Paramount Global (NASDAQ:PARA) – Skydance Media
and Paramount Global announced a merger, with Skydance acquiring
National Amusements for $2.4 billion before merging with Paramount.
This union will create a company valued at $28 billion, offering
$4.5 billion to shareholders and adding $1.5 billion to Paramount’s
balance sheet. The deal improves offers to the Redstone family to
$1.75 billion and strengthens legal protections. Class B and Class
A shareholders will receive $15 and $23 per share, respectively,
representing a significant premium. Paramount will have 45 days to
find a superior proposal, keeping the possibilities open for an
even more surprising outcome in this already tumultuous process.
Meanwhile, Paramount will continue reducing its workforce and
divesting some assets until the merger with Skydance Media is
completed, according to a memo from the company’s co-CEOs. The
stock rose 4.15% in pre-market trading.
Boeing (NYSE:BA) – Boeing agreed to plead
guilty to criminal conspiracy to fraud charges and pay a $243.6
million fine to settle the U.S. Department of Justice investigation
into two fatal 737 MAX crashes. The company will be marked as
criminal for the crashes in Indonesia and Ethiopia, which killed
346 people. The settlement, pending court approval, also includes
implementing safety and compliance programs valued at least $455
million over the next three years. Additionally, Boeing faces a
three-year probation period under independent supervision to ensure
compliance with the agreement. The stock rose 0.47% in pre-market
trading.
Microsoft (NASDAQ:MSFT) – Microsoft informed
employees in China that starting in September, they would only be
allowed to use iPhones for work, excluding Android devices from the
corporate environment. The measure aims to ensure security with
Microsoft Authenticator and Identity Pass, highlighting the
differences between Chinese and foreign mobile ecosystems. The
stock rose 0.23% in pre-market trading.
Apple (NASDAQ:AAPL) – Apple approved Epic
Games’ marketplace app in Europe for iPhones and iPads after Epic
accused Apple of obstructing the creation of its game store on the
devices. The latest dispute focuses on the Epic Sweden AB
Marketplace and does not involve the Fortnite app. Apple faces
criticism from developers and antitrust regulators for its strict
control over the iOS app ecosystem. The stock rose 0.53% in
pre-market trading.
Nvidia (NASDAQ:NVDA) – Margrethe Vestager of
the European Union warned about a significant bottleneck in the
supply of Nvidia’s AI chips, noting that regulatory investigations
are still preliminary. She indicated that despite the shortage,
secondary markets could foster innovation and competition, but
dominant companies might face future restrictions. The stock fell
0.63% in pre-market trading.
ASML (NASDAQ:ASML) – The former CEO of ASML, a
semiconductor equipment manufacturer, stated in an interview that
the conflicts between the U.S. and China over chips are
ideological, not fact-based, and are likely to persist. He
criticized U.S. export restrictions and the lack of respect for the
company’s intellectual property in China. The stock rose 1.50% in
pre-market trading.
Nokia (NYSE:NOK) – Nokia signed a multi-year
contract to modernize the existing network infrastructure of
Portuguese telecommunications operator Meo and improve its 5G
capabilities. The agreement includes replacing 2G, 4G, and 5G
infrastructures to enhance performance and reliability, as well as
developing 5G solutions for consumers and businesses. The stock
rose 0.51% in pre-market trading.
Amazon (NASDAQ:AMZN), Talen
Energy (USOTC:TLNE) – Talen Energy asked U.S. regulators
to reject a challenge to its recent agreement with Amazon for a
data center, arguing that the challenge, made by companies like
American Electric Power and Exelon, is inaccurate. These companies
claim that the agreement could increase public energy bills. Talen
argues that the agreement will not affect energy costs for
consumers or grid reliability. In other news, the European
Commission requested more information from Amazon about its
measures to comply with the Digital Services Act (DSA),
particularly regarding the transparency of recommendation systems.
Amazon must respond by July 26, as required by EU legislation to
combat illegal and harmful content on digital platforms. Amazon’s
stock rose 0.20% in pre-market trading.
Walmart (NYSE:WMT) – A U.S. judge dismissed a
key charge by the Federal Trade Commission (FTC) against Walmart,
alleging that the company turned a blind eye and allowed scammers
to use its money transfer services to defraud consumers of hundreds
of millions of dollars. The decision prevents the FTC from seeking
monetary damages but still allows for an injunction for violations
of the FTC Act. The stock fell 0.21% in pre-market trading.
Koss Corporation (NASDAQ:KOSS) – Koss shares
surged for the second consecutive day on Friday, closing at $13.35
after reaching $18.50. Over the past 7 days, the stock has risen
199%. Social media speculations suggested that Keith Gill, known as
‘Roaring Kitty,’ might be interested in the company after he posted
enigmatic images with a microphone and the U.S. flag. Followers on
Reddit speculated that Gill would buy Koss shares around July 4th,
U.S. Independence Day. The stock fell 6.37% in pre-market
trading.
Tesla (NASDAQ:TSLA) – On Friday, Tesla shares
rose for the eighth consecutive session, closing up 2.1% at
$251.52. Tesla has gained 38% during this period. The stock is down
1.24% in pre-market trading.
Exxon Mobil (NYSE:XOM) – On June 17, Exxon
Mobil director Maria Jelescu Dreyfus purchased 18,310 Exxon Mobil
shares for $2 million at an average price of $109.25 each. With
this voluntary purchase, she now owns a total of 35,757 company
shares, demonstrating her commitment and confidence in Exxon Mobil.
Exxon Mobil’s performance has aligned with the S&P 500 in 2024,
despite being 8% below its previous high. The stock fell 0.22% in
pre-market trading.
SunPower (NASDAQ:SPWR) – On Friday, shares of
the solar energy company faced a decline of more than 20% following
the resignation of its accountant due to allegations of misconduct
by senior executives. The company is also under scrutiny by the SEC
for revenue recognition practices, financial reviews, leadership
changes, and challenges in the residential solar market. The stock
fell 2.40% in pre-market trading.
Visa (NYSE:V), Mastercard
(NYSE:MA) – Visa and Mastercard agreed to extend the caps on
tourist card fees in the EU, established in 2019 to avoid fines
from an antitrust investigation, for another five years. The caps
of 0.2% for debit and 0.3% for credit will remain until 2029,
ensuring market stability. Visa’s stock fell 0.11% in pre-market
trading, while Mastercard’s stock remained stable.
HSBC (NYSE:HSBC) – Mark Tucker, HSBC’s
chairman, is leading the search for a new CEO following the
unexpected announcement of Noel Quinn’s departure. Tucker, who has
outlasted several CEOs during his tenure, has significant influence
over the bank and aims to leave his mark before his own succession
in 2026. The stock rose 0.41% in pre-market trading.
Deutsche Bank AG (NYSE:DB) – Deutsche Bank
hired Victor Jiang as co-head of technology, media, and
telecommunications for Asia-Pacific, in another high-profile hire
by the German bank. Previously at China International Capital
Corp., Jiang is known for his close relationships with tech
companies like Alibaba, Baidu, and NetEase. The stock fell 0.06% in
pre-market trading.
Ameriprise Financial (NYSE:AMP), LPL
Financial (NASDAQ:LPLA) – A federal judge granted
Ameriprise Financial a temporary restraining order against LPL
Financial in a dispute involving the solicitation of clients by a
team of advisors who left Ameriprise to join LPL. The decision
allows LPL to continue serving existing clients but restricts new
solicitations.
Carlyle Group (NASDAQ:CG), Baxter
International (NYSE:BAX) – Carlyle Group is in exclusive
talks to acquire Vantive, the renal care unit of Baxter
International, for more than $4 billion, including debt. Exclusive
negotiations began in late June, potentially resulting in an
agreement in the coming weeks.
Ideaya Biosciences (NASDAQ:IDYA) – Ideaya
Biosciences announced that it would present an update today on
clinical data from its phase 2 IDE397 study, focusing on the
monotherapy dose expansion in patients with MTAP-deleted urothelial
and non-small cell lung cancers. The stock increased 18.2% in
pre-market trading.
Novo Nordisk (NYSE:NVO) – Novo Nordisk received
a reprimand from UK regulators for failing to disclose about $9.97
million in fees and expenses paid to individuals and organizations
in the UK between 2020 and 2022. The failure was due to human
errors in categorizing payments, voluntarily admitted by the
company in 2023. The stock rose 0.04% in pre-market trading.
Eli Lilly (NYSE:LLY) – Led by Novo Holdings,
the investment arm of the Novo Nordisk Foundation, along with
Abingworth LLP, and with participation from Eli Lilly, the UK
biotech spin-off Myricx Pharma Ltd raised £90 million ($115
million) to develop its cancer drugs. Myricx Bio focuses on
anticancer drug conjugates, aiming to address tumor resistance and
recurrence with promising new payloads.
Annovis Bio (NYSE:ANVS) – Annovis Bio saw its
shares jump nearly 30% on Friday after reporting encouraging
results from its Phase III study of buntanetap in treating
Parkinson’s disease. The drug showed significant improvements in
motor, cognitive, and non-motor skills, offering potential to
modify disease progression. The stock fell 4.50% in pre-market
trading.
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