Darden Restaurants (NYSE:DRI) – Darden
Restaurants, owner of Olive Garden, agreed to acquire Chuy’s
Holdings for $605 million in an all-cash deal. The purchase will
add 101 Chuy’s restaurants in 15 US states to Darden’s portfolio,
which includes brands like LongHorn Steakhouse and Yard House.
Beyond Meat (NASDAQ:BYND) – Beyond Meat is
facing financial difficulties due to declining demand for its
products, such as plant-based burgers and sausages. This has led
the company to initiate discussions with bondholders to restructure
its debt, aiming to address its reduced liquidity. Shares fell
13.95% in pre-market trading.
Petco (NASDAQ:WOOF), Five
Below (NASDAQ:FIVE) – Petco named Joel Anderson as its new
CEO on Wednesday, shortly after his departure from Five Below,
where shares fell 25% due to forecast revisions. Anderson led Five
Below for nearly a decade and will face similar challenges at
Petco. Five Below shares rose 0.90% in pre-market trading.
Starbucks (NASDAQ:SBUX) – Mercedes-Benz
announced a partnership with Starbucks to install fast chargers at
its stores in over 100 locations in the US. Initially, 400 kW
chargers will be implemented along Interstate 5, from Canada to
Mexico. This expansion is part of an initial $1 billion investment
by Mercedes in its electric vehicle charging network. Starbucks
shares rose 0.13% in pre-market trading.
Coca-Cola Femsa (NYSE:KOF) – Femsa SAB de CV
agreed to sell its refrigeration equipment and food service
operations for 8 billion pesos (approximately $452 million) to New
York-based private equity firm Mill Point Capital LLC. The sale
includes Imbera in Mexico, Colombia, and Brazil, along with Torrey
and Cooking Depot. The transaction awaits regulatory approvals and
aligns with Femsa’s strategy to focus on retail and beverages, with
second-quarter results to be announced on July 24.
Conn’s (NASDAQ:CONN) – Furniture retailer
Conn’s plans to close approximately 100 stores and liquidate
inventory as part of an imminent bankruptcy filing, seeking
financing to support the process. The company faces financial
difficulties after three years of losses, exacerbated by the
acquisition of WS Badcock, reflecting in its shares falling more
than 80% this year.
VF Corp. (NYSE:VFC) – The owner of iconic
apparel and accessory brands sold the Supreme brand to
EssilorLuxottica for $1.5 billion in cash. Following the sale, VF
Corp. shares closed up 13.22% on Wednesday. The sale was driven by
the lack of synergies between Supreme and VF Corp. and occurs
despite Supreme’s success in Asia. The transaction is expected to
negatively impact VF Corp.’s earnings in the next fiscal year but
will also reduce some of its debt. Shares fell 0.93% in pre-market
trading.
Hyatt Hotels (NYSE:H) – Hyatt is close to
acquiring boutique hotel operator Standard International, expanding
its luxury portfolio in tourist destinations. Negotiations are
advancing, involving properties in London, Ibiza, and other
locations. Hyatt, under the leadership of Mark Hoplamazian, seeks
to strengthen its brand licensing model and attract loyal
customers.
Walmart (NYSE:WMT) – Walmart’s shares hit a new
high on Wednesday, rising 1.49% and closing at $71.03, despite a
general market downturn. This increase reflects investor confidence
in the company’s growth strategies, including e-commerce and
automation improvements. During meetings with management, a KeyBanc
analyst raised the price target for Walmart shares, indicating
positive future prospects for the company. Shares rose 0.11% in
pre-market trading.
Amazon (NASDAQ:AMZN) – During the first day of
Amazon’s Prime Day in the US, consumers spent approximately $7.2
billion online, according to Adobe Analytics. Major retailers like
Walmart and Target competed with significant discounts, while total
online sales increased 11.7% compared to the previous year. During
the first 32 hours of Prime Day, the average spend per order on
Amazon was $60.03, up from $56.64 in 2023. Additionally,
back-to-school spending surged significantly, with a 210% increase
on Tuesday compared to daily sales levels in June 2024. Shares rose
0.34% in pre-market trading.
Netflix (NASDAQ:NFLX) – Netflix will report
second-quarter results after the market close today. The company
likely saw the smallest subscriber increase in five quarters, with
about 4.82 million new subscribers compared to 9.3 million in the
previous quarter. However, its new ad model drove strong growth in
advertising revenue, which is expected to more than double. Shares
rose 0.08% in pre-market trading.
Warner Bros Discovery (NASDAQ:WBD) – Warner
Bros Discovery plans to split its streaming and studio businesses
from its TV networks, aiming to recover its declining market value.
Most of the company’s debt, around $39 billion, could stay with the
TV networks if the split occurs. Shares rose 0.36% in pre-market
trading.
Walt Disney (NYSE:DIS) – Disney leads the 2024
Emmy Awards nominations with its FX and Hulu series. FX’s “Shogun”
received 25 nominations, followed by FX/Hulu’s “The Bear” with 23,
and Hulu’s “Only Murders in the Building” with 21. The ceremony
will be broadcast on ABC on September 15. Shares rose 0.51% in
pre-market trading.
Meta Platforms (NASDAQ:META) – Meta Platforms
announced on Wednesday that it has suspended the use of generative
AI tools in Brazil, in response to government concerns over its new
privacy policy. With over 200 million users in the country, Brazil
is a key market for Meta, especially for platforms like WhatsApp.
Shares rose 0.84% in pre-market trading.
Apple (NASDAQ:AAPL) – Apple is collaborating
with Sobrato Philanthropies and other groups to launch the Bay Area
Housing Innovation Fund, with an initial investment of $50 million.
The fund aims to support affordable housing projects in the San
Francisco Bay Area, part of Apple’s $2.5 billion commitment to
address California’s housing crisis since 2019. Shares rose 0.73%
in pre-market trading.
Alphabet (NASDAQ:GOOGL) – EU antitrust
regulators are investigating whether the AI agreement between
Google and Samsung, involving the Gemini Nano on Galaxy S24
smartphones, harms rival chatbots. The European Commission seeks to
understand if this limits the installation of other generative AI
systems and interoperability with pre-installed apps. Shares rose
0.30% in pre-market trading.
Alphabet (NASDAQ:GOOGL),
Microsoft (NASDAQ:MSFT), Nvidia
(NASDAQ:NVDA) – Google and Microsoft are offering access to
Nvidia’s AI chips for Chinese companies through data center
services outside China, according to Information. This move comes
despite US restrictions on advanced AI technology for China, aiming
to ensure compliance with US export controls. Microsoft shares rose
0.11% in pre-market trading, while Nvidia shares rose 2.68%.
Intel Corp (NASDAQ:INTC),
Globalfoundries (NASDAQ:GFS) – Intel and
Globalfoundries saw their shares rise on Wednesday, contrasting
with the overall drop in the semiconductor sector. Investors
speculated that both could benefit from new policies under Biden or
Trump, including stricter trade restrictions against Chinese chip
companies. Intel shares rose 1.77% in pre-market trading.
AT&T (NYSE:T) – According to Bloomberg, the
hacker responsible for AT&T’s data breach initially
underestimated the stolen records of calls and texts from 109
million customers, including location data, not realizing its value
initially. He received only $400,000 from AT&T to delete the
data, a modest payment compared to recent cyberattacks. Shares
remained stable in pre-market trading.
Boeing (NYSE:BA) – Boeing factory workers in
Washington state voted over 99% in favor of a strike order, seeking
a 40% increase in their first full negotiations with the company in
16 years. The vote, held at T-Mobile Park, reflects concerns about
Boeing’s executive decisions and comes at a time of financial and
production challenges for the aircraft manufacturer. Shares rose
0.09% in pre-market trading.
Stellantis NV (NYSE:STLA) – Stellantis is
increasing production of hybrid vehicle transmission systems due to
growing demand, while adjusting strategies due to lower demand for
fully electric cars. The company plans to accelerate production of
electrified gearboxes by 10% at its Mirafiori plant, focusing on
hybrids to meet consumers’ preference for more affordable options
less dependent on charging infrastructure. Additionally, Serbia is
offering Stellantis, Mercedes-Benz, and Volkswagen an opportunity
to acquire lithium for car batteries, prioritizing European
automakers over Chinese ones. President Aleksandar Vucic
highlighted the desire to strengthen ties with the EU in an
interview with Handelsblatt, ahead of discussions with the German
chancellor on raw materials for electric cars. Stellantis shares
rose 1.38% in pre-market trading.
Tesla (NASDAQ:TSLA) – On Wednesday, Tesla
shares fell 3.3%, closing at $248.50, despite recent target price
increases ahead of the second-quarter earnings report. The tech
sector faced a broad decline, also affecting the Nasdaq Composite
and companies like Nvidia, which fell 6.7%. Analysts raised Tesla’s
target price but remained cautious due to uncertainties about
robotaxis. Shares rose 0.89% in pre-market trading.
GE Vernova (NYSE:GEV) – GE Vernova shares fell
9.3% on Wednesday due to fragments of an offshore wind turbine
blade found in Nantucket, shutting down the Vineyard Wind project
for investigation. Shares remained stable in pre-market
trading.
Berkshire Hathaway (NYSE:BRK.A) – Berkshire
Hathaway shares rose 1.65% on Wednesday, closing at $671,280.00,
with Class A shares close to reaching $1 trillion in market value.
Driven by value and financial stocks, they outperformed the S&P
500 with a 23% gain for the year, reflecting continued confidence
in Warren Buffett’s leadership.
Discover Financial Services (NYSE:DFS),
KKR & Co (NYSE:KKR), Carlyle
Group (NASDAQ:CG), Capital One (NYSE:COF)
– Discover Financial Services agreed to sell a student loan
portfolio to Carlyle and KKR for up to $10.8 billion, marking a
premium over the nearly $10.1 billion principal balance. The sale
aims to reduce Discover’s loan book risk, preparing it for
acquisition by Capital One. Additionally, Capital One committed to
investing $265 billion over five years in loans, philanthropy, and
investments if its acquisition of Discover Financial Services is
approved. This includes maintaining loans for low- and
moderate-income communities at $200 billion, preserving branches,
and significantly increasing philanthropic donations. The
initiative aims to address criticisms and secure regulatory
approval. Capital One shares rose 1.02% in pre-market trading.
Mizuho Financial Group (NYSE:MFG) – Mizuho
Securities is launching a fund to finance low-budget Japanese
animation films, with $9.5 million to $15.9 million (¥1.5 billion
to ¥2.5 billion) per film. This move aims to attract institutional
and foreign investors to support a sector that has created global
hits like Demon Slayer and Spirited Away, seeking to revitalize the
industry.
TWFG – Insurance broker TWFG, backed by
RenaissanceRe, announced it priced its IPO above the indicative
range, selling 11 million shares at $17 each to raise up to $187
million. Texas-based TWFG, operating in 41 US states, primarily
focuses on the Texas, California, and Louisiana markets.
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