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Meta Strengthens Child Privacy on Instagram; Google Overturns $1.7 Billion Antitrust Fine; Snap Updates Spectacles

Fernanda T
Latest News
September 18 2024 6:13AM

Meta Platforms (NASDAQ:META) – Meta could face a significant fine from the European Union for attempting to dominate the classifieds ad market. Regulators allege the company links its Marketplace services to Facebook to disadvantage competitors. The decision may be announced next month, under the supervision of Margrethe Vestager. Additionally, Meta is introducing privacy controls for Instagram accounts of users under 18, making them private by default. Only followed accounts can interact, and users under 16 will need parental permission to change settings. Usage limits and notifications will also be implemented. Shares fell 0.2% in pre-market trading after closing up 0.6% on Tuesday.

Snap Inc (NYSE:SNAP) – Snap launched an updated version of its augmented reality glasses, Spectacles, betting that wearable devices will be the next technological frontier. The new generation, equipped with Snap OS, enhances user interaction and will initially be available to developers for $99 per month. Meanwhile, the company faces challenges in the digital advertising market but believes augmented reality can create new demand. Additionally, Snap revamped its Snapchat app, introducing a new algorithm to rank and recommend video content, aiming to compete with TikTok and Instagram. The update unifies video feeds and highlights the camera and messaging. According to Bloomberg, the company is investing $1.5 billion in artificial intelligence technologies to enhance user experience. Shares closed down 2.3% on Tuesday.

Alphabet (NASDAQ:GOOGL) – Google overturned a $1.7 billion (€1.5 billion) European Union fine for anti-competitive practices in online ads, after the EU’s General Court found regulatory errors in the investigation. This decision, however, may be appealed. The victory follows Google’s recent defeat in a separate antitrust case, where it was fined €2.4 billion. Shares rose 0.5% in pre-market trading after closing up 0.8% on Tuesday.

Amazon (NASDAQ:AMZN) – Amazon appointed Samir Kumar as its new head in India, replacing Manish Tiwary, who stepped down after eight years. Kumar, a company veteran, will take over on October 1st and will also lead consumer businesses in several regions. The change comes as Amazon plans to invest $26 billion in India by 2030, facing a challenging regulatory environment. Shares fell 0.1% in pre-market trading after closing up 1.1% on Tuesday.

Nvidia (NASDAQ:NVDA) – Nvidia shares dropped 1% on Tuesday despite strong demand signals for its next-generation chips in the Asian supply chain. The decline followed disappointing sales guidance last month, although analysts remain optimistic about growth potential with the new NV systems. Shares fell 0.4% in pre-market trading.

Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) – TSMC’s new chip factories in Kyushu drove the biggest land price increases in Japan for the second consecutive year. In Ozu, near the factories, prices rose 33.3%, far above the national average of 3.4%. The increase reflects Japan’s economic recovery. Shares rose 0.3% in pre-market trading after closing down 1% on Tuesday.

Electronic Arts (NASDAQ:EA) – Electronic Arts (EA) unveiled its annual bookings forecast and announced a new “Battlefield” title, returning to modern settings. The company expects bookings between $7.30 billion and $7.70 billion for 2025 and will launch an “EA Sports” app to engage fans. EA will also produce a film based on “The Sims.” Shares were little changed in pre-market trading after closing down 2.7% on Tuesday.

Sony Group (NYSE:SONY) – Sony is exploring blockchain technology with the launch of Soneium, a digital ledger to power applications in gaming, music, and film. Other Japanese companies, such as Toyota and Mitsubishi UFJ, are also investing in the technology. However, Japan’s strict regulation poses a challenge for the sector. Shares closed down 2.8% on Tuesday.

Trump Media & Technology Group (NASDAQ:DJT) – Trump Media & Technology Group shares fell 6.6% on Tuesday ahead of the expiration of insider trading restrictions. The stock had jumped 12% on Friday after Trump stated he wouldn’t sell his $1.9 billion stake. The company’s market capitalization is $3.19 billion, with shares worth about $16.14, down about 75% since March. Shares rose 1.7% in pre-market trading.

AT&T (NYSE:T) – AT&T agreed to pay $13 million to settle a Federal Communications Commission (FCC) investigation into a data breach affecting 8.9 million customers. The company pledged to improve its data governance practices after exposing account information, though sensitive data was not compromised. Shares fell 0.3% in pre-market trading after closing down 2.2% on Tuesday.

Uber Technologies (NYSE:UBER) – Uber is introducing features to enhance driver safety, including a “verified” badge on passenger profiles and the option to record audio and video during rides using smartphones, eliminating the need to buy vehicle cameras. The company is also testing a feature allowing drivers to block passengers who rate them 2 or 3 stars while maintaining its policy of not matching drivers with passengers rated 1 star. Shares rose 0.1% in pre-market trading after closing up 1.8% on Tuesday.

Intuitive Machines (NASDAQ:LUNR) – Intuitive Machines secured a contract worth up to $4.82 billion with NASA for communication and navigation services in space missions. The contract includes deploying lunar satellites to support the Artemis campaign, which aims to send astronauts to the Moon. Shares jumped 42.8% in pre-market trading after closing down 5.6% on Tuesday.

Boeing (NYSE:BA) – Boeing and its largest union will resume negotiations on Wednesday with mediators after failing to agree on wages and pensions. The union is demanding a 40% pay raise over four years, rejecting Boeing’s offer of 25%. The strike has halted production of key jet models. Shares remained flat in pre-market trading after closing up 0.5% on Tuesday.

Southwest Airlines (NYSE:LUV) – Elliott Investment Management, which owns 10% of Southwest Airlines shares, is seeking to replace CEO Robert Jordan and Chairman Gary Kelly, despite the carrier announcing board changes. According to Reuters, the investor met with the mechanics’ union, insisting on new leadership to improve the airline’s competitiveness.

Alaska Air Group (NYSE:ALK), Hawaiian Holdings (NASDAQ:HA) – The U.S. Department of Transportation approved Alaska Airlines’ $1.9 billion acquisition of Hawaiian Airlines, provided both maintain key routes and consumer protections. The deal, which aims to preserve passenger rewards and competitive access, will close on Wednesday after detailed negotiations.

General Motors (NYSE:GM) – Canadian union Unifor extended its negotiations deadline with General Motors, avoiding a strike at the Ingersoll, Ontario plant that produces electric vehicles and batteries. Though 97% of members were willing to strike, the union did not disclose a new deadline but said talks are ongoing.

Stellantis (NYSE:STLA) – The United Auto Workers union plans to vote on strike authorization at Stellantis units, which could cause significant disruptions. President Shawn Fain criticized the company for failing to meet previous commitments. Stellantis faces complaints about Dodge Durango production and delays in a battery investment. CEO Carlos Tavares said the company is taking steps to avoid factory closures, as Volkswagen faces. He emphasized unpopular decisions were made to sell electric vehicles at similar prices to gasoline models. Stellantis has already cut nearly 20,000 jobs in Europe since its formation in 2021. Shares rose 0.9% in pre-market trading after closing down 0.6% on Tuesday.

Carvana (NYSE:CVNA) – BofA Securities analysts gave a buy rating for Carvana shares, predicting sustainable growth in the $800 billion used car market. They expect supply recovery and lower interest rates to boost sales, setting a price target of $185. However, risks include the company’s high debt and heavy investment needs. Carvana shares have nearly tripled this year, outperforming the S&P 500.

Blink Charging (NASDAQ:BLNK) – Blink Charging announced layoffs of about 14% of its global workforce to cut costs due to weak demand for electric vehicle chargers. The layoffs, expected to save about $9 million annually, will be completed by the first quarter of 2025. Shares rose 5% on Tuesday.

SolarEdge (NASDAQ:SEDG) – SolarEdge faces competition and leadership challenges, as noted by Jefferies. After the RE+ 24 event, the company was downgraded from “Hold” to “Underperform,” with the price target lowered from $27 to $17. The lack of clear leadership and strong competition are concerns. Shares have fallen 76% this year. Shares fell 0.3% in pre-market trading after closing up 2.6% on Tuesday.

US Steel (NYSE:X) – The U.S. national security panel delayed a decision on Nippon Steel’s $14.9 billion bid for US Steel, allowing the companies to resubmit the approval request. This extension provides hope amid national security and steel supply chain concerns. The new review could take up to 90 days, beyond the November elections. Shares rose 3.2% in pre-market trading after closing down 0.4% on Tuesday.

Chevron (NYSE:CVX) – Chevron CEO Michael Wirth criticized the Biden administration’s policies, saying they target the natural gas industry. Wirth defended the critical role of Permian gas in meeting the growing energy demand from artificial intelligence, emphasizing that replacing coal with gas could significantly reduce carbon emissions.

Diamondback Energy (NASDAQ:FANG) – Diamondback Energy is considering using some of its natural gas to generate electricity for drilling and hydraulic fracturing. The company is exploring alternatives to grid electricity, which can be unstable. Additionally, it signed a deal with Oklo to explore small nuclear reactors for its electricity needs.

Nucor (NYSE:NUE) – Nucor expects a profit decline for the third quarter, forecasting earnings between $1.30 and $1.40 per share, down from $2.68 in the second quarter. This reduction is driven by lower average steel prices. Nucor’s shares have fallen 17% this year.

Newmont Corp. (NYSE:NEM) – Newmont plans to raise up to $2 billion by selling smaller mines and projects. Following its acquisition of Newcrest Mining, the company is focusing on high-performing assets like the Akyem mine in Ghana, which is already in advanced stages of sale. Shares fell 0.2% in pre-market trading after closing down 0.04% on Tuesday.

BlackRock (NYSE:BLK), Microsoft (NASDAQ:MSFT) – BlackRock and Microsoft plan to create a fund exceeding $30 billion to invest in artificial intelligence infrastructure, including data centers and energy projects. The Global AI Infrastructure Investment Partnership aims to strengthen AI supply chains and mobilize up to $100 billion in total investments. Microsoft shares rose 0.3% in pre-market trading after closing up 0.9% on Tuesday.

JPMorgan Chase (NYSE:JPM), Apple (NASDAQ:AAPL) – JPMorgan Chase is in talks with Apple to become the new credit card partner, replacing Goldman Sachs. Discussions, which began earlier this year, have progressed, but an agreement could take months. Additionally, JPMorgan CEO Jamie Dimon plans to travel to Africa in October to expand the bank’s presence there, marking his first visit in seven years. JPMorgan shares rose 0.1% in pre-market trading, while Apple shares fell 0.3%.

KKR & Co. (NYSE:KKR) – KKR & Co. led a $1.4 billion private credit financing for USIC Holdings, allowing the company to repay broadly syndicated debt. The deal included a term loan, a delayed draw loan, and a revolving loan, with leverage of around 7 times.

Bausch Health Cos. (NYSE:BHC), Jefferies (NYSE:JEF) – Bausch Health is collaborating with Jefferies Financial Group to refinance part of its debt, aiming to facilitate the anticipated spinoff of Bausch + Lomb. The refinancing could help overcome obstacles delaying the separation, while Bausch + Lomb is also considering a sale, attracting interest from private equity investors.

Starbucks (NASDAQ:SBUX) – Brazilian restaurant operator Zamp SA plans to expand Starbucks to 1,000 stores in Brazil, significantly increasing from the current 128 locations. Supported by Mubadala Capital, Zamp will begin the expansion in two years, focusing on major cities and airports. The company acquired Starbucks’ rights after SouthRock Capital’s bankruptcy. Shares fell 0.4% in pre-market trading after closing up 0.1% on Tuesday.

Philip Morris International (NYSE:PM) – Philip Morris International (PMI) announced the sale of its asthma inhaler manufacturer Vectura Group to Molex Asia Holdings for approximately $198 million. CEO Jacek Olczak stated that Molex is better positioned to lead Vectura.

Walmart (NYSE:WMT) – Walmart’s Sam’s Club announced it would raise the average hourly wage for nearly 100,000 employees ahead of the holiday season. Starting wages will increase from $15 to $16, with the average wage expected to exceed $19. The new plan will take effect on November 2. Shares rose 0.1% in pre-market trading after closing down 2.4% on Tuesday.

Kroger (NYSE:KR), Albertsons (NYSE:ACI) – The trial over Kroger’s $25 billion proposed acquisition of Albertsons concludes Tuesday, but legal challenges are just beginning, with two more trials scheduled. Regulators argue that the merger will raise prices and reduce options, while Kroger defends that it will result in lower prices and higher wages.

Tupperware Brands  (NYSE:TUP) – Tupperware filed for Chapter 11 bankruptcy after facing years of declining sales and growing competition. The company, with assets between $500 million and $1 billion, aims to sell the business while continuing operations during the bankruptcy process. Since 2020, Tupperware has warned of its viability in the market.

Deckers Outdoor  (NYSE:DECK) – Deckers Outdoor shares dropped on Tuesday following a six-for-one stock split. The split was approved on September 13 and is aimed at increasing the liquidity of the stock.

Workday  (NASDAQ:WDAY) – Workday announced the acquisition of Evisort, a document intelligence company, allowing its clients to use AI to analyze data within its finance and HR solutions. While the price was not disclosed, the transaction is expected to close by October 31. Shares rose 0.3% in pre-market trading after closing down 0.4% on Tuesday.

Novo Nordisk  (NYSE:NVO) – Danish pharmaceutical company Novo Nordisk believes its diabetes drug Ozempic is “very likely” to be included in the U.S. government’s price negotiations by 2027. The Inflation Reduction Act of 2022 allows Medicare to negotiate the prices of expensive drugs, benefiting millions of Americans. Senator Bernie Sanders announced that major generic drug companies confirmed they could sell Ozempic alternatives for less than $100 per month. Novo Nordisk CEO Lars Jorgensen will testify next week about the high drug prices. Shares rose 0.4% in pre-market trading after closing down 3.6% on Tuesday.

23andMe  (NASDAQ:ME) – 23andMe’s independent directors resigned after not receiving a satisfactory acquisition offer from CEO Anne Wojcicki. She proposed $0.40 per share, but the directors deemed the offer insufficient and not feasible. A special committee rejected the bid, and Wojcicki is now open to third-party proposals. Shares dropped 6.8% in pre-market trading after closing down 0.3% on Tuesday.