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DJT Stock Falls 6% Post-Trump Conviction; UBS Restructures Senior Management for CEO Succession and More News

Fernanda T
Latest News
May 31 2024 7:54AM

Trump Media & Technology Group (NASDAQ:DJT) – Trump Media & Technology Group’s stocks fell by 6.1% in pre-market trading after Donald Trump’s conviction for falsifying documents to silence a porn star before the 2016 elections. Sentencing is scheduled for July 11.

UBS Group (NYSE:UBS) – UBS has reshuffled its senior management, splitting the wealth management role between two executives seen as potential successors to CEO Sergio Ermotti. Ermotti expressed a desire to increase the chances of an internal successor when he steps down in 2026 or 2027.

Bank of America (NYSE:BAC) – Bank of America’s investment bank fees are expected to increase by 10% to 15% in the second quarter, according to CEO Brian Moynihan. Trading revenues will also grow, with equities driving performance.

Blackstone (NYSE:BX) – Blackstone has agreed to acquire 55.1% of Infocom Corp. (USOTC: IFFOF), a Japanese provider of electronic comics, for about $1.66 billion. Blackstone may seek to acquire all shares subsequently.

KKR & Co (NYSE:KKR) – KKR has received antitrust approval from the EU to acquire up to $24 billion of Telecom Italia, marking the first sale of the fixed network of a former telephone monopoly in Europe. The European Commission concluded that the deal would not significantly affect competition. KKR has committed to maintaining Telecom Italia’s existing contracts with rivals, soothing EU concerns and allowing the deal to be finalized soon.

US Steel Corp (NYSE:X) – The US Steel Corp and Nippon Steel merger has received global regulatory approvals, except in the US, where it faces political obstacles. The union and the US government have expressed concerns. Nippon has agreed to honor unionagreements and relocate its headquarters to Pittsburgh. The completion of the deal is expected in the second half of this year.

Apple (NASDAQ:AAPL) – Apple plans a revamp of Siri, allowing greater voice control of apps. With a more advanced AI approach, users will be able to execute specific functions. The initiative, part of a broader AI strategy, will be unveiled at the Worldwide Developers Conference and includes voice transcripts, automatic replies, and other enhancements for iPhone, iPad, and Mac. In other Apple-related news, a Chinese court dismissed a lawsuit against App Store fees, claiming the company did not abuse its dominant status. This represents relief for the company, which faces global scrutiny. The decision is part of complex legal battles in different regions, including the US and Europe.

Nvidia (NASDAQ:NVDA) – At Computex 2024 in Taipei, business leaders like Nvidia’s Jensen Huang, and others from the tech industry will gather to discuss the future of computing and artificial intelligence (AI). They are expected to share product advancements and discuss collaborations to address challenges, especially related to AI.

Nvidia (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD) – US authorities are reviewing export licenses for AI chips to the Middle East, delaying approvals for Nvidia and AMD. Concerns about national security and control of advanced technology are leading to a review, as countries like the UAE and Saudi Arabia seek to import in large volume.

Alphabet (NASDAQ:GOOGL) – Google and augmented reality startup Magic Leap are forming a strategic partnership to build immersive experiences. The collaboration suggests a potential return for Google to the augmented and virtual reality market, currently dominated by Meta and Apple. Additionally, Google is investing $2 billion in Malaysia to build its first data center and Google Cloud region in the country, boosting local digital ambitions. With the expansion, Google aims to strengthen technological infrastructure and promote innovation in the Southeast Asian region.

Meta Platforms (NASDAQ:META) – Meta has revamped its strategy to attract younger users, adjusting the Facebook algorithm to recommend a wider variety of external content. This change has driven growth in the user base in the US and Canada, even amidst competition from TikTok.

Amazon (NASDAQ:AMZN) – CNBC reported that Twitch, an Amazon subsidiary, is expanding its safety advisory council, including members from the “Twitch Ambassadors” community who contribute positively. Started in 2020, the council provides guidance to improve online safety. Previous contracts will be terminated to make room for new perspectives. Additionally, Amazon has expanded its partnership with Grubhub in the US, allowing customers to place orders directly through the shopping app and website. Prime members remain eligible for a free subscription to Grubhub+, reinforcing the benefits of Amazon’s loyalty program. Furthermore, Amazon has received approval to expand the reach of its Prime Air drone program in the US, enabling deliveries beyond the line of sight of pilots. This authorization will enhance delivery efficiency, allowing more customers to benefit from the service. The expansion will begin in College Station, Texas.

Paramount Global (NASDAQ:PARA) – Skydance Media has presented an improved offer for a merger with Paramount Global, offering better terms and more cash to shareholders. Specific details have not been disclosed. Meanwhile, Sony Pictures Entertainment (NYSE:SONY) and Apollo Global Management (NYSE:APO) have backed away from an initial $26 billion cash offer.

Sony (NYSE:SONY) – Sony sees the anime streaming service Crunchyroll as a growth catalyst for Sony Pictures Entertainment (SPE), leveraging the global rise of anime. With expansion plans in Asia and India, Crunchyroll aims to capitalize on the growing anime market, projected to double by 2030. Meanwhile, Sony emphasized user engagement to drive continuous revenue in its gaming business as PlayStation 5 sales slow down. Users are spending more on content and services like PlayStation Plus, ensuring a steady revenue base. The company plans for a continuous game pipeline.

Flutter Entertainment (NYSE:FLUT) – Paul Edgecliffe-Johnson has stepped down as CFO of Flutter Entertainment, replaced by Rob Coldrake, who will focus on the US market. The change reflects the growing importance of this market for the company. Flutter faces challenges, including lawsuits and regulatory changes, impacting its stock performance.

Palantir Technologies (NYSE:PLTR) – Palantir has won a $480 million contract from the US Department of Defense for the Maven Smart System, a prototype aimed at accelerating the work of military intelligence analysts by collecting and analyzing data from various sources. AI-assisted target identification has sparked controversy in the technology sector.

STMicroelectronics NV (NYSE:STM) – STMicroelectronics, a global semiconductor manufacturer, will invest about $5.4 billion in a chip factory in Catania, Italy, with €2 billion subsidized by the Italian government under the EU Chip Law. The factory, specialized in silicon carbide, will meet the growing demand driven by the global shortage during the pandemic.

Walmart (NYSE:WMT) – Bloomberg reported Walmart’s efforts to improve working conditions and technology. Walmart managers have seen significant changes in their compensation, reflecting a policy redesign after Walmart lagged behind in employee retention. With stock grants and bonuses, salaries can reach up to $530,000 annually.

Nike (NYSE:NKE) – Nike has laid off employees from its Archives Department, part of a multi-year cost-cutting plan. This department maintains over 200,000 shoes and historical artifacts. The move comes as part of a plan to reduce costs by $2 billion. About 750 employees have been affected so far.

VF Corp. (NYSE:VFC) – VF Corp. has announced the appointment of Michelle “Sun” Choe as global president of the Vans brand, scheduled to start at the end of July. Previously, Choe served as the product director at Lululemon Athletica.

WeWork (NYSE:WE) – A bankruptcy judge has approved WeWork’s Chapter 11 restructuring plan, allowing the company to eliminate $4 billion in debt and hand control to creditors and Yardi. WeWork is set to emerge from bankruptcy debt-free soon after negotiating significant rent cost reductions. Despite rapid growth, the company has faced challenges, including losses and corporate governance issues.

PepsiCo (NASDAQ:PEP) – Frito-Lay, a subsidiary of PepsiCo, plans to lay off nearly a third of its workforce at the Middletown, NY factory. The 88 layoffs, representing one-third of the employees, will begin in August.

Tyson Foods (NYSE:TSN) – Tyson Foods vehemently denied allegations of discrimination made by America First Legal, led by former Trump administration officials. Allegations of favoritism toward immigrants and hiring minors were refuted, emphasizing the legal requirement for all authorized employees in the US.

Mondelez International (NASDAQ:MDLZ) – Mondelez has resumed Oreo cookie production in Ukraine following damage from the Russian invasion. The factory in Trostyanets has been rebuilt and does not export to Russia. The company aims to make its Russian operations self-sufficient by 2023 and continues to invest in Ukraine.

Tesla (NASDAQ:TSLA) – Tesla is preparing to register its ‘Full Self-Driving’ software in China and considering offering it as a monthly subscription. This marks a new revenue strategy for the company as it faces sales and competition challenges in a crucial market. Meanwhile, ISS recommended voting against Tesla CEO Elon Musk’s $56 billion compensation package, citing excessive compensation. It also suggested voting against director James Murdoch but in favor of Kimbal Musk and the company’s state change. ISS and Glass Lewis recommendations are under debate, despite their significant impact on votes. Additionally, a Morgan Stanley report stated that Musk ignored warnings about Twitter stock disclosure, resulting in a lawsuit. It is alleged that Musk and Jared Birchall delayed disclosure to accumulate shares at reduced prices, saving $200 million. Musk subsequently bought Twitter for $44 billion.

Ford Motor (NYSE:F), General Motors (NYSE:GM) – Ford and GM CEOs expressed contrasting views on hybrid vehicles. Ford’s Farley defended hybrids as a profitable and crucial solution for the future, while GM’s Barra emphasized the transition to fully electric vehicles. Both companies are pursuing distinct strategies to keep up with automotive market trends.

Hertz Global (NASDAQ:HTZ) – The vehicle rental company is seeking financing after challenges with electric vehicles. Bloomberg News reported that the company is in touch with financial advisors to evaluate alternatives. Despite a larger-than-expected quarterly loss, stocks rose in pre-market trading after the announcement.

Boeing (NYSE:BA) – The Federal Aviation Administration (FAA) has postponed approval for Boeing to increase 737 MAX production, citing ongoing safety concerns. Enhanced oversight will continue, focusing on quality and safety improvements. Boeing has released an improvement plan, prioritizing critical production and safety areas. Meanwhile, Boeing firefighters have approved a new four-year contract, ending a deadlock. The agreement offers annual salary increases, promotion opportunities, and compensation improvements. Boeing expects firefighters to return to work without disclosing additional financial costs.

United Airlines (NASDAQ:UAL) – United Airlines may receive new aircraft as US aviation regulators review the company. The FAA is collaborating with the company’s growth plan. Recently, some certification activities were halted due to safety concerns, but the FAA is closely overseeing the process.

American Airlines (NASDAQ:AAL) – Following an analysis by Bain & Co., American Airlines has fired its chief commercial officer, Vasu Raja, due to a poorly executed marketing strategy that alienated corporate customers. The change reflects the company’s urgency to reverse declining revenues resulting from a controversial sales approach.