Royal Philips NV (NYSE:PHG) – Royal Philips NV
has suspended sales of sleep apnea devices and ventilators in the
US after reaching an agreement with the US Food and Drug
Administration due to quality issues. Philips has set aside 363
million euros in the fourth quarter to cover the costs of the
agreement. The company faces class-action lawsuits and potentially
thousands of individual lawsuits related to defective devices. CEO
Roy Jakobs stated that the company sees “no appreciable harm
caused” by the devices, but the FDA disagrees. Shares dropped up to
6% in pre-market trading on Monday.
Microsoft (NASDAQ:MSFT) – Microsoft’s early
lead in artificial intelligence positions it to potentially surpass
Apple (NASDAQ:AAPL) in market value over the next
five years, according to 13 institutional investors. Microsoft,
with a market value of over $3 trillion, has excelled in generative
AI, while iPhone-dependent Apple faces challenges.
Nvidia (NASDAQ:NVDA) is also seen as a potential
competitor. In other news, Microsoft restored services to Microsoft
Teams on Saturday after an outage that affected access to the
messaging platform. The company identified a network issue and took
mitigation actions to address the problems reported by users.
Microsoft Teams is an important part of the Microsoft 365 software
suite used for online communication and collaboration.
Amazon (NASDAQ:AMZN) – MacKenzie Scott, the
ex-wife of Amazon CEO Jeff Bezos, sold 65.3 million Amazon shares
last year, representing about 25% of her stake in the company and
valued at $10.4 billion. She received shares as part of her divorce
from Bezos in 2019 and is a philanthropist committed to significant
charitable donations.
Spotify (NYSE:SPOT) – Spotify criticized Apple
for its plan to comply with the EU’s Digital Markets Act, calling
it a “complete and utter sham.” While developers can offer
alternative app stores on iPhones, Apple still demands a “basic
technology fee.” Spotify argued it would have to pay a 17%
commission under the new terms, compared to the current rate in the
App Store.
Apple (NASDAQ:AAPL) – An Apple veteran, DJ
Novotney, is joining Rivian Automotive
(NASDAQ:RIVN) as Senior Vice President of Vehicle Programs, marking
another senior departure from Cupertino. Novotney played a key role
in Apple’s product development, including the iPod, iPhone, iPad,
and Apple Watch, and also participated in Apple’s initial efforts
to develop an electric vehicle.
Baidu (NASDAQ:BIDU) – Samsung will feature
Baidu’s Ernie Bot as a highlight in its new Galaxy S24 smartphone
series in China. The partnership aims to offer AI features,
including text summarization, organization, and translation, as
well as support for Samsung’s “circle to search” function.
Uber (NYSE:UBER) – Uber has filed a legal
appeal against restrictions imposed on VTCs (touring cars with
drivers) in Paris, seeking to overturn Mayor Anne Hidalgo’s
decision to exclude them from rue de Rivoli and rue Saint-Antoine,
citing transportation concerns during the summer Olympics.
Toyota (NYSE:TM) – Toyota Motor announced the
suspension of shipments of some models, such as Hilux and Land
Cruiser 300, due to irregularities in diesel engine certification
tests by affiliate Toyota Industries. Ten models are affected
globally, including the Lexus LX500D. Additionally, the Toyota
union is seeking a record annual bonus of 7.6 months’ salary,
surpassing the previous high of 7.2 months, driven by the company’s
projected profits and the need to increase wages. The final
decision is expected by the end of February.
Ferrari (NYSE:RACE) – Ferrari is in talks with
the Italian government to amend a capital market law that could
facilitate its return to Italy from the Netherlands, seeking to
protect the voting rights of its main shareholder, the Agnelli
family, under Dutch law.
Boeing (NYSE:BA) – The first Boeing 737 MAX
delivered to a Chinese airline since 2019 arrived in China on
Saturday, marking the end of a nearly five-year freeze on imports
of these jets. China Southern Airlines received the delivery,
ending the suspension that began after two accidents in 2018 and
2019. This could potentially trigger the delivery of several dozen
MAX jets ordered by China.
Ryanair (NASDAQ:RYAAY) – Ryanair revised its
annual profit forecast downwards due to disruptions in sales by
online travel agents. It now projects a profit between $2 to $2.1
billion, below the previous forecast. In the 3rd quarter, profit
was €15 million. Traffic increased by 7%, and fares rose by 13%.
CEO O’Leary maintains a target of 300 million passengers by 2034,
up from 183.5 million in the current year. Ryanair expressed
interest in purchasing Boeing‘s 737 MAX 10 jets
that U.S. customers may not wish to receive, stating it would
acquire them “at the right price.” The European airline expects the
MAX 10’s certification by the end of the year and flights from
2025.
United Airlines (NASDAQ:UAL) – United Airlines
approached Airbus to buy more A321neo jets due to the delay of the
Boeing 737 MAX 10, while also revisiting the ordered A350s. The
talks are in the early stages, focusing on the availability of the
A321neo. The future of the MAX is uncertain, and Airbus leads the
market with the A321neo. United Airlines resumed using its Boeing
737 MAX 9 jets for passenger flights following approval by U.S.
regulators, after a cabin explosion on an Alaska Airlines flight.
The first operation took place from Newark to Las Vegas. The FAA
lifted its suspension order but imposed new inspections and
maintenance checks.
Alaska Airlines (NYSE:ALK) – Alaska Airlines
completed inspections on its first group of Boeing 737 MAX 9
aircraft after a cabin explosion, allowing the carrier to resume
some operations with the MAX 9.
Lockheed Martin (NYSE:LMT) – Lockheed Martin
plans to cut 1% of its jobs over the year to reduce costs and
improve efficiency. The reductions will affect various areas of the
defense company, including hiring freezes and voluntary
separations. This is part of efforts to optimize the supply chain
and digitally transform the company’s operations as they face
supply chain challenges and anticipate lower-than-expected profits
for 2024.
Shell (NYSE:SHEL) – Shell’s exit from Nigeria’s
onshore oil sector highlights the challenges faced by major oil
companies in the country, but also raises hopes that local
companies can offset the decline in production in the Niger Delta.
The production decline is attributed to these factors and the lack
of investment in onshore assets by major companies. Local companies
could play a significant role in reversing this decline, but face
financial challenges. Additionally, Shell will close its oil
refinery in Wesseling, Germany, by 2025, converting it into a Group
III base oil production unit for lubricants, aiming to reduce
carbon and operational emissions. The change is expected to reduce
about 620,000 tons of carbon emissions per year. The company also
plans to sell its refining unit in Singapore.
Dollar Tree (NASDAQ:DLTR) – Houthi attacks in
the Red Sea are raising concerns about maritime transport costs.
Wells Fargo sees Dollar Tree at greater risk, with estimates of
impact on its profits at 15 to 25 cents per share in 2024.
Farfetch (NYSE:FTCH) – Farfetch, a global
luxury fashion platform, plans to sell its luxury online retail
platform to South Korean company Coupang. Bondholders, representing
more than 50% of Farfetch’s $400 million in convertible notes, seek
to protect their interests and possibly find allies among
convertible debt holders of Richemont and Alibaba Group Holding
(NYSE:BABA). Despite market pessimism, Farfetch still owns an
attractive platform and had significant revenues in 2023.
Willscot Mobile Mini Holdings (NASDAQ:WSC),
McGrath RentCorp (NASDAQ:MGRC) – Willscot Mobile
Mini Holdings is preparing to announce a deal of over $3 billion to
acquire McGrath RentCorp in a partnership of mobile construction
companies. The cash and stock deal is expected to be made official
on Monday, as reported by the Journal.
ResMed (NYSE:RMD) – ResMed’s shares dropped 40%
between July and October, due to concerns about the demand for
CPAPs after the success of weight loss drugs from Novo
Nordisk (NYSE:NVO) and Eli Lilly
(NYSE:LLY). However, the company noted an increase in CPAP
compliance among patients who were also taking GLP-1 medications,
which could indicate a positive impact on treatment adherence. The
company reported a recent increase in sales and profits, boosting
its shares. Eli Lilly is also conducting a clinical study to assess
the impact of GLP-1 medications on sleep apnea.
Archer-Daniels-Midland (NYSE:ADM) –
Archer-Daniels-Midland will delay performance bonus payments to
some executives until its financial statements are audited,
following an investigation into accounting practices in the
nutrition segment. ADM’s long-term compensation was tied to the
profit growth of this unit. The investigation prompted a drop in
ADM shares and the postponement of 2023 financial results.
Morgan Stanley (NYSE:MS) – The asset management
division of Morgan Stanley plans to double its private credit
portfolio to $50 billion in the medium term, pooling funds from
institutional investors and the wealthy. The private credit market
has grown due to strict regulations and higher interest rates,
boosting banking activity in this sector. Morgan Stanley seeks to
expand its presence in this competitive market as traditional banks
become more aggressive.
Deutsche Bank (NYSE:DB) – Douglas Braunstein’s
stake in Deutsche Bank from Hudson Executive Capital has decreased
from 3.18% to 0.92%. Braunstein, a former CFO of JP Morgan
Chase (NYSE:JPM), invested in Deutsche Bank in 2018 but
did not comment on the reason for the reduction. Deutsche Bank
stated that the move was a kind distribution to certain limited
partners.
Blackstone (NYSE:BX) – Blackstone is heavily
investing in data centers to meet the growing demand from
artificial intelligence. The acquisition of QTS and the massive
expansion of these centers are driving the company, but it faces
energy and community challenges.
Holcim – Holcim plans to fully separate its
North American operations and list them on the New York Stock
Exchange (NYSE), with an estimated valuation of about $30 billion.
The new CEO, Miljan Gutovic, will take over in May. The division
aims to increase sales and operating profit in the region by 2030,
while the rest of Holcim’s global business will focus on building
solutions in other regions. Analysts see the listing as a positive
move for the company.
Reddit – Reddit is considering a valuation of
at least $5 billion in its initial public offering, despite private
negotiations indicating values below that. The company plans to
list in March, but IPO market uncertainty may influence the final
outcome.
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