Delta Air Lines (NYSE:DAL) – Delta Airlines
reported a first-quarter profit of $37 million, a significant
increase compared to the $363 million loss from the previous year.
With adjusted revenue of $12.56 billion, the company surpassed Wall
Street expectations, attributing the success to strong demand for
leisure and business travel, according to CEO Ed Bastian. The
adjusted earnings per share were 45 cents, against the expected 36
cents. Delta predicted earnings of $2.20 to $2.50 per share for the
second quarter, while analysts expect an average of $2.23 per
share, according to LSEG.
Alphabet (NASDAQ:GOOGL) – Google launched new
AI chips for data centers, including the Arm-based Axion, aiming to
improve performance. These chips compete with Nvidia, with Axion
offering 30% better performance than Arm chips and 50% over x86
chips. Google hopes to boost services like YouTube ads on Google
Cloud with Axion soon.
Intel (NASDAQ:INTC) – Intel presented an
updated version of its artificial intelligence chip, Gaudi 3, at
the Vision event, aiming to compete with Nvidia (NASDAQ:NVDA) in
the AI semiconductor market. Built with TSMC’s (NYSE:TSM) 5 nm
process, it offers superior performance, crucial for meeting the
growing demand for AI chips.
Taiwan Semiconductor Manufacturing Co.
(NYSE:TSM) – TSMC reported significant quarterly growth, driven by
global demand for cutting-edge chips and servers for artificial
intelligence. The company exceeded sales expectations, indicating a
return to solid growth after weathering the post-Covid crisis.
Quarterly revenue increased by 16%, reaching approximately NT$592.6
billion (about $18.5 billion), surpassing the average projection of
NT$579.5 billion. The company forecasts at least 20% growth this
year, with capital expenditures between $28 billion and $32
billion.
Nvidia (NASDAQ:NVDA) – After a 2% drop on
Tuesday, the company’s shares entered a correction, marking a
decline of at least 10% from its recent peak. Although they have
fallen in five of the last six trading days, Nvidia’s shares still
register a 72% increase throughout 2024. In pre-market trading,
Nvidia shares retreated by 0.86%.
Boeing (NYSE:BA) – The FAA is investigating
whistleblower allegations at Boeing about safety and quality
concerns in 787 and 777 jets, as the company faces a crisis
following the 737 MAX incident. The whistleblower faced threats as
retaliation. Senate hearings and a U.S. Department of Justice
investigation are underway.
Apple (NASDAQ:AAPL) – Apple has expanded its
production in India, significantly increasing iPhone manufacturing,
which now accounts for 14% of the total. This expansion aims to
reduce the company’s dependency on China for its supply chain. In
other news, Apple is broadening its presence in Miami by acquiring
a new building in Coral Gables, south of the city. The company
already has an office in the area, focusing on Latin America and
advertising.
Microsoft (NASDAQ:MSFT) – On Tuesday, Microsoft
announced a $2.9 billion investment over two years to expand its
cloud and AI infrastructure in Japan. The investment includes
training three million people in AI and a new Microsoft Research
Asia lab in Tokyo.
Meta Platforms (NASDAQ:META) – Meta Platforms
faces pressure to prevent AI content from harming elections. Nick
Clegg of Meta states that, so far, they have not seen widespread
use of these tools to disrupt elections. The company plans to label
all AI-generated content.
NetEase (NASDAQ:NTES),
Microsoft (NASDAQ:MSFT) – NetEase and Microsoft
announced on Wednesday that they would bring popular titles,
including “World of Warcraft,” back to China. The partnership aims
to reestablish Blizzard Entertainment’s games, with NetEase
resuming distribution, after a previous disruption. The move
boosted NetEase’s shares by 1.1% in pre-market trading, as players
await the return of beloved games.
Alibaba (NYSE:BABA) – Jack Ma, co-founder of
Alibaba, expressed support for the company’s long-term
restructuring in a lengthy memo to employees, after years of
seclusion. Ma praised new leadership, acknowledging past mistakes
and seeking to restore internal and external trust.
BlackBerry (NYSE:BB), Advanced Micro
Devices (NASDAQ:AMD) – On Tuesday, BlackBerry announced a
partnership with Advanced Micro Devices to launch a platform
promising to enhance industrial and healthcare robotic
capabilities. The collaboration will utilize BlackBerry’s ONX
platform.
PriceSmart (NASDAQ:PSMT) – Shares of the
warehouse club operator rose 4.7% in pre-market trading after
announcing a 13% increase in fiscal second-quarter revenue,
reaching $1.29 billion. Comparable merchandise sales grew by 8.8%
during the period.
WD-40 (NASDAQ:WDFC) – In the fiscal first
quarter, WD-40 reported quarterly earnings per share of $1.28,
surpassing the $1.02 from the same period last year, while revenue
rose 12%, totaling $140.4 million. During a conference call, CEO
Steve Brass highlighted successful promotional campaigns in the
U.S., Canada, China, and other markets, although multipurpose
product sales volumes declined in Europe due to price increases.
WD-40 raised its fiscal year earnings forecast, now seeing earnings
in the range of $5 to $5.30 per share, compared to the previous
projection between $4.78 and $5.15.
Smart Global Holdings (NASDAQ:SGH) – Shares of
Smart Global Holdings fell 7.4% in Wednesday’s pre-market trading,
following weaker-than-expected fiscal second-quarter results. The
loss was $14.6 million, or 26 cents per share, with sales totaling
$284.8 million, below Wall Street’s expectations. The company
forecasts net sales between $275 million and $325 million and a
loss per share of 7 cents, while analysts project a 5-cent
per-share loss.
Honest Company (NASDAQ:HNST) – On Tuesday, the
Honest Company announced the departure of Jessica Alba, its founder
and chief creative officer. Known for her roles in movies like
“Fantastic Four” and “Honey,” Alba started the company in 2012. She
will continue to support the company as a board member while
pursuing new ventures.
Illumina (NASDAQ:ILMN) – On Tuesday, Illumina
announced that Chief Financial Officer Joydeep Goswami would leave
the company, to be replaced by Ankur Dhingra, a former executive at
Summit Therapeutics. Goswami, CFO since 2023, will serve as a
consultant until June 30. Illumina reiterated its forecasts for the
first quarter and 2024, after announcing the divestiture of Grail
in December.
Philips (NYSE:PHG) – Philips confirmed its
financial projections after reaching an agreement with the U.S.
Department of Justice and FDA, allowing exports but restricting the
sale of new respiratory devices in the U.S. Despite the
restrictions, the company can perform maintenance and sell
accessories. Philips shares rose 2.6% in Wednesday’s pre-market
trading but have fallen 8.8% in the last 3 months. The FDA required
a remediation plan and compliance with manufacturing practices.
Philips expects additional costs, reiterating its financial
projections.
Moderna (NASDAQ:MRNA) – Moderna’s shares
reached a three-month high on Tuesday, buoyed by the positive
response of its individualized cancer vaccine, developed in
partnership with Merck (NYSE:MRK), in an initial study on head and
neck cancer.
Novartis (NYSE:NVS) – Novartis plans to cut up
to 680 jobs in its drug development division, with 440 positions
being eliminated in Switzerland and up to 240 in the U.S. over the
next two to three years. This is part of a separate restructuring
that could affect up to 8,000 employees globally.
Pfizer (NYSE:PFE) – Pfizer announced that its
respiratory syncytial virus (RSV) vaccine, Abrysvo, showed safety
and efficacy in adults under 60 years, planning to seek approval
for this age group. Experts are debating the need for vaccination
in high-risk adults.
Tesla (NASDAQ:TSLA) – Tesla is in talks with
Reliance Industries to start production in India. The discussions,
in the early stages for a month, aim to localize in Maharashtra,
potentially reserving $2 billion for its plans.
Lucid (NASDAQ:LCID) – Lucid exceeded delivery
expectations in the first quarter, with 1,967 vehicles delivered
against estimates of 1,745. However, production was 1,728 vehicles,
below the estimates of 2,123 and compared to 2,391 in the previous
quarter. Lucid plans to expand deliveries to Saudi Arabia and
launch a mid-size car by the end of 2026, aiming for a competitive
price of $50,000.
Shell (NYSE:SHEL) – Ben van Beurden, former CEO
of Shell, stated on Tuesday that European oil and gas companies
will increasingly struggle to compete with their U.S. counterparts
due to the availability of capital and a more favorable investor
attitude in New York. The current CEO, Wael Sawan, is considering
moving the company’s listing from London to New York.
Goldman Sachs (NYSE:GS) – Telecommunication
companies are turning to fiber securitizations to fund the growing
data demand. According to Goldman Sachs, this financing is expected
to exceed $5 billion this year. The emergence of these
securitizations is driven by the need to rapidly expand fiber
infrastructure in the U.S.
HSBC (NYSE:HSBC) – HSBC plans to rapidly expand
its wealth business in China, aiming to nearly double its staff by
next year. The strategy includes hiring more wealth managers and
expanding private banking services in India. Despite economic
challenges, the bank remains focused on Asia, capitalizing on
growth opportunities in the region.
Barclays Plc (NYSE:BCS) – The Financial Conduct
Authority (FCA) is investigating automotive financing practices,
but Barclays appealed a decision by the UK Justice Provider,
potentially delaying the process. The FCA plans to complete the
review by September, but litigation might force a delay. Lloyds
Banking Group Plc (NYSE:LYG) is also reviewing a similar
decision.
Bank of Nova Scotia (NYSE:BNS) – The Bank of
Nova Scotia acknowledged that the upcoming elections in the U.S.
and Mexico bring political uncertainty, but stated it is prepared
to navigate these volatile environments. With a presence in the
U.S., Canada, and Mexico, the bank aims to strengthen regional ties
as part of its “Mexico First” strategy.
MicroStrategy (NASDAQ:MSTR) – The recent
appreciation of Bitcoin has not only boosted MicroStrategy’s shares
but also increased the value of its convertible bonds. With the
cost of refinancing rising, investors expect the company to convert
these bonds into shares, given the significant intrinsic value.
EQT Corporation (NYSE:EQT) – EQT and its
co-investors agreed to sell Rimes Technologies, a data management
provider, to Five Arrows of Rothschild & Co. The deal,
announced on Tuesday, awaits regulatory approvals and is expected
to be completed in the coming months.
International Flavors & Fragrances
(NYSE:IFF) – Shares of International Flavors & Fragrances rose
1.23% in pre-market trading after Citi upgraded its recommendation
from “Neutral” to “Buy,” raising the target price from $81 to
$100.
Cinemark Holdings (NYSE:CNK) – Growth
projections for Cinemark are positive, according to analyst Mike
Hickey of Benchmark. He predicts sequential growth after the first
fiscal quarter of 2024 and significant growth in 2025 and 2026,
driven by the return of major releases. The company also stands out
for its robust liquidity and is well-positioned to expand its
market share, taking advantage of the contraction of the U.S.
cinema network post-pandemic. Benchmark rated Cinemark shares as
“Buy,” with a target price of $22.
Comcast (NASDAQ:CMCSA) – Comcast recorded
record advertising sales, totaling about $1.2 billion, for the
upcoming Summer Olympics and Paralympics in Paris. Opening and
closing ceremonies are sold out. Over $350 million came from new
sponsors, and digital advertising also reached record numbers.
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