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Exxon Mobil Forecasts Earnings Decline, Twilio Seeks Board Tenure Changes, and More News

Fernanda T
Latest News
April 04 2024 7:30AM

Exxon Mobil (NYSE:XOM) – Exxon Mobil predicted a drop in first-quarter operating results due to lower oil and gas prices and significant losses on fuel derivatives. After two years of strong profitability, the quarter registered an operating profit of about $6.65 billion.

Twilio (NYSE:TWLO) – Twilio, a leader in cloud communications, proposes to shorten the board’s tenure to one year. Byron Deeter will retire before the 2024 meeting, reducing the board to nine members. Andy Stafman, from Sachem Head, joins the board. Pressured by investors such as Legion Partners and Anson Funds, the company faces demands for strategic changes.

Apple (NASDAQ:AAPL) – Apple is delving into personal robotics, eyeing potential innovations for its next product phase. Research includes a mobile robot that accompanies users at home and a desktop device with robotic movement. Despite the early stages, Apple is seeking new revenue streams. Additionally, issues with Apple’s services such as the App Store, Apple TV+, and Apple Music were resolved after disruptions in various regions, including reports of crashes in Apple Fitness+, Arcade, Audiobooks, Books, and Podcasts.

Alphabet (NASDAQ:GOOGL) – Alphabet is considering introducing paid premium features in its AI-based search engine, exploring options like incorporating them into premium subscription services. The move, a first for Google, aims to boost its presence in the AI field. The free search model would continue with ads.

Meta Platforms (NASDAQ:META) – Meta’s WhatsApp resumed operation on Wednesday after hours of global outage. The service confirmed the resolution of the issues. Thousands of users were affected in the US, UK, Brazil, and India. Instagram also experienced outages.

Amazon (NASDAQ:AMZN) – Amazon Web Services (AWS) eliminated hundreds of jobs in sales, marketing, and technology, part of a restructuring at Amazon.com. The affected team includes employees from the sales, marketing, and technology divisions of physical stores. The reorganization reflects efforts to streamline the organization, according to Reuters.

Taiwan Semiconductor Manufacturing Company (NYSE:TSM) – TSMC resumed operations after the worst earthquake in 25 years, with no significant damage to essential equipment. The earthquake left 10 dead and over 1,000 injured.

BlackBerry (NYSE:BB) – BlackBerry surprised with a profit in the fourth quarter, driven by high demand for its cybersecurity services amid rising online crimes. The company reported an adjusted net profit of 3 cents per share in the fourth quarter. Quarterly revenue was $173 million, with cybersecurity unit revenue at $92 million and IoT at $66 million. The revenue forecast for 2025 is $586-616 million, and for the first quarter in the range of $130 million to $138 million, below the analyst estimate of $151.12 million.

Vodafone (NASDAQ:VOD) – The proposed merger between Vodafone Group Plc and CK Hutchison Holdings’ UK unit Three now faces an in-depth antitrust investigation in the UK, with the companies at risk of having the deal blocked unless they offer concessions.

Levi Strauss (NYSE:LEVI) – Levi Strauss reported an adjusted net profit of 26 cents per share in the first quarter, exceeding expectations. Net revenue was about $1.56 billion, slightly above estimates. Direct-to-consumer sales grew 8%, while wholesale sales fell 19% in constant currency. Levi Strauss revised its annual profit forecast upwards, driven by cost savings, job cuts, and less aggressive discounts.

Simulations Plus (NASDAQ:SLP) – The company specializing in pharmaceutical safety software reported a 16% increase in second-quarter revenue, reaching $18.3 million, surpassing analyst projections. As a result, its shares saw a pre-market increase of 8.7%.

Walt Disney (NYSE:DIS) – Billionaire investor Nelson Peltz faced a defeat on Walt Disney’s board, but his investment portfolio remains solid, with Disney shares up 50% since his involvement. Despite the loss, he influenced changes at Disney, showing that even in defeat, his impact is significant. With Peltz’s months-long battle in the rearview, Disney focuses on CEO Bob Iger’s succession. The board extended his retirement five times, promising to take the matter seriously, considering both internal and external candidates.

Paramount Global (NASDAQ:PARA) – Paramount Global opted for exclusive merger talks with Skydance Media instead of accepting Apollo Global Management’s (NYSE:APO) $26 billion offer. This decision could end Shari Redstone’s control over Paramount.

Costco Wholesale (NASDAQ:COST) – Costco Wholesale will expand its partnership with online healthcare provider Sesame, offering members access to weight loss programs, including prescription medications like Ozempic and Wegovy. Members will pay $179 for three months, compared to $195 for non-members.

Tapestry (NYSE:TPR), Gap (NYSE:GPS) – Luxury handbag maker Coach sued Gap, claiming that the Old Navy brand sold T-shirts with the “Coach” name without authorization, potentially confusing consumers. Coach and its parent, Tapestry, seek compensation for damages and the destruction of the inventory.

Etsy (NASDAQ:ETSY) – Jesse Cohn from Elliott Investment Management expressed confidence in Etsy, foreseeing “significant long-term upside.” Holding more than 10%, he envisions growth opportunities, citing potential for user expansion and monetization. Elliott appointed Marc Steinberg to Etsy’s board in February.

Goldman Sachs (NYSE:GS) – Goldman Sachs faces pressure to separate the CEO and chairman roles, currently held by David Solomon, as recommended by the Institutional Shareholder Services (ISS). ISS highlighted mistakes in the consumer sector and executive departures. The bank disagrees with the recommendation, citing its robust leadership structure.

JPMorgan Chase (NYSE:JPM) – JPMorgan Chase launched Chase Media Solutions, allowing advertisers to target its 80 million customers based on spending data. The platform combines a retail media network with Chase transaction data, helping brands precisely reach customers. The launch follows the acquisition of the Figg platform two years ago.

Bank of America (NYSE:BAC) – Bank of America’s securities portfolios decreased in the fourth quarter as markets recovered, but pressures return. By the end of 2023, unrealized losses exceeded $100 billion. The $595 billion portfolio, predominantly mortgage-backed, withstood these declines.

Nomura Holdings (NYSE:NMR) – Nomura Holdings plans to expand its US credit portfolio to over $50 billion in 10 years, possibly seeking smaller acquisitions to strengthen its private credit business. This reflects its strategy to diversify revenue and expand in private markets to mitigate global risks.

BlackRock (NYSE:BLK) – BlackRock, the world’s largest asset manager, is considering investing in Kenyan stocks, which rebounded after poor performance in 2023 due to economic policy changes, offering investment opportunities in a stable market with high growth potential.

Block (NYSE:SQ) – Block’s shares are falling in pre-market trading, down 3.75% to $76.66, after Morgan Stanley analysts downgraded their rating from Equal Weight to Underweight. They also lowered the stock’s target price from $62 to $60, as reported by The Fly.

Wayfair (NYSE:W) – Wayfair’s rating was upgraded from In-Line to Outperform by Evercore ISI, while analysts raised the stock’s target price from $65 to $80. As a result, shares saw a 5.3% increase in pre-market trading, reaching $65.69.

JetBlue Airways (NASDAQ:JBLU) – Nearly 5,000 pilots from the Air Line Pilots Association (ALPA) requested JetBlue to start negotiations for a new collective bargaining agreement. The pilots negotiated an extension during the canceled merger talks with Spirit Airlines (NYSE:SAVE).

Stellantis (NYSE:STLA) – Stellantis CEO Carlos Tavares emphasized the need to halve the weight of electric vehicle (EV) batteries over the next 10 years to make electrification environmentally viable, during the automaker’s Mobility Freedom Forum. He highlighted the importance of advancements in cell power density to achieve this goal, aiming also to address the lithium shortage, a key component in current batteries. Tavares dismissed hydrogen as a viable alternative due to high costs, suggesting it could be a solution for large corporate fleets but not for ordinary consumers.

Tesla (NASDAQ:TSLA) – Elon Musk acknowledged that Tesla is struggling to retain artificial intelligence experts, some migrating to his new AI venture. Tesla is adjusting AI team salaries based on performance, in response to intense competition for talent.

Fisker (NYSE:FSR) – On Wednesday, Fisker announced the withdrawal of its financial projections for 2024, while exploring alternatives to address financial challenges. The company is considering options such as restructuring, fundraising, and asset sales, but warns of uncertainties and risks.

Intuitive Machines (NASDAQ:LUNR) – After NASA awarded one of three contracts to develop a new lunar lander to Intuitive Machines, its shares increased by 8.7% in pre-market trading. The company became the first to successfully land a privately funded probe on the Moon with its Odysseus spacecraft, in February.