Live Nation Entertainment (NYSE:LYV) – The U.S.
Department of Justice plans to initiate an antitrust lawsuit
against Live Nation next month, citing its control over the live
event market. Its subsidiary Ticketmaster faced criticism for its
management during Taylor Swift’s tour, fueling the investigation.
Shares fell 6.8% in Tuesday’s pre-market trading.
Ericsson (NASDAQ:ERIC) – Ericsson’s sales fell
14% to $4.8 billion in the first quarter of 2024. The company said
the slowdown in 5G infrastructure construction in India impacted
sales. Net profit increased by 66%, reaching 2.6 billion Swedish
kronor, driven by profit margins of 42.7%. For the second half,
Ericsson forecasts profit margins between 42-44%. The company cut
8,500 jobs globally in January. Shares are trading 7.3% higher in
Tuesday’s pre-market.
Telefonica SA (NYSE:TEF) – The Spanish
government has increased its stake in Telefonica SA to 5%, becoming
the company’s largest shareholder, surpassing Saudi Telecom Co. The
state-owned Sepi increased its stake from 3% to 5% in March, valued
at about $1.2 billion.
Apple (NASDAQ:AAPL) – Apple plans to increase
spending with suppliers from Vietnam, boosting the Asian country as
an electronics hub. CEO Tim Cook expressed the commitment during a
meeting with the Vietnamese Prime Minister. The company seeks to
diversify its production outside China, exploring locations such as
India and Vietnam.
Microsoft (NASDAQ:MSFT) – Microsoft is
investing $1.5 billion in the UAE-based artificial intelligence
company G42, obtaining a minority stake and a seat on the board.
The deal aims to deepen ties and ensure the secure development of
AI, amid global concerns about technology and geopolitics. G42
agreed to divest in China and switch to American technology, in
exchange for continued access to U.S. technology for its AI
applications.
Adobe (NASDAQ:ADBE) – Adobe is exploring the
integration of third-party AI tools, such as OpenAI’s Sora, into
its video editing software, Premiere Pro. This aims to add AI-based
features such as scene filling and distraction removal, while
ensuring user ethics and safety.
Baidu (NASDAQ:BIDU) – China’s Baidu revealed
that its artificial intelligence chatbot “Ernie Bot” has surpassed
200 million users, successfully competing in the market for
chatbots similar to China’s popular ChatGPT. The number of users
has doubled since December, boosting daily API usage.
Meta Platforms (NASDAQ:META) – Judge Yvonne
Gonzalez Rogers dismissed claims against Meta CEO Mark Zuckerberg,
citing a lack of proof of his personal duty in platform safety.
Hundreds of pending lawsuits claim damages to children through
social media use, seeking compensation and the suspension of
harmful practices, involving other companies as well. Additionally,
Meta announced on Monday that it would temporarily suspend its
social media service Threads in Turkey from April 29, complying
with a provisional order from the Turkish competition authority.
This will not affect other Meta platforms such as Facebook,
Instagram, and WhatsApp in Turkey.
Reddit (NYSE:RDDT) – Reddit’s shares, after
their debut on the New York Stock Exchange on March 21 at $34, rose
48% on the first day but have since fallen about 16%. Analysts from
Needham and Roth MKM initiated coverage with buy recommendations,
highlighting the potential of artificial intelligence. Analysts
from JP Morgan maintained a neutral position, citing the current
valuation and growth challenges as reasons for caution. Shares are
up 0.30% at $40.00 in Tuesday’s pre-market, after falling 5.6% to
$39.89 on Monday.
Trump Media & Technology Group (NASDAQ:DJT)
– Trump Media shares fell 18% on Monday, extending losses since
their debut last month. The company announced it could sell
millions of shares in the coming months, including all of former
President Trump’s stake, affecting its volatile trajectory since
listing.
Alphabet (NASDAQ:GOOGL) – Google’s head of
artificial intelligence (AI), Demis Hassabis, revealed plans to
invest over $100 billion in the field, highlighting the growing
competition for investments in Silicon Valley. He discussed the
need for massive computational resources to achieve general
artificial intelligence (AGI), highlighting the partnership with
Google due to its superior computational capacity. Hassabis also
recognized the global interest shown by OpenAI’s ChatGPT as a sign
of the public’s readiness to adopt AI systems, despite their
current limitations.
Broadcom (NASDAQ:AVGO) – Broadcom is under EU
antitrust investigation due to changes in VMware
(NYSE:VMW) licensing terms. European business groups and CISPE
criticized the changes. Broadcom defended itself, lowering VMware
Cloud Foundation prices and standardizing price metrics across
cloud providers.
Taiwan Semiconductor Manufacturing Co
(NYSE:TSM) – TSMC, a leader in chip production, forecasts a 5%
increase in first-quarter profits, driven by high demand.
Benefiting from growing AI, TSMC has outperformed the slowdown in
electronic demand.
Tesla (NASDAQ:TSLA) – Tesla is reducing its
global workforce by more than 10%, cutting jobs in the US and China
due to falling sales and a price war in electric vehicles. Many
employees have already been laid off. Drew Baglino, Senior VP of
Powertrain and Energy Engineering, announced his departure after 18
years at Tesla in a post on X. Rohan Patel, VP of Public Policy and
Business Development, is also leaving Tesla. In other news,
regulators in North Carolina approved a mining license for Tesla
and Piedmont Lithium (NASDAQ:PLL), aiming to
develop one of the largest lithium sources in the US for EV
batteries, despite local financial and regulatory challenges.
Rivian Automotive (NASDAQ:RIVN) – Rivian
Automotive received a rating upgrade from UBS, changing from Sell
to Neutral, while the price target remained unchanged at $9.
Honda Motor (NYSE:HMC) – Honda plans to launch
six next-generation electric vehicle models under the Ye brand in
China by 2027, in addition to 10 models under the Honda brand,
aiming for 100% EV sales by 2035.
General Motors (NYSE:GM) – In 2025, General
Motors will move its headquarters to downtown Detroit, transferring
to the new Hudson’s building. CEO Mary Barra emphasized the
importance of keeping Detroit as home. Additionally, the NHTSA
initiated a preliminary evaluation of complaints about loss of
brake assist in 3,322 Cadillac Lyriq electric vehicles from GM.
Reports include a hard brake pedal and a “Brake System Failure”
message. GM is developing an update to alert drivers about the
issue.
Boeing (NYSE:BA) – Boeing stated on Monday that
it found no fatigue cracks in 787 jets after heavy maintenance.
While the manufacturer defends its twin-aisle aircraft program, a
whistleblower alleged assembly failures, with safety concerns being
debated in the U.S. Senate.
Lockheed Martin (NYSE:LMT) – Lockheed Martin
won a $17 billion contract to develop next-generation interceptors,
aimed at defending the US against intercontinental ballistic
missile threats. The program seeks to modernize ground-based
missile defense and represents a boost for Lockheed following other
canceled projects.
Equinor (NYSE:EQNR), EQT
Corporation (NYSE:EQT) – EQT will sell 40% of its
non-operated natural gas assets in Pennsylvania to Equinor USA,
exchanging for onshore assets from Equinor in the Appalachian basin
and $500 million. Low natural gas prices drive EQT’s strategy,
aiming to reduce debt and increase returns. Equinor is also
reviewing assets, focusing on offshore operations.
Warner Bros Discovery (NASDAQ:WBD) – New
Zealand’s Stuff Group announced a partnership with Warner Bros
Discovery to provide a daily news program. This comes after
concerns about the reduction of television news options in the
country. Warner Bros Discovery chose Stuff from several
proposals.
MGM Resorts International (NYSE:MGM) – MGM
filed a lawsuit against the Federal Trade Commission, seeking to
end an investigation into its response to a cyberattack. The
company claims that FTC Chair Lina Khan should recuse herself from
the case. The investigation arose after an incident at the MGM
Grand in Las Vegas.
Procter & Gamble (NYSE:PG) – The increase
in personal hygiene product prices threatens North American
shopping habits, impacting P&G, a leader in the sector. P&G
has raised prices by more than 1% in the last nine quarters. This
consistent price increase was accompanied by a notable nearly 16%
jump in sales over the last three fiscal years. Wall Street, based
on data from LSEG, is anticipating that P&G’s revenues will
continue to rise, reflecting confidence in the company’s
performance despite price increases. P&G’s quarterly earnings,
expected on Friday, are crucial, influencing companies like
Unilever (NYSE:UL) and Clorox (NYSE:CLX).
Tapestry (NYSE:TPR), Capri Holdings (NYSE:CPRI)
– The $8.5 billion deal between Tapestry, owner of Coach, and Capri
Holdings, owner of Michael Kors, received regulatory approval in
the EU and Japan. The merger still awaits authorization in the US,
after a request for additional information by the FTC in November.
The closing of the deal is expected in 2024.
UnitedHealth Group (NYSE:UNH) – UnitedHealth
reported robust financial results for the first quarter, surpassing
expectations with an adjusted earnings per share of $6.91, compared
to the $6.61 predicted by LSEG analysts. Revenue reached $99.8
billion, also above the $99.3 billion expected. These gains occur
despite difficulties from a cyberattack on its subsidiary Change
Healthcare and a $7 billion expense from selling operations in
Brazil, reflecting a net loss of $1.53 per share for the
period.
Johnson & Johnson (NYSE:JNJ) – Johnson
& Johnson exceeded Wall Street expectations in the first
quarter, with an adjusted earnings per share of $2.71, beating the
forecast of $2.64. Revenue totaled $21.38 billion, virtually in
line with the $21.4 billion estimate. Increased demand for
non-urgent surgeries drove growth in the medical devices
segment.
Regeneron Pharmaceuticals (NASDAQ:REGN) –
Regeneron Pharmaceuticals denied accusations from the U.S.
Department of Justice regarding the incorrect disclosure of the
average selling price of its Eylea medication for macular
degeneration. The company states that credit card fee
reimbursements do not affect the price of the medication.
JPMorgan Chase (NYSE:JPM) – JPMorgan CEO Jamie
Dimon completed the sale of about $33 million of his bank shares,
as part of a previous plan to sell 1 million shares. This is the
first time Dimon has sold shares since becoming CEO in 2005.
Additionally, JPMorgan analysts acknowledged their mistake in
adopting a cautious stance on European bank shares, one of the
best-performing sectors in the region this year. Favorable economic
trends and interest rates have boosted a 16% improvement in
price/earnings across the sector, as noted by Kian Abouhossein and
his team. They have now shifted their focus to a bottom-up stock
selection approach, discarding the previous view.
UBS Group AG (NYSE:UBS) – Swiss Finance
Minister Karin Keller-Sutter confirmed estimates that UBS would
need an additional $15 billion to $25 billion in capital under
government proposals as plausible. The Swiss government proposed
stricter regulations for “too big to fail” banks like UBS.
Charles Schwab (NYSE:SCHW) – Charles Schwab
exceeded first-quarter revenue expectations, driven by an increase
in client assets to a record $9.1 trillion. However, profits fell
15% to $1.36 billion due to higher interest rates on deposits and
loans.
BlackRock (NYSE:BLK) – Jio Financial Services
announced a new joint venture with BlackRock to establish a wealth
management and brokerage business in India, targeting the lucrative
wealth market of the country. The partnership seeks to democratize
access to investments and awaits regulatory approval.
Blackstone (NYSE:BX) – Blackstone’s real estate
arm is again considering selling G6 Hospitality, owner of Motel 6
and Studio 6. After an unsuccessful effort in late 2021, the
company is seeking potential buyers. Blackstone acquired G6 in 2012
for $1.9 billion.
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