United Airlines (NASDAQ:UAL) – United Airlines
forecasts an adjusted profit of between $3.75 and $4.25 per share
for the June quarter. In the first quarter, it posted an adjusted
loss of 15 cents per share, better than Wall Street’s estimate of a
57-cent loss per share. The company reaffirmed its earnings
estimate for 2024 of $9 to $11 per share. Shares were up 5.3% in
pre-market trading.
Take-Two Interactive (NASDAQ:TTWO) – Take-Two
plans to lay off about 5% of its workforce, approximately 600
employees, and cancel several development projects to cut costs,
anticipating charges of up to $200 million. The move aims to
generate annual savings of over $165 million, reflecting
post-pandemic uncertainties in the video game industry.
AMC Entertainment Holdings (NYSE:AMC) – AMC
shares rose 5.51% in Wednesday’s pre-market trading after
increasing 10.1% on Tuesday, the biggest daily gain since February
6, despite a four-day losing streak previously. CEO Adam Aron
dismissed the possibility of bankruptcy, highlighting efforts to
reduce debt. Analysts see a cautiously optimistic future.
Boeing (NYSE:BA) – Boeing has terminated the
lobbying firm that assisted it during the 737 Max incidents.
Cornerstone Government Affairs, previously crucial for Boeing, was
dismissed after hiring a client who had previously employed a
former Boeing executive.
Apple (NASDAQ:AAPL) – Apple is considering
building a factory in Indonesia, as discussed by CEO Tim Cook with
President Joko Widodo. The company has already invested in
developer academies in the country to meet local content
requirements.
Microsoft (NASDAQ:MSFT) – Software developer
Nikolai Avteniev tested Microsoft’s coding assistant Copilot in
2021, realizing its potential. Equipped with OpenAI’s GPT-4
technology, Copilot now answers questions and converts code between
languages, becoming an essential tool for software engineers,
saving time and improving efficiency.
ASML (NASDAQ:ASML) – In the first quarter, ASML
recorded net sales of $5.62 billion, below expectations, but
surpassed with a profit of 1.22 billion euros. Compared to the
previous year, net sales fell 21.6%, while net profit dropped
37.4%, and net bookings of machines registered a decline of 4%.
ASML expects a gradual recovery, supported by investments and
increasing demand, and reiterated net sales for 2024 to be similar
to 2023. Sales to China increased from the fourth quarter of 2023
to 49% of the total in the first quarter.
Advanced Micro Devices (NASDAQ:AMD) – AMD
launched a new series of semiconductors for enterprise laptops and
desktops with artificial intelligence on Tuesday, aiming to expand
its presence in the lucrative “AI PCs” market. The chips will be
available on HP (NYSE:HPQ) and
Lenovo (USOTC:LNVGY) platforms starting in the
second quarter of 2024.
Intel (NASDAQ:INTC) – Intel will release two AI
chips with reduced capabilities for China, in compliance with U.S.
restrictions. Scheduled for June and September, the chips based on
the Gaudi 3 line will have limited performance.
Nvidia (NASDAQ:NVDA) also plans specific chips for
China following stricter U.S. rules last year.
Amazon (NASDAQ:AMZN) – Amazon.com’s Prime
service reached a record 180 million members in the U.S. in March,
an 8% increase from the previous year, according to Consumer
Intelligence Research Partners. The growth indicates continued
consumer preference for Prime’s benefits, despite competition.
Meta Platforms (NASDAQ:META) – Meta Platforms’
Oversight Board is reviewing the company’s response to two sexually
explicit images of female celebrities created by AI, circulating on
Facebook and Instagram. Without naming the figures, the board will
use these cases to assess Meta’s enforcement policies regarding
pornographic deepfakes.
Trump Media & Technology Group (NASDAQ:DJT)
– On Tuesday, the creator of Truth Social announced that Trump
Media plans to launch its live TV streaming platform in stages
after six months of testing. The first phase will cover
distributing content from Truth Social to Android, iOS, and Web,
without disclosing a timeline for the last phase, which will
include streaming apps for TV. The company’s shares are down -1.27%
in Wednesday’s pre-market after falling 14% on Tuesday and 18% on
Monday.
Spotify (NYSE:SPOT) – A quarter of Spotify’s
paid subscribers in the U.S., UK, and Australia started an
audiobook as part of their subscriptions, indicating a growing
interest in the format. Most of these listeners, 57%, are in the 18
to 34 age group, suggesting a strong attraction among young
people.
Autodesk (NASDAQ:ADSK) – Autodesk’s shares fell
2.6% in Wednesday’s pre-market after announcing an ongoing internal
investigation into its accounting practices. The company also
revealed that it would not be able to submit its annual report for
the year ended January 31 within the extended 15-day deadline.
Autodesk states that the investigation will not affect previous
financial statements.
Tesla (NASDAQ:TSLA) – Tesla’s shares are up
1.27% in Wednesday’s pre-market, after closing down 2.7% on Tuesday
at $157.11, reflecting a 37% drop this year. This brought its
market valuation below $500 billion on Tuesday. Recent job cuts
have highlighted slowing growth, declining demand, and underscore
challenges for the company.
Toyota Motor (NYSE:TM) – Toyota Motor has
recalled over 135,000 hybrid Prius cars in Japan and stopped new
orders due to issues with the rear door handles. The affected
vehicles were manufactured between November 2022 and April 2024,
with no reports of accidents due to the flaw.
Stellantis (NYSE:STLA) – Stellantis faces a
challenging year with rising price pressures, its CEO warned on
Tuesday, ahead of shareholders voting to approve his generous 2023
salary package. CEO Carlos Tavares’ compensation increased by 56%,
reaching $38.8 million, sparking criticism.
JB Hunt Transport Services (NASDAQ:JBHT) – JB
Hunt recorded a 6% drop in pre-market shares after reporting
reduced quarterly profits and revenues. Earnings were $127.5
million, or $1.22 per share, compared to $197.8 million, or $1.89
per share, in the same period last year. Revenue fell 9%, to $2.94
billion.
Rio Tinto (NYSE:RIO) – Rio Tinto plans to keep
all the copper from its Resolution mine in the U.S. if the
controversial project is approved, producing over 40 billion pounds
of copper over its lifetime. The company sees strong demand in the
U.S. for the project’s copper.
America Movil (NYSE:AMX) – America Movil
recorded a 55.2% drop in net profit, reaching $816.7 million (13.5
billion pesos). Quarterly revenue was $12.3 billion (203.3 billion
pesos), falling 2.7% from the previous year. EBITDA dropped 2.6%,
to 80.6 billion pesos. America Movil added 1.5 million mobile
subscribers, including 1.3 million postpaid customers, driven by an
increase in Brazilian customers. In the fixed-line segment, the
company added 562,000 broadband accesses.
Morgan Stanley (NYSE:MS) – Morgan Stanley is
reducing investment banking jobs in the Asia-Pacific due to weaker
business activities. Morgan Stanley will cut 50 jobs, affecting 13%
of the team.
HSBC (NYSE:HSBC) – HSBC plans to cut an
additional 20 investment banking jobs in Asia, adding to about 30
layoffs this week. The bank began the layoffs on Tuesday, notifying
about a dozen bankers due to the downturn in business.
Citigroup (NYSE:C) – American banks continued
to reduce their workforce in the first quarter, with Citigroup
leading with a drop of 2,000 employees. Bank of
America (NYSE:BAC), Wells Fargo
(NYSE:WFC), and PNC Financial (NYSE:PNC) also saw
combined reductions of about 2,000 jobs.
Goldman Sachs (NYSE:GS) – Goldman Sachs’ growth
capital division invested $47.5 million in the Polish startup
Kontakt.io, specializing in Bluetooth-connected devices for
hospital management. Focused on efficiency and resource savings,
the company plans to expand its AI system for hospital
operations.
PNC Financial (NYSE:PNC) – In the first
quarter, PNC’s net profit fell 21%, reaching $1.34 billion, or
$3.10 per share diluted, from $1.69 billion, or $3.98 per share, in
the same period last year.
Bank of Montreal (NYSE:BMO) – The Chairman of
Bank of Montreal highlighted the robust growth of the U.S. economy,
especially in California, a key market for the bank. With a third
of revenue coming from the U.S. after acquiring Bank of the West,
BMO is well-positioned to meet global shifts.
Northern Trust (NASDAQ:NTRS) – Northern Trust
recorded a 38% drop in first-quarter profit, to $196.1 million, or
$0.96 per share, compared to $315.2 million, or $1.51 per share, in
the same period last year. Total revenue fell 5.6%, to $1.65
billion.
BlackRock (NYSE:BLK) – Larry Fink, CEO of
BlackRock, seeks to expand his presence in Saudi Arabia, despite
controversies over human rights and oil dependence. The company has
established an office in Riyadh and hired about 20 local employees,
aiming to influence emerging markets and strengthen geopolitical
ties.
Interactive Brokers (NASDAQ:IBKR) – Interactive
Brokers beat estimates with a profit of $1.64 per share and revenue
of $1.203 billion in the first quarter. Shares fell 1.27% in
pre-market. The dividend increased to 25 cents per share. The
company attracted 184,000 new accounts and net interest revenue
grew 17%.
Mondelez International (NASDAQ:MDLZ) – The
European Union is planning to fine Mondelez for blocking
international sales, reported the Financial Times. The fine,
potentially worth millions of euros, is expected to be issued next
month, ordering Mondelez to stop blocking sales between EU member
states.
Urban Outfitters (NASDAQ:URBN) – Urban
Outfitters saw its shares fall 3.1% to $36.84 after analysts from
Jefferies downgraded the retailer’s stock recommendation from
“Hold” to “Underperform”, also lowering the target price from $42
to $32.
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