Uber Technologies (NYSE:UBER), General
Motors (NYSE:GM) – Cruise, a self-driving car subsidiary
of General Motors, has partnered with Uber to offer rides in its
robotaxis on the platform starting next year. This collaboration
comes as Cruise recovers from an accident in San Francisco,
resuming testing with safety drivers. Cruise agreed to recall about
1,200 robotaxis due to abrupt braking issues after an investigation
by the U.S. National Highway Traffic Safety Administration. Cruise,
although disagreeing with the recall’s necessity, accepted it to
address the problem. Uber’s stock fell 1.0% in pre-market trading,
while GM’s stock rose 0.9%.
Alibaba (NYSE:BABA) – Alibaba’s shareholders
have approved the transition to a primary listing in Hong Kong,
aiming to attract investments from mainland China. This move,
proposed earlier due to U.S.-China tensions, does not involve new
stock issuances. Shares rose 2.3% in pre-market trading.
Altria (NYSE:MO) – Altria increased its
quarterly dividend by 4.1% to $1.02, marking 55 consecutive years
of increases. With shares at $51.83 and a yield of 7.9%, the
company pays out about 80% of its earnings in dividends and aims
for mid-single-digit annual growth through 2028. Shares rose 0.2%
in pre-market trading.
Apple (NASDAQ:AAPL) – Apple will change how
users in the European Union choose default browsers and apps
following regulatory pressure from the EU’s Digital Markets Act. A
new “choice screen” will allow browser selection the first time
Safari is opened. Additionally, more Apple apps can be removed by
users. Shares rose 0.5% in pre-market trading.
Intel (NASDAQ:INTC) – Lip-Bu Tan, a director at
Intel, resigned from the board on August 19, citing “demands on his
time.” Tan, who joined the board in September 2022, leaves after a
poor financial report and a significant drop in stock prices. Intel
faces challenges, including job cuts and a dividend suspension.
Shares rose 1.2% in pre-market trading after closing down 6.1% on
Thursday.
Nvidia (NASDAQ:NVDA) – Despite the anticipated
speech from Federal Reserve Chairman Jerome Powell, investors are
focused on Nvidia’s earnings report. The August 28 results are
expected to show profits and revenue more than doubling from last
year. With shares trading at about 47 times future earnings
estimates, the company is under pressure to justify these
valuations. The Roundhill Magnificent Seven ETF, which includes
Nvidia, is trading at 36 times earnings estimates for 2024, up from
a P/E ratio of 32 in August. In comparison, the S&P 500 is
valued at 23 times earnings forecasts, and the Invesco QQQ Trust is
at 30 times. Nvidia’s shares rose 1.3% in pre-market trading after
closing down 3.7% on Thursday.
Baidu (NASDAQ:BIDU) – Baidu stated that its
leadership position in AI in China gives it an edge to face intense
competition, despite a slight decline in quarterly revenue. The
company highlighted the growth of its Ernie platform, which
processes 600 million daily requests. CEO Robin Li mentioned that
AI competition will be fierce in the coming years. However, Baidu
reported slower growth in rides from its Apollo Go robotaxi
service, with a 26% increase in the first half of 2024 compared to
184% in the same period of 2023. The company averaged 287,500
monthly rides, and its market share in the ride-hailing sector
remains small. Shares fell 1.4% in pre-market trading after closing
down 4.4% on Thursday.
Autodesk (NASDAQ:ADSK) – Starboard Value has
urged Autodesk’s board to reassess Andrew Anagnost’s leadership
following recent accounting issues. The company faces criticism for
questionable accounting practices and delays in financial
reporting, with Starboard demanding changes in management and the
board. Autodesk, with shares at $252.06, is addressing these
concerns as it prepares to announce financial results on August
29.
Paramount Global (NASDAQ:PARA) – Skydance Media
accuses Paramount Global of violating an agreement by extending the
deadline to consider other offers after Edgar Bronfman Jr.
increased his bid to acquire Paramount for $6 billion. The offer
threatens the planned acquisition by David Ellison and Skydance. If
Paramount accepts Bronfman’s offer, it will pay a $400 million
penalty.
Sony Group (NYSE:SONY) – A joint venture
between Sony and Startale announced the launch of Soneium, a Layer
2 blockchain built on Ethereum. Soneium aims to attract developers
in sectors such as entertainment, gaming, and finance, with its
testnet launched in partnership with Astar Network.
Trump Media and Technology Group (NASDAQ:DJT) –
Donald Trump may sell his $2.6 billion stake in Trump Media when
the lockup period ends in September. This could impact the stock
price and investor confidence in the company, especially as its
main draw is his reputation. Trump has not yet disclosed his plans
regarding the sale. Shares rose 2.3% in pre-market trading after
closing down 6.2% on Thursday.
Amazon (NASDAQ:AMZN) – A Washington, D.C.
appeals court reopened the case against Amazon, alleging its
pricing policies illegally harm competition. The previous ruling
that dismissed the case was overturned, with accusations that
Amazon imposes harmful restrictions on suppliers and third-party
sellers. Amazon denies the claims, stating that its policies
benefit consumers. Separately, the U.S. National Labor Relations
Board concluded that Amazon is legally responsible for third-party
delivery drivers in California, in addition to the partner
companies that hire them. Amazon was also accused of illegal
threats and refusal to bargain with the union, potentially
impacting its national operations. Additionally, Chinese entities
are using Amazon’s cloud services and those of other providers to
access advanced U.S. chips and AI, bypassing direct export
restrictions. Documents show that these companies turn to
intermediaries to obtain these technologies. Amazon assures
compliance with U.S. laws and has updated its policies to reflect
the restrictions. Amazon’s cloud division launched a new region in
Malaysia, part of a $6.2 billion investment. The new AWS
infrastructure aims to meet the growing demand for cloud services
in the Asia-Pacific region and is expected to add $12.1 billion to
the local economy, generating over 3,500 jobs by 2038. Amazon’s
stock rose 0.7% in pre-market trading after closing down 2.2% on
Thursday.
Walmart (NYSE:WMT) – Walmart has partnered with
Burger King to offer discounted meal benefits to its members, such
as 25% off digital orders and a free Whopper every three months.
This strategy aims to make Walmart Plus more attractive, better
competing with Amazon Prime. Shares rose 0.3% in pre-market
trading.
Peloton Interactive (NASDAQ:PTON) – Peloton’s
shares closed up 35.42% on Thursday after the company reported an
adjusted loss of 8 cents per share and revenue of $643.6 million,
surprising analysts’ expectations. Shares fell 3.3% in pre-market
trading.
Crocs (NASDAQ:CROX) – Crocs has partnered with
actress Sydney Sweeney, who is now the brand ambassador for
Heydude. Analysts highlighted the partnership’s potential to
attract younger consumers and boost sales, with the collaboration
driving a 4.3% increase in the company’s stock over the past
week.
Brown Forman (NYSE:BF.B) – Brown-Forman, the
maker of Jack Daniel’s whiskey, is suspending its diversity,
equity, and inclusion (DEI) policy in response to conservative
pressure. The company will end the linking of executive
compensation to DEI progress and exit LGBTQ-friendly workplace
rankings, seeking to adjust its strategies to the new market
reality.
Ford Motor (NYSE:F) – Ford canceled its
electric three-row SUV project, initially planned for 2025, in
response to slow consumer adoption of electric vehicles and market
shifts. The company will now focus on hybrid SUVs and delayed the
launch of the new electric F-150 to 2027. This decision reflects a
more cautious strategy, aiming for profitability in a challenging
electric vehicle market. Analysts believe that while painful, this
choice was necessary to avoid larger losses, keeping the focus on
more promising areas like trucks and commercial vehicles. Shares
rose 0.6% in pre-market trading.
Tesla (NASDAQ:TSLA) – China is heavily
investing in humanoid robots, challenging Tesla, according to
Reuters. During a conference in Beijing, more than 20 Chinese
companies showcased robots designed to replace workers in electric
vehicle assembly. Tesla, with its Optimus robot, still leads in AI,
but China aims to cut costs and quickly expand production, reducing
robot costs to $30,000 and producing up to 1,000 units by 2025.
Additionally, the government launched state funds of $1.4 billion
in Beijing and Shanghai for robotics. Goldman Sachs predicted in
January that the global annual market for humanoid robots would
reach $38 billion by 2035. Shares rose 1.5% in pre-market trading
after falling 5.7% on Thursday.
Boeing (NYSE:BA) – NASA will decide this
weekend whether to allow two astronauts to return to Earth aboard
Boeing’s Starliner capsule. The capsule has faced technical issues
since its launch in June, and NASA will review its capability. If
necessary, SpaceX may assist in the astronauts’ return in February
2025.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines is collecting feedback on possibly charging for checked
bags, a currently free benefit. The survey with customers and
loyalty members explores different pricing scenarios, although the
company says there are no immediate plans to change the policy. The
move aims to assess its impact on competitiveness and respond to
activist investor Elliott Investment Management.
Canadian National Railway (NYSE:CNI),
Canadian Pacific Kansas City (NYSE:CP) – The
Canadian government acted swiftly to end a massive rail strike,
asking the Canadian Industrial Relations Board to order an
immediate return to work. The strike involved more than 9,000
workers from the country’s major railways, threatening significant
economic damage. The government also requested binding arbitration
between the unions and companies to resolve the negotiation
deadlock. Canadian National Railway workers will return to work on
Friday, while Canadian Pacific Kansas City’s strike awaits a
decision from the Canadian Industrial Relations Board.
Rio Tinto (NYSE:RIO), Teck
Resources (NYSE:TECK) – Rio Tinto and Teck Resources
warned on Thursday that the labor dispute at Canada’s major
railways could disrupt their operations. Rio Tinto was implementing
contingency plans, such as using its own rail network. Teck said it
was seeking alternative transportation to mitigate the impact on
critical mineral supply chains. Rio Tinto’s shares fell 0.1% in
pre-market trading, while Teck’s shares rose 0.2%.
GE Vernova (NYSE:GEV) – A turbine blade failed
at an offshore wind farm near the northeast coast of England, in
the Dogger Bank, raising safety concerns in the sector. The
incident involved a GE Vernova turbine and is under investigation.
Shares fell 0.5% in pre-market trading.
CME Group (NASDAQ:CME), S&P
Global (NYSE:SPGI) – CME Group and S&P Global are
considering selling the OSTTRA post-trade services joint venture,
valued between $2 billion and $4 billion, including debt. The
companies are in talks with financial advisors to find buyers.
Deutsche Bank (NYSE:DB) – Deutsche Bank still
faces challenges with Postbank despite reaching agreements with
about 60% of claimants alleging undervaluation in the bank’s 2010
acquisition. The bank plans to reduce provisions by $478.93
million, which should improve third-quarter profits. Additionally,
Deutsche Bank suggested it may reconsider share buybacks,
previously ruled out, depending on capital plan reviews in dialogue
with regulators. Shares rose 1.2% in pre-market trading after
closing up 3.4% on Thursday.
Jefferies Financial Group (NYSE:JEF) – A
banking consortium led by Jefferies Financial Group lost about $15
million after having to adjust the terms of a loan for M2S Group.
The loan, intended for an acquisition and refinancing, had to be
sold at a lower price and with a higher margin, reflecting the
impact of adverse market conditions. The loan was initially priced
at 99 cents on the dollar and was sold at 93 cents. The margin over
the reference rate increased from 4.25-4.5 percentage points to
4.75 percentage points. The package also includes a $100 million
credit line.
Morgan Stanley (NYSE:MS) – Jonathan Bloomer,
chairman of Morgan Stanley International, died at 70 in a shipwreck
off the coast of Italy on August 19. His wife, Judy, also died.
They were on a luxury yacht to celebrate the acquittal of Mike
Lynch, for whom Bloomer testified in a fraud trial.
HSBC Holdings (NYSE:HSBC) – Lu Tian, deputy
head of Goldman Sachs’ China unit, is moving to HSBC to replace
Irene Ho as CEO and general manager of securities business in
China.
US Bancorp (NYSE:USB) – Edward Jones is
expanding its partnership with US Bank to offer enhanced checking
accounts and credit cards to its clients starting in 2025. The
initiative aims to diversify its services beyond investments after
abandoning previous plans to launch its own bank and a partnership
with Citigroup.
Blackstone (NYSE:BX) – Effective January 1,
Wesley LePatner will replace Frank Cohen as CEO of Blackstone’s
real estate fund for individual investors. LePatner, who is COO of
BREIT, will succeed Cohen after nearly 30 years. BREIT faces
challenges due to high-interest rates and seeks growth sectors.
AstraZeneca (NASDAQ:AZN) – AstraZeneca warned
it might move its vaccine manufacturing unit from the UK to the
U.S. due to a standoff with the Labour government, which plans to
reduce state aid for the vaccination center. The cut would reduce
the promised subsidy from £90 million to £40 million. The company
says it is in constructive negotiations with the UK government.
Shares rose 0.4% in pre-market trading.
Pfizer (NYSE:PFE), Moderna
(NASDAQ:MRNA) – Updated COVID-19 vaccines from Pfizer and Moderna
were approved by the FDA and will be available starting in 2025.
Vaccination begins earlier than expected, aiming to curb the rise
in cases. Novavax also plans to launch a vaccine but has yet to
receive approval. Demand for vaccines is expected to be lower than
last year. In pre-market trading, Pfizer’s shares rose 0.2%, while
Moderna’s shares rose 1.4%. Moderna’s shares closed down 6.5% on
Thursday.
Zenas BioPharma, Bristol-Myers
Squibb (NYSE:BMY) – Zenas BioPharma, backed by
Bristol-Myers Squibb, has filed for an IPO in the U.S.,
highlighting investors’ growing interest in new IPOs. The
biopharmaceutical company, focused on immunology and inflammation,
has already raised $358.3 million. Losses increased to $65.8
million in the first half of 2023.
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