monday.
Indivior Plc (NASDAQ:INDV) – Indivior Plc
secured a refinancing agreement to extend its loan maturity,
securing new six-year credit lines. The pharmaceutical company
raised $400 million in senior secured notes, with proceeds
allocated to pay off existing debt and improve liquidity by over
$250 million. Shares fell 0.4% in pre-market after closing down
1.8% on Monday.
Earnings
Palantir (NYSE:PLTR) – Palantir exceeded
third-quarter estimates with adjusted earnings of 10 cents per
share, above the expected 9 cents, and revenue of $725.5 million,
up 30% year-over-year, surpassing the forecasted $701 million. U.S.
government revenue increased 40%, representing 44% of total sales.
Net income rose to $143.5 million, driven by strong demand for AI.
The 2024 revenue forecast was raised to between $2.805 billion and
$2.809 billion, beating the consensus of $2.76 billion. Shares
surged 12.7% in pre-market after closing down 1.2% on Monday.
Hims & Hers Health (NYSE:HIMS) – Hims &
Hers Health Inc. surpassed third-quarter expectations with adjusted
earnings of $0.32 per share, well above the $0.10 estimate. Revenue
reached $401.6 million, a 77% increase year-over-year, exceeding
the $382.2 million projection. Subscribers grew 44%, reaching 2
million. The company raised its annual revenue forecast to between
$1.460 billion and $1.465 billion, above the $1.4 billion estimate.
Shares rose 11.8% in pre-market after closing up 2.0% on
Monday.
Astera Labs (NASDAQ:ALAB) – Astera Labs
exceeded expectations in the third quarter with adjusted earnings
of $0.23 per share and revenue of $113.1 million, above the
projections of $0.17 per share and $97.5 million. Revenue grew 47%
quarter-over-quarter and 206% YoY. For the fourth quarter, it
projects earnings of $0.26 per share and revenue of $128 million,
above Wall Street estimates. Shares jumped 25.5% in pre-market
after closing down 4.1% on Monday.
Marqeta Inc. (NASDAQ:MQ) – Marqeta expressed
dissatisfaction with its projections as some clients are bringing
functions in-house. The company expects 10% to 12% revenue growth
and a 13% to 15% increase in gross profit for the fourth quarter,
below previous forecasts. Marqeta reported third-quarter revenue of
$128 million, an 18% year-over-year increase, hitting the upper end
of its expectations. The company halved its net loss, recording
$28.64 million (6 cents per share), exceeding the adjusted Ebitda
estimate with a profit of $9 million, above the $7 million
consensus. Shares plummeted 39% in pre-market after closing up 1.7%
on Monday.
Lattice Semiconductor (NASDAQ:LSCC) – Lattice
Semiconductor reported third-quarter revenue of $2.65 billion,
below the estimate of $2.7 billion. Earnings were $1.06 per share,
significantly below the $2.75 expectation and last year’s $8.69.
With plans to cut 14% of its workforce, Lattice aims to improve
profitability to single digits in 2024. Shares fell 17.2% in
pre-market after closing down 0.7% on Monday.
Cleveland-Cliffs (NYSE:CLF) – Cleveland-Cliffs
Inc. reported an adjusted third-quarter loss of $0.33 per share,
worse than the expected $0.30 loss. Revenue was $4.57 billion,
below the $4.74 billion estimate and down from $5.1 billion in the
previous quarter. With reduced demand and lower prices, the company
temporarily shut down Cleveland #6 blast furnace and expects sector
recovery by 2025. Shares dropped 6.9% in pre-market after closing
down 1.2% on Monday.
Wynn Resorts (NASDAQ:WYNN) – Wynn Resorts
reported adjusted earnings of $0.90 per share, below the $1.04
estimate. Revenue was $1.69 billion, short of the expected $1.73
billion. Net loss was $32.1 million. Wynn Macau’s revenue grew
19.3%, while Las Vegas revenue dropped 1.9% to $607.17 million,
driven by a 13.6% decrease in casino revenue despite a 20% increase
in entertainment and retail sales. The board approved a $1 billion
share buyback. Shares fell 4.5% in pre-market.
American International Group (NYSE:AIG) – AIG
beat Wall Street’s expectations in the third quarter with adjusted
earnings of $1.23 per share, above the $1.10 forecast. General
insurance premiums rose 6%, totaling $6.38 billion, and the
combined insurance ratio was 88.3%. Investment income increased 14%
to $973 million, helping offset $417 million in catastrophic
losses, mostly due to storms in North America.
NXP Semiconductors (NASDAQ:NXPI) – NXP
Semiconductors reported adjusted third-quarter earnings of $3.45
per share, above the $3.43 estimate. Net income was $718 million,
with revenue of $3.25 billion, in line with forecasts. For the next
quarter, the company projects earnings of $2.93 per share and
revenue between $3 billion and $3.2 billion, below analysts’
estimates due to a slowdown in the automotive sector. Weak demand,
especially in Europe and the Americas, reflects challenging
conditions for automotive chips, as automakers face high inventory
levels and increased competition from Chinese electric
vehicles.
Navitas Semiconductor (NASDAQ:NVTS) – Navitas
Semiconductor reported third-quarter revenue of $21.7 million,
slightly down from $22 million last year but up from $20.5 million
in the previous quarter. The company recorded a GAAP operating loss
of $29 million and a non-GAAP loss of $12.7 million. With $98.6
million in cash, it announced quarterly cost cuts of $2 million,
including a 14% workforce reduction, targeting profitability.
Shares plummeted 19.9% in pre-market after closing up 1.2% on
Monday.
Teradata (NYSE:TDC) – Teradata Corporation
surpassed third-quarter expectations, posting adjusted earnings of
$0.69 per share, above the $0.56 estimate, with revenue of $440
million, beating the $417.71 million forecast. Public cloud ARR
rose 26% year-over-year, though total ARR fell 3%. The company
issued a weaker fourth-quarter outlook, expecting adjusted earnings
of $0.40 to $0.44, below the $0.48 forecast.
Cirrus Logic (NASDAQ:CRUS) – Cirrus Logic
reported record second-quarter revenue of $541.9 million, with GAAP
earnings per share of $1.83 ($2.25 non-GAAP) and a gross margin of
52.2%. New product launches and laptop market expansion fueled the
quarter. For the current quarter, the expected gross margin is
51%-53%, with revenue projected between $480 million and $540
million, while analysts surveyed by LSEG anticipated $590 million.
Shares dropped 10.5% in pre-market after closing up 0.3% on
Monday.
New York Times (NYSE:NYT) – In the third
quarter, The New York Times reported total revenue of $640.2
million, in line with the $640.8 million estimate, driven by an
8.8% increase in digital advertising sales. Adjusted earnings were
45 cents per share, exceeding the 41-cent forecast. However, the
NYT added 260,000 digital subscribers, below the expected 280,200.
Fourth-quarter subscription revenue growth is projected between 7%
and 9%.
Vertex Pharmaceuticals (NASDAQ:VRTX) – In the
third quarter, Vertex Pharmaceuticals’ revenue rose 12% to $2.77
billion, above the $2.72 billion projection, while adjusted
earnings per share reached $4.38, surpassing the $4.14 expectation.
Sales of the cystic fibrosis drug Trikafta grew 13%, totaling $2.59
billion. The company raised its annual revenue forecast to between
$10.8 billion and $10.9 billion, surpassing analysts’ estimates of
$10.75 billion.
Sibanye-Stillwater (NYSE:SBSW) –
Sibanye-Stillwater reported adjusted EBITDA of $184 million in the
third quarter, a 9% increase year-over-year, driven by gold and
zinc operations. South African gold operations yielded $75 million,
while the zinc segment in Australia contributed $31 million,
beating prior expectations. The company reported ongoing
difficulties in the platinum sector, with low prices impacting
margins. Shares rose 9.7% in pre-market after closing down 2.4% on
Monday.
Diamondback Energy (NASDAQ:FANG) – In the third
quarter, Diamondback Energy reported adjusted earnings per share of
$3.38, below the $4.02 estimate. Revenue was $2.65 billion,
exceeding the $2.44 billion forecast. Average production was
571,098 BOE/d, with fourth-quarter projections of 470,000-475,000
barrels of oil per day. The company generated $708 million in free
cash flow during the quarter, repurchased 2.9 million shares for
$515 million, and declared a quarterly dividend of $0.90 per
share.
Archer-Daniels-Midland (NYSE:ADM) –
Archer-Daniels-Midland (ADM) canceled its earnings call and
announced a financial statement review after identifying new
accounting errors, deepening a scandal that has already reduced its
market value by $8 billion. ADM, facing investigations by the
Justice Department and the SEC, will review financial records from
recent quarters. The company also lowered its 2024 earnings
projections to a range of $4.50 to $5 per share, reflecting weak
demand and operational challenges. Shares fell 4.8% in pre-market
after closing up 1.2% on Monday.
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