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Joby Aviation Seeks Australian Certification, Arcadium Lithium Projects Suspended Due to Oversupply, and More

Fernanda T
Latest News
August 07 2024 5:47AM

Arcadium Lithium Plc (NYSE:ALTM) – Arcadium Lithium will suspend or delay two of its four expansion projects due to a global oversupply and prolonged lithium price decline. The company revised the project timeline in Argentina and is considering bringing a partner for the Galaxy project in Canada. The changes will reduce capital spending by about $500 million. Shares rose 13.3% pre-market.

Joby Aviation (NYSE:JOBY) – Joby Aviation requested certification in Australia for its eVTOL aircraft, seeking validation based on an agreement between US and Australian regulators. The company, aiming to start commercial operations in 2025, is also seeking certifications in Japan and the UK. Shares rose 2.1% pre-market.

Glencore Plc (LSE:GLEN) – Glencore Plc decided to keep its coal unit, abandoning separation plans after shareholder rejection. Coal is highly profitable and essential for funding green metals investments, while global demand remains high. The decision reflects the dilemma of balancing profits with environmental pressure.

Apple (NASDAQ:AAPL) – The antitrust decision that deemed Google a monopoly could benefit Apple. The case showed that companies do not need to facilitate competition with their tools. This could help Apple argue that limiting developers’ access to its technology is not anti-competitive, as Google tried to demonstrate. However, Apple’s agreement with Google, which pays $20 billion annually to be the default search engine on Apple devices, could be threatened by the court decision. If the agreement ends, Apple could lose 4%-6% of its profits and seek alternatives such as AI technologies. Shares rose 0.4% pre-market.

Alphabet (NASDAQ:GOOGL) – Waymo, Alphabet’s intelligent transportation unit, is expanding its autonomous services in San Francisco and Los Angeles due to high demand. New coverage areas will include Daly City and parts of Hollywood. Alphabet plans to invest $5 billion in Waymo. The court decision declaring Google a search monopoly is considered historic, but its practical impact is still uncertain. Although Google has significant dominance, past regulatory changes, such as in Europe, had minimal market impact. Alphabet is appealing, and the process could take years to conclude. Judge Amit Mehta criticized Google on Monday for destroying evidence and abusing legal protections, but decided not to apply formal sanctions. He warned that Google could face future problems for similar practices. Shares rose 1.4% pre-market.

Samsung Electronics (KOSPI:005930), Nvidia (NASDAQ:NVDA) – Samsung’s 5th generation HBM3E chips outperformed Nvidia’s in AI tests. Samsung plans to start supplying these chips in 2024. However, the 12-layer chips have not yet been approved. Samsung seeks to compete with SK Hynix, which is ahead in advanced memory supply. Nvidia shares rose 0.9% pre-market.

Logitech International (NASDAQ:LOGI) – Logitech appointed Matteo Anversa as CFO effective September 1, replacing Meeta Sunderwala, who was interim. Anversa, former CFO of Gentherm, takes over after Charles Boynton’s departure. Logitech raised its sales and profit forecasts for 2024, driven by strong results and AI.

Hashicorp (NASDAQ:HCP), IBM (NYSE:IBM) – Hashicorp announced that the UK’s Competition and Markets Authority began reviewing the proposed merger with IBM, receiving a notification last week.

Autodesk (NASDAQ:ADSK) – Activist investor Starboard Value pressured Autodesk to consider a CEO change and cut costs, claiming the company missed financial targets and underperformed the market. Starboard, with a $500 million stake, also wants executive compensation tied to shareholder value.

Meta Platforms (NASDAQ:META) – Meta Platforms CEO Mark Zuckerberg, often the target of memes and jokes, is now embracing his public image with more ease. Recently, he has adopted a new stance, mixing activities like wakesurfing with public events and changing his personal style. This change also reflects Meta’s strategy to reinvent itself with a focus on artificial intelligence and the metaverse, far from its old identity as a social media company. Shares rose 1.2% pre-market.

Microsoft (NASDAQ:MSFT), Delta Air Lines (NYSE:DAL) – Microsoft blamed Delta Air Lines for not updating its IT infrastructure, contributing to the cyber failure that caused the cancellation of 6,000 flights. Delta, which lost $500 million due to the disruption, is suing Microsoft and CrowdStrike, alleging they failed to provide necessary support. Microsoft shares rose 1% pre-market.

United Airlines (NASDAQ:UAL) – United Airlines began negotiations with the Teamsters union for a new contract covering 10,000 maintenance workers. The union seeks competitive wages, an accelerated schedule for maximum pay, better benefits, and higher safety standards. The negotiation comes after record airline profits and as flight attendants also demand improvements.

JetBlue Airways (NASDAQ:JBLU) – JetBlue Airways is negotiating a $2.75 billion debt offer, secured by its loyalty program. The deal, which involves leveraged loans and bonds, aims to refinance debts. The proposal is influenced by recent market volatility and is supported by Barclays and Goldman Sachs. Shares rose 0.2% pre-market.

Alaska Air Group (NYSE:ALK) – After an explosion on the panel of a Boeing 737 MAX 9 on January 5, flight attendants feared passengers would be sucked out. Testimonies reveal the crew dealt with a hole in the plane, empty seats, and communication difficulties with the cabin. The NTSB and Boeing failed to identify who removed a door plug. NTSB Chair Jennifer Homendy criticized Boeing for its poor safety culture and lack of internal trust.

Boeing (NYSE:BA) – Boeing faces problems after an accident with the 737 MAX 9, revealing production and safety flaws. Investigations show a door plug was poorly installed and lacked proper documentation. Boeing plans to make design improvements to prevent future incidents. The company agreed to pay a $243.6 million fine for fraud related to previous accidents. Shares rose 0.9% pre-market.

Embraer (NYSE:ERJ) – Embraer closed a new $1 billion credit agreement for five years, expanding the $650 million credit line it had since October 2022.

Tesla (NASDAQ:TSLA) – Tesla is conducting a remote recall in China for 1.7 million vehicles, including the S, X, 3, and Y models. The recall, which involves a software update via Wi-Fi, aims to fix an issue where the system may not detect the front trunk lid unlocked, posing safety risks. Rossmann, a German pharmacy chain, decided to stop buying Tesla cars due to Elon Musk’s support for former President Donald Trump, whose stance on climate change contrasts with Tesla’s environmental mission. The decision is immediate, but the company will continue to use the Teslas it already owns. Shares rose 0.3% pre-market.

Citigroup (NYSE:C) – A federal court ruled that Tamika Miller, a former Citigroup employee, is not entitled to part of the $400 million fine the bank paid in 2020 for risk management failures. The decision was based on the lack of evidence that her whistleblowing led to the fine agreement. Shares rose 0.2% pre-market.

Goldman Sachs (NYSE:GS) – Goldman Sachs launched a new Financial Stress Index (FSI), which showed a recent tightening due to high volatility in stock and bond markets but is still within normal historical levels. The FSI suggests that despite recent stress, there is no urgent need for policy intervention.

Charles Schwab (NYSE:SCHW) – On Monday, Charles Schwab faced temporary disruptions on its platform due to high trading volumes and technical issues with a vendor, affecting customer access. Despite this, the company reported the issue was resolved. Other brokerages also reported similar difficulties.

BlackRock (NYSE:BLK), Nasdaq Inc (NASDAQ:NDAQ) – BlackRock and Nasdaq proposed a change to allow trading options on BlackRock’s spot Ethereum fund. The SEC, which has already approved Ethereum ETFs from other companies, needs to review the proposal. Options offer investors a way to trade the asset at a reduced cost.

T-Mobile (NASDAQ:TMUS) – T-Mobile delayed the sale of $500 million in bonds backed by wireless equipment plans due to recent market volatility. This delay highlights the stress in the ABS (Asset-Backed Securities) market, affected by slow economic growth and other uncertainties. Shares rose 0.6% pre-market.

SeaWorld (NYSE:SEAS) – SeaWorld delayed refinancing a $1.55 billion loan due to market volatility. JPMorgan led the process, aiming to extend the term and reduce costs. The decision comes after a decline in shares and the withdrawal of other loans in the sector.

FuboTV (NYSE:FUBO) – FuboTV won a court case to block the launch of a new sports streaming service called Venu Sports, which it considered a threat. Fubo argued that the service, developed by Fox, Warner Bros., and Disney, could force higher prices and harm competition. Venu Sports will be sold for $42.99 per month.

Amazon (NASDAQ:AMZN) – Manish Tiwary will leave his position at Amazon India in October to pursue new opportunities. Amazon’s investment in India, totaling $26 billion by 2030, remains a strategic priority for growth outside North America. Shares rose 1.5% pre-market.

WK Kellogg (NYSE:KLG) – WK Kellogg plans to close its Omaha plant by 2026 and cut its workforce by 17%. The company expects its adjusted net sales in 2024 to be between 1% growth and 1% decline, and projects restructuring charges between $230 million and $270 million. The planned spending to optimize production is between $450 million and $500 million.

TJX Cos. (NYSE:TJX) – On Monday, TJX fell 3.8%, its biggest drop in over two years, following a period of losses. Despite no specific news, the decline reflects general fears about the economy and retail. However, TJX has a good track record of gaining market share and is well-positioned to benefit in uncertain economic times.

Newell Brands (NASDAQ:NWL) – Newell Brands is moving appliance production from China to other countries and relocating pen manufacturing to Tennessee due to tariff uncertainty. The company seeks to reduce costs and volatility associated with the global supply chain while facing economic challenges and high inflation.