Earnings

Nvidia (NASDAQ:NVDA) – Nvidia’s earnings, viewed as a barometer for the growing AI industry, will be released after the market closes on Wednesday. The results will also serve as a critical indicator for the US stock market, which has reached record highs. Analysts estimate that Nvidia will report earnings per share of $5.17 on total revenue of $24.65 billion, representing increases of 630% and 343%, respectively, compared to the same quarter last year. Net income is anticipated to be $12.87 billion, compared to $2.04 billion in the same quarter last year. Nvidia shares have risen 90% this year, making it the third largest US company by market value, behind only Microsoft and Apple.

Target (NYSE:TGT) – The American department store chain will report results shortly before the market opens. Analysts project earnings of $2.06 per share for the quarter, with total revenue of $25.42 billion.

XPeng (NYSE:XPEV) – Shares of the Chinese electric vehicle manufacturer jumped 1.6% after it announced revenue growth in its R&D services for Volkswagen and expressed optimism about its autonomous driving technology goals. XPeng also announced that its EV MONA will be on sale next month. In the first quarter, the company highlighted that R&D services doubled their revenue to 1 billion yuan, or approximately $138 million. The company’s gross margin also rose to 12.9%, compared to 1.7% the previous year and 6.2% in the last quarter. Additionally, XPeng projected an increase in deliveries for the second quarter between 25% and 38% year-over-year.

XP Inc (NASDAQ:XP) – In the first quarter, XP reported earnings per share of 37 cents, below the estimates of 40 cents per share. Revenue was $818.80 million, surpassing estimates of $784.08 million by 4.43%. Shares are stable.

Urban Outfitters (NASDAQ:URBN) – The fast fashion retailer’s shares rose 7.33% after posting adjusted earnings of 69 cents per share on revenue of $1.2 billion, beating analysts’ expectations of 52 cents per share on revenue of $1.18 billion.

Toll Brothers (NYSE:TOL) – The home financing company beat second-quarter estimates with earnings of $4.55 per share, and total revenue of $2.65 billion. Analysts’ forecasts were earnings of $4.14 per share and revenue of $2.53 billion.

Modine Manufacturing (NYSE:MOD) – Shares of the thermal management company fell 9.15% pre-market after it posted fourth-quarter revenue of $603.5 million, slightly below analysts’ expectations of $605.4 million. Earnings per share were $0.77, above estimates of $0.76. Modine projected fiscal year 2025 earnings per share between $3.55 and $3.85, compared to analysts’ average estimate of $3.80. Additionally, the company expects net sales growth of 5% to 10% and adjusted EBITDA growth between 16% and 22%, resulting in an adjusted EBITDA range of $365 million to $385 million.

Viasat (NASDAQ:VSAT) – Shares of the military and commercial communications company plunged about -11.62% after Viasat reported a loss of 80 cents per share in the last fiscal quarter, on revenue of $1.15 billion. The result was worse than analysts’ estimates of a loss of 63 cents per share. Revenue, however, exceeded expectations of $1.09 billion.

Corporate highlights on Wall Street today

Citigroup (NYSE:C) – UK regulators fined Citigroup approximately $78.5 million for failures in its trading systems and controls. The fine relates to incidents including a trader error in 2022 that resulted in an accidental $1.4 billion sell-off on European exchanges.

Goldman Sachs (NYSE:GS) – According to Goldman Sachs, the dollar could remain stronger for longer if the Federal Reserve keeps interest rates steady while other countries reduce borrowing costs. Analysts foresee interest rate cuts in Canada, the UK, and the eurozone in June, which could further strengthen the dollar.

Bank of America (NYSE:BAC) – Bank of America maintains its optimistic view of the Indian rupee despite increased volatility due to elections. The rupee’s implied volatility and distortions in options markets reflect electoral risks, but the currency remains stable, signaling that the central bank will protect against sharp moves after the election results.

Barclays (NYSE:BCS) – Barclays is considering requiring employees to return to the office five days a week due to new remote work supervision rules from US regulators.

First Solar (NASDAQ:FSLR) – On Tuesday, UBS stated that First Solar would benefit from increased electricity demand driven by AI. Analysts raised the stock’s price target from $252 to $270, maintaining a buy rating. Analysts argued that tech companies like Amazon and Google use more electricity due to AI, increasing demand for renewable energy.

Visa (NYSE:V), Mastercard (NYSE:MA) – The UK payment regulator criticized Visa and Mastercard for raising their fees without significant service improvements. These increases, totaling more than 30% adjusted for volume over the past five years, do not correspond to service quality improvements. The PSR warned of the lack of effective competition, impacting costs evaluated at $317.78 million annually for UK businesses, and proposed measures for greater transparency and oversight.

Apple (NASDAQ:AAPL) – Apple on Tuesday asked a federal judge in New Jersey to dismiss an antitrust lawsuit filed by the Department of Justice and 15 states. The lawsuit accuses Apple of monopolizing the smartphone market, harming competitors and raising prices. Apple argues it faces intense competition and denies being able to impose excessive prices or restrict production.

Snowflake (NYSE:SNOW) – Cloud computing company Snowflake failed to acquire the startup Reka AI for over $1 billion, frustrating Snowflake’s effort to strengthen its generative AI capabilities.

Sonos (NASDAQ:SONO) – The electronics manufacturer is launching its first pair of headphones, the Sonos Ace, for $449, entering the consumer technology market. The over-ear model will compete with Apple, Sony, and Bose, standing out for its audio performance and integration with other Sonos products. Sales begin on June 5.

Mercado Libre (NASDAQ:MELI) – The e-commerce and fintech giant is negotiating with Mexican authorities to obtain a banking license, aiming to expand its products in the country. According to Osvaldo Gimenez, president of Mercado Pago, the formal process will begin soon and is expected to last 12 to 24 months.

Amazon (NASDAQ:AMZN) – Amazon’s cloud services unit, AWS, clarified on Tuesday that it did not cancel orders for Nvidia’s Grace Hopper chip but opted to use Nvidia’s latest Blackwell chip for a supercomputer project in collaboration with the company. The transition was decided jointly to leverage performance improvements in Project Ceiba while maintaining other services on the Hopper chip.

Walt Disney (NYSE:DIS) – Pixar Animation Studios, a Disney unit known for “Toy Story” and “Up,” began layoffs that will cut 14% of its staff to reduce streaming series development. About 175 employees will be affected.

eBay (NASDAQ:EBAY) – Japan’s Rakuten Group is collaborating with eBay to assess US demand for used Japanese fashion, benefiting from the weak yen. The partnership, which began on May 8 with seven sellers from Rakuma, Rakuten’s second-hand goods unit, explores the growing interest in bargains amid global economic constraints. eBay handles shipping and customer service in the US, charging commissions on sales.

Uber Technologies (NYSE:UBER), Lyft (NASDAQ:LYFT) – The California Supreme Court is reviewing whether a voter-approved measure, Proposition 22, is constitutional. This proposal allows companies like Uber and Lyft to classify their drivers as independent contractors rather than employees, excluding them from certain labor benefits. The case was brought by the SEIU and four drivers, challenging the measure’s legality.

Toyota Motor (NYSE:TM) – Toyota Motor is seeking tax incentives for a $531.7 million investment in its Texas facilities, where it produces Tundra and Sequoia models. The project aims to build a new building, create 411 jobs, and expand the San Antonio plant, which has received $4.2 billion in investments since 2003.

Stellantis (NYSE:STLA) – Stellantis plans to offer electric vehicles developed with Zhejiang Leapmotor Technologies in South America, including Brazil, following a manufacturing and sales agreement outside China. The Betim plant in Brazil will expand its capacity to 1.1 million engines annually with an initial investment of R$ 454 million ($88.9 million). Regarding the European market, Stellantis CEO Carlos Tavares foresees intense competition with Chinese manufacturers, anticipating significant social consequences. Tavares criticized tariffs on Chinese vehicles as counterproductive, arguing they will not prevent the need for restructuring in Western automakers and will only inflate prices, exacerbating inflation.

Faraday Future Intelligent Electric (NASDAQ:FFIE) – The smart electric vehicle startup had a spectacular increase without apparent reason during last week’s “meme stock” rally. Without justifiable fundamentals, the shares soared 367.5% on May 14, with gains of 147.2% and 134% in the following days. The stock price rose 8,359.9% in one week.

Boeing (NYSE:BA) – NASA has once again postponed Boeing’s Starliner crewed capsule flight, previously scheduled for May 25, due to a helium leak in the propulsion system. The next launch date is still under discussion. This latest delay follows the discovery of additional problems with the Atlas rocket used in the mission. In Canada, Boeing announced an investment of about $176 million in three aerospace development projects following an agreement with Ottawa for Poseidon surveillance aircraft. The projects include aerospace innovation, air taxis, and landing gear research in Quebec.

American Airlines (NASDAQ:AAL) – A US appeals court on Tuesday reinstated a class action lawsuit by American Airlines pilots, who argue that the company failed to pay for short-term military leaves. The court highlighted that these leaves could be equated with paid jury duty or bereavement leaves, setting a precedent for potential compensation for the pilots.

PepsiCo (NASDAQ:PEP) – PepsiCo announced on Tuesday the expansion of its electric fleet in California, adding 50 Tesla Semi trucks and 75 Ford E-Transit vans. This initiative, partially funded by California state agencies, aims to accelerate the electrification of its service operations and contribute to its goal of net-zero emissions by 2040. In 2017, PepsiCo made the largest vehicle order of the time, acquiring 100 Tesla Semis, but by April, it was only using 36.

Haemonetics (NYSE:HAE) – The blood and plasma supply and services company saw its stock price decrease by 8% after announcing a proposal for a $525 million private offering of senior convertible notes. These notes would mature in 2029 and be available only to qualified institutional buyers.

Caterpillar (NYSE:CAT) – The leading manufacturer of construction, mining, and engine equipment agreed to pay $800,000 to resolve allegations of hiring discrimination against Black applicants in Illinois. The settlement includes back wages, employment for 34 eligible individuals, ensuring non-discriminatory hiring policies, and providing employee training. The case involved 60 Black applicants.

General Electric (NYSE:GE) – GE Aerospace CEO Larry Culp announced on Tuesday the hiring of 900 engineers in 2024 to drive next-generation technologies and support existing engine programs. The hiring aims to strengthen current programs and innovate. The hires will be global, but the majority are expected in the US.

TotalEnergies (NYSE:TTE) – French President Emmanuel Macron stated that France supports companies that believe in the country, responding to discussions about TotalEnergies considering a US listing. Macron highlighted the importance of TotalEnergies, a major oil company and a pillar of the CAC 40 index, remaining in France, emphasizing its role as a significant employer and influencer in the country.

Shell (NYSE:SHEL) – Shell shareholders on Tuesday rejected a climate resolution from an activist group, receiving only 18.6% of the votes amid protests. Shell weakened its 2030 carbon reduction target, prioritizing profitable oil and gas operations despite pressure to align its goals with the Paris Agreement.

Hess (NYSE:HES) and Chevron (NYSE:CVX) – Oil producer Hess faces three lawsuits over alleged failures in disclosures related to its sale to Chevron. Chevron seeks to acquire Hess for $53 billion to access oil fields in Guyana, but the deal, still pending regulatory approval, faces obstacles, including litigation and a conflict with Exxon Mobil. Hess shareholders are set to vote on May 28.

BHP Group (NYSE:BHP) and Anglo American (LSE:AAL) – The deadline for BHP to make a new offer to buy Anglo American Plc or drop the acquisition is this Wednesday. The $43 billion proposal would create a global copper giant. Anglo has already rejected two offers.

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