Li Auto (NASDAQ:LI) – Li Auto shares fell 4.5%
in pre-market trading after reporting first-quarter results. Li
Auto’s vehicle revenues of 24.25 billion yuan (US$ 3.4 billion)
increased 32% year-over-year but fell short of the expected 26.71
billion yuan. Deliveries of the Chinese automaker’s first pure
electric car were below targets, resulting in a net profit of 1.3
billion yuan, lower than the expected 1.6 billion yuan. The
automaker’s gross margin was 20.6% in the first quarter. The
company expects revenues of 29.9 to 31.4 billion yuan in the second
quarter, below the expected 38.6 billion yuan, with deliveries of
105,000 to 110,000 units, below the estimated 130,692 units.
Boeing (NYSE:BA) – Dave Calhoun was re-elected
to Boeing’s board amid a crisis involving multiple investigations
and a production downturn. Calhoun will meet with the FAA to
discuss quality control issues as the company seeks a new CEO.
Shareholders supported Calhoun’s retention despite contrary
recommendations from a proxy advisor.
Tesla (NASDAQ:TSLA) – Tesla is reconciling with
European leasing companies after price cuts depreciated their
fleets. The automaker is offering discounts and improving customer
service to resolve complaints and offset the decline in vehicle
residual values. After meeting with President Joko Widodo in
Indonesia, Elon Musk will consider the proposal to build a battery
factory for electric vehicles in the country. Minister Luhut
Pandjaitan revealed that the offer includes a precursor cathode
plant for EV batteries. Musk was also invited to invest in an AI
center and a SpaceX launch platform in Biak.
Polestar (NASDAQ:PSNYW) – Swedish electric
vehicle manufacturer Polestar was notified by Nasdaq for not
complying with listing rules due to delayed submission of the
annual report to US regulators. The company is actively working to
regularize the situation, submitting its annual report and
first-quarter 2024 financial results. Polestar has 60 days to
deliver a compliance plan to Nasdaq.
Boeing (NYSE:BA), General
Dynamics (NYSE:GD) – China announced it will ban some
American companies, including those supplying arms to Taiwan, from
engaging in import, export, and new investments in the country.
Affected companies like General Atomics Aeronautical Systems,
General Dynamics Land Systems, and Boeing Defense, Space &
Security were added to the unreliable entity list.
Ryanair Holdings (NASDAQ:RYAAY) – Ryanair
reported that ticket prices for the high season in Europe might
remain stable or increase slightly, despite fare discounts until
June to boost bookings. The company did not provide financial
guidance due to uncertainty but reported positive demand and
limited capacity in Europe. Additionally, it announced a $762
million share buyback after a 34% increase in post-tax profit for
2024.
Frontier Airlines (NASDAQ:ULCC) – Frontier
Airlines updated its fares, adding options with benefits like
carry-on baggage and no cancellation fees, aiming to attract
travelers seeking more convenience and comfort. The fares range
from basic to executive.
Apple (NASDAQ:AAPL) – Apple is developing a
thinner iPhone expected to launch in September 2025, alongside the
iPhone 17, according to The Information. This model is expected to
be more expensive than the current iPhone Pro Max and incorporate
an advanced processor, possibly the A19.
Microsoft (NASDAQ:MSFT) – Microsoft plans to
include the next release of the game “Call of Duty” in its Game
Pass subscription service, diverging from the practice of selling
it independently. This change, to be announced at the annual Xbox
event on June 9, reflects a new strategy following the acquisition
of Activision Blizzard. Additionally, the Microsoft Build event
will take place from Tuesday to Thursday.
Meta Platforms (NASDAQ:META) – Meta CEO Mark
Zuckerberg plans to meet with Argentine President Javier Milei.
Other tech leaders from Silicon Valley, including representatives
from Apple and Google, are also expected to meet with Milei. The
mission in San Francisco will include Argentina’s Ambassador to the
US, Gerardo Werthein, aiming to attract investments to position
Argentina as an AI hub.
Endeavor Group Holdings (NYSE:EDR) – Endeavor
decided not to allow minority shareholders to veto a $13 billion
privatization deal, risking lawsuits to avoid paying a higher
price. This threatens the governance guarantee that protects
minority investors, ensuring them a fair price and maintaining
stable market valuations, according to legal and financial
experts.
Paramount Global (NASDAQ:PARA),
Sony (NYSE:SONY), Apollo Global
Management (NYSE:APO), Amazon
(NASDAQ:AMZN) – Sony Pictures Entertainment and Apollo Global
Management signed confidentiality agreements to review Paramount’s
financial records, considering a potential purchase of the studio’s
assets. However, they backed away from an initial plan to offer $26
billion entirely in cash for Paramount, according to The New York
Times. Concurrently, the company is in talks with Comcast about a
streaming joint venture. Paramount is also exploring expanding ties
with Amazon, discussing possible collaborations in bundled channel
sales and advertising, although negotiations may not lead to a
concrete agreement.
BuzzFeed (NASDAQ:BZFDW) – BuzzFeed altered CEO
Jonah Peretti’s compensation, with a greater proportion now in
stock options, in a move to boost the implementation of artificial
intelligence and accelerate the company’s recovery. Peretti had a
significant reduction in base salary, compensated with 414,000
stock options, reflecting an effort to align executive interests
with the company’s growth.
Snap Inc (NYSE:SNAP) – Snap CEO Evan Spiegel
announced an aggressive investment in artificial intelligence and
machine learning to revitalize Snapchat, aiming for innovations
after reshaping the advertising sector. Acknowledging previous
delays in machine learning, Spiegel seeks to make the app more
engaging and personalized for users.
Expedia (NASDAQ:EXPE) – Expedia fired its chief
technology officer and a senior engineering leader for violating
company policy, without disclosing details. The company announced
it is actively searching for replacements, reaffirming confidence
in its strategy and technology team. The dismissals occurred
shortly after a major Expedia conference.
Johnson Controls International (NYSE:JCI) –
Elliott Investment Management acquired a stake exceeding $1 billion
in Johnson Controls International, without revealing its
intentions. As Johnson Controls attempts to sell its heating and
ventilation assets, companies like Robert Bosch and Samsung are
competing for them.
Hershey (NYSE:HSY) – Hershey faces an expanded
lawsuit in Florida where consumers allege that Reese’s candies
purchased did not contain the artistic details promised on the
packaging. Four consumers expressed disappointment, stating that
the candies appeared plain and lacked the advertised
embellishments.
Nordstrom (NYSE:JWN) – Bruce Nordstrom, former
president of Nordstrom, passed away at the age of 90, leaving a
remarkable legacy. During his four-decade leadership, he
transformed the family’s modest shoe store into one of the leading
fashion retailers in the US. Bruce pioneered customer-centric
strategies, including superior customer service and a generous
return policy, setting new standards for the retail industry. He
died at home, remembered as a visionary leader and a pillar of the
business community.
GameStop (NYSE:GME) – GameStop shares rose 4%
in pre-market trading on Monday after falling 20% on Friday when
the video game retailer revealed plans to sell up to 45 million
shares and issued a dismal first-quarter financial forecast.
Goldman Sachs (NYSE:GS) – Goldman Sachs is
entering the private equity and asset management loan market,
planning an international expansion after acquiring credit
portfolios and the withdrawal of other banks, like Credit
Suisse.
Bank of America (NYSE:BAC) – On Friday,
Washington Federal Bank agreed to sell a portfolio of multifamily
commercial real estate loans to Bank of America for approximately
$2.9 billion. This move helps the regional bank reduce its exposure
to a sector facing difficulties due to higher loan costs and lower
occupancy.
BlackRock (NYSE:BLK) – BlackRock CEO Larry Fink
announced that the company is in talks with several governments to
finance essential artificial intelligence investments, such as data
centers and semiconductor factories, which require large amounts of
energy. He emphasized the need for private capital to address the
energy and competitive challenges associated with these
investments.
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