Tesla (NASDAQ:TSLA) – The Tesla Model Y was
included for the first time on a list of plug-in electric and
hybrid vehicles that a local government in China can acquire as a
service car. This information was disclosed by the official Chinese
media, The Paper, highlighting that the Jiangsu provincial
government published the list on June 6. Tesla is scheduled to
release its results on July 17. According to an analysis by
MacroMicro, Tesla’s shares generally show a pattern of decline in
the two weeks before releasing their quarterly results, followed by
a recovery in the two weeks afterward. This pattern, observed since
Tesla entered the S&P 500, reflects efforts to manage investor
expectations before earnings reports, especially important for
companies compared to the index. The shares rose 2.2% in pre-market
trading.
Macy’s (NYSE:M) – Arkhouse Management and
Brigade Capital Management have increased their offer to buy Macy’s
for about $6.9 billion, as reported by the Wall Street Journal. The
new proposal is to acquire the Macy’s shares they do not yet own
for $24.80 each, up from the $24 per share offered in March. Macy’s
shares rose 2.6% in pre-market trading.
Walmart (NYSE:WMT) – A U.S. appeals court has
ruled that Walmart must face a lawsuit alleging that it frequently
charges higher prices at checkout than advertised on store shelves,
potentially violating state consumer protection laws with “bait and
switch” practices. The shares rose 0.2% in pre-market trading.
Amazon (NASDAQ:AMZN) – Jeff Bezos, founder and
executive chairman of Amazon, intends to sell nearly $5 billion in
company shares, as announced in a regulatory filing after the stock
value reached a record high. Following this sale, Bezos will retain
approximately 8.8% of the equity, remaining active in leading Blue
Origin. Additionally, Amazon has decided to halt the development of
Astro for Business, a security robot for small and medium
businesses, opting to focus on home robots. Initially introduced
for residential use in 2021, Astro for Business was expanded last
November to serve sectors like retail, manufacturing, and
healthcare. In another move, Amazon has partnered with the
Australian government to implement a cloud data system for highly
sensitive information. With an investment of $1.3 billion (A$2
billion) over ten years, the project aims to enhance cyber
capabilities and security collaboration with the United States,
benefiting Australia’s Defense sector by creating three new data
centers. In the retail sector, Saks Fifth Avenue is acquiring
Neiman Marcus with support from Amazon.com. This transaction will
result in the formation of Saks Global, a merger of retail and real
estate assets, while the brands will continue operating under their
original names. Amazon.com will acquire a minority stake in Saks
Global and collaborate on innovations for customers and brand
partners after the transaction is completed. The shares rose 0.2%
in pre-market trading.
Baidu (NASDAQ:BIDU) – The leading internet
search company in China has introduced its latest advanced language
model, Ernie 4.0 Turbo, aimed at corporate clients. The model is
priced at 30 yuan ($4.13) per 1 million input tokens and 60 yuan
per 1 million output tokens. Previous Ernie models will see a price
reduction of up to 83%. According to the company, the average daily
use of Ernie increased by 150% in the second quarter compared to
the previous quarter. The shares fell 1.3% in pre-market
trading.
Netflix (NASDAQ:NFLX),
Paramount (NASDAQ:PARA), Disney
(NYSE:DIS) – Major U.S. streaming services are asking a Canadian
court to amend the new 5% tax on their revenues in the country,
imposed by Prime Minister Justin Trudeau, to remove the obligation
to fund local news. The Motion Picture Association-Canada,
representing Netflix, Paramount, and Disney, contests the mandatory
contribution to the independent news fund, arguing it is
discriminatory and inappropriate.
General Motors (NYSE:GM) – GM agreed to pay a
$145.8 million fine and forfeit credits worth hundreds of millions
of dollars after a U.S. government investigation found excessive
emissions in about 5.9 million vehicles. The EPA discovered that
the vehicles emitted an average of more than 10% CO2 than initially
reported by GM. The shares are stable in pre-market trading.
Toyota Motor (NYSE:TM) – Toyota Motor confirmed
it has not identified any new irregularities beyond those already
reported in its vehicle certification applications. The company
completed a comprehensive ten-year investigation into the
certification process and communicated the results to Japan’s
Ministry of Transport.
Honda Motor (NYSE:HMC) – Japanese financial
groups like Tokio Marine, Sompo, and MS&AD will sell Honda
Motor shares worth $3.3 billion (535 billion yen) to end
cross-shareholdings. Mitsubishi UFJ and Mizuho will also join the
sale, reflecting a broader move for corporate governance reform in
Japan. In other related news, Honda is considering collaborating
with Nissan to use standardized automotive software and develop a
charging infrastructure for electric vehicles, according to the
Nikkei newspaper. These measures could reduce costs and increase
competitiveness in the growing global electric car market.
Fisker (NYSE:FSR) – Fisker asked a bankruptcy
judge to approve the sale of over 3,000 Ocean electric SUVs for
about $14,000 each to leasing company American Lease. This $46.25
million sale will help alleviate Fisker’s financial troubles, which
it faces after cutting prices to generate capital during its
bankruptcy.
Ryanair Holdings (NASDAQ:RYAAY) – Some Ryanair
pilots have requested the right to refuse flights to Tel Aviv due
to concerns about flying to the country during conflicts. They have
asked the company to review the crew policy for flights to Israel,
seeking a process similar to other airlines like Lufthansa and
EasyJet. The shares rose 0.6% in pre-market trading.
OpenAI – A hacker accessed OpenAI’s internal
messaging systems and stole details about the company’s AI
technology design last year, according to the New York Times. The
hacker obtained information from an online forum where employees
discussed OpenAI’s latest technologies but did not access the
systems where the company develops its AI, including ChatGPT.
Meta Platforms (NASDAQ:META) – Threads, the new
platform from Meta Platforms and rival to X (formerly Twitter), has
reached over 175 million monthly active users, according to CEO
Mark Zuckerberg. Key metrics such as daily active users and average
time spent per user have not yet been disclosed. Despite quickly
reaching 100 million users, Threads faces challenges in retention
and engagement. Unlike other social networks, Threads does not have
advertising and thus generates little or no revenue for Meta. The
shares rose 0.3% in pre-market trading.
Alphabet (NASDAQ:GOOGL) – Alphabet is licensing
technology from its agriculture startup, Mineral, to fruit producer
Driscoll’s Inc., while winding down the startup’s operations.
Mineral, originated from Alphabet’s moonshot technology lab X, now
independent, struggled to find a viable business model in the
highly competitive agricultural industry. The shares rose 0.3% in
pre-market trading.
Ericsson (NASDAQ:ERIC) – Ericsson announced it
will record a non-cash impairment of $1.09 billion in the second
quarter of 2024 due to the acquisition of Vonage in 2021. The
acquisition, one of the largest in Ericsson’s history, was valued
at $6.2 billion to diversify its operations. The shares fell 0.2%
in pre-market trading.
PayPal (NASDAQ:PYPL) – The Federal Court of
Australia ruled that PayPal’s local unit used an unfair clause in
its standard contracts with small businesses, which did not notice
overcharging errors. The clause was deemed unfair because it
required customers to accept the fees as correct if they did not
notify PayPal of errors within 60 days, according to the Australian
Securities and Investments Commission (ASIC). The shares fell 0.2%
in pre-market trading.
Coinbase Global (NASDAQ:COIN),
Robinhood Markets (NASDAQ:HOOD),
MicroStrategy (NASDAQ:MSTR) – After the price of
Bitcoin plummeted below $55,000, cryptocurrency-related companies
fell in pre-market trading. Coinbase dropped 6.8%, while Robinhood
and MicroStrategy fell 3.1% and 8.8%, respectively.
State Street (NYSE:STT), UBS Group
AG (NYSE:UBS) – U.S. bank State Street was chosen to
custody the Swiss federal government’s multibillion-dollar
compensation fund, previously held by UBS. The transfer of the
AHV/IV/EO fund, valued at over $44.48 billion (40 billion Swiss
francs), is expected to be completed by the end of this year. UBS
shares rose 0.5% in pre-market trading, while State Street shares
are stable.
KKR & Co (NYSE:KKR),
Instructure (NYSE:INST), Thoma
Bravo (NASDAQ:ZCKZYX), Bain Capital
(NYSE:BCSF) – Private equity firms KKR and Francisco Partners are
competing to acquire Instructure, a U.S. educational software
provider valued at $3.4 billion. Both have advanced to the final
round of bids and are expected to submit binding offers next week.
There is no certainty that Thoma Bravo, which owns 83% of
Instructure, will agree to sell it, and other bidders may emerge.
Additionally, KKR agreed to acquire U.S. sports uniform and
yearbook maker Varsity Brands from Bain Capital for about $4.75
billion, including debt. KKR plans to offer equity to employees as
an incentive, a practice traditionally reserved for senior
executives.
Shell (NYSE:SHEL) – Shell announced it will
record an impairment of up to $2 billion following the sale of its
Singapore refinery and the halt in the construction of one of
Europe’s largest biofuel plants in Rotterdam due to unfavorable
market conditions. The British company expects a financial impact
on its second-quarter results. Shell’s New York-listed shares rose
1.3% in pre-market trading.
Teck Resources (NYSE:TECK),
Glencore (LSE:GLEN) – The Canadian government
approved Glencore’s acquisition of Teck Resources’ metallurgical
coal unit for $6.93 billion, with stringent conditions to preserve
jobs. To gain approval, Glencore agreed to keep Elk Valley
Resources’ Canadian headquarters for at least ten years, ensure
most directors are Canadian, and maintain significant employment
levels for at least five years, according to the country’s Industry
Minister.
Anglo American (USOTC:NGLOY) – The Australian
Mining and Energy Union has reached an agreement with Anglo
American to extend payment until the end of August for workers at
the Grosvenor mine, which was closed this week due to an ongoing
underground fire. The agreement guarantees payment extension from
July 15 to August 31 for all full-time employees and contractors
working at the mine.
Smith & Nephew (NYSE:SNN) – Cevian Capital,
an activist investor, acquired a 5% stake in Smith & Nephew, a
British medical equipment manufacturer. The company faced
challenges, including supply chain issues and declining
profitability in its orthopedics division. Smith & Nephew
shares rose 8.40% in pre-market trading.
AbbVie (NYSE:ABBV) – AbbVie revised downward
its adjusted earnings forecast for 2024 due to significant expenses
related to milestones achieved, research and development, all
associated with strategic acquisitions. After losing the patent for
its main drug, Humira, the company is intensifying efforts to
expand its product portfolio. The new annual adjusted earnings
projection is now $10.61 to $10.81 per share, reflecting an
adjustment from the previous forecast of $11.13 to $11.33 per
share. The shares are stable in pre-market trading.
Novo Nordisk (NYSE:NVO) – Novo Nordisk shares
fell about 3% last Tuesday after a Massachusetts Eye and Ear study,
linked to Harvard, suggested that the drugs Ozempic and Wegovy may
increase the risk of NAION, a rare form of vision loss. The
research revealed a sevenfold higher likelihood of being diagnosed
with this eye condition among users of these medications, although
further confirmation through larger studies is needed. The shares
are up 1.9% in pre-market trading.
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