Starbucks (NASDAQ:SBUX) – Activist fund
Starboard Value has acquired a stake in Starbucks and wants the
company to take steps to boost its stock price. The size of the
stake and specific demands were not disclosed. Starboard has not
yet made formal demands. Shares rose 2.9% pre-market.
Walt Disney (NYSE:DIS) – At the D23 convention,
Disney unveiled new films and series, including “Moana 2” featuring
Dwayne Johnson and Auli’i Cravalho, debuting in November. Other
highlights include “Star Wars: Skeleton Crew” in December, “The
Incredibles 3,” “Toy Story 5,” “Frozen III” for 2027, and “Avatar:
Fire and Ash,” along with series for Disney+. Among other new
projects, Disney announced a “Snow White” adaptation and a “Freaky
Friday” sequel. Disney aims to reclaim box office dominance after a
challenging year. Josh D’Amaro, president of Disney Experiences,
also revealed expansion plans at the convention. Disney will launch
four new cruise ships and six new themed areas, including
expansions of the Avengers Campus in California, new attractions
inspired by “Avatar” and “Encanto,” and a villain-themed area in
Magic Kingdom. Additionally, Disney has invested in Epic Games and
plans new park experiences. CEO Bob Iger and stars like Jude Law
and Zoe Saldaña also attended the event.
Uber Technologies (NYSE:UBER) – Uber CEO Dara
Khosrowshahi questions the viability of Tesla’s robotaxi strategy,
which aims to convert ordinary cars into autonomous vehicles. He
believes many Tesla owners wouldn’t want to constantly share their
cars with strangers and sees challenges in public acceptance of
autonomous taxis, which would face safety and trust issues.
Cisco Systems (NASDAQ:CSCO) – Cisco plans to
lay off thousands of employees in a new round of cuts, following
the wave of layoffs in 2023. The company is focusing on growth
areas like cybersecurity and artificial intelligence. The
announcement may come Wednesday, along with fourth-quarter
results.
Alphabet (NASDAQ:GOOGL) – Former YouTube CEO
and longtime Google executive Susan Wojcicki passed away at 56
after a two-year battle with lung cancer. Wojcicki was a
significant figure in technology, contributing to the growth of
Google and YouTube. She was also known for her philanthropic work.
Her death was announced by her husband and mourned by colleagues
and friends. Shares rose 0.1% pre-market.
Meta Platforms (NASDAQ:META) – Meta Platforms
won an appeal against Children’s Health Defense, an anti-vaccine
group, regarding the removal of false vaccine posts from Facebook.
The 9th Circuit Court of Appeals ruled that Meta, as a private
company, has the right to censor misinformation without violating
constitutional rights. Additionally, Turkey will lift its Instagram
ban after the site agreed to comply with government censorship
demands. The ban, which began on August 2 without explanation,
targeted posts about Hamas leader Ismail Haniyeh’s death. The
Turkish government claims Instagram will cooperate with guidelines
on sensitive content. Shares rose 0.1% pre-market.
Intel (NASDAQ:INTC) – Intel postponed its
innovation event scheduled for next month in San Jose due to cost
and job cuts. Facing financial difficulties and weak sales
forecasts, the company will opt for other formats like webinars and
hackathons while planning to lay off 15% of its workforce. Shares
rose 1.2% pre-market.
Super Micro Computer (NASDAQ:SMCI) – Super
Micro Computer continues to grow with the AI boom but struggles to
convert revenue into substantial profits, with gross margins
dropping from 18.8% to 11.2%. Despite high revenue forecasts and a
stock split, shares fell due to concerns over margins, competition,
and rising component costs. Shares rose 0.4% pre-market.
Trump Media & Technology Group (NASDAQ:DJT)
– For the quarter ending June 30, Trump Media & Technology
Group reported $837,000 in sales, a 30% drop from last year’s $1.2
million. The net loss was $16.4 million, improving from a $22.8
million loss the previous year. The loss per share decreased to 10
cents from 26 cents in the same period last year. The company’s
cash increased to $344 million from $2.6 million the previous year.
CEO Devin Nunes stated that the company is investing in its
infrastructure to reduce dependence on Big Tech. Since its March
peak of $66 per share, the stock has fallen over 60%. Former
President Donald Trump is the largest shareholder, owning 60% of
the shares. Shares rose 0.4% pre-market.
Alibaba (NYSE:BABA), Tencent
(USOTC:TCEHY), JD.com (NASDAQ:JD) – Alibaba,
Tencent, and JD.com are set to report financial results that are
expected to reveal the impact of the Chinese economy and consumer
confidence. Despite a challenging economic environment, these
companies are focused on increasing shareholder returns through
buybacks and dividends, leveraging their large cash reserves.
Alibaba shares rose 0.7% pre-market, while JD.com shares fell
0.7%.
Pitney Bowes (NYSE:PBI) – Pitney Bowes is
liquidating much of its e-commerce business in bankruptcy through
agreements with Hilco Global and Oaktree Capital. Hilco will buy
and sell the e-commerce unit, while Oaktree will support the
bankruptcy process. Pitney lost $136 million on e-commerce last
year.
Lumen Technologies (NYSE:LUMN) – A year ago,
Lumen Technologies faced severe financial troubles, with shares at
99 cents. Now, with new contracts worth $5 billion and a forecast
of $1 billion in free cash flow, its shares have soared 364.17% in
the last month. The rise reflects growing interest in AI
infrastructure and financial relief despite ongoing challenges and
high debt. Shares rose 1.6% pre-market.
Pagaya Technologies (NASDAQ:PGYWW) – Castlelake
LP will acquire up to $1 billion in consumer loans originated by
Pagaya Technologies. The forward flow agreement allows Castlelake
to purchase future loans for one year, with an option to extend.
This strategy aims to increase Castlelake’s presence in the
consumer debt market and replace declining regional banks.
CrowdStrike (NASDAQ:CRWD) – The New York State
Teachers’ Retirement System (NYSTRS) invested in CrowdStrike in the
second quarter before the company’s global IT outage. The fund also
bought more shares of Exxon Mobil and reduced its stakes in Ford
and PayPal. CrowdStrike shares rose 50% in the first half of the
year but have fallen 37% since then. Shares rose 0.2%
pre-market.
Paramount Global (NASDAQ:PARA) – CBS Sports,
part of Paramount Global, will broadcast two NFL games on Netflix
this Christmas. It marks the first time Netflix has licensed a
major sports league and will also debut its first live football
broadcast. The NFL will stream the games live on mobile devices
across the US.
Stellantis (NYSE:STLA) – Stellantis is laying
off up to 2,450 workers at its Warren, Detroit plant due to the end
of production of the Ram 1500 Classic pickup. The plant will shift
to one general assembly shift and focus on producing the Ram 1500
Tradesman. Laid-off workers will receive unemployment benefits and
transition assistance. Shares rose 0.9% pre-market.
Tesla (NASDAQ:TSLA) – Tesla has stopped taking
orders for the $61,000 version of the Cybertruck but is accepting
orders for the $100,000 version with delivery this month. Demand
for the cheaper version was lower than expected, with Tesla
prioritizing more expensive models. Additionally, Tesla is facing a
lawsuit following the death of Victor Joe Gomez Sr., an electrician
electrocuted while working at one of its factories in Austin.
Tesla, along with Gomez’s employer, is accused of negligence for
failing to warn about the energized electrical panel, and the
family seeks over $1 million in damages. Former Twitter president
Omid Kordestani has sued X, alleging that Elon Musk is withholding
more than $20 million in owed shares. Kordestani, who was executive
chairman from 2015 to 2020, claims his compensation was primarily
in stock, which Musk has not paid. Shares rose 1.1% pre-market.
General Motors (NYSE:GM) – General Motors
announced the departure of Marissa West, who left the position of
president of GM North America after only eight months. Rory Harvey,
executive vice president, will take over her responsibilities, and
Duncan Aldred will be named vice president of commercial growth
strategies and operations. GM thanked West for her contributions
and wished her success.
Hyundai (KOSPI:005380),
Mercedes-Benz (TG:MBG) – South Korean authorities
are considering requiring automakers to disclose the brands of
electric vehicle batteries after a fire in a Mercedes-Benz EV
damaged a building and destroyed 140 cars. The meeting, led by the
Vice Minister of Environment, will also include discussions with
manufacturers like Hyundai and Mercedes-Benz on electric vehicle
safety.
Boeing (NYSE:BA) – Boeing received a $2.56
billion contract from the U.S. Air Force to develop and deliver two
prototype E-7A Wedgetail aircraft. The contract covers development,
training, and support for the E-7A fleet. The deal was confirmed
despite concerns about the company’s internal crisis.
Nasdaq (NASDAQ:NDAQ) – Short interest in Nasdaq
fell 2% at the end of July to about 14.068 billion shares, down
from 14.356 billion on July 15. This indicates a decrease in bets
against stocks, where investors sell borrowed shares expecting to
buy them back at a lower price.
Nutanix (NASDAQ:NTNX), Khosla
Ventures (NASDAQ:ZBIREX) – DevRev Inc., an AI startup for
customer support, raised $100 million in a round led by Khosla
Ventures, valuing the company at $1.15 billion. Founded by Dheeraj
Pandey, co-founder of Nutanix, the company aims to increase the
efficiency of support and engineering teams. Investors highlight
Pandey’s track record and anticipate a future initial public
offering.
WeRide – Chinese startup WeRide is seeking a
valuation of up to $5.02 billion in its U.S. IPO, offering up to
$119.4 million in shares. Founded in 2017, WeRide develops
autonomous vehicle technologies and conducts testing and commercial
operations in 30 cities across seven countries. The announcement
comes as the Biden administration may restrict the use of Chinese
software in autonomous vehicles. WeRide faces regulatory and
technical challenges but is already testing its technology in 30
cities.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase has
asked a U.S. judge to dismiss its lawsuit against Russia’s VTB
Bank, claiming it was coerced into withdrawing due to a Russian
injunction. The Russian bank sued JPMorgan following the invasion
of Ukraine, and JPMorgan faces sanctions and risks as it tries to
resolve the dispute.
Citigroup (NYSE:C) – Citigroup has begun
selling its fiduciary fund management and trustee services
operations to focus more on wealth structuring advisory. This
decision is part of a revamp led by CEO Jane Fraser to cut costs
and simplify the bank’s operations.
Bank of America (NYSE:BAC) – Bank of America
CEO Brian Moynihan warned that if the Federal Reserve does not
start lowering interest rates soon, it could discourage American
consumers. Although the Fed has kept the interest rate between
5.25% and 5.50%, a cut may occur if inflation decreases.
Home Depot (NYSE:HD), Walmart
(NYSE:WMT) – Last week, evidence showed a more cautious consumer,
with less spending on parks and travel. This week, Home Depot and
Walmart will report financial results. Walmart may highlight its
resilience and new offerings, while Home Depot faces challenges
with high interest rates and reduced sales of expensive items. Home
Depot shares are flat pre-market, while Walmart shares rose
0.4%.
Target (NYSE:TGT) – UBS rates Target as a “Buy”
with a price target of $185. Despite concerns about a recession and
consumer spending, second-quarter results are expected to show an
increase in sales comps and EBIT margin, setting Target apart from
other retailers. Shares fell 0.3% pre-market.
Perrigo (NYSE:PRGO) – Perrigo has initiated a
voluntary recall of 16,500 cans of infant formula, distributed in
three batches, sold at HEB Grocery Company and CVS Health. The
decision was disclosed in a regulatory filing on Friday.
PepsiCo (NASDAQ:PEP) – Political figures like
JD Vance and Tim Walz’s support for PepsiCo-owned Mountain Dew may
seem like good publicity for the brand, but experts say it could
hurt its youthful image. Mountain Dew, associated with youth
culture, is facing declining sales, and its appeal to Gen Z is
waning amid competition from healthier and energy drinks.
Coca-Cola (NYSE:KO) – Global public health
organization Vital Strategies is urging the International Olympic
Committee to cut sponsorship ties with Coca-Cola, citing concerns
about athletes’ health and environmental impact. Coca-Cola,
associated with the Games since 1928, faces criticism for promoting
sugary drinks, which contradicts the Olympic mission of health and
sustainability. The company defends its sugar reduction practices
and environmental initiatives.
Nike (NYSE:NKE) – Nike has suspended its online
sales in Turkey due to new high customs taxes. The tax on
international purchases has increased significantly, and the
exemption limit has been reduced. The company says it cannot
guarantee timely delivery of orders and continues to sell through
physical stores and partners.
Airbnb (NASDAQ:ABNB) – Airbnb, which helped
accommodate 400,000 spectators at the Paris Olympics, has seen its
stock drop more than 10% recently due to disappointing
third-quarter financial forecasts. Despite beating second-quarter
earnings expectations, slowing demand and increased marketing
expenses have affected performance. With a strong balance sheet,
Airbnb still has potential but faces short-term challenges. Shares
rose 0.2% pre-market.
Hawaiian Electric Industries (NYSE:HE) –
Hawaiian Electric raised concerns about its continuity after
revealing it still doesn’t have a financing plan for the $1.99
billion Maui fire settlement. The company is seeking ways to fund
the settlement without raising electricity rates.
BHP Group (NYSE:BHP), Rio
Tinto (NYSE:RIO) – BHP, Rio Tinto, and Qantas will invest
$52.7 million (A$80 million) in an Australian carbon credit fund
for reforestation projects. The fund, managed by Silva Capital,
aims to raise $165 million to generate Australian Carbon Credit
Units (ACCUs) and support emissions reduction. BHP shares are flat
pre-market, while Rio Tinto shares rose 0.4%.
Petrobras (NYSE:PBR) – Petrobras may pay
extraordinary dividends if favorable conditions arise, according to
CFO Fernando Melgarejo. While second-quarter results showed a loss
and the company lowered its investment estimates, analysts believe
reduced investments could allow such payments in 2024.
Sasol Ltd. (NYSE:SSL) – Sasol Ltd. reported a
significant annual loss of 55.1 billion rands ($3 billion) after
taxes. The loss per share will be between 68.82 and 71.48 rands,
compared to a profit of 14 rands the previous year. The company
faced 45.5 billion rand losses in its ethane unit and additional
losses of 3.9 billion in its polyethylene value chain and 5.7
billion rands in the Secunda liquid fuels refinery. Shares fell
0.8% pre-market.
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