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GameStop Shares Tumble 20% in Pre-Market Trading Amid Revenue Decline, Direct Digital Plummets 42%, and More News

Fernanda T
Latest News
March 27 2024 6:54AM

GameStop (NYSE:GME)GameStop reported $1.79 billion in revenue for the fourth quarter, which is less than the $2.23 billion earned in the same quarter of the previous year. However, the company announced an adjusted earnings per share of 22 cents, compared to the previous year’s 16 cents per share. Shares of the video game retailer fell 19.7% in pre-market trading.

Direct Digital Holdings (NASDAQ:DRCT) – The advertising platform provider reported a net loss of $1.2 million in the last quarter. This contrasts with the net profit of $1.4 million in the same period of the previous year. Revenue in the fourth quarter reached $41 million, compared to $30.7 million in the previous year. Shares fell 41.87% in pre-market trading.

Apple (NASDAQ:AAPL)Apple announced its Worldwide Developers Conference (WWDC) from June 10 to 14, revealing significant changes to iOS and partnerships in artificial intelligence (AI). The online event will highlight software updates for iPhones, iPads, and other devices, with some attendees present at Apple Park. In other related news, Apple‘s iPhone shipments in China fell about 33% in February from the previous year, reflecting a continued decline in demand for the device in its primary foreign market.

Nvidia (NASDAQ:NVDA)Nvidia‘s rapid growth, though based on solid profits and revenues, is generating caution due to the possibility of over-anticipation of future earnings, resulting in overly valued shares. Nvidia has become one of the world’s largest companies, adding $2 trillion in value over the past 15 months.

Dell Technologies (NYSE:DELL)Dell eliminated 13,000 jobs during the last fiscal year, a deeper cut than initially expected. With 120,000 employees as of February 2, the company reduced its global workforce by almost 10%.

Adobe (NASDAQ:ADBE)Adobe is innovating in generative AI with GenStudio for advertising and marketing, as well as a partnership with Microsoft (NASDAQ:MSFT) to optimize workflows. A focus on productivity gains is anticipated in 2024.

nCino (NASDAQ:NCNO) – The cloud software company reported fourth-quarter results that exceeded those of the previous year. Revenue reached $123.7 million, representing a 13% increase compared to the same period last year. Shares of nCino rose 11.73% in pre-market trading.

Concentrix (NASDAQ:CNXC) – The customer experience technology company reported adjusted earnings of $2.57 per share and revenue of $2.4 billion in the first fiscal quarter. In the same period of the previous year, the company recorded earnings per share of $2.59 and revenue of $1.64 billion. In addition, Concentrix reiterated its annual projections for the current fiscal year. Shares of Concentrix fell -4.23% in pre-market trading.

Progress Software (NASDAQ:PRGS)Progress Software had fiscal first-quarter revenue that exceeded expectations but projected adjusted earnings for the second quarter between 93 and 97 cents per share, with revenues forecasted between $166 million and $170 million. The earnings and revenue forecasts fell below Wall Street estimates, and shares dropped 2% in pre-market trading.

Arista Networks (NYSE:ANET) – Andreas Bechtolsheim, founder and former chairman of Arista Networks, agreed to pay a civil fine of approximately $1 million to settle insider trading charges, as disclosed by the U.S. Securities and Exchange Commission. In addition, he accepted a five-year ban from serving as an executive or director at public companies.

Trump Media & Technology Group (NASDAQ:DJT) – Shares of Donald Trump’s publicly traded Truth Social company rose 16% on their first trading day on Tuesday, following the completion of the merger deal with Digital World Acquisition Corp. Shares reached a high of 59%, closing at $57.99 each. This values the company at $7.9 billion, providing Trump with a significant potential gain, although his 60% stake is subject to a six-month lock-up. The company faces financial and legal challenges but has attracted retail investors due to its potential as a “meme stock.”

Comcast (NASDAQ:CMCSA), Amazon (NASDAQ:AMZN) – In the 2024 season, Comcast‘s Peacock streaming service will exclusively showcase NFL Week 1 game, while rival Amazon.com will broadcast the NFL Wild Card. This groundbreaking deal marks the first NFL game in South America and promises a unique experience for fans.

Walt Disney (NYSE:DIS) – Proxy advisor Egan-Jones endorsed the nominations of Nelson Peltz and Jay Rasulo to the Walt Disney board, estimating they would bring fresh perspectives. The report criticized Disney in several areas, including management succession and relationship with the Florida government.

Zoetis (NYSE:ZTS)Zoetis is under EU antitrust investigation for allegedly blocking a rival dog pain medication from entering the market. The European Commission is examining whether there was unfair exclusion and may impose substantial fines.

Clorox (NYSE:CLX) – A few years before a cyberattack in 2023 halted production at Clorox, one of the largest disinfectant producers in the U.S., an audit highlighted cybersecurity flaws in the company’s production systems. Clorox leaders delayed cybersecurity improvements, affecting recovery after the attack, while the company invested in a digital transformation initiative.

Hershey (NYSE:HSY), Mondelez (NASDAQ:MDLZ)Hershey, Mondelez, and other confectionery manufacturers are stepping up promotions and diversifying their Easter offerings with non-chocolate treats, such as biscuit and cream bunnies. The rise in cocoa prices is pressuring profits, while consumers resist higher prices.

Krispy Kreme (NASDAQ:DNUT), McDonald’s (NYSE:MCD)Krispy Kreme announced that its donuts will be available in McDonald’s restaurants across the U.S. by the end of 2026, expanding a pilot program. This caused its shares to jump 23% on Tuesday.

Canada Goose Holdings (NYSE:GOOS)Canada Goose will cut its global workforce by about 17%, representing approximately 156 jobs, as part of efforts to control costs amid pressure on luxury goods demand in the U.S. The company will also realign executive functions to drive growth.

Amazon (NASDAQ:AMZN)Amazon expanded same-day prescription drug delivery in New York and Los Angeles. Using new facilities and AI, Amazon is offering flu and diabetes medications within a few hours. Expansion plans include more U.S. cities.

Walmart (NYSE:WMT), Capital One (NYSE:COF) – A federal judge ruled on Tuesday that Walmart may terminate its credit card partnership with Capital One due to customer service failures. The decision favored the clear terms of the 2018 agreement between the parties.

Morgan Stanley (NYSE:MS)Morgan Stanley was ordered to pay over $3 million to a group of financial advisors for improperly withholding their deferred compensation upon leaving. The arbitration panel ruled in favor of the 10 advisors, ordering payment of deferred compensation, interest, and legal fees.

Citigroup (NYSE:C)Citigroup fired at least 10 equity research employees in Asia-Pacific, part of a global overhaul. This move follows earlier cuts, aiming for significant staff reduction to improve efficiency and save $1 billion annually.

Western Digital (NASDAQ:WDC)Western Digital rose 1.44% in pre-market trading after analysts at Evercore ISI began covering the stock with an “Outperform” rating and set a target price of $80.

Deutsche Bank (NYSE:DB) – Shares of Deutsche Bank rose 3.8% in pre-market trading following an upgrade from Morgan Stanley to “Overweight”. The U.S. bank believes there is more growth potential, highlighting improved revenue momentum and confidence in cost reduction.

Nu Holdings (NYSE:NU)Nu Holdings will reduce the interest rate on its savings account in Mexico by 25 basis points to 14.75%, following a rate cut by the central bank. Intense competition in the fintech sector keeps rates high.

Visa (NYSE:V), Mastercard (NYSE:MA)Visa and Mastercard agreed to a historic $30 billion deal to limit card fees, potentially reducing prices for consumers. Merchants have long accused the companies of anti-competitive practices, while critics question the durability of the resulting savings. Judicial approval is awaited.

Robinhood Markets (NASDAQ:HOOD) – The online trading platform Robinhood introduced a new credit card on Tuesday, aiming to expand its presence in personal finance and attract more subscribers to its premium service, complementing its product diversification and partnership strategy.

Blackstone (NYSE:BX)Blackstone is considering selling Trilliant Food & Nutrition, the maker of Victor Allen’s and Aspen Ridge coffee brands, for about $600 million. Trilliant generates almost $60 million in annual profits. Bank of America (NYSE:BAC) has been hired as a financial advisor.

BlackRock (NYSE:BLK) – In BlackRock’s annual letter to shareholders, Larry Fink mentioned the financial security of his retired parents, contrasting it with current concerns over the sustainability of pension funds. He proposed solutions, including a new investment product from BlackRock.

Moody’s (NYSE:MCO), Boeing (NYSE:BA)Moody’s Investors Service is considering downgrading Boeing‘s ratings, including the “Prime-2” short-term rating and the “Baa2” senior unsecured rating. This reflects concerns about the company’s ability to deliver 737 aircraft in volumes necessary to improve its cash flow. Regarding Boeing‘s search for a new CEO, potential candidates include industry leaders and external executives, with GE, Spirit, and former Boeing leaders among the options.

Toyota Motor (NYSE:TM)Toyota plans to mass-produce an electric Hilux pickup by the end of 2025, revealed by the president of its Thai unit. This announcement follows Isuzu Motors‘ statement that it will manufacture its D-MAX battery-powered pickup in Thailand by 2025.

Ford Motor (NYSE:F), Allego (NYSE:ALLG), General Motors (NYSE:GM)Ford and Allego announced a partnership to install ultra-fast chargers at Ford dealerships in Europe, aiming to overcome the shortage of charging infrastructure. The chargers, set to be installed starting from 2025, will be available to all electric vehicle owners. Additionally, GM and Ford will adjust shipments following the collapse of a bridge in Baltimore. While they expect minimal impact, they are redirecting vehicle shipments to other ports. The Port of Baltimore is vital to the auto industry, handling thousands of vehicles annually.

Ferrari NV (NYSE:RACE)Ferrari NV has partnered with South Korea’s SK On to develop batteries for its future electric supercars. CEO Benedetto Vigna is committed to taking Ferrari into the electric world, planning to launch its first fully electric car next year.

Tesla (NASDAQ:TSLA)Tesla shares rose up to 1% in pre-market trading in response to the announcement of free trials of its autonomous software. A driving test is anticipated for all customers before purchase. Despite previous declines, shares are rebounding this week.

VinFast (NASDAQ:VFS) – Electric vehicle maker VinFast signed agreements with 15 dealers in Thailand, seeking to expand its presence in Southeast Asia. This initiative accompanies the Bangkok International Motor Show, reflecting the growing demand for electric vehicles in the region.

Li-Cycle (NYSE:LICY)Li-Cycle plans to cut 17% of its workforce, including three senior executives, aiming to reduce costs and focus on building a crucial facility in New York. The cuts reflect technical challenges and excessive costs associated with the company’s global expansion.

United Parcel Service (NYSE:UPS)UPS exceeded revenue forecasts for 2026 on Tuesday, with a three-year plan focused on high-margin parcels and cost cuts. UPS aims to boost growth through health logistics and SME customers. With the “Network of the Future” plan, it expects to save about $3 billion by 2026 through automation and robotics. Capital expenditures from 2024 to 2026 are expected to total between $17 billion and $18 billion.

International Paper (NYSE:IP), DS Smith (USOTC:DSSMY)DS Smith is in talks with International Paper about a proposal to acquire all shares of its U.S.-listed competitor, valuing the British company at $7.2 billion.

Merck (NYSE:MRK) – The U.S. Food and Drug Administration approved Merck‘s treatment for pulmonary arterial hypertension. The drug, called Winrevair, is the first in its class, targeting the activin protein. The approval is based on a late-stage trial showing significant improvements in patients. Merck paid $11.5 billion in 2021 for the company that developed the drug.

Johnson & Johnson (NYSE:JNJ), Shockwave Medical (NASDAQ:SWAV)Johnson & Johnson is in talks to acquire medical device manufacturer Shockwave Medical, as revealed by the Wall Street Journal on Tuesday. With a market capitalization of about $11 billion, a deal could be finalized soon.

AstraZeneca (NASDAQ:AZN)AstraZeneca plans to establish an independent production network to supply drugs to major markets, aiming to reduce the pharmaceutical industry’s dependence on China. CEO Pascal Soriot highlighted in an interview at the Bo’ao Forum the importance of serving the U.S., Europe, and China independently.

Rite Aid (NYSE:RAD) – The pharmacy chain Rite Aid reached an agreement with creditors, the U.S. Department of Justice, and McKesson Corp (NYSE:MCK), paving the way to complete its bankruptcy process by April. The deal was disclosed by a company attorney during a court hearing.