Alphabet (NASDAQ:GOOGL) – Google announced two
new AI systems, AlphaProof and AlphaGeometry 2, which have
demonstrated advances in solving complex mathematical problems,
outperforming previous models. AlphaProof solved three questions
from the 2024 International Mathematical Olympiad, including the
most difficult one, solved by only five people out of over 600
competitors. AlphaGeometry 2 solved an additional problem, standing
out in the competition. In Russia, YouTube speeds may be reduced by
up to 40% this week and 70% next week as a measure to pressure the
platform to restore blocked Russian channels. This action is in
response to penalties YouTube faced in Russia for content
violations and local policy breaches. The shares rose 0.80%
pre-market.
OpenAI – OpenAI is testing SearchGPT, a new
search tool providing up-to-date answers and links to sources.
Initially available in a web browser for a select group, SearchGPT
will also allow follow-up questions and source attributions. OpenAI
plans to integrate these features into ChatGPT and is working with
publishers to ensure reliable information. The new tool is still in
the testing phase and aims to compete with Google and Bing by
integrating search capabilities into ChatGPT. This puts pressure on
Google and challenges new companies like Perplexity.
Apple (NASDAQ:AAPL) – Apple faced a 3.1% drop
in iPhone shipments in China in the June quarter, while local
Android competitors like Huawei grew by 11%. This decline knocked
Apple out of the top 5 in the Chinese market for the first time in
four years amid a weak economy and intense competition. Huawei led
a significant resurgence, with a 50% increase in shipments, placing
Apple sixth in the country’s sales ranking. Additionally, Epic
Games announced that “Fortnite” will return to iOS devices in the
European Union after a long dispute with Apple. The company also
plans to make its games available on other third-party stores like
AltStore and exit the Samsung Galaxy Store due to anticompetitive
practices. The Epic Games Store will also arrive on Android and iOS
in the EU. The shares rose 0.82% pre-market.
Meta Platforms (NASDAQ:META) – Meta Platforms
will face an EU antitrust fine for linking Marketplace to Facebook,
giving the classified ads service an unfair advantage. The European
Commission could impose a fine of up to $13.4 billion, although it
is usually smaller. The decision could come between September and
October. In the US, a market traditionally dominated by Apple’s
iMessage, Meta’s WhatsApp reached 100 million monthly active users,
highlighted by double-digit growth in daily usage, indicating
expansion. The shares rose 1.79% pre-market.
Amazon (NASDAQ:AMZN) – Amazon is poised to
potentially start returning money to shareholders as its cash
reserves are expected to exceed $100 billion this year. According
to Bloomberg, this would put Amazon on par with other tech giants
that already pay dividends or repurchase shares. While a dividend
announcement is not expected immediately, the possibility could
further boost its shares, which are already up this year.
Additionally, a judge dismissed charges against Amazon, accused of
exposing workers to hazardous conditions in its warehouses due to
high productivity targets. The Washington State Department of Labor
had alleged that the company did not adequately protect its
employees, but the court found insufficient evidence to support
these claims. The shares rose 1.18% pre-market.
Amazon (NASDAQ:AMZN), Nvidia
(NASDAQ:NVDA) – Amazon is testing its new server design with
proprietary AI chips, aiming to reduce reliance on Nvidia’s
expensive chips. The goal is to offer cheaper and more efficient
processing for AWS customers. Amazon’s chips promise up to 50%
savings compared to Nvidia’s. Nvidia’s shares rose 1.63%
pre-market.
CrowdStrike (NASDAQ:CRWD) – More than 97% of
Windows sensors are operational again, according to CrowdStrike CEO
George Kurtz. The global outage, caused by a Falcon platform update
failure, affected 8.5 million devices and halted critical services,
but recovery is underway. The shares rose 1.40% pre-market.
Oracle (NYSE:ORCL) – Oracle closed a deal with
Rai Way to install its AI systems in the Italian company’s data
centers. This will allow Oracle’s corporate clients to access its
database and disaster recovery solutions in remote locations,
enhancing cybersecurity.
Nasdaq 100 Index (NASDAQI:NDX) – The decline in
tech stocks is generating a record in options trading on the Nasdaq
100 Index. With the tech index down 7% since its peak in July,
investors are using options to hedge their positions. The daily
volume of NDX options reached a record 62,000 contracts.
Paramount Global (NASDAQ:PARA) – A Paramount
Global investor sued to block the merger with Skydance Media,
claiming the deal financially harms shareholders, costing them
$1.65 billion. The lawsuit argues that the merger
disproportionately benefits Shari Redstone and National Amusements,
while other shareholders receive less.
Disney (NYSE:DIS) – The release of “Deadpool
& Wolverine” this week promises to reverse the trend of
saturation and fatigue in the superhero genre. This film, blending
Deadpool’s irreverence with Wolverine’s charisma, is expected to
achieve the biggest opening of the year in the US and Canada, with
projected sales between $180 million and $200 million. This
performance could be a positive signal for studios, indicating that
innovative approaches and beloved character combinations can still
attract large audiences. The shares rose 0.76% pre-market.
Altice USA (NYSE:ATUS) – Altice co-founder
Armando Pereira will regain his passport and freedom to travel
after bail conditions imposed during a corruption investigation
expire. Despite this, the case remains open, and Pereira has not
been formally charged. He may still be summoned for further
testimony.
Grab (NASDAQ:GRAB) – Grab, a leader in
transportation and food delivery in Southeast Asia, abandoned plans
to buy Trans-cab, Singapore’s third-largest taxi operator. The
decision came after both companies informed Singapore’s Competition
and Consumer Commission that they would not proceed with the
acquisition. The shares rose 0.30% pre-market.
Uber Technologies (NYSE:UBER),
Lyft (NASDAQ:LYFT) – The California Supreme Court
upheld a ballot measure allowing services like Uber and Lyft to
classify drivers as independent contractors rather than employees.
This avoids additional benefit costs, a victory for the companies
and a defeat for SEIU and drivers seeking greater labor protection.
Uber’s shares rose 1.54% pre-market.
General Motors (NYSE:GM) – General Motors’
Cruise unit plans to resume fully autonomous rides by early 2025
and begin charging fares in 2025. The San Francisco company is
recovering from an accident involving one of its robotaxis and a
pedestrian last year. The shares rose 1.07% pre-market.
Tesla (NASDAQ:TSLA) – Elon Musk announced he
will discuss with Tesla’s board a possible $5 billion investment in
xAI, his AI startup. This raises concerns about conflicts of
interest, as Musk may use Tesla’s resources for his new company.
xAI raised $6 billion in a Series B funding round in May, reaching
a valuation of $24 billion. Musk plans for 25% of xAI to be owned
by X investors, his social network purchased for $44 billion. Most
of Musk’s followers support the investment. Additionally, SpaceX’s
Falcon 9 was cleared to fly again after an FAA review confirmed
that the July 11 incident did not compromise public safety. SpaceX
fixed the identified issue and is ready for a launch on July 27.
Tesla shares rose 1.98% pre-market.
Toyota Motor (NYSE:TM) – Toyota plans to build
an electric vehicle battery factory in Fukuoka, Japan, to supply
batteries to its Lexus unit. The company wants to use Kyushu as a
hub for its supply chain and exports to Asia. The value and
timeline of the construction have not been disclosed.
Ford Motor (NYSE:F) – Ford lost $1.1 billion in
the electric vehicle sector, worsening its profit and leading to an
18.4% drop in shares on Thursday. The loss was attributed to high
warranty costs and challenges with new products. The company faces
investor doubts about its EV strategy and financial returns. The
shares rose 1.08% pre-market.
Latam Airlines Group SA (NYSE:LTM) – American
depositary shares (ADS) of Latam Airlines rose 2.9% after a group
of shareholders raised $456 million by selling 19 million ADS at
$24 each. Latam Airlines shares closed at $24.70 on Thursday in New
York. Each ADS represents 2,000 shares of Latam, which is returning
to the US market after being delisted from the NYSE in 2020.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines announced significant changes, including the end of open
seating and the introduction of designated and premium seats with
more comfort. These changes aim to improve financial results
affected by aircraft delivery delays and excess capacity.
United Airlines (NASDAQ:UAL) – The US
Department of Labor is investigating whether United Airlines’ new
policy requiring medical certificates from flight attendants
reporting sick on weekends violates federal regulations. United
justifies the measure due to increased absences, while the union
criticizes it as restrictive.
Boeing (NYSE:BA) – NASA and Boeing face
uncertainties in setting a return date for the Starliner space
taxi, currently at the International Space Station. Astronauts
Barry Wilmore and Sunita Williams, who were supposed to stay only a
week, have been there for almost two months due to technical
problems. Still without a defined date, the mission is being
thoroughly analyzed to ensure a safe return. The shares rose 0.46%
pre-market.
Embraer (NYSE:ERJ) – Embraer inaugurated a
Pratt & Whitney engine maintenance center in Portugal,
expecting to generate €600 million in annual revenue. The facility
responds to growing demand for air maintenance and frequent engine
repairs exacerbated by post-pandemic supply chain challenges.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase
launched an AI product called LLM Suite, which can perform research
analyst functions. This system helps asset and wealth management
employees write texts, generate ideas, and summarize documents.
Currently, about 50,000 employees have access to this tool.
Bank of America (NYSE:BAC) – By mid-year, Bank
of America’s corporate clients executed a record $500 billion in
transactions through the CashPro app, marking a nearly 40% increase
from the same period in 2023. The total volume of payments through
the app is expected to surpass $1 trillion in 2024, after reaching
$802 billion last year. The shares rose 0.60% pre-market.
Goldman Sachs (NYSE:GS) – Goldman Sachs stated
that the next US president will have little impact on increasing
domestic oil supply next year due to low strategic stocks and
regulatory limitations. Oil prices rose slightly after positive US
economic data, with prices forecast to range between $75 and $90
per barrel in 2025.
Morgan Stanley (NYSE:MS) – Morgan Stanley said
computer-driven macro hedge funds sold $20 billion in shares on
Wednesday, with additional losses of $25 billion expected next
week. This followed a sharp drop in shares, one of the largest
divestment events of the past decade.
NatWest Group (NYSE:NWG) – Metro Bank is
selling its residential mortgage portfolio to NatWest for up to
£2.4 billion ($3.1 billion). The transaction will reduce Metro’s
risk-weighted assets by £824 million and improve its CET1 ratio by
five basis points. The bank will face a £105 million loss from the
sale, part of its strategy to strengthen the balance sheet and
increase risk-adjusted returns. NatWest shares rose 6.80%
pre-market.
Barclays (NYSE:BCS), NatWest
(NYSE:NWG), Lloyds (NYSE:LYG) – Seven banks,
including Barclays, NatWest, and Lloyds, share customer data with
the UK’s National Crime Agency to combat money laundering and
financial crimes. This project, the largest of its kind, aims to
identify criminal networks exploiting the British financial system.
Lloyds’ shares fell 0.33% pre-market.
Charles Schwab (NYSE:SCHW) – Charles Schwab
announced that Michael Verdeschi will be the new chief financial
officer starting October 1. Verdeschi, who joined the company in
May, will replace Peter Crawford, who will retire after 20 years in
the role. The shares rose 1.06% pre-market.
KKR & Co (NYSE:KKR), Instructure
Holdings (NYSE:INST) – KKR will buy Instructure Holdings
for $4.8 billion, marking a potential return of private equity
activity after a lull due to high interest rates. The offer of
$23.60 per share is 16% higher than the previous price and follows
Bain Capital’s acquisition of PowerSchool. KKR shares rose 1.11%
pre-market.
Apollo Global Management (NYSE:APO) – Apollo
acquired Evri Ltd from Advent International, capitalizing on the
e-commerce boom. The deal, estimated by Sky News at around £2.7
billion, follows similar purchases in the sector, including Daniel
Kretinsky’s acquisition of a stake in Royal Mail. Advent, which
bought Evri (formerly Hermes UK) in 2020, claims the company has
grown significantly under its management. The sale is expected to
be finalized in the third quarter of this year.
Coinbase (NASDAQ:COIN) – Coinbase added three
new directors to its board, including an OpenAI executive, to
bolster its influence in US cryptocurrency policy. Chris Lehane,
Paul Clement, and Christa Davies will help shape digital rules and
strengthen the company’s political position. The shares rose 3.99%
pre-market.
Lineage (NASDAQ:LINE) – Lineage shares rose
3.6% in their stock market debut after raising $4.4 billion in the
year’s largest IPO. The logistics and temperature-controlled
storage company saw its shares close at $80.78, above the initial
price of $78. Founded by former Morgan Stanley bankers, the company
reached a market valuation of nearly $20 billion. Specializing in
logistics and temperature-controlled storage, Lineage operates more
than 400 facilities globally. The shares fell 0.37% pre-market.
Rio Tinto (NYSE:RIO) – Twelve companies,
including Rio Tinto and BYD, submitted proposals to extract lithium
in the Altoandinos salt flats in Chile. The Chilean government, in
partnership with state miner ENAMI, aims to increase lithium
production and has started selecting partners for new projects in
the region. Rio Tinto shares rose 1.74% pre-market.
Valero Energy (NYSE:VLO) – Valero Energy Corp
plans to operate its 14 refineries at up to 92% of their total
capacity of 3.2 million barrels per day in the third quarter of
2024. Specifically, US Gulf Coast refineries should operate between
95% and 98% of their 1.8 million barrels per day capacity. During a
conference call, it was mentioned that this projection includes
time for planned maintenance, especially at North Atlantic
refineries.
Walmart (NYSE:WMT) – Walmart Canada announced a
$53 million investment to increase wages for about 40,000 store
employees, in an effort to retain more workers. This move reflects
Walmart’s similar strategy in the US to improve wages and benefits
for its employees.
Kroger (NYSE:KR), Albertsons
(NYSE:ACI) – The $25 billion merger between Kroger and Albertsons
is on hold until a court decision in Colorado, scheduled to begin
on September 30. The state alleges the deal could reduce
competition, raise food prices, and impact jobs and options for
consumers. Albertsons shares fell 0.59% pre-market.
Lululemon Athletica (NASDAQ:LULU) – Lululemon
Athletica shares hit a four-year low on Thursday, due to doubts
about its ability to meet financial targets. This is due to product
execution failures and a general slowdown in the sportswear market.
The situation worsened with the suspension of sales of a new
product line, affecting investor confidence and leading to analyst
downgrades. The shares rose 0.68% pre-market.
WW International (NASDAQ:WW) – The chief
medical officer of WW International’s, known as Weight Watchers,
resigned after less than a year in the position. The company, which
is expanding its services to include prescription weight-loss
medications, thanked Amy Meister for her contribution. This change
comes as WeightWatchers faces significant market challenges due to
the growing popularity of pharmaceutical treatments for obesity.
The shares fell 8.33% pre-market.
Walgreens (NASDAQ:WBA) – JPMorgan Chase is
evaluating the sale of Walgreens’ high-yield bonds to address
short-term debt maturities following the company’s downgrade. A
yield of around 7.5% is expected. Walgreens faces high refinancing
costs and has already lowered its forecasts and dividends due to
financial and operational challenges. The shares rose 0.35%
pre-market.
Johnson & Johnson (NYSE:JNJ) – Johnson
& Johnson failed to revive a plan using its subsidiary’s
bankruptcy, LTL Management, to resolve thousands of lawsuits
alleging that its talcum powder products caused cancer. An appeals
court upheld the previous decision dismissing the bankruptcy,
stating that J&J did not demonstrate insolvency or severe
financial hardship to justify such a measure. The company intends
to appeal to the US Supreme Court. The shares fell 0.11%
pre-market.
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