JPMorgan Chase (NYSE:JPM) – JPMorgan Chase is
looking to expand its wealth management and attract more investors
by introducing the Wealth Plan tool to its 54 million Chase retail
clients. This tool has recently seen about 10 million active users.
The bank has also named Rita Chan and Alan Ho as the new senior
co-heads for China. They will start their roles on April 1, taking
over from Mark Leung, who is retiring. Additionally, Dubravko
Lakos-Bujas, the Chief Global Equity Strategist at JPMorgan, has
warned investors about potential risks as markets could fluctuate,
encouraging portfolio diversification and risk management, while
pondering an imminent correction.
UBS Group AG (NYSE:UBS) – UBS is planning to
expand its shipping loans and wind down fossil fuel financing from
Credit Suisse, testing the sustainability impact of the merger.
This complex integration includes aligning environmental goals and
reassessing loan legacies. UBS also disclosed in a statement on
Thursday that its CEO, Sergio Ermotti, who is leading the Credit
Suisse integration, is considering extending his tenure. Ermotti,
who earned 14.4 million Swiss francs in 2023, has outpaced his
predecessor in compensation. Furthermore, UBS confirmed that it is
investigating potential irregularities in Credit Suisse’s financial
reporting and is in discussions with regulators to resolve the
issue. The risk of an undetected “material error” could distort
financial results.
Discover Financial Services (NYSE:DFS) –
Discover Financial Services announced on Wednesday the departure of
its CEO, Michael Rhodes, starting April 1, after just three months
at the company. Rhodes will serve as an advisor to the interim CEO,
J. Michael Shepherd, before taking over as CEO of Ally
Financial (NYSE:ALLY) starting April 29. Shepherd, who was
recently appointed, will continue as a director but will step down
from his position on the board’s risk oversight committee. Discover
indicated that it did not expect Rhodes to stay long-term following
the completion of the merger with Capital One Financial. Last
month, Capital One (NYSE:COF) and Discover
revealed merger plans, subject to intense antitrust scrutiny.
Ally Financial (NYSE:ALLY) – Michael Rhodes,
with 25 years of banking experience, will replace Jeffrey J. Brown
as CEO, who left the position in January.
Lloyd’s (NYSE:LYG) – John Neal, CEO of Lloyd’s
of London, highlighted that the insurance payouts for the collapse
of the Francis Scott Key bridge in Baltimore on Tuesday could
become some of the largest ever recorded, potentially reaching
billions of dollars in maritime losses. The financial impact, while
still uncertain, could be significant, with estimates ranging from
several hundred million to up to $3 billion.
Barclays Plc (NYSE:BCS) – Barclays agreed to
pay $20,200 in compensation to former analyst Anca Lacatus for
sexual discrimination, in contrast to her claim of over 1 million.
Lacatus alleged discrimination and the bank’s failure to
accommodate her health needs.
Bain Capital (NYSE:BCSF) – Bain Capital is
exploring the possibility of attracting new investors for
Chindata Group Holdings (NASDAQ:CD), aiming to
raise funds to expand its data center network. The firm seeks to
sell ownership rights of the assets to relieve the balance sheet,
while still collecting operational fees.
BlackRock (NYSE:BLK) – BlackRock faces a legal
warning from the state of Mississippi for alleged misleading
statements linked to ESG strategies. The New York-based firm
received a “summary order to cease and desist” and could face a
multimillion-dollar administrative penalty.
Coinbase Global (NASDAQ:COIN) – Federal Judge
Katherine Polk Failla in Manhattan allowed the U.S. Securities and
Exchange Commission’s lawsuit against Coinbase to proceed but
dismissed the SEC’s claim against the largest U.S. cryptocurrency
exchange for acting as an unregistered brokerage through its wallet
app. The decision largely supports the SEC’s approach to
cryptocurrency.
AMC Entertainment Holdings (NYSE:AMC) – AMC’s
shares closed up 6.6% on Wednesday, the largest daily percentage
gain since February 27, when they rose over 8%. CEO Adam Aron cited
industry challenges due to strikes and emphasized the importance of
the company’s robust financial management. AMC shares have seen a
29.1% decline this year, in contrast to the 10% gain of the S&P
500 index.
Fox Corp (NASDAQ:FOX) – On Wednesday, Fox Corp
announced the restructuring of its entertainment studio into three
main segments: entertainment, television and streaming platforms,
and global sales and licensing. Fernando Szew will lead the new Fox
Entertainment Studios. Michael Thorn will head the Fox Television
Network. Tony Vassiliadis will take over the sales unit on an
interim basis.
S&P Global (NYSE:SPGI) and
Paramount Global (NASDAQ:PARA) – S&P
downgraded Paramount Global’s credit rating to ‘BB+’ from ‘BBB-‘
due to streaming competition. The company has been under negative
watch since February. Paramount plans to launch streaming services
in Canada and Australia, seeking stabilization with events like the
Super Bowl and political spending.
Walt Disney (NYSE:DIS) – Walt Disney integrated
the Hulu streaming service into Disney+, offering a wide range of
titles from “The Bear” to “Moana” on a single platform. This merger
aims to simplify viewing and boost subscriptions as cable TV
consumption declines.
Amazon (NASDAQ:AMZN) – Amazon stated on
Wednesday that senior employees, whose compensation is mostly in
stock, may not receive a cash salary increase this year,
prioritizing those with more salary-based compensation. The company
emphasized the impact of stock price growth on total compensation.
In other news, Amazon lost the battle to suspend a requirement
related to its online advertising under the European Union’s tech
rules. The Court of Justice of the European Union supported EU
regulators, stating that the EU’s interests prevail over Amazon’s.
Additionally, Amazon is also expanding its investment in Anthropic,
adding $2.75 billion to its partnership with the AI startup. This
investment brings Amazon’s total investment in Anthropic to $4
billion, strengthening its collaboration in AI and cloud computing
infrastructure.
Walmart (NYSE:WMT) – Walmart notified two U.S.
antitrust agencies about withdrawing and subsequently refiling a
review request for its planned acquisition of Vizio
Holdings (NYSE:VZIO), aiming to give regulators more time
to review the deal.
Alibaba (NYSE:BABA) – Alibaba strengthens its
position by acquiring full control of its logistics subsidiary,
opting not to list Cainiao due to the “depressed” market.
Investments aim to compete with Shein and Temu, improving global
delivery times.
RH (NYSE:RH) – In the fiscal fourth quarter, RH
reported a net profit of $11.4 million, or $0.57 per share,
compared to $106.9 million, or $4.21 per share, in the same period
last year. Adjusted earnings per share were $0.72, below FactSet’s
estimate of $1.67. Revenue was $738 million, below analysts’
forecasts of $777.5 million. Shares rose 7.8% in pre-market
trading.
MillerKnoll (NASDAQ:MLKN) – MillerKnoll
reported a 17.3% drop in pre-market trading after announcing
financial performance forecasts below expectations for the fourth
quarter. The furniture company indicated that demand levels
remained low across several business areas. Its new projections for
fiscal year 2024 adjusted earnings are in the range of $1.90 to
$1.98 per share, below the previous estimates of $2 to $2.16 per
share.
Kimberly-Clark (NYSE:KMB) – Kimberly-Clark
announced a restructuring into three business units to simplify
operations and reduce costs, anticipating expenses of about $1.5
billion over the next three years, including job cuts.
Chemours (NYSE:CC) – Chemours shares fell 8.5%
in pre-market trading after announcing its collaboration with
information requests from the U.S. Securities and Exchange
Commission (SEC) and U.S. prosecutors in the Southern District of
New York. These requests are related to an internal review of its
accounting. Last month, the company sidelined three executives
while the investigation was ongoing.
Salesforce (NYSE:CRM) – About 900 people
dressed as Albert Einstein gathered in San Francisco to win the
Guinness World Records title, an event organized by
Salesforce. The company spent over $20 million to
use the scientist’s image in its artificial intelligence
products.
Sprinklr (NYSE:CXM) – The customer experience
software company reported last quarter results that exceeded
analysts’ forecasts, along with a 19% increase in subscription
revenue, reaching $177 million. As a result, shares saw a 9.5% rise
in pre-market trading.
DoorDash (NYSE:DASH) – DoorDash is recruiting
talent from the AI startup Standard AI to enhance its voice
ordering service for restaurants. The hires include former
executives like CEO Jordan Fisher. DoorDash aims to expand its AI
technology to assist restaurants in processing phone orders.
Braze (NASDAQ:BRZE) – The customer engagement
platform reported an adjusted loss of 4 cents per share in the last
fiscal quarter, which was better than analysts’ expectations of a
5-cent loss per share. The company’s revenue increased by 33%,
reaching $131 million, while subscription revenue grew to $125.9
million, compared to $94.8 million in the previous year. Despite
these positive results, the company’s shares fell by 3.1% during
pre-market trading.
DraftKings (NASDAQ:DKNG) – The NCAA president
announced efforts to ban college betting. DraftKings’ shares
dropped by 6.8% on Wednesday in response to the ban, leading the
downturn among mobile sports betting companies such as
Flutter Entertainment PLC (NYSE:FLUT) and
MGM Resorts International (NYSE:MGM). In
Thursday’s pre-market trading, DraftKings shares were down by
0.4%.
Trump Media & Technology Group (NASDAQ:DJT)
– Shares of Trump Media & Technology Group were down 2.6% in
Thursday’s pre-market trading at $64.53, after closing at $66.22 on
Wednesday. The company reported revenue of $3.4 million with a loss
of $49 million in the first nine months of 2023. The Truth Social
platform attracted five million visitors in February. With a
significantly high price-to-sales valuation, the company needs to
financially justify its valuation beyond Trump’s fame appeal.
Meanwhile, Musk has offered free premium features for X accounts
with more than 2,500 verified followers.
Spirent Communications (LSE:SPT) and
Keysight Technologies (NYSE:KEYS) – Spirent
Communications shares surged 11% following support for an
acquisition offer from Keysight Technologies, which exceeded the
proposal from Viavi Solutions. Keysight’s offer of $1.46 billion is
15% higher than that of Viavi.
Spirit AeroSystems (NYSE:SPR) – Airbus
highlights the importance of maintaining a stable relationship with
supplier Spirit AeroSystems, while rival Boeing (NYSE:BA) considers
acquiring the company. CFO Thomas Toepfer emphasizes the
uncertainty surrounding Boeing’s timeline.
Toyota Motor (NYSE:TM) – Toyota Motor’s global
sales fell by 7% in February compared to the previous year, due to
a significant decline in China owing to Lunar New Year holidays and
a decrease in Japan following a safety testing scandal.
Stellantis (NYSE:STLA) – The car manufacturer
Fiat, part of Stellantis, signed new agreements with unions in
Italy on Wednesday for voluntary layoffs, potentially reducing its
workforce by over 3,000 positions in the country as part of the
transition to cleaner energies in the industry.
Fisker (NYSE:FSR) – Fisker has implemented
drastic price cuts for its sole model, the Ocean SUV, in an effort
to remain competitive in the electric vehicle market. The discounts
reach up to $24,000, aiming to make the Ocean a more affordable and
attractive EV option.
Polestar Automotive (NASDAQ:PSNY) – Polestar
Automotive CEO Thomas Ingenlath stands out in the automotive scene,
unveiling the new Polestar 4 at the New York Auto Show. Priced
between $50,000 and $80,000, the luxury electric vehicle brings
innovations such as the absence of a rear window, challenging
conventional design.
Carnival (NYSE:CCL) – Carnival raised its
annual profit forecasts on Wednesday, predicting a record year for
bookings due to growing interest in cruises. In the first quarter,
the company’s revenue jumped 22%, reaching $5.41 billion, in line
with analysts’ expectations. Carnival reported an adjusted net loss
per share of 14 cents, compared to analysts’ expectations of an
18-cent loss. Bookings for 2024 continue to grow, with customer
deposits totaling $7 billion for the quarter. Carnival also
communicated that it likely won’t sail in the Red Sea region until
early 2025, due to ongoing hostilities. Regarding the impact of the
Francis Scott Key bridge collapse in Baltimore, the CEO expects the
cost to be less than $10 million, affecting less than 1% of the
expected profit for fiscal year 2024. The company secured a
temporary port in Norfolk, Virginia, to minimize operational
issues. Shares were down 0.6% in Thursday’s pre-market trading
after closing up 0.9% the previous day.
UnitedHealth Group (NYSE:UNH) – The American
insurer UnitedHealth Group announced on Wednesday that it advanced
more than $3.3 billion to healthcare providers affected by a
cyberattack on the Change Healthcare insurance claims system.
Walgreens (NASDAQ:WBA) – In the second quarter,
Walgreens’ sales exceeded expectations, though it reduced its
annual profit outlook due to retail challenges and recorded a
significant net loss due to depreciation expenses related to the
primary care provider VillageMD. Adjusted earnings per share were
$1.20, with revenue reaching $37.05 billion, surpassing the
expected $35.86 billion. The adjusted profit outlook for 2024 was
revised down to $3.20-$3.35 per share. With Tim Wentworth as the
new CEO, the focus is on cost reduction to overcome challenges.
Johnson & Johnson (NYSE:JNJ) – Johnson
& Johnson is seizing a new opportunity to challenge the links
between talcum powder and ovarian cancer, according to a federal
judge. The case, involving more than 53,000 lawsuits, is being
revisited due to changes in the law and new scientific
evidence.
Novo Nordisk (NYSE:NVO) – A study revealed that
the monthly production cost of Ozempic could be as low as 89 cents
to $4.73, starkly contrasting with its nearly $1,000 price in the
U.S. Novo Nordisk has not disclosed production costs, emphasizing
its investments.
Canopy Growth Corp (NASDAQ:CGC) – Canopy
Growth’s shares jumped to their highest level since September on
Wednesday. The surge followed comments from the Biden
administration about reclassifying cannabis. The company will hold
a shareholder vote in April to create a U.S. business unit.
GE Vernova (GEV) – GE Vernova shares started
trading high, opening at $115 and closing at $131.25 on the first
day. The initial success boosted shares of General
Electric (NYSE:GE) by 3.8% on Wednesday. Vernova’s
valuation is estimated between $100 and $130 per share.
HB Fuller (NYSE:FUL) – In the fiscal first
quarter, the adhesive manufacturer HB Fuller’s adjusted profits
exceeded analysts’ expectations. Revenue during this period rose to
$810.4 million, compared to $809.2 million the previous year.
However, it fell short of Wall Street’s expectations of $823
million. Shares dropped by 2.23% in pre-market trading.
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