Nike (NYSE:NKE) – Converse, a Nike subsidiary,
will cut jobs as part of its ongoing $2 billion cost reduction
plan. Nike, affected by cautious consumer spending, will reduce
product supply and management layers, along with facing job cuts in
its operations.
OpenAI – Ilya Sutskever, co-founder and chief
scientist of OpenAI, is leaving the company after losing his seat
on the board. He expressed confidence in the current leadership and
announced future plans. Jakub Pachocki steps in as chief scientist.
The departure comes after the unveiling of the GPT-4 model.
Warner Bros Discovery (NASDAQ:WBD) – Warner
Bros Discovery has increased its offer to repurchase investors’
debt by $750 million, totaling up to $2.5 billion. This move is
part of a plan to reduce its debt and interest costs. The company
is seeking cost reduction opportunities to meet its financial
goals.
Paramount Global (NASDAQ:PARA),
Sony (NYSE:SONY) – CNBC reported on Tuesday that
Sony Pictures is reconsidering its bid for Paramount Global.
Comcast (NASDAQ:CMCSA) – Comcast is planning to
launch StreamSaver, a streaming bundle combining Peacock, Netflix,
and Apple TV+, in an attempt to retain subscribers amid fierce
competition. CEO Brian Roberts emphasized that the price will be
highly competitive.
America Movil (NYSE:AMX) – The FCC has resolved
investigations into America Movil’s submarine cable connections
linking the US to Colombia and Costa Rica, made without necessary
approval, raising national security concerns. LATAM
Telecommunications and Puerto Rico Telephone will each pay fines of
$1 million and adhere to a compliance plan.
Verizon (NYSE:VZ) – Verizon Consumer CEO
Sowmyanarayan Sampath sees AI doubling traffic in the next five
years. The company is already integrating AI into its customer
service and anticipates automation in routine processes.
Amazon (NASDAQ:AMZN) – Amazon Web Services
(AWS) plans to invest around $8.44 billion (7.8 billion euros) by
2040 to develop cloud computing infrastructure in Germany,
specifically for the European market. AWS will open several data
centers in Brandenburg by the end of 2025.
Oracle (NYSE:ORCL) – Elon Musk’s artificial
intelligence startup, xAI, is in talks with Oracle to spend $10
billion on cloud servers. This would make it one of Oracle’s
largest clients as Musk seeks to compete with OpenAI and Google.
The negotiations are ongoing.
Alphabet (NASDAQ:GOOGL) – Alphabet has launched
Trillium, a new artificial intelligence chip for data centers that
is nearly five times faster than its predecessor. Sundar Pichai,
CEO of Alphabet, highlighted the exponential growth in demand for
AI computing, stating that Google has been a leader in this
technology for over a decade. Alphabet also emphasized the
integration of AI into its services, including an enhanced chatbot
called Gemini and updates to its search engine. Additionally,
YouTube complied with a court decision blocking 32 versions of the
protest song “Glory to Hong Kong” in response to an injunction.
Meta Platforms (NASDAQ:META) – Meta Platforms
announced it will discontinue its Workplace app in June 2026 to
focus on the development of artificial intelligence and metaverse
technologies. Workplace will continue to be used internally by Meta
and will remain available to customers until August 2025, with
migration options to Zoom’s Workvivo.
Nvidia (NASDAQ:NVDA) – Nvidia CEO Jensen Huang
saw a 60% increase in salary last year, with a total compensation
of $34.2 million in 2024. This increase was mainly driven by stock
awards and incentives from the compensation plan, including
expenses for private security.
ASML (NASDAQ:ASML), Taiwan
Semiconductor Manufacturing Co. (NYSE:TSM) – ASML Holding
NV’s advanced chip machines are raising concerns about their high
prices, according to TSMC. The cost of the new machines, capable of
printing semiconductors with 8 nanometers thickness, is $380
million each, highlighting financial challenges in the
industry.
3M (NYSE:MMM) – 3M announced on Tuesday that
the annual compensation of some executives, including former CEO
Mike Roman, did not receive sufficient support in a shareholder
advisory vote. Roman received $16.4 million in 2023, an increase
from $14 million in 2022, despite legal challenges and sales
slowdown. The vote, though non-binding, is considered by the board
in compensation reviews.
BHP (NYSE:BHP), Anglo American
(LSE:AAL) – BHP is considering expanding its $42.7 billion offer
for Anglo American or making a hostile bid, ahead of the imminent
May 22 deadline for a formal proposal. Anglo has rejected two
previous offers, planning to focus on copper and sell less
profitable businesses. Meanwhile, BHP defends the deal at a
conference in Miami, highlighting potential strategies to persuade
Anglo shareholders. The miner also mentions the risk of rejection
and the need for cooperation from Anglo’s management to overcome
regulatory challenges.
Petrobras (NYSE:PBR) – Petrobras CEO Jean Paul
Prates has offered his resignation amid political changes, with the
appointment of Magda Chambriard, former head of ANP, as his
replacement, indicating possible political interference. The
company’s shares fell after the announcement, reflecting investor
concerns about governance and the company’s future direction.
Chevron (NYSE:CVX) – In April, Chevron led US
stock sales, surpassing Tesla, due to the increase in bets on
weaker energy prices, according to Hazeltree. Although its
quarterly results were strong, the drop in energy prices affected
its refining margins.
TotalEnergies (NYSE:TTE),
Shell (NYSE:SHEL) – TotalEnergies CEO considers
switching the primary listing to the US due to the increase in
American shareholders and better valuations. However, it will
maintain a listing in Paris. Macron opposes the move. Shell’s CEO
also sees New York as an attractive option due to superior
valuations.
Boeing (NYSE:BA) – The US Department of Justice
has accused Boeing of violating a 2021 agreement related to the 737
MAX accidents. The failure was highlighted after an in-flight
explosion, threatening Boeing with criminal proceedings and
penalties. Boeing announced yesterday that it delivered 24
commercial aircraft in April, two fewer than the previous year,
partly attributed to the closure of Lynx Air operations. Production
of the 737 MAX has been reduced to improve quality. Boeing’s
competitor, Airbus, delivered 61 aircraft in April. Additionally,
the first manned mission of the Starliner was postponed to May 21
due to a helium leak. Additionally, the US Air Force has fined the
United Launch Alliance (ULA) for undisclosed amounts for delays in
launching military satellites.
Carvana (NYSE:CVNA) – Carvana CEO Ernest Garcia
III anticipates that used car sales will be boosted by early signs
of a possible oversupply of new cars. He notes an increase in new
car inventories in the US, which could benefit the online retailer
of used cars.
General Motors (NYSE:GM) – GM’s autonomous car
unit has agreed to pay between $8 million and $12 million to a
pedestrian hit by one of its vehicles in San Francisco. After the
incident, Cruise suspended its fleet in the US, but now plans to
resume testing in Phoenix.
Honda Motor (NYSE:HMC) – Honda is downsizing
its workforce in China, with 1,700 employees from GAC Honda
agreeing to voluntary layoffs.
Tesla (NASDAQ:TSLA) – After declines in the
previous week, Tesla’s shares have rebounded with consistent gains.
On Tuesday, they rose 3.3%, closing at $177.55, totaling a 5.4%
gain for the week. Shares are up 0.8% in pre-market trading,
heading for three consecutive days of gains. New tariffs on Chinese
cars may have influenced. Additionally, Tesla is seeking support
from its large retail investors for Elon Musk’s compensation
package, hiring consultants and creating the Vote Tesla website.
The advisory vote on June 13 could significantly influence the
future of Musk’s leadership and the company. In Sweden, the largest
union supports a six-month strike by Tesla mechanics, exacerbating
tensions between the automaker and workers. Elon Musk’s refusal to
sign a collective agreement is at the heart of the conflict. Other
unions have also joined the action, seeking to protect collective
agreements. Additionally, an environmental organization has sued
Tesla, accusing it of violating the Federal Clean Air Act at its
California factory by repeatedly emitting harmful pollutants. The
lawsuit seeks an injunction to stop excessive pollution and daily
fines of up to $121,275.
Aiways – The Chinese electric vehicle
manufacturer Aiways will merge with the American company Hudson
Acquisition Corp, in a deal valued at about $400 million. The
merger represents a turning point for Aiways, which had paused
production due to intense price wars in the Chinese electric
vehicle market.
MSCI Inc (NYSE:MSCI),
MicroStrategy (NASDAQ:MSTR) – MSCI will include
MicroStrategy and 41 other companies in its global index, with
notable additions also in emerging and frontier markets indices.
The revisions reflect changes in the market capitalization of
constituents and impact billions of dollars in investments in ETFs
that follow these indices. The changes will be effective at the
close of market on May 31.
Citigroup (NYSE:C) – Titi Cole, a key executive
at Citigroup responsible for leading a broad restructuring plan, is
leaving the bank, according to an internal memo. As head of old
franchises, Cole played a crucial role in simplifying the bank,
completing the sale of consumer banking operations in nine
markets.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase’s
new co-heads of global sales and research, Claudia Jury and Scott
Hamilton, highlight the dual impact of artificial intelligence on
the economy, initially driving inflation with investments in
infrastructure and later promoting deflation with business
efficiency.
Nomura Holdings (NYSE:NMR) – Nomura Holdings
Inc. aims to nearly double its profits by 2030, boosting its
wholesale division to finance its own operations and expanding into
strategic areas. CEO Kentaro Okuda outlined plans to achieve over
$3.2 billion in pretax profit by 2031, approximately 1.8 times its
result in the last fiscal year, driving growth and efficiency.
New York Community Bancorp (NYSE:NYCB) – NYCB
announced the sale of approximately $5 billion in mortgage loans to
JPMorgan Chase (NYSE:JPM), a move aimed at
strengthening the bank’s liquidity and capital as it works to
return to profitability over the next two years. The transaction is
expected to significantly improve NYCB’s capital ratio and
liquidity profile.
GameStop (NYSE:GME), AMC
Entertainment (NYSE:AMC) – Shares of GameStop, AMC, and
other meme stocks surged in recent days, driven by the return of
“Roaring Kitty” Keith Gill to social media. Gill, central to the
meme stock frenzy of 2021, posted a clip of “Braveheart” associated
with GameStop, reigniting investor interest and speculation. AMC
Entertainment’s shares specifically rose over 140% this week and
completed a stock sale initiated in March. The company, while
outperforming many competitors, faces significant debts that may
limit its ability to pay and attract new investors. GameStop and
AMC rose 12% and 11.4% in Wednesday’s pre-market trading,
respectively.
Procter & Gamble (NYSE:PG) – Procter &
Gamble surprised by foregoing its traditional emotional campaign
for the Paris 2024 Olympics, opting to highlight individual brands
such as Pampers and Gillette. Reducing its spending on Olympic
advertising, the company focuses on over 30 brands, aiming to serve
athletes and families globally.
Yum! Brands (NYSE:YUM) – Pizza Hut is launching
the Cheeseburger Melt, a new addition to its Melts sandwich line,
featuring beef, bacon, onions, mozzarella, and cheddar between two
thin pizza crusts. Despite sales challenges, Pizza Hut follows the
industry trend of diversifying its menu.
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