Apple Names New CFO, Sony Hikes PS5 Price in Japan, Santander Launches Share Buyback

Apple (NASDAQ:AAPL) – Apple has appointed Kevan Parekh as its new CFO, replacing Luca Maestri starting January 1, 2025. Parekh, who has been with Apple for over a decade, will lead the company during a period of significant iPhone updates, focusing on AI to boost sales.

Sony Group (NYSE:SONY) – Sony will increase the price of the PlayStation 5 in Japan by 19% to nearly $550 (¥80,000) due to economic fluctuations. The hike comes despite slowing sales and a potential console update. Sony will also raise prices for accessories and other products. Shares rose 1.8% in pre-market trading.

Santander SA (NYSE:SAN) – Banco Santander announced a share buyback program of up to $1.7 billion as part of its commitment to return 50% of underlying profit to shareholders. The program runs until January 3 and represents about 2.14% of the bank’s share capital. Shares rose 2.9% in pre-market trading after closing down 0.8% on Monday.

Nvidia (NASDAQ:NVDA) – Nvidia is expected to report a 112% jump in second-quarter revenue to $28.68 billion after the market closes on Wednesday. However, the company faces concerns about delays in Blackwell chip production and potential production cost increases by TSMC. Nvidia’s stock has surged 150% in 2024 but recently dipped 20% due to these concerns. Analysts are also watching the impact of new regulations and competition in the Chinese market. Shares rose 0.5% in pre-market trading.

Applied Materials (NASDAQ:AMAT) – Applied Materials has received a subpoena from the U.S. Department of Justice to provide information about its federal grant applications. The company is cooperating with the investigation, which examines its requests for support for a research center and its negotiations with China over chip technologies.

Meta Platforms (NASDAQ:META) – Meta has struck a deal with Sage Geosystems to acquire geothermal energy for its data centers, starting with a 150-megawatt project to be completed by 2027. The project, to be implemented in the eastern Rocky Mountains, aims to support the growing energy demands of AI and increase geothermal energy usage in the U.S. In another development, Mark Zuckerberg stated that Facebook was pressured by the U.S. government in 2021 to censor content about Covid-19 and regretted caving in. He noted that although the decision to remove the content was Meta’s, government pressure was inappropriate. The company removed over 20 million virus-related posts. Shares rose 0.3% in pre-market trading.

Paramount Global (NASDAQ:PARA) – Edgar Bronfman Jr. has dropped his bid to buy Paramount Global, allowing Skydance Media to proceed with the acquisition. Bronfman failed to secure the necessary financing, while Paramount will move forward with the $8.4 billion deal with Skydance, pending regulatory approval to close the transaction in 2025. Shares fell 4.4% in pre-market trading.

Walt Disney (NYSE:DIS) – Walt Disney is negotiating with DirecTV to renew a critical contract. Without an agreement, channels like ABC and ESPN could be blacked out starting September 1. DirecTV is seeking more specific channel packages, and Disney is willing to consider this proposal.

PDD Holdings (NASDAQ:PDD) – PDD Holdings shares dropped 28.5% on Monday after disappointing quarterly results and pessimistic comments about competition and the global outlook. The company, which operates Pinduoduo and Temu, saw nearly $55 billion in market value wiped out due to market challenges and rising operational costs. Shares rose 2.6% in pre-market trading.

MercadoLibre (NASDAQ:MELI) – MercadoLibre accused Argentine banks of trying to harm its fintech unit, Mercado Pago, with anti-competitive tactics through the MODO platform. MercadoLibre claimed that the banks formed a cartel to limit competition in the fintech sector.

Ford Motor (NYSE:F) – Ford is cutting back on the production of new electric vehicles but is betting on continued government tax incentives. The automaker will invest in a $2.5 billion battery plant in Michigan and move Mustang Mach-E battery production to the U.S. to take advantage of more IRA incentives. Shares rose 0.2% in pre-market trading.

Tesla (NASDAQ:TSLA) – Elon Musk supported California’s SB 1047 bill, which requires safety testing for AI models, arguing that AI should be regulated like dangerous products to protect the public. In Canada, starting October 1, a 100% tariff will be applied to electric vehicles imported from China, including Tesla’s, and a 25% tariff on Chinese steel and aluminum, aiming to counter unfair practices. This may prompt Tesla to reconsider its export strategy. Additionally, a federal court reopened Tesla’s case against Louisiana’s ban on direct vehicle sales, partially reversing the previous decision for further analysis. SpaceX delayed the launch of the Polaris Dawn mission, which aimed to conduct the first commercial spacewalk, due to a helium leak. The new launch is scheduled for after August 28. The mission, led by Jared Isaacman, will include Starlink connectivity tests and space radiation research and will last about five days, flying 1,400 km above Earth. Shares rose 0.8% in pre-market trading after closing down 3.2% on Monday.

Xpeng (NYSE:XPEV) – Xpeng is planning to set up a manufacturing unit in Europe to reduce the impact of import tariffs and expand its production in the region. The Chinese automaker is considering locations within the European Union and plans to establish a data center to enhance its smart driving capabilities. Shares rose 3.3% in pre-market trading after closing up 7.1% on Monday.

Boeing (NYSE:BA) – Boeing forecasts that China will need 8,830 new airplanes by 2043 due to growth and modernization of its aviation industry. This estimate is higher than the previous forecast of 8,560 airplanes by 2042. Boeing has accumulated approximately $1.5 billion in future losses related to the Starliner program, according to Jefferies. These costs include additional expenses for tests and necessary adjustments after failures in previous missions. The delay of the crewed mission and issues such as leaks and propellant failures significantly contributed to these losses, along with a negative impact on Boeing’s budget for 2024 and 2025. The Starliner’s delay and issues also hurt its contract with NASA. The initial mission included an eight-day stay at the ISS, but the astronauts have been there for over 70 days.

Southwest Airlines (NYSE:LUV) – Elliott Investment Management has increased its stake in Southwest Airlines to 9.7%, nearly reaching the 10% threshold needed to call a special shareholder meeting and attempt to replace the company’s board. The activist investor criticizes the lack of reforms at the company and seeks leadership and operational changes. Elliott will meet with Southwest Airlines on September 9 to discuss changes but may proceed with a proxy battle.

Norfolk Southern (NYSE:NSC) – Norfolk Southern and BNSF Railway reported that embargoes related to the Canadian labor strike have been lifted, and rail traffic has been restored. The strike, which affected the movement of goods between the U.S. and Canada, was suspended after binding arbitration. Full rail recovery may take weeks.

Exxon Mobil (NYSE:XOM) – Exxon Mobil expects crude oil demand to remain above 100 million barrels per day until 2050, outpacing BP’s forecast by 25%. The company believes that oil demand will stay high until 2050, even with the growing adoption of electric vehicles and the energy transition, due to the expected increase in global energy demand. Additionally, Nigerian regulators expect to finalize approval of Exxon Mobil’s sale of assets to Seplat Energy within four months. Announced in February 2022 and delayed by regulatory objections, the $1.3 billion transaction could boost Seplat’s oil production to over 130,000 barrels per day. Shares rose 0.1% in pre-market trading after closing up 2.1% on Monday.

BHP Group (NYSE:BHP) – BHP Group reported annual underlying profit of $13.66 billion, beating the estimate of $13.26 billion. The mining company is focused on expanding its copper business after a failed bid to acquire Anglo American. The company faced a net loss of $5.7 billion due to issues with nickel and the Samarco dam. It announced an annual dividend of $1.46 per share, the lowest since 2020. Shares rose 0.5% in pre-market trading.

Shell Plc (NYSE:SHEL) – Shell announced it will close parts of the Zydeco pipeline for three to four days starting September 24 for maintenance. This will affect the flow of light crude to Louisiana. Zydeco transports oil from Houston to St. James and alleviates congestion in crude oil transportation.

Woodside Energy (NYSE:WDS) – Woodside Energy reported a first-half profit of $1.63 billion, down 14% due to lower oil prices but above the estimate of $1.38 billion. Its dividends of 69 cents per share also exceeded expectations. The company is focused on selling stakes in the Driftwood project, with final investment decisions planned for the first quarter of 2025. Shares rose 1.5% in pre-market trading after closing up 1.3% on Monday.

First Solar (NASDAQ:FSLR) – First Solar is shining in 2024, with shares up 59% in six months while most solar companies struggle. The company benefits from a strong order book through 2030 and advanced technology.

SolarEdge (NASDAQ:SEDG) – SolarEdge shares dropped after the announcement of CEO Zvi Lando’s resignation. CFO Ronen Faier will assume the role temporarily. The company is facing challenges due to high inventory levels and rising interest rates, with shares down 62% over the past six months and 84% over the past year. Shares rose 0.7% in pre-market trading after closing down 9.2% on Monday.

GE Vernova (NYSE:GEV) – GE Vernova is dealing with issues with its offshore wind turbine blades, including a recent break at the Dogger Bank Wind Farm. Despite this, Morgan Stanley believes the impact will be limited and won’t negatively affect the company’s fundamentals. Shares have only dropped 3% since the incident, reflecting continued investor confidence.

Kroger (NYSE:KR), Albertsons (NYSE:ACI) – FTC Chair Lina Khan is testing the use of antitrust laws to protect workers in a trial over the Kroger-Albertsons merger. The FTC argues that the merger would reduce the bargaining power of unionized workers, especially in California, while Kroger promises to maintain jobs and improve wages. Additionally, the FTC argues that the $25 billion merger would raise food prices. Kroger contends that the merger would lower prices and help compete with large retailers.

Lowe’s (NYSE:LOW) – Lowe’s has revised its diversity, equity, and inclusion (DEI) policies, discontinuing its participation in Human Rights Campaign surveys and combining diverse resource groups into a single organization. The company also suspended sponsorships of community events and may make further changes.

Chipotle Mexican Grill (NYSE:CMG) – The National Labor Relations Board (NLRB) found that Chipotle may have illegally denied raises to unionized workers in Michigan. If the company doesn’t resolve the issue, the NLRB will issue a formal complaint. In 2022, Lansing employees unionized but still lack a contract. Shares fell 0.7% in pre-market trading after closing up 1.9% on Monday.

Nike (NYSE:NKE) – Nike will bring NBA stars, including Luka Dončić and Zion Williamson, to China this fall to promote the Jordan brand. The goal is to revitalize the brand’s presence in China, where it has struggled due to economic slowdown and consumer nationalism. The tour will include events in Beijing and Shanghai.

McKesson (NYSE:MCK) – McKesson acquired 70% of Florida Cancer Specialists’ Core Ventures unit for $2.49 billion. The unit manages administrative functions, while FCS remains independent. McKesson seeks to diversify its specialty services, facing competition from Cencora and Cardinal Health. FCS created Core Ventures to tackle challenges related to drug shortages and pricing.

Warburg Pincus (NYSE:WPCA) – Warburg Pincus and Lendlease announced the acquisition of real estate assets in Singapore for $1.2 billion. The portfolio includes business parks and facilities for life sciences companies. The transaction, one of the largest industrial asset deals there, was completed with entities associated with Blackstone.

JPMorgan Chase (NYSE:JPM) – JPMorgan is facing a class-action lawsuit alleging it funneled clients’ idle cash into accounts with very low interest rates, resulting in excessive benefits for the bank. The lawsuit, filed in Manhattan, is similar to actions against other financial institutions, including Ameriprise and Wells Fargo. The action seeks damages for alleged fiduciary violations and unjust enrichment. In China, JPMorgan Chase hired Yang Ruo to lead the telecommunications, media, and technology team. Yang, a former CFO at Shopline and Xiaohongshu, with experience at Citigroup, will work in Hong Kong on mergers and acquisitions, replacing Crystal Zhu, who moved to Morgan Stanley.

Goldman Sachs (NYSE:GS) – Scott Rubner of Goldman Sachs predicts that the S&P 500 could reach a new all-time high this week due to strong corporate buybacks and systematic investments, with demand estimated at $17 billion daily. The rally is expected to continue until mid-September unless demand wanes.

Bank of New York Mellon (NYSE:BK) – Bank of New York Mellon (BNY Mellon) will pay $5 million to settle CFTC charges for failing to correctly report 5 million swap transactions and violating a prior order. The company will also hire an independent compliance consultant to review its processes.

Apollo Global Management (NYSE:APO), BlackRock (NYSE:BLK) – Apollo Global Management and BlackRock are negotiating new financing for the merger of two Amazon aggregators, Branded and Heyday, which will form Essor. The merger, valued at over $1 billion, aims to help Essor acquire new brands and expand its e-commerce presence.

Icahn Enterprises LP (NASDAQ:IEP) – Icahn Enterprises shares fell on Monday after the company announced plans to sell up to $400 million in depository units and agreed to pay $2 million in fines for failing to disclose personal loans. Shares have lost more than 70% since a critical report by Hindenburg Research, while the S&P 500 is up 18% this year.

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