Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More

Taiwan Semiconductor Manufacturing Company (NYSE:TSM) – TSMC evacuated some factories and suspended operations after a 7.4 magnitude earthquake hit Taiwan, raising concerns about the global technology supply chain. Companies like Apple (NASDAQ:AAPL) and Nvidia (NASDAQ:NVDA) are affected. Taiwan is crucial for chips but vulnerable to natural disasters and geopolitical tensions. TSMC shares are down 0.9% in pre-market trading.

Cal-Maine Foods (NASDAQ:CALM) – Shares of the U.S.’s leading egg producer rose 8.3% in pre-market trading after beating Wall Street’s quarterly estimates, with record sales volume due to high demand and price reductions. The company earned $146.4 million, or $3.01 per share, in the fiscal third quarter. Cal-Maine reported temporarily closing a Texas plant due to an avian flu outbreak, resulting in the culling of 1.6 million chickens.

Walt Disney (NYSE:DIS) – Disney and Bob Iger are expected to win the proxy battle against Nelson Peltz’s Trian Fund Management. With over 60% of the votes counted, the support from Vanguard and BlackRock gives a significant boost to Disney in the board dispute. The dispute will be resolved at Disney’s shareholder meeting on Wednesday.

Paramount Global (NASDAQ:PARA) – Paramount Global’s shares rose 3.7% in pre-market trading after reports that the media giant might be moving forward with a possible sale. The New York Times revealed that Paramount is considering exclusive negotiations with Skydance, led by David Ellison.

Trump Media & Technology Group (NASDAQ:DJT) – Donald Trump sued the co-founders of Trump Media for allegedly violating a corporate structure agreement and not deserving 8.6% of the shares, valued at $606 million. The co-founders, in turn, sued Trump for trying to dilute their stakes. The dispute comes amid fluctuations in Trump Media’s shares following its merger with a SPAC. Trump holds 57% of the company, valued at $4.02 billion, but his ability to sell shares is temporarily blocked. The Delaware judge did not expedite the co-founders’ process but will consider possible sanctions against Trump due to the lawsuit filed in Florida.

DraftKings (NASDAQ:DKNG) and MGM Resorts International (NYSE:MGM) – DraftKings and MGM Resorts International are exploring the rapidly growing Brazilian online gambling market, following legalizations in 2018. Over 130 companies, including Hard Rock International, are seeking licenses. High fees and taxes could pose challenges for smaller companies. Formalization attracts global giants but challenges locals.

Microsoft (NASDAQ:MSFT) – The U.S. Cybersecurity Review Board blamed Microsoft for security lapses that allowed a Chinese attack on senior government officials’ emails in 2023, calling it “preventable.” Microsoft has pledged improvements and reforms to strengthen its systems.

Alphabet (NASDAQ:GOOGL) – Google agreed to delete “billions” of user browsing activity records as part of a class-action settlement. Although plaintiffs sought $5 billion, the settlement involves no payment. Plaintiff lawyers consider the agreement “groundbreaking.”

Intel (NASDAQ:INTC) – Intel announced on Tuesday an increase in operational losses in its foundry business as it seeks to regain the technological lead lost to TSMC. Shares fell with forecasts of worse losses in 2024 and a search for operational balance by 2027.

Amazon (NASDAQ:AMZN) – Amazon Web Services (AWS) expanded its free credits program for startups, now covering the use of leading AI models’ costs, in an effort to strengthen its Bedrock platform. The initiative includes partnerships with Anthropic, Meta, Mistral AI, and Cohere, boosting AWS adoption among startups. Moreover, Amazon.com is phasing out its Just Walk Out supermarket system, removing a technology that allowed customers to skip lines. The focus will now be on its Dash Cart, reducing complexity. The technology will still be used in Amazon Go stores and licensed to other retailers.

Alibaba (NYSE:BABA) – Alibaba Group announced a $4.8 billion share buyback in the last quarter, the company’s second largest, boosting its buyback plan after increasing it by an additional $25 billion. The move aims to reassure investors amid market challenges and competition.

PVH Corp (NYSE:PVH) – PVH Corp’s shares plunged on Tuesday after the Calvin Klein owner forecasted a sharper than expected annual revenue decline due to weakened demand in Europe. The company plans to scale back online platforms in Europe, anticipating a 5% sales drop on the continent.

Tesla (NASDAQ:TSLA) – Tesla experienced its first quarterly delivery drop in nearly four years, falling below Wall Street estimates and causing a drop in shares on Tuesday. Challenges include ineffective price cuts and intense competition. The company faces a potential slowdown in 2024. Shares are down -0.82% in pre-market trading. Despite a quarterly drop in car sales, its energy storage business set a record. Battery deployments reached 4,053 megawatt-hours, nearly 2% above the previous record. CEO Elon Musk seeks to convert this success into more significant revenues.

General Motors (NYSE:GM) – On Tuesday, GM reported a 1.5% decline in U.S. vehicle sales in the first quarter, mainly due to reduced deliveries to commercial customers. The Detroit automaker sold 594,233 units in the first three months of 2024, compared to 603,208 vehicles in the same period last year.

Toyota Motor (NYSE:TM) – Toyota Motor North America (TMNA) recorded about a 20% growth in U.S. vehicle sales in the first quarter, driven by demand for its sedans, crossover SUVs, and affordable pickups, totaling 565,098 units sold. The RAV4 crossover led sales, increasing 47.4%, while electrified vehicles grew about 74%. The automaker is also updating its long-standing models, such as the Land Cruiser, 4Runner, Tundra, and Prius.

Boeing (NYSE:BA) – The U.S. Department of Justice plans to meet with families of the victims of the 737 MAX crashes that resulted in 346 deaths, as it evaluates the possibility of pursuing a criminal lawsuit.

VivoPower International (NASDAQ:VVPR), Cactus Acquisition (NASDAQ:CCTS) – Shares of VivoPower International PLC skyrocketed on Tuesday after announcing the profitable sale of its Tembo subsidiary, in a deal with Cactus Acquisition Corp. for $838 million. Shares surged 323.4%. In Wednesday’s pre-market trading, shares are down -17.80%.

General Electric (NYSE:GE) – General Electric completed its split into three $191.9 billion companies on Tuesday, ending a 132-year conglomerate. The aerospace and energy entities began trading on the New York Stock Exchange, marking the end of a transformation led by CEO Larry Culp. Optimistic investors hope this will challenge the weak stock performance after many splits. GE shares have risen almost 37% this year.

Rivian Automotive (NASDAQ:RIVN) – Rivian Automotive delivered 13,588 vehicles in the first quarter, exceeding the expectations of 16 analysts for 12,415 units, according to Visible Alpha. The company reaffirmed its annual production projections.

Honeywell International (NASDAQ:HON) – Honeywell International is evaluating the sale of its Personal Protective Equipment (PPE) division in a deal that could exceed $2 billion, according to Bloomberg sources. The company is seeking strategic alternatives for the business.

United States Steel (NYSE:X) – The United Steelworkers (USW) union rejected support for the proposed acquisition deal by Nippon Steel to acquire United States Steel, citing a lack of substantial grounds to resolve the ongoing dispute.

Schlumberger (NYSE:SLB) and ChampionX (NYSE:CHX) – SLB announced the acquisition of smaller rival ChampionX in a stock deal valued at $7.75 billion, reflecting the increasing consolidation in the U.S. energy sector. This is SLB’s second acquisition in a week and its largest since 2016.

Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) – Stabroek, an oil reserve off the coast of Guyana, is at the center of a legal battle involving ExxonMobil and Chevron. Chevron’s acquisition of Hess, with access to Stabroek, is contested by Exxon. The outcome reshapes the global oil landscape.

Endeavor Group Holdings (NYSE:EDR) – Silver Lake, the main investor in Endeavor Group Holdings, announced on Tuesday a deal to take the talent and entertainment agency private for $13 billion, offering Endeavor shareholders $27.50 per share in cash.

Citigroup (NYSE:C) – Citigroup asked a federal judge on Tuesday to dismiss the lawsuit by New York Attorney General Letitia James, claiming that charges of failing to reimburse online defrauded customers are based on a misunderstanding of federal law.

UBS Group (NYSE:UBS) – UBS appointed three banking industry veterans to lead its Capital Markets (ECM) unit in the U.S., aiming to strengthen other divisions following last year’s acquisition of Credit Suisse. The new leaders will take their positions in July 2024. Additionally, UBS unveiled a new share buyback program worth up to $2 billion, with half expected to be completed by 2024, starting on Wednesday. The Swiss bank had previously announced a $1 billion buyback in February.

Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM), and Wells Fargo (NYSE:WFC) – Goldman Sachs highlighted JPMorgan and Wells Fargo as top picks among seven major banks. Goldman raised Wells Fargo’s target price from $57 to $65 per share, and JPMorgan Chase’s from $215 to $229, citing promising net interest income. Analysts maintained buy ratings for several banks, anticipating potential revenue growth and effective capital management.

Eli Lilly (NYSE:LLY) – Due to high demand, the four doses of Eli Lilly’s diabetes medication, Mounjaro, will continue to be in limited supply until 2024, as indicated on the U.S. Food and Drug Administration’s website.

Abbott Laboratories (NYSE:ABT) – Abbott announced U.S. FDA approval for its TriClip heart valve repair device, designed to treat tricuspid regurgitation. This approval followed a similar one for rival Edwards Lifesciences. TriClip offers a less invasive option for high-risk patients.

WeWork (USOTC:WEWKQ) – WeWork announced on Tuesday its plan to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31, after successful negotiations secured over $8 billion in lease commitment reductions, reflecting a drop in demand during the pandemic. The plan involved modifying about 150 leases to more favorable economic terms, including reduced rent payments, while ending another 150 and maintaining 150 unchanged. WeWork aims to emerge as a leaner company, focused on providing flexible workspace in an uncertain commercial real estate market.

Autodesk (NASDAQ:ADSK) – Autodesk revealed an internal investigation into its accounting practices and postponed its annual financial report, raising concerns about accounting practices around free cash flow and non-GAAP operating margin.

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