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Li Auto Stocks Drop Post Earnings; Calhoun Re-elected to Boeing Board, and More News

Fernanda T
Latest News
May 20 2024 7:03AM

Li Auto (NASDAQ:LI) – Li Auto shares fell 4.5% in pre-market trading after reporting first-quarter results. Li Auto’s vehicle revenues of 24.25 billion yuan (US$ 3.4 billion) increased 32% year-over-year but fell short of the expected 26.71 billion yuan. Deliveries of the Chinese automaker’s first pure electric car were below targets, resulting in a net profit of 1.3 billion yuan, lower than the expected 1.6 billion yuan. The automaker’s gross margin was 20.6% in the first quarter. The company expects revenues of 29.9 to 31.4 billion yuan in the second quarter, below the expected 38.6 billion yuan, with deliveries of 105,000 to 110,000 units, below the estimated 130,692 units.

Boeing (NYSE:BA) – Dave Calhoun was re-elected to Boeing’s board amid a crisis involving multiple investigations and a production downturn. Calhoun will meet with the FAA to discuss quality control issues as the company seeks a new CEO. Shareholders supported Calhoun’s retention despite contrary recommendations from a proxy advisor.

Tesla (NASDAQ:TSLA) – Tesla is reconciling with European leasing companies after price cuts depreciated their fleets. The automaker is offering discounts and improving customer service to resolve complaints and offset the decline in vehicle residual values. After meeting with President Joko Widodo in Indonesia, Elon Musk will consider the proposal to build a battery factory for electric vehicles in the country. Minister Luhut Pandjaitan revealed that the offer includes a precursor cathode plant for EV batteries. Musk was also invited to invest in an AI center and a SpaceX launch platform in Biak.

Polestar (NASDAQ:PSNYW) – Swedish electric vehicle manufacturer Polestar was notified by Nasdaq for not complying with listing rules due to delayed submission of the annual report to US regulators. The company is actively working to regularize the situation, submitting its annual report and first-quarter 2024 financial results. Polestar has 60 days to deliver a compliance plan to Nasdaq.

Boeing (NYSE:BA), General Dynamics (NYSE:GD) – China announced it will ban some American companies, including those supplying arms to Taiwan, from engaging in import, export, and new investments in the country. Affected companies like General Atomics Aeronautical Systems, General Dynamics Land Systems, and Boeing Defense, Space & Security were added to the unreliable entity list.

Ryanair Holdings (NASDAQ:RYAAY) – Ryanair reported that ticket prices for the high season in Europe might remain stable or increase slightly, despite fare discounts until June to boost bookings. The company did not provide financial guidance due to uncertainty but reported positive demand and limited capacity in Europe. Additionally, it announced a $762 million share buyback after a 34% increase in post-tax profit for 2024.

Frontier Airlines (NASDAQ:ULCC) – Frontier Airlines updated its fares, adding options with benefits like carry-on baggage and no cancellation fees, aiming to attract travelers seeking more convenience and comfort. The fares range from basic to executive.

Apple (NASDAQ:AAPL) – Apple is developing a thinner iPhone expected to launch in September 2025, alongside the iPhone 17, according to The Information. This model is expected to be more expensive than the current iPhone Pro Max and incorporate an advanced processor, possibly the A19.

Microsoft (NASDAQ:MSFT) – Microsoft plans to include the next release of the game “Call of Duty” in its Game Pass subscription service, diverging from the practice of selling it independently. This change, to be announced at the annual Xbox event on June 9, reflects a new strategy following the acquisition of Activision Blizzard. Additionally, the Microsoft Build event will take place from Tuesday to Thursday.

Meta Platforms (NASDAQ:META) – Meta CEO Mark Zuckerberg plans to meet with Argentine President Javier Milei. Other tech leaders from Silicon Valley, including representatives from Apple and Google, are also expected to meet with Milei. The mission in San Francisco will include Argentina’s Ambassador to the US, Gerardo Werthein, aiming to attract investments to position Argentina as an AI hub.

Endeavor Group Holdings (NYSE:EDR) – Endeavor decided not to allow minority shareholders to veto a $13 billion privatization deal, risking lawsuits to avoid paying a higher price. This threatens the governance guarantee that protects minority investors, ensuring them a fair price and maintaining stable market valuations, according to legal and financial experts.

Paramount Global (NASDAQ:PARA), Sony (NYSE:SONY), Apollo Global Management (NYSE:APO), Amazon (NASDAQ:AMZN) – Sony Pictures Entertainment and Apollo Global Management signed confidentiality agreements to review Paramount’s financial records, considering a potential purchase of the studio’s assets. However, they backed away from an initial plan to offer $26 billion entirely in cash for Paramount, according to The New York Times. Concurrently, the company is in talks with Comcast about a streaming joint venture. Paramount is also exploring expanding ties with Amazon, discussing possible collaborations in bundled channel sales and advertising, although negotiations may not lead to a concrete agreement.

BuzzFeed (NASDAQ:BZFDW) – BuzzFeed altered CEO Jonah Peretti’s compensation, with a greater proportion now in stock options, in a move to boost the implementation of artificial intelligence and accelerate the company’s recovery. Peretti had a significant reduction in base salary, compensated with 414,000 stock options, reflecting an effort to align executive interests with the company’s growth.

Snap Inc (NYSE:SNAP) – Snap CEO Evan Spiegel announced an aggressive investment in artificial intelligence and machine learning to revitalize Snapchat, aiming for innovations after reshaping the advertising sector. Acknowledging previous delays in machine learning, Spiegel seeks to make the app more engaging and personalized for users.

Expedia (NASDAQ:EXPE) – Expedia fired its chief technology officer and a senior engineering leader for violating company policy, without disclosing details. The company announced it is actively searching for replacements, reaffirming confidence in its strategy and technology team. The dismissals occurred shortly after a major Expedia conference.

Johnson Controls International (NYSE:JCI) – Elliott Investment Management acquired a stake exceeding $1 billion in Johnson Controls International, without revealing its intentions. As Johnson Controls attempts to sell its heating and ventilation assets, companies like Robert Bosch and Samsung are competing for them.

Hershey (NYSE:HSY) – Hershey faces an expanded lawsuit in Florida where consumers allege that Reese’s candies purchased did not contain the artistic details promised on the packaging. Four consumers expressed disappointment, stating that the candies appeared plain and lacked the advertised embellishments.

Nordstrom (NYSE:JWN) – Bruce Nordstrom, former president of Nordstrom, passed away at the age of 90, leaving a remarkable legacy. During his four-decade leadership, he transformed the family’s modest shoe store into one of the leading fashion retailers in the US. Bruce pioneered customer-centric strategies, including superior customer service and a generous return policy, setting new standards for the retail industry. He died at home, remembered as a visionary leader and a pillar of the business community.

GameStop (NYSE:GME) – GameStop shares rose 4% in pre-market trading on Monday after falling 20% on Friday when the video game retailer revealed plans to sell up to 45 million shares and issued a dismal first-quarter financial forecast.

Goldman Sachs (NYSE:GS) – Goldman Sachs is entering the private equity and asset management loan market, planning an international expansion after acquiring credit portfolios and the withdrawal of other banks, like Credit Suisse.

Bank of America (NYSE:BAC) – On Friday, Washington Federal Bank agreed to sell a portfolio of multifamily commercial real estate loans to Bank of America for approximately $2.9 billion. This move helps the regional bank reduce its exposure to a sector facing difficulties due to higher loan costs and lower occupancy.

BlackRock (NYSE:BLK) – BlackRock CEO Larry Fink announced that the company is in talks with several governments to finance essential artificial intelligence investments, such as data centers and semiconductor factories, which require large amounts of energy. He emphasized the need for private capital to address the energy and competitive challenges associated with these investments.