Apple (NASDAQ:AAPL) – Smartphone shipments from
Apple in China fell 19% in the first quarter due to competition
from Huawei. Its market share decreased to 15.7%, nearly matching
that of Huawei, which saw a 70% increase in sales. Apple now ranks
third, behind Vivo and Honor. Additionally, FIFA is close to a deal
with Apple for the television rights to a new club tournament. The
contract, estimated at about one billion dollars, could strengthen
Apple’s streaming service and mark the first time FIFA has closed a
single global contract.
Nvidia (NASDAQ:NVDA) – Recently, Chinese
universities and research institutes acquired artificial
intelligence chips from Nvidia through resellers, despite the U.S.
ban. Although the U.S. has expanded sales restrictions to China,
the transactions reveal continued access to advanced technology,
potentially applicable in military research. Additionally, FPT,
Vietnam’s leading technology company, plans to build a $200 million
artificial intelligence (AI) factory using Nvidia’s graphics chips
and software. The goal is to boost AI research in Vietnam and
develop solutions for generative AI and autonomous driving.
Microsoft (NASDAQ:MSFT) – Microsoft announced a
cost-effective small language artificial intelligence model,
capable of creating content and social media posts with less data.
Microsoft’s Phi-3-mini surpasses larger models in language, coding,
and mathematics benchmarks, making it easier for companies with
limited resources to use.
Meta Platforms (NASDAQ:META) – Meta is sharing
its headset operating system, Meta Horizon OS, with rival
manufacturers, including Microsoft, for the first time. This allows
partners to build headsets tailored for various activities. The
strategy reflects Mark Zuckerberg’s ambition to dominate virtual
and mixed reality.
Alphabet (NASDAQ:GOOGL) – Amid rising
profitability expectations, Alphabet considers following Meta
Platforms in initiating dividend payments. While tech stocks
traditionally avoided dividends, the trend is changing, reflecting
maturity and investors’ pursuit of capital return. With increased
revenue and cost optimization, Alphabet is well-positioned for this
transition, though it faces demands for AI spending.
Snap Inc (NYSE:SNAP) – Snap expanded its
political coverage in partnership with Vote.org, allowing Snapchat
users to register to vote, receive electoral reminders, and access
political content from NBC News. Meanwhile, rival Meta downplays
political content on its platforms.
Adobe (NASDAQ:ADBE) – Adobe revealed plans to
integrate a comprehensive artificial intelligence image generation
tool into its Photoshop software later this year. As it faces
competition, Adobe is developing its system called Firefly, trained
on authorized data to avoid copyright violations. The new tool will
allow users to request image generation based on a provided
reference, streamlining the creative process. A test version will
be available to some users on Tuesday.
Broadcom (NASDAQ:AVGO) – Critics rejected
Broadcom’s changes to its cloud licensing practices, claiming they
do not address concerns about price increases and unfair licensing
terms. Despite Broadcom’s announced price reductions, trade groups
have called for an EU antitrust investigation into the alleged
issues.
ASML (NASDAQ:ASML) – ASML Holding NV considers
expanding its presence in the Netherlands after the government
committed to spending on infrastructure and education. The company
signed a letter of intent with the Eindhoven region, subject to
resolving issues such as infrastructure and housing.
Amazon (NASDAQ:AMZN) – Amazon launched a
grocery delivery subscription service: $9.99/month for Prime
members and $4.99/month for EBT customers, covering deliveries from
Whole Foods. It includes one-hour delivery windows, 30-minute
pickup, priority access to recurring reservations, and free
delivery on orders over $35 from local supermarkets. The service is
expanding to over 3,500 cities in the U.S.
Walt Disney (NYSE:DIS) – Aaron LaBerge, CTO of
Disney Entertainment and ESPN, will leave to join Penn
Entertainment (NASDAQ:PENN) after over 20 years at Walt Disney. He
will take a similar position on July 1st, citing family needs. ESPN
and Penn collaborate on sports betting under the ESPN BET brand.
Chris Lawson, VP at Disney, will serve as interim CTO.
Tesla (NASDAQ:TSLA) – Tesla’s shares rose 0.6%
in pre-market trading on Tuesday, ahead of the first quarter report
to be released after the market closes. Tesla expects to report its
lowest gross margin in over six years, following a turbulent week
with layoffs, price cuts, and calls for clarity in product
strategy. Elon Musk will face questions about the Model 2 and the
shift to a fully autonomous robo-taxi, while investors anticipate
growth in sales. Revenue for the quarter is expected to fall,
reflecting market challenges.
Boeing (NYSE:BA) – Boeing said it expects a
slower increase in production and delivery of its 787 jets due to
supplier shortages in key parts. The production rate, currently at
five per month, may be affected. The company is focused on ensuring
quality and safety amid supply chain challenges.
American International Group (NYSE:AIG) – David
McElroy, president of AIG’s general insurance unit, will retire on
May 1st after taking the role in January this year. He advanced his
departure for personal reasons, remaining available to the company.
McElroy joined AIG in 2018 and was CEO of the unit from August 2020
to December 2023.
Archer-Daniels-Midland (NYSE:ADM) – CFO Vikram
Luthar of Archer-Daniels-Midland will leave his post on September
30th. He was placed on administrative leave in January due to
accounting issues. Luthar will receive cash and stock awards and
remain in a non-executive role until his resignation.
JPMorgan Chase (NYSE:JPM) – Lu Fang was named
president of JPMorgan’s investment banking arm in China, succeeding
Park Pu. Greg Yu was promoted to general manager. Both appointments
took effect immediately, subject to regulatory registrations.
UBS (NYSE:UBS) – The Norwegian sovereign wealth
fund, the second largest shareholder of UBS, supported the bank’s
plans to make its additional tier 1 (AT1) obligations more
attractive to investors, while endorsing the CEO Sergio Ermotti’s
remuneration package. The move aims to strengthen UBS’s capital
buffers to meet Swiss regulatory requirements. The fund’s approval,
five days before the annual general meeting, boosts UBS’s efforts
to strengthen its market position. In other news, UBS is delaying
the construction of its own mutual fund business in mainland China,
opting for existing joint ventures after acquiring Credit Suisse.
The company considers the high costs and poor profit prospects as
obstacles. Additionally, UBS plans to open an office in Menlo Park,
CA, expanding its advisory services to technology companies. The
bank hired Sean Lynch, specialized in companies like Uber and
Tesla, to lead the initiative.
Citigroup (NYSE:C) – Citigroup faces
allegations of a sexual harassment and gender discrimination
culture, with managing director Ardith Lindsey accusing the bank of
failing to protect her from threats and abuse by a supervisor.
Additional details added to the lawsuit describe a toxic
environment of negligent conduct and harassment.
Blackstone (NYSE:BX) – Blackstone-owned Crown
Resorts was deemed suitable to maintain its Sydney casino license
after extensive remediation, according to the New South Wales
gambling regulator. The company implemented significant reforms in
its operations, investing $129.28 million in comprehensive
transformations.
Bristol Myers Squibb (NYSE:BMY) – Bristol Myers
closed a $380 million contract with Cellares to produce CAR-T cell
therapies in the U.S., EU, and Japan, expanding its production
capacity to meet growing demand. The company plans to launch Abecma
and Breyanzi in new countries this year.
UnitedHealth Group (NYSE:UNH) – UnitedHealth
Group revealed on Monday that hackers accessed personal and health
data of potentially a “substantial proportion” of Americans in
February. The attack affected its Change Healthcare unit, which
processes about half of the medical insurance claims in the U.S.,
resulting in widespread disruptions.
Grindr (NYSE:GRND) – Hundreds of users are
suing Grindr in London, alleging unauthorized sharing of private
information, including HIV status. Grindr denies accusations of
sharing for commercial purposes, promising a vigorous defense. The
company’s director emphasizes the commitment to the data safety of
LGBTQ+ users.
Hibbett (NASDAQ:HIBB) – In pre-market trading,
Hibbett was up 18.4%, reaching $85.82, after JD Sports Fashion
announced the acquisition of the sports apparel retailer for $1.1
billion, paying $87.50 per share.
Tapestry (NYSE:TPR), Capri
Holdings (NYSE:CPRI) – On Monday, the U.S. Federal Trade
Commission contested the $8.5 billion deal between Tapestry, owner
of Coach, and Capri, owner of Michael Kors, claiming it would
eliminate direct competition and could harm employee wages and
benefits.
Kroger (NYSE:KR), Albertsons
Cos (NYSE:ACI) – Kroger and Albertsons Cos expanded their
planned sale of supermarkets to C&S Wholesale Grocers, now
including an additional 166 locations, totaling 579 stores. This
move aims to secure regulatory approval for their $25 billion
merger, addressing concerns over prices and jobs. C&S will pay
approximately $2.9 billion in cash for the stores.
Earnings
General Motors (NYSE:GM) – Shares of GM rose
3.6% in pre-market trading after the company increased its
projections for 2024 following a first-quarter performance that
exceeded Wall Street expectations. GM revised its expected adjusted
earnings for 2024 upwards to between $12.5 billion and $14.5
billion, and net profit for shareholders to between $10.1 billion
and $11.5 billion. Additionally, it raised its free cash flow
forecast to between $8.5 billion and $10.5 billion. For the first
quarter, revenue was $43.01 billion and net profit reached $2.95
billion. Earnings per share were $2.62 adjusted, against $2.15
expected by LSEG estimates.
United Parcel Service (NYSE:UPS) – Shares of
UPS rose 2% in pre-market trading on Tuesday, after reporting a net
profit of $1.11 billion, or $1.30 per share, surpassing estimates.
The adjusted earnings per share of $1.43 also exceeded
expectations, while total revenue of $21.7 billion was slightly
below projections. For 2024, the company maintained its revenue
projection between $92 billion and $94.5 billion, with capital
expenditures of $4.5 billion.
SAP SE (NYSE:SAP) – Shares of SAP SE rose 3.4%
in pre-market, after recording a record 28% growth in constant
currency cloud backlog, reaching €14.2 billion. Adjusted cloud
revenue grew by 25%, totaling €3.9 billion. However, a provision of
€2.2 billion resulted in a loss of €787 million, impacting
operating profit. The non-IFRS operating profit was €1.53 billion,
below the €1.7 billion estimate due to share-based compensation
expenses.
Globe Life (NYSE:GL) – Shares of the life
insurer increased 1.4% in pre-market after it raised its profit
projections for the full year. For 2024, Globe Life now expects
earnings per share between $11.50 and $12.00, surpassing the
previous range of $11.30 to $11.80. Additionally, the company
reported first-quarter financial results that aligned with FactSet
consensus estimates for both earnings and operating revenues.
Novartis (NYSE:NVS) – Shares of Novartis surged
5.7% in pre-market on Tuesday, boosted by the Swiss pharmaceutical
company raising its outlook for the year. In the first quarter,
Novartis recorded a profit of $2.69 billion, a 25% increase, with
sales of $11.83 billion, up 10%. Its basic earnings per share rose
17%, to $1.80.
Crane Company (NYSE:CR) – The industrial
products company saw its shares rise 3.6% in pre-market after
reporting first-quarter financial results that exceeded analyst
expectations. Crane recorded adjusted earnings of $1.22 per share,
surpassing the FactSet consensus estimate of $1.13 per share.
Additionally, its revenue of $565.3 million exceeded expectations
of $546.4 million.
Alexandria Real Estate Equities (NYSE:ARE) –
Shares rose 2.3% in pre-market after Alexandria surpassed revenue
projections for the first quarter. The biotech sciences REIT
achieved revenue of $769.1 million, exceeding the FactSet consensus
estimate of $764.4 million. Alexandria reported a net profit of
$166.9 million, or 97 cents per share.
TrustCo Bank Corp NY (NASDAQ:TRST) – The
regional bank’s stock value increased 2.7% after TrustCo recorded a
profit of 64 cents per share in the first quarter, surpassing the
FactSet consensus forecast of 60 cents per share. The quarter’s
revenue was $61.48 million against the consensus estimate of $43.13
million.
Ameriprise Financial (NYSE:AMP) – Ameriprise
Financial reported an increase in adjusted first-quarter profit,
driven by higher fees and assets under management (AUM). Management
and financial advisory fees rose 12% to $2.4 billion, while total
client assets reached $954 billion. Adjusted earnings per share for
Ameriprise Financial in the first quarter were $8.39, compared to
$7.25 the previous year. The company’s total revenue for the
quarter reached $2.4 billion, representing a 12% increase from the
same period last year.
Calix (NYSE:CALX) – The cloud service and
software provider saw a 16.8% drop in pre-market trading after
announcing lower-than-expected projections for the second quarter.
Calix expects earnings between 3 and 9 cents per share, with
revenue ranging from $197 million to $203 million. Analysts
surveyed by FactSet had predicted earnings of 24 cents per share,
with revenue of $232.8 million. In the first quarter, earnings per
share were $0.21, better than the $0.20 estimate, while revenue was
$226.3 million against the consensus estimate of $228.14
million.
Cadence Design Systems (NASDAQ:CDNS) – Shares
fell 5.6% in pre-market after the software company announced
unfavorable projections for the second quarter. In the first
quarter, Cadence earned $1.17 adjusted per share on sales of $1.01
billion. Analysts surveyed by FactSet had expected earnings of
$1.13 per share on sales of $1 billion. Year-over-year, Cadence’s
earnings fell 9%, while sales dropped 1%. Cadence Design Systems
anticipates earnings per share between $1.20 and $1.24 in the
second quarter, below the $1.43 per share forecast by analysts
consulted by FactSet. Additionally, the revenue projection, ranging
between $1.03 billion and $1.05 billion, also fell short of the
FactSet consensus estimate of $1.11 billion.
Cleveland-Cliffs (NYSE:CLF) – The steel
manufacturer’s stock dropped 2.8% in pre-market after first-quarter
results fell short of analyst forecasts, with adjusted earnings of
18 cents per share and revenue of $5.2 billion. Analysts surveyed
by LSEG had anticipated earnings of 22 cents per share and revenue
of $5.35 billion.
Nucor (NYSE:NUE) – After first-quarter results
from the steel company fell below expectations and it provided a
less optimistic forecast for the second quarter, its shares dropped
6.1% in pre-market trading on Tuesday. First-quarter earnings, at
$3.46 per share, did not meet the average estimate of $3.67 per
share as predicted by FactSet. Similarly, revenue of $8.14 billion
was lower than the $8.26 billion expected. Nucor anticipates lower
earnings in the second quarter, attributing this to reduced profits
from the steel segment, primarily due to lower selling prices, even
though there is a modest increase in volumes.
Packaging Corporation of America (NYSE:PKG) –
The stock value fell 3.4% in pre-market, despite the containerboard
manufacturer recording first-quarter profits that exceeded
expectations. Packaging Corp. achieved adjusted earnings per share
of $1.72, surpassing the analyst forecast of $1.68 per share made
by FactSet. Additionally, its revenue of $2.0 billion also exceeded
the consensus estimate of $1.91 billion.
Medpace (NASDAQ:MEDP) – The stock value
decreased 1.7% in pre-market after Medpace reported that its
first-quarter revenue did not meet estimates. The clinical research
company recorded revenue of $511.0 million, below the $512.4
million projected by analysts surveyed by FactSet. Earnings per
share were $3.20, $0.72 better than the analyst estimate of $2.48.
For fiscal year 2024, Medpace projected earnings per share of
$10.79 to $11.47 and revenue of $2.15 billion to $2.20 billion,
compared to analyst consensus of $10.70 and $2.19 billion.
Simpson Manufacturing (NYSE:SSD) – The
structural solutions manufacturer reported a decrease in revenue
and profit in the first quarter. Simpson recorded earnings of $1.77
per share, a 14.3% drop compared to the previous year.
Additionally, its revenue of $530.6 million fell nearly 1% from the
same period last year.
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