IBM Closes China Research Division, Uber Fined $324M, Starliner to Return Without Astronauts

International Business Machines (NYSE:IBM) – According to the South China Morning Post, IBM has closed its R&D operations in China, laying off over 1,000 employees due to geopolitical tensions. The company shut down its labs in Beijing, Shanghai, and Dalian but stated that it will continue to support customers in the region. IBM’s sales in China dropped 19.6% in 2023. Shares rose 0.8% in pre-market trading.

Uber Technologies (NYSE:UBER) – Uber was fined $324 million in the Netherlands for transferring European drivers’ personal data to the U.S., violating EU rules, according to the DPA. Uber, which has ceased this practice, called the fine unfair and plans to appeal, citing GDPR compliance. Shares rose 0.7% in pre-market trading.

Boeing (NYSE:BA) – NASA will return Boeing’s Starliner capsule, which had defects, to Earth without astronauts Butch Wilmore and Suni Williams. They will return early next year on a SpaceX spacecraft. The Starliner, which launched its first astronauts in June, faced leaks and thruster failures, delaying the mission. Shares fell 0.7% in pre-market trading.

Intel Corp. (NASDAQ:INTC) – Intel has hired consultants, including Morgan Stanley, to prepare against potential activist investor pressures, as reported by CNBC. Shares rose 0.8% in pre-market trading.

Apple (NASDAQ:AAPL) – Apple plans its biggest launch event of the year on September 10, where it will unveil new iPhones, watches, and AirPods, according to Bloomberg. While the date is not yet confirmed, the products are expected to be available by September 20. The company is betting on AI upgrades to attract buyers, despite declining sales in China. According to Reuters, billionaire Daniel Loeb believes Apple’s stock has the potential to rise further, especially if the company leverages artificial intelligence in its iOS operating system. Loeb, whose Third Point acquired Apple shares in April, sees AI as a significant opportunity that could boost revenue and profits in the coming years. He highlights that demand for new iPhones is expected to grow, as AI features won’t be compatible with previous versions, and Apple’s App Store could become the leading platform for new AI applications. Shares rose 0.2% in pre-market trading.

Microsoft (NASDAQ:MSFT), CrowdStrike (NASDAQ:CRWD) – Microsoft plans to meet in September with cybersecurity firms, including CrowdStrike, to discuss how to prevent a repeat of the global July failure that crippled Windows systems. The meeting, in Seattle, will address best practices for system updates and access to the Windows kernel, with government representatives in attendance. Microsoft’s shares rose 0.2% in pre-market trading, while CrowdStrike’s shares rose 0.7%.

Nvidia (NASDAQ:NVDA) – Nvidia is set to announce another surge in profits, with revenue doubling due to the growing adoption of generative AI. Shares have risen more than 160% this year. Second-quarter revenue is expected to grow 109%, reaching $28.6 billion, while operating profits could reach $18.7 billion. Investors await updates on AI chips and forecasts for the rest of the year. Shares rose 0.8% in pre-market trading.

Alphabet (NASDAQ:GOOGL) – A report by Eko revealed that YouTube’s automated systems are displaying ads from major brands alongside videos promoting controversial policies from Project 2025 and election misinformation. Researchers analyzed 11 videos, which included ads from more than 60 global brands, many with public commitments to diversity. Although some videos may violate YouTube’s guidelines, the platform only removed ads from specific videos. YouTube defends its guidelines and claims to offer advertisers control over where their ads are shown. Shares rose 0.4% in pre-market trading.

Paramount Global (NASDAQ:PARA) – Edgar Bronfman Jr. is willing to have Shari Redstone remain involved with Paramount Global if his consortium succeeds in buying the company’s controlling entity, National Amusements. Bronfman has offered $6 billion to take over Paramount, challenging a planned acquisition by David Ellison and Skydance Media. The final decision on Redstone’s role at the company will be up to her. Additionally, Bronfman plans partnerships with companies like Amazon and Apple to strengthen Paramount Global’s streaming business, according to Bloomberg. Shares rose 0.5% in pre-market trading.

Meta Platforms (NASDAQ:META) – Meta canceled plans to launch a premium mixed reality headset that would have competed with Apple’s Vision Pro, as reported by The Information. The device, codenamed La Jolla, was scheduled for 2027 but was halted after a product review. Despite losses in its Reality Labs division, responsible for the Quest headsets, CEO Mark Zuckerberg still bets on the future of augmented and virtual reality. Meta had also previously halted production of the Quest Pro due to weak sales and negative reviews. In addition, OpenAI has hired Irina Kofman, a former Meta executive, to lead strategic initiatives, strengthening its team with veterans from major tech companies. Kofman, now reporting to CTO Mira Murati, will initially focus on safety and preparation. Before joining OpenAI, Kofman was senior director of product management for generative AI at Meta. Shares rose 0.3% in pre-market trading.

Spotify (NYSE:SPOT) – Mark Zuckerberg, CEO of Meta, and Daniel Ek, CEO of Spotify, criticized European regulations on open-source artificial intelligence (AI), warning that complex rules could make Europe fall behind. Although Europe has many open-source developers, fragmented regulation is slowing innovation. They advocate for clearer and harmonized rules to support AI growth and prevent Europe from missing a unique opportunity.

Fox Corp (NASDAQ:FOX) – Prominent Democrats like Gavin Newsom and Pete Buttigieg are making appearances on Fox News to reach a broader audience and increase visibility ahead of elections. According to Bloomberg, Fox is seeking to balance its image and boost its ratings with the presence of politicians from different parties.

Starbucks (NASDAQ:SBUX) – After two fires at a Starbucks construction site in Taos, New Mexico, a builder is once again trying to construct the city’s first drive-through café, known for its resistance to large corporations. Local residents oppose the project, reflecting a history of revolt against outside influences. Security at the site has been increased, and the investigation into the fires is ongoing. Shares rose 0.2% in pre-market trading.

Walmart (NYSE:WMT), JD.com (NASDAQ:JD) – JD.com faces the challenge of proving its relevance to investors amid a slowdown in e-commerce in China, intense price wars, and the exit of Walmart, its largest shareholder. Walmart sold its $3.74 billion stake, causing JD.com’s shares to drop and raising concerns about its ability to adapt to these changes. Walmart’s shares rose 0.1% in pre-market trading, while JD.com’s shares rose 0.6%.

Halliburton (NYSE:HAL) – Halliburton, a leader in U.S. oilfield services, suffered a cyberattack and is working with authorities to assess the impact. The company has shut down some systems as a precaution and is investigating whether the incident will affect its business. The attack compromised operations in Houston but did not affect energy services.

Woodside Energy (NYSE:WDS) – Woodside Energy, Australia’s largest independent gas producer, will release its first-half results on August 27. According to Visible Alpha, the company is expected to face a decline in profits, estimated at $1.11 billion for the first half, compared to $1.90 billion in the previous year. Uncertainty over future mergers, after the collapse of a $52 billion merger with Santos, raises concerns about its growth strategy.

Rivian Automotive (NASDAQ:RIVN) – A fire occurred in a parking lot at Rivian’s factory in Normal, Illinois, damaging several electric vehicles. No injuries were reported, and the cause is under investigation. The assembly plant was not affected, and Rivian has not confirmed how many vehicles were damaged. Vehicle production continues to expand at the facility. Shares fell 0.1% in pre-market trading.

XPeng (NYSE:XPEV) – The Chinese electric vehicle manufacturer announced that its CEO, Xiaopeng He, acquired more than 2 million shares of the company, according to the WSJ. Shares rose 5.8% in pre-market trading.

Canadian National Railway (NYSE:CNI), Canadian Pacific Kansas City (NYSE:CP) – The Canadian Industrial Relations Board ordered an end to strikes at the country’s largest railroads, ending a service disruption that threatened the Canadian economy. The decision came after a standoff between 9,000 Teamsters union members and the railroads CN and CPKC. The union criticized the decision and plans to appeal. Rail operations are expected to resume on Monday, but full recovery is expected to take several weeks. In addition, a union notified Canadian National Railway of a new imminent strike hours after operations resumed on Friday, threatening to again paralyze supply chains today if there was no agreement. The Canadian government imposed mandatory arbitration to resolve disputes.

Norfolk Southern (NYSE:NSC) – Norfolk Southern and BNSF Railway have reached provisional five-year collective bargaining agreements with four unions, guaranteeing average annual wage increases of 3.5%, plus vacation and health benefit improvements. The agreements, which cover 30% of Norfolk Southern’s unionized workforce, still need to be ratified.

Delta Air Lines (NYSE:DAL) – Delta’s Chief Operating Officer Mike Spanos will leave the company next month to take another position. Spanos, who joined Delta last year, is leaving after considering new opportunities. His departure comes weeks after flight cancellations due to cyber issues. Delta has no plans to replace him immediately.

Citigroup (NYSE:C) – Citigroup argues that the firing of Kathleen Martin, a former managing director suing the bank, was due to performance issues, not her allegations of covering up information to regulators. Martin claims she was fired in retaliation for refusing to hide critical data, while Citigroup maintains that performance concerns predated that. Martin’s attorney, Valdi Licul, plans to seek depositions from top bank executives, including CEO Jane Fraser, to prove the retaliation claim. Shares rose 0.5% in pre-market trading.

Nomura Holdings (NYSE:NMR) – Nomura analysts recommend reducing investments in Chinese stocks and increasing positions in Indonesia and Malaysia. They expect these markets to benefit more from U.S. interest rate cuts, while Chinese stocks face difficulties due to economic instability and the real estate crisis.

KKR & Co. (NYSE:KKR) – KKR is exploring options for Sylvan Inc., the world’s largest mushroom seed producer, including bringing in new investors. KKR, with the help of an advisor, is gauging interest in a yuan continuation fund. However, discussions are in the early stages and may not result in transactions.

MIRA Pharmaceuticals (NASDAQ:MIRA) – MIRA Pharmaceuticals announced that its new ketamine analog, Ketamir-2, reduced or reversed neuropathic pain in rats. The study showed that low doses of Ketamir-2 provided substantial relief for up to 22 days, while higher doses completely normalized neuropathic pain, something ketamine could not achieve. Shares rose 35.1% in pre-market trading.

Talis Biomedical (NASDAQ:TLIS) – Nasdaq warned that Talis Biomedical could be delisted for being considered a “shell company.” Talis suspended all R&D activities in June and is preparing for a bankruptcy filing. The company, which develops molecular tests for infectious diseases, has cut 90% of its staff and reduced operations in Chicago to conserve resources.

BioAffinity Technologies (NASDAQ:BIAF) – BioAffinity Technologies appointed Michael Edwards as interim CFO effective September 16, after CFO Michael Dougherty announced his resignation to pursue new opportunities. Dougherty will remain until September 16 to ensure a smooth transition. The company will begin the search for a permanent CFO. Edwards, who has previously served as CFO, was hired under a consulting contract with a monthly salary of $10,000 plus expenses.

Eli Lilly (NYSE:LLY) – Eli Lilly’s early-stage Alzheimer’s treatment, donanemab, is expected to be blocked by the UK’s National Health Service (NHS), according to the Telegraph. The National Institute for Health and Care Excellence (NICE) is expected to reject the drug, citing concerns about costs and monitoring side effects, as it did with lecanemab. Both drugs have already been approved in the U.S.

Johnson & Johnson (NYSE:JNJ) – Johnson & Johnson is negotiating with plaintiff attorneys who opposed the $6.48 billion settlement over claims that its talc caused cancer. The company is seeking additional support to finalize the settlement through a subsidiary’s bankruptcy, ending lawsuits and preventing new cases.

Novo Nordisk (NYSE:NVO) – With the U.S. government negotiating drug prices for Medicare, the 2027 list is expected to include Novo Nordisk’s Ozempic, along with drugs from Pfizer, GSK, Teva, and AbbVie. While these negotiations could impact some companies, many of the drugs already have significant discounts, limiting the financial impact. Shares fell 0.7% in pre-market trading.

Novartis (NYSE:NVS) – Novartis sold its PET molecular imaging division to Siemens Healthineers for more than $224 million. The transaction includes the diagnostics arm of Advanced Accelerator Applications, acquired by Novartis in 2017. The deal is expected to close in the fourth quarter.

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