Moody’s (NYSE:MCO), New York Community
Bancorp (NYSE:NYCB) – Moody’s downgraded the long-term and
some short-term ratings of New York Community Bancorp to junk on
Tuesday, with warnings of potential downgrades. The downgrade
reflects high governance risks and potential sensitivity to
confidence due to significant losses in commercial real estate
loans. NYCB shares are down 9.76% in pre-market trading.
Alphabet (NASDAQ:GOOGL) – An autonomous vehicle
from Alphabet’s Waymo collided with a cyclist in San Francisco,
resulting in minor injuries for the cyclist. The company reported
that the vehicle was stationary before it moved into the
intersection, not seeing the cyclist hidden behind a truck. Local
authorities are investigating the incident. Meanwhile, GM’s
autonomous car unit, Cruise, is facing investigations after a
similar incident.
Apple (NASDAQ:AAPL) – Apple faced and won an
antitrust action by AliveCor over the heart technology of the Apple
Watch. The favorable decision, issued by Federal Judge Jeffrey
White, remains under seal since January 31.
Amazon.com (NASDAQ:AMZN) – Amazon.com plans to
cut hundreds of jobs in its health divisions, including One Medical
and Amazon Pharmacy. The cuts aim to reduce costs and reinforce
operational efficiency as part of its long-term strategy.
Zoom Video (NASDAQ:ZM) – Zoom is restructuring
teams, removing the group focused on diversity, equity, and
inclusion (DEI) during job cuts. The company is now seeking
external consultants to lead inclusion initiatives, reflecting a
broader trend of retreating from DEI policies.
Taiwan Semiconductor Manufacturing (NYSE:TSM) –
January sales for Taiwan Semiconductor Manufacturing grew, driven
by demand for AI chips, offsetting weakness in consumer electronics
products. Its revenue increased by 7.9% to $6.9 billion,
highlighting its strong position in the sector. The company
projects revenue growth of at least 8% for the March quarter.
Warner Bros. Discovery (NASDAQ:WBD),
Fox Corp (NASDAQ:FOX), Disney
(NYSE:DIS) – Fox Corp, Walt Disney, and Warner Bros Discovery
announce a new sports streaming service, aiming to attract younger
viewers. The service, featuring extensive sports content and
subscription options, seeks to capitalize on the growing streaming
market and compete with giants like Amazon and Apple. Warner Bros.
Discovery shares saw a 3.1% increase, and Fox shares rose by 0.55%
in Wednesday’s pre-market following the announcement. However,
shares in Disney, which owns ESPN, fell by 1.2%.
Royal Philips NV (NYSE:PHG) – Royal Philips NV
is recalling its SPECT BrightView nuclear imaging system due to
potential component failures. Although the product is no longer
manufactured, the company is contacting customers for further
inspections, with an insignificant financial impact.
Lyft (NASDAQ:LYFT) – Lyft announced on Tuesday
guaranteed weekly earnings for drivers, an innovation in the US
rideshare industry dominated by Uber (NYSE:UBER). Lyft aims to
strengthen the sector and increase its driver base amid fierce
competition.
General Motors (NYSE:GM) – LG agreed to provide
$18.6 billion in cathode materials to General Motors under a
long-term agreement. Over 500,000 tonnes are expected to be
delivered starting from 2026, boosting the manufacturing of about 5
million electric vehicles. General Motors is recalling 323,232
vehicles due to a rear door issue that may open while the vehicle
is in motion, posing a road hazard. The recall covers specific
models of the Chevrolet Silverado and GMC Sierra.
Tesla (NASDAQ:TSLA) – Tesla faced challenges in
South Korea in January, selling only one electric vehicle due to
safety concerns, pricing, and charging infrastructure. Demand was
affected by seasonal fluctuations and delays in government
subsidies. The drop reflects a cooling market and concerns over
Chinese manufacturing.
Diageo (NYSE:DEO) – The global spirits
manufacturer sought to regain investor confidence after a profit
warning related to a decline in sales in Latin America. The company
has implemented measures to prevent similar issues in the future,
creating a sense of relief among some investors. However,
skepticism remains about the effectiveness of these measures and
the company’s ability to drive growth, especially in the affected
region.
Costco (NASDAQ:COST) – Richard Galanti, former
CFO of Costco Wholesale, will step down in March, succeeded by
Kroger’s Gary Millerchip. Galanti will continue as a consultant
until 2025 after more than three decades of significant company
growth.
Ryanair (NASDAQ:RYAAY) – Ryanair won its second
challenge against the Dutch bailout of $3.7 billion to Air
France-KLM, after a European court found that the EU Competition
Commission erred by not considering other beneficiaries of the
group.
UBS Group (NYSE:UBS) – UBS Group AG is
launching new dollar-denominated Tier 1 notes, following recent
plans for risk bond issuances. Offering $1 billion with maturity in
April 2031, the initiative comes after a successful issuance in
November.
Earnings
Ford Motor (NYSE:F) – Ford’s shares rose 6.1%
in pre-market trading after exceeding Wall Street’s expectations
for the fourth quarter and providing a stronger full-year forecast
than anticipated. Additionally, the company unveiled plans to
distribute a special dividend of 18 cents per share. The automaker
reported earnings of $0.29 per share on revenue of $43.2 billion,
while analysts surveyed by LSEG had predicted earnings of $0.14 per
share on revenue of $40.12 billion.
Snap (NYSE:SNAP) – Snap’s shares fell more than
30% in Wednesday’s pre-market trading after its fourth-quarter
revenue fell short of analysts’ expectations. Snap reported revenue
of $1.36 billion, while analysts surveyed by LSEG had expected
$1.38 billion. Although the company exceeded forecasts for active
users in the fourth quarter, it did not meet the expected average
revenue per user.
Mercury Systems (NASDAQ:MRCY) – Mercury
reported an adjusted loss of 42 cents per share on revenue of $197
million, while analysts surveyed by FactSet had expected earnings
of 7 cents per share on revenue of $213 million.
Viasat (NASDAQ:VSAT) – The communications
company posted mixed results in the third quarter, generating
revenue of $1.13 billion, surpassing analysts’ forecasts surveyed
by FactSet, who had expected $1.11 billion. However, the company’s
adjusted earnings per share fell short of analysts’ estimates.
VF Corp (NYSE:VFC) – The apparel and footwear
company’s shares dropped 7.6% in Wednesday’s pre-market trading
after missing estimates during the fiscal third quarter. VF
Corporation reported adjusted earnings of 57 cents per share on
revenue of $2.96 billion. Analysts surveyed by LSEG had expected
the company to earn 77 cents per share on revenue of $3.24 billion.
Additionally, the company announced the departure of its CFO, Matt
Puckett.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle
exceeded Wall Street’s expectations in the fourth quarter. The
company earned $10.36 per share, excluding extraordinary items, on
revenue of $2.52 billion, while analysts surveyed by LSEG had
expected earnings of $9.75 per share on revenue of $2.49
billion.
Gilead Sciences (NASDAQ:GILD) – In the fourth
quarter, the biopharmaceutical company reported adjusted earnings
of $1.72 per share, below the expectations of analysts surveyed by
LSEG, who had anticipated earnings of $1.76 per share. However, the
revenue of $7.12 billion was in line with forecasts.
Amgen (NASDAQ:AMGN) – Amgen reported adjusted
fourth-quarter earnings of $4.71 per share, beating estimates. Its
revenue totaled $8.2 billion, with product sales, excluding those
from Horizon, growing 5%, driven by the osteoporosis drug
Prolia.
Kyndryl Holdings (NYSE:KD) – Kyndryl exceeded
quarterly projections with revenue of $3.9 billion and adjusted
EBITDA of $615 million. The IT services provider signed contracts
worth $3.7 billion in new business, surpassing expectations. In the
fourth quarter, net income was $63 million, with a loss of 5 cents
per share. Projections include a revenue contraction of 6-7% in
2024, aiming to return to growth in 2025.
Fortinet (NASDAQ:FTNT) – After two previous
profitable reports, Fortinet impressed with robust numbers in the
last quarter, driving its shares up 8.6%. Net income was $310.9
million, with revenue of $1.42 billion, surpassing estimates.
TotalEnergies (NYSE:TTE) – TotalEnergies warned
of refining margin weakness, foreseeing an impact on 2024 results
after a 31% drop in adjusted earnings in the fourth quarter of
2023. The CEO announced investments in new oil and gas projects and
an increase in dividends and share buybacks. Net income fell to
$5.2 billion, below the same quarter last year, compared to the
average analysts’ forecast of $5.4 billion according to LSEG data.
Additionally, TotalEnergies chose not to send ships through the
southern Red Sea and Suez Canal due to Houthi attacks, increasing
freight costs and delaying trips to Europe. The CEO cited increased
insurance costs as a reason.
Enphase Energy (NASDAQ:ENPH) – In the fourth
quarter, Enphase’s revenue was $302.6 million, below analysts’
expectations of $327.9 million. For the first quarter, the company
projects revenue between $260 million and $300 million, while
analysts had expected an average of $318.3 million. Enphase Energy
anticipates inventory normalization and increased demand by the end
of the second quarter, boosting its shares by 13.90% in Wednesday’s
pre-market trading.
Equinor (NYSE:EQNR) – Equinor reported a $3
billion reduction in its return to shareholders for this year on
Wednesday. Despite a slight decrease in operating profit in the
last quarter of 2023, the company plans to increase future
investments and adjust quarterly dividends. In the last quarter of
2023, Equinor recorded an adjusted pre-tax profit of $8.68 billion,
a significant drop from $17 billion in the same period last year.
Despite this, the result exceeded analysts’ expectations, who had
forecast a profit of $8.46 billion. The adjusted full-year earnings
for 2023 totaled $36.2 billion, a decline from the record $76.9
billion in 2022, mainly due to falling gas prices.
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