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Dell, Palantir, and Erie Will Be Added to the S&P 500; Boeing Avoids Strike; Apple Event Takes Place Today

Fernanda T
Latest News
September 09 2024 6:05AM

Dell Technologies (NYSE:DELL), Palantir Technologies (NYSE:PLTR), Erie Indemnity (NASDAQ:ERIE), American Airlines (NASDAQ:AAL), Etsy (NASDAQ:ETSY), Bio-Rad Laboratories (NYSE:BIO) – S&P Dow Jones Indices announced that Dell Technologies, Palantir Technologies, and Erie Indemnity will be added to the S&P 500 on September 23. They will replace American Airlines, Etsy, and Bio-Rad Laboratories in the index. In pre-market trading, Dell shares rose 5.7%, and Palantir shares rose 7.5%. American Airlines shares fell 0.9%, and Etsy shares dropped 1.3%.

Boeing (NYSE:BA) – Boeing reached a tentative agreement with its 32,000 workers’ union, avoiding an imminent strike. The four-year contract includes a 25% wage increase and commitments to build new planes in Seattle. The deal also improves benefits and gives the union more influence over production. Workers still need to approve it through voting. Additionally, Boeing’s Starliner capsule returned without a crew after a mission plagued by technical issues and delays. The six-hour flight landed successfully, though thruster problems raised safety concerns, prompting NASA to delay astronaut returns until 2025. Separately, seven people were injured, one hospitalized, when a Scoot flight encountered turbulence approaching Guangzhou, China. The Boeing 787-9 Dreamliner landed safely, and the injured received medical assistance. Boeing shares rose 3.0% pre-market, after closing down 2.8% on Friday.

Apple (NASDAQ:AAPL), Arm Holdings (NASDAQ:ARM) – Apple is gearing up for the iPhone 16 launch event today at 2 p.m. Brasília time, with the slogan “It’s Glowtime.” High expectations surround the new pricing and innovations, particularly in AI. The new iPhone with the A18 chip is expected to be unveiled, utilizing Arm’s V9 design, which Apple licensed until 2040. Arm, a long-time Apple partner since 1990, dominates smartphone chip technology. Apple shares rose 1% in pre-market, while Arm shares rose 2.6%.

Alphabet (NASDAQ:GOOGL) – Federal Judge Amit Mehta, who ruled that Google illegally monopolized the search market, plans to announce remedies by August. He rejected the government’s request for more time and ordered the Department of Justice to propose solutions for Google to respond. The government may seek to break up Google or take other steps to restore competition. According to Reuters, the DOJ intends to submit a proposal by December to address online search market competition. Alphabet shares rose 0.9% pre-market after closing down 4.0% on Friday.

ASML (NASDAQ:ASML) – China expressed dissatisfaction with the Netherlands’ decision to extend export controls on ASML’s equipment, aligning with U.S. restrictions on lithography technology. China’s Ministry of Commerce criticized the U.S. for pressuring allies and hindering Sino-Dutch cooperation. ASML shares rose 2.6% in pre-market, after closing down 5.4% on Friday.

Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) – TSMC achieved production yields at its Arizona plant comparable to those in Taiwan, marking progress in its U.S. project. Production of 4-nanometer wafers began in April, with stable margin expectations. Full production is set to start in 2025 after delays. TSMC shares rose 1.7% pre-market, after closing down 4.2% on Friday.

Roblox (NYSE:RBLX) – Roblox will allow developers to sell paid games and physical products through their games. Initially, real-money pricing will be for PCs, with future expansion to other devices. Roblox will increase creator revenue shares up to 70% and partner with companies to integrate virtual product stores. Roblox shares rose 0.8% pre-market, after closing down 0.2% on Friday.

Walt Disney (NYSE:DIS) – DirecTV accused Disney of anti-competitive behavior and imposing irregular conditions for renewing its distribution agreement. DirecTV alleges that Disney is forcing large channel bundles and illegal impositions, compelling the operator to include less popular channels. Disney stated it is negotiating to resolve the situation swiftly. Disney shares rose 0.5% pre-market after closing down 0.8% on Friday.

News Corp (NASDAQ:NWS) – Hedge fund Starboard Value called for the elimination of News Corp’s dual-class share structure, which gives Rupert Murdoch more control than his stake suggests. This comes as Murdoch, 93, faces family disputes over succession. While the proposal may not be binding, it challenges Murdoch’s control. News Corp shares rose 2.9% pre-market, after closing down 1.4% on Friday.

Faraday Future Intelligent Electric (NASDAQ:FFIE) – Faraday Future secured $30 million in investments from the Middle East, U.S., and Asia through convertible notes and warrants. Faraday is expanding into the Middle East despite challenges in the electric vehicle market. The notes’ conversion price is $5.24 per share, and the warrants’ price is $6.29 per share. Shares faced high volatility on Friday. After an initial 39% rise, shares closed down 7.9%. Shares fell 2.9% pre-market.

Tesla (NASDAQ:TSLA) – Elon Musk denied that his xAI startup negotiated any stake in Tesla in exchange for xAI technology and resources. Reports suggested Tesla could license xAI technologies to improve autonomous driving and other features, but Musk said this is inaccurate. Tesla shares rose 1.8% pre-market after closing down 8.5% on Friday.

NIO (NYSE:NIO) – NIO reported better-than-expected Q2 results, with a smaller-than-expected loss per share and improved gross profit margins. The company expects to deliver 62,000 cars and generate $2.7 billion in revenue in Q3. Analysts have upgraded their ratings and price targets, with most rating the stock as “Buy.” NIO shares fell 2.0% pre-market after closing up 3.5% on Friday.

Stellantis (NYSE:STLA) – Stellantis recalled 1.46 million vehicles globally due to a software defect in the anti-lock brake system that could compromise stability and increase the risk of accidents. The recall includes Ram trucks and Jeep vehicles. No injuries or accidents have been reported. Stellantis shares rose 0.2% pre-market, after closing down 2.1% on Friday.

AutoZone (NYSE:AZO), O’Reilly Auto Parts (NASDAQ:ORLY), Genuine Parts Company (NYSE:GPC), Advance Auto Parts (NYSE:AAP) – U.S. lawmakers questioned CEOs of major auto parts retailers about potential purchases from Qingdao Sunsong, a Chinese company suspected of avoiding U.S. tariffs by routing products through Thailand. They requested clarifications on compliance with trade laws and procurement practices.

Norfolk Southern (NYSE:NSC) – Norfolk Southern is investigating misconduct allegations against CEO Alan Shaw, related to an inappropriate workplace relationship, according to Reuters. The company’s audit committee is conducting the investigation with a law firm.

Wynn Resorts (NASDAQ:WYNN) – Wynn Resorts agreed to pay $130.1 million to settle a U.S. lawsuit over unregistered customer money transfers at its casinos. Between 2014 and 2018, the company used unauthorized methods to move large sums, violating regulations. Wynn stated it has implemented corrective measures and resolved a related dispute with its former CEO.

Starbucks (NASDAQ:SBUX) – Starbucks is facing challenges with sales and operations, hoping that new CEO Brian Niccol will bring innovation and efficiency. Niccol, former CEO of Chipotle, helped that brand recover and expand. Analysts believe he can revitalize Starbucks by focusing on premium branding, simplifying the menu, and improving operations.

Chewy (NYSE:CHWY) – Morgan Stanley estimates Chewy’s stock could double in the next 12 months. Analyst Nathan Feather raised his price target from $49 to $53, highlighting the company’s potential profitability improvement. Chewy is considered the top pick among mid-sized e-commerce stocks. Shares rose 0.4% pre-market, after closing up 0.1% on Friday.

GameStop (NYSE:GME) – GameStop shares closed up 6.8% on Friday after an enigmatic post by “Roaring Kitty” (Keith Gill) on X, showing an altered image from the movie “Toy Story 2.” Before the post, a trader bought call options on GameStop, profiting about 30%. The company will release its quarterly report after the market closes on Tuesday. Shares fell 1.3% pre-market.

Kroger (NYSE:KR) – Kroger, which will release its quarterly results before the market opens Thursday, faces scrutiny over its $24.6 billion merger with Albertsons and allegations of price gouging. Attention is focused on the company’s future pricing strategy and competitive impact as it seeks to balance profit and competition in an inflationary environment.

Instil Bio (NASDAQ:TIL) – Instil Bio announced the closure of its Manchester unit and plans to lay off its UK workforce. The restructuring plan will cost an estimated $5.5 million, including severance payments and contract terminations. The company aims to cut costs and improve efficiency while its lead asset, SYN-2510, continues development for cancer treatment. Shares rose 10.2% pre-market after closing up 0.7% on Friday.

Big Lots (NYSE:BIG) – Home goods retailer Big Lots filed for bankruptcy under Chapter 11 and secured $707.5 million in a sale to Nexus Capital. Its assets and liabilities range between $1 billion and $10 billion. Nexus will be the lead bidder in the auction, expected to close in Q4 2024. Shares are steady pre-market after closing up 9.1% on Friday.

BlackRock (NYSE:BLK) – The U.S. Federal Energy Regulatory Commission approved BlackRock’s $12.5 billion acquisition of Global Infrastructure Partners. The deal includes $3 billion in cash and 12 million BlackRock shares. Global Infrastructure Partners invests in infrastructure across various sectors.

Coinbase Global (NASDAQ:COIN) – A federal judge rejected Coinbase’s bid to dismiss a shareholder class-action lawsuit alleging the company understated the risk of SEC action. The judge stated there is evidence that Coinbase and its executives may have misled investors about regulatory risks and asset safety. Coinbase shares rose 3.3% pre-market after closing down 7.7% on Friday.

Goldman Sachs (NYSE:GS) – Goldman Sachs arranged a bridge loan of about $389 million to support Almaviva SpA’s acquisition of Iteris Inc. The loan will be replaced by high-yield bonds. The $335 million deal is expected to close this year, pending approval.

Vale (NYSE:VALE), BHP Group (NYSE:BHP) – Mining companies Vale and BHP, along with Samarco, may finalize a deal with Brazilian authorities to pay approximately 100 billion reais ($17.87 billion) for the 2015 Mariana disaster. The amount exceeds the previous 82 billion reais proposal. The deal is expected to be completed in October. Vale shares rose 0.1% pre-market, while BHP shares rose 0.6%.

Petrobras (NYSE:PBR) – Petrobras is accelerating its return to the fertilizer sector, planning to invest $800 million to complete the UFN-III plant. The goal is to reduce import dependence and strengthen domestic production, especially after import disruptions due to the Ukraine war. Petrobras shares rose 0.7% pre-market after closing down 1.7% on Friday.

IPO

Nium Pte – Nium Pte, a Singapore-based payments company, has postponed its U.S. IPO to 2026, focusing on strengthening its team and expanding revenue. The company, valued at $1.4 billion, has hired a new CFO and aims to reach $200 million in revenue by 2025. Nium also plans to acquire payment startups.

StandardAero – StandardAero, an aircraft maintenance services provider, along with its investors Carlyle Group and GIC, has filed for a U.S. IPO. The aircraft maintenance sector is growing due to long-term demand and post-pandemic recovery. The IPO is expected to list on the New York Stock Exchange under the symbol “SARO.”

KinderCare Learning Companies – KinderCare Learning Companies is restarting its U.S. IPO after a three-year pause. Under the leadership of new CEO Paul Thompson, the childcare education company plans to list its shares on the New York Stock Exchange under the symbol “KLC.” Partners Group will remain the majority shareholder.

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