Apple Joins OpenAI Board, Logitech President Opts Out of Reelection, and More News

Apple (NASDAQ:AAPL) – Apple will obtain an observer role on the OpenAI board as part of an AI agreement, with Phil Schiller chosen for the position. This arrangement will allow Schiller to attend board meetings without voting rights, starting later this year. In other related news, a former Apple corporate law director convicted of insider trading was ordered to pay a $1.15 million fine by the U.S. SEC after avoiding prison. Gene Levoff admitted to illegal trades based on insider information about the company’s earnings announcements. Additionally, Apple is trying to amend a court document in China even after winning the case, highlighting the delicacy of its position in the world’s largest smartphone market. The company wants to remove references to its “dominant position” and phrases suggesting “unfair pricing could harm consumers” in the final decision.

Logitech International SA (NASDAQ:LOGI) – Wendy Becker, chair of Logitech’s board, will not seek re-election in 2025, following reports that the company’s founder, Daniel Borel, proposed a vote to replace her, criticizing the lack of adequate technological experience in the company’s leadership.

Microsoft (NASDAQ:MSFT) – State-sponsored Russian hackers accessed emails between Microsoft and various Texas state agencies and public universities through a leak within Microsoft, revealed in January. This attack was attributed to the Midnight Blizzard group, linked to Russian intelligence services. In other related news, Microsoft and G42, a UAE-based AI company, announced plans in May to invest $1 billion in projects in Kenya, including a major data center powered by geothermal energy. This deal was negotiated with input from the U.S. and UAE governments and coincided with a summit in Washington between President Joe Biden and Kenyan President William Ruto.

Nvidia (NASDAQ:NVDA) – Nvidia shares fell 1.2% in pre-market trading on Wednesday due to concerns about export restrictions. Despite a 148% increase this year, the stock has dropped from a recent peak. Mizuho analyst Vijay Rakesh maintains an “Outperform” rating, citing continuous demand, especially in China, despite U.S. restrictions. In France, Nvidia is facing imminent charges from the antitrust regulator for allegedly violating competition practices. Investigations began with raids conducted last September in the graphics card sector, part of a broader probe into cloud computing. The surge in demand for its chips, especially after the release of generative AI applications like ChatGPT, has brought regulatory scrutiny in both Europe and the United States. According to Reuters, the French authority is concerned about the graphics card sector’s reliance on Nvidia’s CUDA programming software, essential for accelerated computing.

Alphabet (NASDAQ:GOOGL) – Over five years, Google’s emissions have risen nearly 50%, reaching 14.3 million tons of CO2 equivalent in 2023, a 48% increase since 2019 and 13% from 2022. This growth, driven by the intensive use of artificial intelligence in the company’s core products, makes it challenging to meet the goal of eliminating carbon emissions by 2030 due to higher energy consumption in data centers and supply chain emissions.

Super Micro Computer (NASDAQ:SMCI) – The small-cap stock index, Russell 2000, is losing one of its key components, Super Micro Computer. With Super Micro’s exit, which doubled its market value this year, the Russell 2000, which was marginally positive for the year, will face challenges without this significant influence.

Simulations Plus (NASDAQ:SLP) – The modeling and simulation software company suspended its quarterly dividend, opting to invest the funds in growth initiatives to generate long-term shareholder value. Additionally, it reported adjusted earnings per share of 19 cents in the third quarter, exceeding analysts’ estimates, with revenue of $18.5 million, a 14% increase year-over-year.

Paramount Global (NASDAQ:PARA) – Shari Redstone’s National Amusements reached a preliminary agreement to sell its control of Paramount Global to David Ellison’s Skydance Media. The $1.75 billion deal includes a 45-day period for other offers.

Vodafone (NASDAQ:VOD) – If the merger between Vodafone Group Plc and Three of CK Hutchison Holdings is approved, the companies will sell part of their spectrum to Virgin Media O2 Ltd. The $16.4 billion (£13 billion) deal would create the UK’s largest mobile operator and is under review by the UK’s Competition and Markets Authority due to concerns about reduced competition. The spectrum sale aims to mitigate these concerns.

Charter Communications (NASDAQ:CHTR) – Citi analysts downgraded Charter’s shares from “Neutral” to “Sell” and reduced the price target from $280 to $255.

Trump Media & Technology Group (NASDAQ:DJT) – Trump Media announced that the conversion of warrants into shares between June 20 and July 1 generated over $105 million. Additionally, $41 million in restricted cash became available, resulting in over $350 million in cash and no debt by July 1.

Walmart (NYSE:WMT), Humana (NYSE:HUM) – Walmart is in talks to sell its closed medical clinics. In April, it shut down all 51 health clinics and virtual operations, deeming them unsustainable. The discussions include health insurers like Humana, aiming to recover massive investments.

Eli Lilly (NYSE:LLY) – The Food and Drug Administration (FDA) approved Eli Lilly’s treatment for early Alzheimer’s, the second available in the U.S. to slow disease progression. Donanemab, marketed as Kisunla, was endorsed by the agency’s external experts, who recommended its use due to benefits outweighing risks.

Moderna (NASDAQ:MRNA) – The pharmaceutical company Moderna received $176 million from the U.S. government to develop a human avian flu vaccine based on messenger RNA. The funding was granted by the Biomedical Advanced Research and Development Authority during an unprecedented outbreak of avian influenza in the U.S.

Grifols SA (NASDAQ:GRFS) – Scranton Enterprises, the majority shareholder of the Spanish pharmaceutical company Grifols SA, is negotiating a $140 million (€130 million) credit line with Oaktree Capital Management, according to a report by El Confidencial. The six-year loan would replace existing debts with Spanish banks.

GSK plc (NYSE:GSK) – The British pharmaceutical company announced it is restructuring its partnership with German biotech CureVac, taking control of several jointly developed vaccines. GSK will pay CureVac $429.44 million initially and up to an additional $1.13 billion in future milestones, along with tiered royalties.

U.S. Steel (NYSE:X) – Nippon Steel Vice President Takahiro Mori will return to the U.S. to discuss acquiring U.S. Steel. The $15 billion offer is supported by U.S. Steel management but faces resistance from the White House and the USW union. Mori will visit several states and meet with local leaders.

Rio Tinto (NYSE:RIO) – Global miner Rio Tinto is negotiating with workers at its Oyu Tolgoi copper operations in Mongolia to avoid further strikes due to a sharp drop in wages that caused a strike in May. Copper production is scheduled to reach 500,000 tons annually starting in 2028.

Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Hess Corp (NYSE:HES) – A three-person arbitration panel has been chosen to resolve Exxon Mobil’s dispute over Chevron’s $53 billion acquisition of Hess Corp, a process that delayed the planned closure for the first half of 2024. The dispute centers on Exxon’s rights to Hess’s assets in Guyana.

Schlumberger (NYSE:SLB) – The oilfield services company announced it received a second request for additional information from the U.S. Department of Justice regarding its $7.75 billion acquisition of smaller rival ChampionX. The deal is now expected to close in the fourth quarter or first quarter of 2025.

Constellation Energy (NASDAQ:CEG) – Constellation Energy is in advanced talks with the Pennsylvania governor’s office and state legislators to fund a possible restart of part of its Three Mile Island power facility, the site of a nuclear meltdown in the 1970s. The project faces logistical, financial, and environmental safety challenges.

Progressive (NYSE:PGR) – Progressive agreed to pay $48 million to settle a class-action lawsuit accusing the insurer of systematically undervaluing claims by New York drivers whose vehicles were totaled. The suit alleged that Progressive used software that underestimated vehicle values before declaring them total losses.

Ford Motor (NYSE:F) – Ford Motor is encouraging more managers to acquire electric vehicles, now limiting the leasing program so they choose an electric Mustang Mach-E SUV or F-150 Lightning pickup. This is the first time Ford has imposed this restriction, aiming to increase familiarity with EV technology among its employees.

General Motor (NYSE:GM) – GM reported slower U.S. sales growth in the second quarter, affected by reduced sales to rental companies and a cyber incident at CDK that impacted dealerships. Total sales rose about 0.6% to 696,086 units, compared to a roughly 19% increase in the same period last year.

Toyota Motor (NYSE:TM) – Toyota Motor North America reported a roughly 9.2% increase in U.S. auto sales in the second quarter. The company sold 621,549 vehicles in the quarter, compared to 568,962 units a year earlier, with SUVs like the Land Cruiser and 4Runner being standout performers.

Stellantis (NYSE:STLA) – Stellantis will invest an additional $55 million in Archer Aviation following the successful transition flight of its flagship aircraft last month. With this, Stellantis, already the largest shareholder of the eVTOL manufacturer, reinforces its support in the electric vertical takeoff and landing sector.

Tesla (NASDAQ:TSLA) – Tesla reported a 5% drop in vehicle deliveries in the second quarter, less than expected. Shares closed up 10% on Tuesday, reaching the highest level in nearly six months. The company delivered 443,956 vehicles, surpassing Wall Street expectations of 438,019. In China, Tesla’s sales of domestically made vehicles in June fell 24.2% year-on-year to 71,007 units, according to data from the China Passenger Car Association (CPCA). Deliveries of the American automaker’s Model 3 and Model Y in China fell 2.2% from May. Shares were up 2.40% in pre-market trading.

Rivian Automotive (NASDAQ:RIVN) – Rivian denied plans to produce vehicles with Volkswagen after reports that it was in early discussions to expand a recent partnership beyond software. The company maintains its plans to produce the R2 SUV in Illinois and Georgia.

Chinese Electric Vehicles – EU countries are divided on supporting additional tariffs on Chinese electric vehicles, facing challenges in gaining support due to threats of retaliation from Beijing. Germany opposes, while France strongly supports. An advisory vote will soon decide on provisional tariffs of up to 37.6%, with a final decision expected in October.

Polestar Automotive (NASDAQ:PSNY) – The Swedish electric vehicle manufacturer is implementing further cost cuts after deepening its losses to $232 million in the first quarter, due to increased tariff barriers and pricing pressures in the sector. The company also plans to adapt its business plan to achieve breakeven cash flow by the end of 2025.

Nikola (NASDAQ:NKLA) – Nikola reported an 80% increase in deliveries of its hydrogen fuel cell trucks in the second quarter, exceeding its own expectations. With 72 units delivered, the company signals strong demand for heavy-duty trucks after a tumultuous transition from battery-electric vehicles.

Boeing (NYSE:BA), Spirit AeroSystems (NYSE:SPR) – Boeing announced the repurchase of Spirit AeroSystems and is searching for a new CEO after Dave Calhoun announced he would step down. Patrick Shanahan, the current CEO of Spirit, is among the candidates. Shanahan is recognized for his engineering experience and for resolving issues in Boeing’s troubled programs.

American Airlines (NASDAQ:AAL) – American Airlines agreed to a preliminary deal to acquire 100 hydrogen-electric engines from aviation startup ZeroAvia for use in aircraft on its regional routes. This investment increases its support for alternative propulsion technology aiming to reduce carbon emissions in commercial aviation by 2050.

Ryanair Holdings (NASDAQ:RYAAY) – In June, Ryanair transported a record 19.3 million passengers, an 11% increase from the previous year. Europe’s largest airline by passenger numbers expects to reach between 198 million and 200 million people during its fiscal year ending March 2025.

Intuitive Machines (NASDAQ:LUNR) – Intuitive Machines shares rose 5.2% in pre-market trading as the space exploration company approaches its next mission to the Moon. The company’s IM-1 mission made history by successfully landing on the Moon, and they now focus on the IM-2 mission, scheduled for late 2024.

UBS Group AG (NYSE:UBS) – South Korea imposed a record $19.5 million fine on two Credit Suisse subsidiaries, acquired by UBS last year, to combat illegal short-selling. The fines were distributed between Credit Suisse AG and Credit Suisse Singapore Ltd.

HSBC Holdings Plc (NYSE:HSBC) – HSBC is slowing hiring and asking investment bankers to cut back on travel and entertainment expenses as CEO Noel Quinn seeks to reduce costs at Europe’s largest bank, according to Bloomberg. In some cases, the bank is not replacing staff who have left or resigned recently, and some areas have been instructed to pause new hires entirely, though this should not affect customer-facing positions.

Icahn Enterprises (NASDAQ:IEP) – CVR Energy, controlled by billionaire Carl Icahn, made a binding offer in an auction for shares of Citgo Petroleum’s parent company, owned by Venezuela. CVR, which operates two refineries in the U.S., seeks to acquire stakes to pay creditors with claims of $21.3 billion against Venezuela.

Blackstone (NYSE:BX) – Blackstone is selling Japanese pharmaceutical company Alinamin to private equity firm MBK Partners. The deal is valued at $2.17 billion. Blackstone, which acquired Alinamin in 2020, will reinvest a minority indirect stake after the transaction closes.

Robinhood Markets (NASDAQ:HOOD) – Brokerage Robinhood Markets is considering offering cryptocurrency futures in the U.S. and Europe in the coming months, according to Bloomberg. The platform, known for commission-free trading, plans to use Bitstamp’s licenses, acquired for $200 million, to launch CME-based futures for Bitcoin and Ether in the U.S. On Monday, Robinhood announced the acquisition of Pluto, an investment research company that uses artificial intelligence to develop personalized investment strategies. Jacob Sansbury, founder and CEO of Pluto, joined Robinhood’s leadership team to help integrate AI-driven capabilities.

Chewy (NYSE:CHWY) – Keith Gill, also known as Roaring Kitty, revealed a 6.6% stake in Chewy, briefly boosting the online pet retailer’s shares. Despite the initial surge, the shares closed down 6.6% on Monday and -2.2% on Tuesday. The disclosure increased the stock’s volatility. The shares are down -0.1% in pre-market trading.

Tempur Sealy (NYSE:TPX) – The U.S. Federal Trade Commission voted unanimously to block Tempur Sealy’s proposed $4 billion acquisition of Mattress Firm, citing concerns that the deal would reduce competition in the sector. The agency issued an administrative complaint and allowed a federal court process, alleging that Tempur Sealy, as the world’s largest mattress supplier and manufacturer, would have the ability and incentive to suppress competition and raise prices for millions of consumers.

Chipotle Mexican Grill (NYSE:CMG) – Chipotle shares fell after a 50-to-1 stock split last Wednesday, revealing weaknesses in its high valuation. Although the stock has risen more than 60% in the past 12 months, the high valuation has worried investors, but it is too early to predict a sustained decline.

Constellation Brands (NYSE:STZ) – The seller of Modelo Especial and Corona brands expects to report a 19% increase in earnings per share to $3.46 and a 6% rise in total revenue to $2.67 billion in the fiscal first quarter, which will be reported today.

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