Walmart (NYSE:WMT) – Walmart is reducing
corporate jobs and urging remote workers to move to offices,
according to the Wall Street Journal. Smaller offices in Dallas,
Atlanta, and Toronto are being redirected to hubs like the
headquarters in Bentonville or Hoboken. The company allows
part-time remote work but prioritizes office presence. Walmart is
about to disclose its first-quarter earnings while facing signs of
weaker spending. Its overall stocks are high, which might impact
its profit margins. Wall Street expects solid results, but intense
online competition could pressure its stocks.
Gamestop (NYSE:GME), AMC
Entertainment (NYSE:AMC) – Meme stock investors have
renewed their bets on GameStop and AMC. Following sharp increases
on Monday, shares of the video game retailer surged 48% in
pre-market trading, while those of the cinema chain rose 57%. The
return of investor Keith Gill fueled the rise.
Home Depot (NYSE:HD) – Home Depot reported
earnings per share of $3.63, beating the estimate of $3.60. Net
profit was $3.6 billion, down from $3.87 billion the previous year.
Revenue was $36.42 billion, below the expectation of $36.66
billion. The company projects sales growth of 1% in 2024.
Amazon (NASDAQ:AMZN) – The NHTSA is
investigating Amazon.com due to incidents involving autonomous Zoox
vehicles that resulted in rear-end collisions. Two accidents caused
minor injuries to motorcyclists. Zoox is cooperating with
regulators. The investigation will evaluate the performance of the
autonomous system in various collision scenarios.
McDonald’s (NYSE:MCD) – McDonald’s is
collaborating with Chinese regulatory authorities to investigate
food issues, as stated on its Chinese website on Monday. The
company expressed apologies for the impact on affected restaurants
and committed to reinforcing the implementation of the restaurant
code of practices.
Kraft Heinz (NASDAQ:KHC) – Kraft Heinz is
considering selling its Oscar Mayer meat division, potentially
raising between $3 billion and $5 billion. The business faces
declining demand, driven by consumers’ preference for healthier
options. The company hired Bank of America and Centerview Partners
to assess interest in the business.
Capri Holdings (NYSE:CPRI),
Tapestry (NYSE:TPR) – The federal judge overseeing
the FTC case to block the acquisition of Capri Holdings by Tapestry
rejected a request from the companies for more information on their
definition of “accessible luxury” in the handbag market. The judge
stated that the details provided by the FTC were sufficient.
On Holding (NYSE:ONON) – The Swiss apparel
maker, On Holding, boosted by tennis legend Roger Federer, saw its
first-quarter profit more than double, driven by strong
direct-to-consumer sales. With a profit of $101 million (or 3 cents
per share), revenue increased by 21%, reaching 508.2 million Swiss
francs. The company reiterates its annual sales growth target, with
an adjusted operating margin between 16% and 16.5%.
Walgreens Boots Alliance (NASDAQ:WBA) –
Walgreens is in preliminary talks to sell its Boots drugstore chain
in the UK, valued at about $8.78 billion (£7 billion), seeking to
focus on its core pharmaceutical operations in the US.
Kenvue (NYSE:KVUE), Johnson &
Johnson (NYSE:JNJ) – Kenvue, the maker of Tylenol,
announced on Monday that Johnson & Johnson will sell its
remaining 9.5% stake in the company. Based on Kenvue’s closing
shares, the offering of 182.3 million shares would be worth about
$3.75 billion. J&J will exchange its stake with Goldman Sachs
and JP Morgan Securities for its debt. Kenvue has focused on its 15
priority brands since the spinoff and recently announced cuts in
its global workforce.
OpenAI – OpenAI has launched the GPT-4o model
and the desktop version of ChatGPT with an updated interface. The
GPT-4o, faster and more efficient, is now available to all users,
including free ones. In addition to improvements in text, audio,
and video, the company plans to add video and voice conversation
features. OpenAI aims to enhance accessibility and expand the use
of ChatGPT, with future testing of Voice Mode for paid
subscribers.
Foxconn (USOTC:FXCOF) – Apple supplier Foxconn
reported a 72% increase in first-quarter profit, driven by demand
for AI servers, but still below analyst forecasts. Foxconn
reaffirmed its commitment to Sharp Corp, describing it as an
“important asset”. The quarterly net profit of approximately
$679.24 million was below analyst forecasts but marked the third
consecutive quarterly profit increase for
Foxconn.
Apple (NASDAQ:AAPL) – Apple is gearing up to
launch its Vision Pro mixed reality headset internationally, after
training hundreds of employees from its stores worldwide. Priced at
$3,499, the device aims to rejuvenate demand, following a launch in
the US in February.
Meta Platforms (NASDAQ:META) – Meta is
considering producing AI-powered earphones and cameras as part of
the “Camerabuds” project, seeking to capitalize on the growing
interest in AI-based wearable devices. The Ray-Ban smart glasses,
launched in September 2023, also integrate AI to provide visual
information.
Rumble (NASDAQ:RUM), Alphabet (NASDAQ:GOOGL) –
Rumble has filed a lawsuit against Google, alleging anticompetitive
practices in digital advertising and seeking over $1 billion in
damages. Rumble claims Google monopolized the ad stack, hindering
competition. Google denied the charges, stating that its products
benefit publishers.
Sony (NYSE:SONY) – Sony reported revenue of
approximately $22.4 billion in the fourth quarter, surpassing
expectations of $18.5 billion, representing a 14% year-on-year
increase. Operating profit was $1.47 billion, below the expected
$1.52 billion, but still a significant 57% year-on-year increase.
In 2023, the Japanese gaming giant reported revenue of $83.2
billion, growing 19% from the previous year. However, Sony’s annual
operating profit fell 7%, totaling $7.68 billion. The company
nearly met its revised target for PlayStation 5 sales, with 20.8
million units sold in fiscal 2023. Additionally, Sony appointed
Hermen Hulst and Hideaki Nishino to lead its video game business,
succeeding former president Jim Ryan. Hulst will continue
overseeing PlayStation Studios as CEO of the studios, while Nishino
will focus on gaming devices as CEO of platforms.
Intel (NASDAQ:INTC), Apollo Global
Management (NYSE:APO) – Intel is in advanced talks with
Apollo Global Management for a deal worth over $11 billion to build
a facility in Ireland, as reported by the Wall Street Journal on
Monday. This comes as Intel seeks to expand its US presence with a
planned $100 billion investment in four states. Intel and Apollo
are in exclusive negotiations and may sign the deal in the coming
weeks. Additionally, Intel named Kevin O’Buckley as head of its
foundry division, succeeding Stu Pann, who is retiring. O’Buckley
will play a crucial role in the shift to chip manufacturing, part
of Intel’s ambitious recovery plan.
Uber (NYSE:UBER), Delivery
Hero (USOTC:DLVHF), Lyft (NASDAQ:LYFT) –
Uber closed a $1.25 billion deal to acquire control of foodpanda
from Delivery Hero in Taiwan, increasing its stake in the German
company. This move aims to strengthen Uber’s presence in Asia,
where competition in the food delivery market is fierce.
Additionally, the Massachusetts Attorney General is taking Uber and
Lyft to court, alleging the misclassification of drivers as
independent contractors. The dispute covers benefits such as
minimum wage and overtime. While the companies’ lawyers emphasize
driver flexibility, prosecutors point to the companies’ control
over the drivers.
Vodafone (NASDAQ:VOD) – Vodafone Group Plc
reported growth in Germany, its largest market, with service
revenue of €11.45 billion and adjusted profit of €5 billion. CEO
Margherita Della Valle plans to streamline operations and focus on
Germany, exiting unprofitable markets. Shares rose by 2.77%.
Excluding operations in Spain and Italy, Vodafone saw a 6.3%
increase in organic service revenue, totaling €29.9 billion.
Adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA) after leases reached €11 billion, aligning
with analysts’ estimates. For the fiscal year 2025, the company
projects €11 billion in adjusted EBITDA.
Verizon Communications (NYSE:VZ) – Verizon is
interested in reacquiring the stake of US Cellular
(NYSE:USM) in its Los Angeles operations, provided a reasonable
price can be established. Verizon Consumer CEO Sowmyanarayan
Sampath expressed interest but emphasized the importance of a fair
deal.
Tesla (NASDAQ:TSLA) – Tesla settled a lawsuit
filed by a former employee who alleged dismissal due to sexual
harassment while facing multiple discrimination lawsuits. The judge
dismissed Tyonna Turner’s case on Monday without disclosing
settlement terms. The company faces other allegations of racial and
sexual discrimination. In other news, Tesla is bringing back some
of the nearly 500 members of its Supercharging team, fired by CEO
Elon Musk. Max de Zegher, one of the key managers before the mass
layoff, leads the return. Meanwhile, SpaceX is expanding its Texas
facilities, including launch and office spaces, but faces payment
delays to builders and suppliers, leading to legal actions.
Construction companies express reluctance to work with SpaceX again
due to unpaid bills.
Fisker (NYSE:FSR) – Fisker announced a six-week
pause in electric vehicle production and plans to raise up to $150
million in financing through convertible notes. Its manufacturing
partner, Magna, produced about 1,000 Ocean vehicles. The company
seeks a partnership to ensure operational continuity. Fisker
delivered over 1,300 vehicles in 2024, with a completed vehicle
inventory value above $200 million. The convertible notes have a
10% issuance discount, aiming for up to $150 million in gross
proceeds. On Friday, the company’s cash balance dropped to $120.9
million.
Boeing (NYSE:BA) – Union leaders and U.S.
lawmakers criticized Boeing for blocking its unionized
firefighters, urging the company to negotiate a fair contract.
About 130 members were blocked after rejecting two contract offers,
concerning President Biden.
Grupo Aeroméxico SAB de CV – Grupo Aeroméxico
SAB de CV reveals a 29% revenue increase in 2023, after emerging
from bankruptcy in March 2022. The company seeks an initial public
offering in the U.S., capitalizing on the travel demand recovery.
Major underwriters include Barclays, Morgan Stanley, and JP Morgan
Securities.
BHP Group (NYSE:BHP), Anglo
American (LSE:AAL) – BHP may soften its $43 billion
acquisition offer for Anglo American and possibly add cash after
Anglo American’s rejection. Anglo American rejected BHP’s £34
billion offer, citing undervaluation. BHP offered £27.53 per share,
but Anglo deemed it insufficient. BHP has until May 22 to make a
binding offer or withdraw. The latest proposal increased Anglo
shareholders’ stake from 14.8% to 16.6%. Anglo American presented a
strategic review, considering the spin-off of its steelmaking coal,
nickel, diamonds, and platinum businesses in response to BHP’s
public takeover bid. The company aims to create sustainable value
through simplification and cost reduction.
Norfolk Southern (NYSE:NSC) – Activist investor
Ancora Holdings Group won three seats on Norfolk Southern’s
13-member board, despite shareholders voting to elect 10 of the
company’s 13 nominees, including CEO Alan Shaw. Ancora planned to
replace Shaw. The dispute signals changes in the railroad company’s
management.
Blackstone (NYSE:BX) – A consortium led by
Blackstone, with GIC and ADIA, is negotiating to acquire up to 75%
of Haldiram’s, valued at up to $8.5 billion. The Indian company,
known for its restaurants and snacks, is considering the offer,
with negotiations in the early stages. Previous attempts to strike
a deal with Tata Group did not advance.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase has
rejected ISS recommendations to separate CEO and chairman roles.
The bank has defended keeping Jamie Dimon in both roles, citing his
18-year leadership that elevated the institution to the largest
U.S. bank. Plans for future separation of roles are underway.
Goldman Sachs (NYSE:GS) – Goldman Sachs plans
to launch investment strategies to mobilize capital in the Gulf’s
public markets. The region, representing about 7% of the MSCI
Emerging Markets Index, could grow to 10%, attracting more
international investors, said Marc Nachmann, global head of asset
and wealth management.
UBS Group AG (NYSE:UBS) – UBS CEO Sergio
Ermotti warned that integration with Credit Suisse needs to be
swift to ensure cost savings. Customer migration starts this year.
He disagrees with proposals to increase UBS’ capital. Ermotti plans
to lead UBS until 2027.
Coinbase Global (NASDAQ:COIN) – Coinbase
resolved a system failure after an outage. Cryptocurrency prices
fell during the incident. This isn’t the first time the platform
has faced technical issues, having recorded failures in March.
Shares fell 2% pre-market.
Paysafe (NYSE:PSFE) – Paysafe shares jumped 13%
pre-market after exceeding earnings and revenue estimates in the
first quarter. Paysafe’s revenue rose to $418 million in Q1, an 8%
year-on-year increase. Its Merchant Solutions and Digital Wallets
segments grew 11% and 5%, respectively. Additionally, adjusted
EBITDA reached $112 million, driving expansion initiatives and
share buybacks, returning $14 million to shareholders.
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