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Alphabet Nears $23 Billion Wiz Acquisition, Trump Media Stock Soars 63% Pre-Market, and More

Fernanda T
Latest News
July 15 2024 6:34AM

Alphabet (NASDAQ:GOOGL) – Alphabet is close to buying the cybersecurity startup Wiz for approximately $23 billion, marking its largest acquisition to date. Wiz, which offers AI-driven cloud security solutions, could close the deal soon. The stock rose 0.04% in pre-market trading.

Trump Media (NASDAQ:DJT) – The shares of Trump Media & Technology Group Corp. surged 63% in pre-market trading to about $50.17, driven by a failed assassination attempt on Donald Trump. The company, which controls Truth Social, saw an increase in Trump’s chances of returning to the White House after the incident.

Meta Platforms (NASDAQ:META) – Meta, the parent company of Facebook, removed special restrictions from the accounts of former U.S. President Donald Trump to ensure equal access to political expression before the 2024 elections. The accounts were suspended following the Capitol incident in January 2021. The stock fell 0.46% in pre-market trading.

Nvidia (NASDAQ:NVDA) – Portfolio managers saw significant profits from Nvidia shares, which have surged about 785% since the beginning of 2023 and around 160% this year alone due to the demand for AI chips. However, excessive concentration in a single stock could be risky if there is a reversal. Nvidia accounted for a third of the S&P 500’s gain this year. The stock rose 0.58% in pre-market trading.

Apple (NASDAQ:AAPL) – Apple’s annual sales in India reached a record nearly $8 billion, marking a 33% increase from the previous year. Apple’s iPhones led the sales, reflecting the growing purchasing power in India and Apple’s strategy to diversify beyond China due to trade tensions. The stock rose 2.13% in pre-market trading.

Taiwan Semiconductor Manufacturing Co (NYSE:TSM) – TSMC is expected to report a 30% increase in second-quarter profit, reaching $7.25 billion, due to the growing demand for advanced AI chips. TSMC, which includes clients like Apple and Nvidia, saw its shares hit record highs, with quarterly revenue surpassing expectations and significant expansion plans, including investments in new factories in Arizona. The stock rose 0.99% in pre-market trading.

Paramount Global (NASDAQ:PARA) – Mario Gabelli’s investment firm is questioning the valuation of National Amusements’ assets following the historic merger deal with Skydance Media and Paramount Global. Gabelli seeks transparency about the deal involving the acquisition of National Amusements, signaling a possible legal challenge to the transaction.

AT&T (NYSE:T), Snowflake (NYSE:SNOW) – AT&T disclosed that about 109 million accounts had their data illegally downloaded in April, including call and text message records from 2022, in an incident that is part of a series of attacks affecting 165 Snowflake Inc. customers. Snowflake attributed the responsibility for the lack of security to its clients despite facing reputational damage. The FBI is investigating the incident, which has potential implications for U.S. national security. Experts warn that the stolen metadata represents a “goldmine” for espionage and extortion activities, exposing significant vulnerabilities in the telecommunications sector and possible legal and regulatory consequences. According to Bloomberg, a hacker claimed to have received approximately $400,000 in mid-May to delete confidential call and message data from AT&T that had been stolen. Bitcoin transaction analyses suggest the payment could have been extortion, although it is not confirmed whether AT&T made the payment directly. The stock fell 0.32% in pre-market trading.

Nokia (NYSE:NOK) – Nokia and Telecom Egypt have partnered to implement 5G in Alexandria, Aswan, Cairo, Giza, and Luxor by the end of this year. The new technology promises to enhance speeds, performance, and support for new services, following Telecom Egypt securing the country’s first 5G license this year. The stock fell 0.25% in pre-market trading.

Logitech International (NASDAQ:LOGI) – Daniel Borel, founder of Logitech International SA, obtained a court ruling that could delay the company’s annual shareholder meeting due to a dispute over the appointment of the chairman. The company is barred from sending invitations until the court resolves the conflict between Borel and the current management.

Yandex NV (NASDAQ:YNDX) – The founder of Yandex NV, Arkady Volozh, returned as CEO after selling his main search engine in Russia for 475 billion rubles ($5.4 billion) in cash and shares to a Russian consortium. The company, renamed Nebius Group, will focus on autonomous car technology, cloud storage, and educational projects, driven by the proceeds from the sale.

Sea Ltd. (NYSE:SE) – Sea Ltd. appointed Natalia Goh, former Chief Operating Officer of Trust Bank, as the new head of its digital bank MariBank in Singapore. Goh replaces Yu Dong Zheng, who will now be a consultant for the company. This change comes amid growing competition in the Southeast Asian digital banking sector. The stock rose 0.64% in pre-market trading.

Super Micro Computer (NASDAQ:SMCI), Walgreens Boots Alliance (NASDAQ:WBA) – Super Micro Computer will replace Walgreens Boots Alliance in the Nasdaq 100 index due to the significant increase in Super Micro’s market value and Walgreens’ decline. The change will take effect before trading on Monday, July 22, reflecting recent fluctuations in the companies’ stock values. SMCI shares rose 1.98% in pre-market trading, while Walgreens shares rose 0.52%.

Amazon (NASDAQ:AMZN) – Amazon’s shopping assistant Rufus is now available to all U.S. customers after a testing period with a select group. Functioning via chat in apps, Rufus can answer product questions, recommend places, and even create stories using generative AI for various interactions. In other news, a federal judge in New York ordered Amazon to comply with a subpoena from a civil rights agency investigating whether the company discriminated against pregnant employees, rejecting Amazon’s claim that the subpoena was too broad and requested irrelevant information. The stock rose 0.34% in pre-market trading.

Walmart (NYSE:WMT) – China’s Vice Minister of Commerce, Wang Shouwen, met with Walmart CEO Kathryn McLay to discuss U.S.-China trade relations, Walmart’s growth in China, and other issues, as announced by China’s Ministry of Commerce.

Unilever (NYSE:UL) – Unilever plans to cut one-third of office jobs in Europe by 2025 to revitalize growth under CEO Hein Schumacher’s leadership. This includes up to 3,200 layoffs as part of a productivity program following underperformance and pressure from shareholders like Nelson Peltz.

Chipotle Mexican Grill (NYSE:CMG) – A social media controversy over portion sizes at Chipotle led to a drastic drop in its stock, losing about $7 billion in market value in a week. For optimistic investors, this drop represents a buying opportunity amid perceptions of “shrinkflation” and online criticism. The stock rose 0.50% in pre-market trading.

Lululemon Athletica (NASDAQ:LULU) – Lululemon is being sued for misleading consumers with its Be Planet campaign, promoting itself as sustainable while its greenhouse gas emissions significantly increase. The class action lawsuit alleges that the company causes direct environmental harm contrary to its promises, facing criticism amid increased climate scrutiny in the fashion industry. The stock rose 0.32% in pre-market trading.

PayPal (NASDAQ:PYPL) – Poland’s antitrust authority fined PayPal Europe $27.3 million (106.6 million zlotys) for vague contractual clauses that do not clearly specify prohibited actions for users or potential penalties, allowing PayPal great freedom to impose sanctions such as account blocks. The decision can still be contested in court. The stock rose 0.70% in pre-market trading.

Goldman Sachs (NYSE:GS) – Goldman Sachs is planning to raise $2 billion for its first private equity fund focused on the Asia-Pacific region, with a special focus on Japan, and including major markets like India, South Korea, and Australia. The fund aims to capitalize on the rapid economic growth in these regions despite geopolitical and economic challenges, particularly in China. Meanwhile, the bank has strengthened its leadership in India, appointing Sudarshan Ramakrishnan and Devarajan Nambakam as co-heads of investment banking, aligning with the increase in local business opportunities. Additional team reinforcements include Sunil Khaitan as head of financing and Kamna Sahni as executive director. Furthermore, Goldman Sachs contested the results of the Federal Reserve’s “stress tests,” which identified the need to increase the bank’s capital reserves due to significantly high losses in credit card loan balances. The test revealed substantial losses of 25.4% in credit card loan balances, well above the 17.6% average among tested banks. This resulted in one of the largest reserve increases, with a 94-basis point addition to its stress capital buffer (SCB). The stock rose 0.21% in pre-market trading.

Citigroup (NYSE:C) – Citigroup has asked a U.S. court to dismiss a lawsuit accusing it of racial discrimination. The lawsuit claims the bank is violating civil rights laws by exempting minority-owned bank customers from ATM fees while charging customers from other banks. In defense, Citigroup argues its ATMs do not identify users’ race and there is no unequal treatment. The stock rose 0.74% in pre-market trading.

BlackRock (NYSE:BLK) – Thomas Matthew Crooks, the 20-year-old shooter who injured Donald Trump at a rally, briefly appeared in a BlackRock ad. The company, condemning the attack, stated that Crooks was one of several students in the background of the ad, which will be removed and made available to authorities.

Tesla (NASDAQ:TSLA) – Tesla’s market share fell below 50% for the first time, indicating growing diversification in the electric vehicle (EV) market. This reflects a more competitive industry, with more manufacturers participating and expanding consumer options. While EV sales growth slowed in early 2024, the 11% increase in the second quarter shows an expanding market, positive for all manufacturers, including Tesla. Additionally, Elon Musk made significant donations to a political group supporting Donald Trump, Joe Biden’s rival, according to Bloomberg. Musk previously denied donating to presidential candidates. His actions reflect growing support for the Republican Party, impacting his image and Tesla’s sales, his primary source of wealth. The stock rose 4.61% in pre-market trading.

VinFast (NASDAQ:VFS) – The Vietnamese electric vehicle manufacturer VinFast delayed the launch of its planned factory in North Carolina, USA, to 2028 and reduced its vehicle delivery forecast for this year by 20,000 units, citing uncertainties in the global EV market. The company, founded by Pham Nhat Vuong, also faces economic challenges despite a sales increase.

Boeing (NYSE:BA) – Boeing began certification flight tests of its 777-9 with U.S. regulators on board after receiving the necessary Type Inspection Authorization (TIA). This development represents a milestone for the company, which has faced challenges with legal and production issues recently. The stock rose 0.36% in pre-market trading.

BP plc (NYSE:BP) – BP released its annual energy outlook, predicting that oil demand will stabilize by 2025 and then depend on countries’ carbon emission reduction measures. In a “net zero” scenario, demand could drop to 25 to 30 million barrels daily by 2050 from the current 102 million. In contrast, OPEC forecasts continuous oil demand growth until at least 2045. The stock fell 0.45% in pre-market trading.

ConocoPhillips (NYSE:COF), Marathon Oil (NYSE:MRO) – ConocoPhillips received a second request from the U.S. FTC regarding its proposal to acquire Marathon Oil following a $22.5 billion stock offer. Both companies are cooperating to review the merger, expecting to complete it by the fourth quarter of 2024 to leverage economies of scale. Marathon Oil shares rose 0.98% in pre-market trading.

Bunge Global (NYSE:BG) – Bunge and Viterra are proposing to sell assets in the EU to gain antitrust approval for their $34 billion merger, aiming to better compete with giants like ADM and Cargill. The European Commission is reviewing the concessions presented after initial concerns about the impact on the European market.

BHP Group (NYSE:BHP), Lundin Mining (TSX:LUN), Filo Corp. (TSX:FIL) – Lundin Mining Corp and BHP Group are considering a joint offer for Filo Corp, focused on the Filo del Sol project on the Chile-Argentina border. Negotiations are in early stages and aim to combine mining infrastructures, potentially costing between $5 billion and $8 billion. BHP shares fell 0.66% in pre-market trading.

Rio Tinto  (NYSE:RIO) – Rio Tinto Australia has agreed to develop an 80 MW solar farm for its operations in Pilbara, aiming to replace up to 11% of currently used gas. The project could reduce emissions by 120 kilotons of CO2 per year and is scheduled to start operations in 2027. Stocks fell 0.63% in pre-market trading.

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