Moody’s (NYSE:MCO), New York Community Bancorp (NYSE:NYCB) – Moody’s downgraded the long-term and some short-term ratings of New York Community Bancorp to junk on Tuesday, with warnings of potential downgrades. The downgrade reflects high governance risks and potential sensitivity to confidence due to significant losses in commercial real estate loans. NYCB shares are down 9.76% in pre-market trading.
Alphabet (NASDAQ:GOOGL) – An autonomous vehicle from Alphabet’s Waymo collided with a cyclist in San Francisco, resulting in minor injuries for the cyclist. The company reported that the vehicle was stationary before it moved into the intersection, not seeing the cyclist hidden behind a truck. Local authorities are investigating the incident. Meanwhile, GM’s autonomous car unit, Cruise, is facing investigations after a similar incident.
Apple (NASDAQ:AAPL) – Apple faced and won an antitrust action by AliveCor over the heart technology of the Apple Watch. The favorable decision, issued by Federal Judge Jeffrey White, remains under seal since January 31.
Amazon.com (NASDAQ:AMZN) – Amazon.com plans to cut hundreds of jobs in its health divisions, including One Medical and Amazon Pharmacy. The cuts aim to reduce costs and reinforce operational efficiency as part of its long-term strategy.
Zoom Video (NASDAQ:ZM) – Zoom is restructuring teams, removing the group focused on diversity, equity, and inclusion (DEI) during job cuts. The company is now seeking external consultants to lead inclusion initiatives, reflecting a broader trend of retreating from DEI policies.
Taiwan Semiconductor Manufacturing (NYSE:TSM) – January sales for Taiwan Semiconductor Manufacturing grew, driven by demand for AI chips, offsetting weakness in consumer electronics products. Its revenue increased by 7.9% to $6.9 billion, highlighting its strong position in the sector. The company projects revenue growth of at least 8% for the March quarter.
Warner Bros. Discovery (NASDAQ:WBD), Fox Corp (NASDAQ:FOX), Disney (NYSE:DIS) – Fox Corp, Walt Disney, and Warner Bros Discovery announce a new sports streaming service, aiming to attract younger viewers. The service, featuring extensive sports content and subscription options, seeks to capitalize on the growing streaming market and compete with giants like Amazon and Apple. Warner Bros. Discovery shares saw a 3.1% increase, and Fox shares rose by 0.55% in Wednesday’s pre-market following the announcement. However, shares in Disney, which owns ESPN, fell by 1.2%.
Royal Philips NV (NYSE:PHG) – Royal Philips NV is recalling its SPECT BrightView nuclear imaging system due to potential component failures. Although the product is no longer manufactured, the company is contacting customers for further inspections, with an insignificant financial impact.
Lyft (NASDAQ:LYFT) – Lyft announced on Tuesday guaranteed weekly earnings for drivers, an innovation in the US rideshare industry dominated by Uber (NYSE:UBER). Lyft aims to strengthen the sector and increase its driver base amid fierce competition.
General Motors (NYSE:GM) – LG agreed to provide $18.6 billion in cathode materials to General Motors under a long-term agreement. Over 500,000 tonnes are expected to be delivered starting from 2026, boosting the manufacturing of about 5 million electric vehicles. General Motors is recalling 323,232 vehicles due to a rear door issue that may open while the vehicle is in motion, posing a road hazard. The recall covers specific models of the Chevrolet Silverado and GMC Sierra.
Tesla (NASDAQ:TSLA) – Tesla faced challenges in South Korea in January, selling only one electric vehicle due to safety concerns, pricing, and charging infrastructure. Demand was affected by seasonal fluctuations and delays in government subsidies. The drop reflects a cooling market and concerns over Chinese manufacturing.
Diageo (NYSE:DEO) – The global spirits manufacturer sought to regain investor confidence after a profit warning related to a decline in sales in Latin America. The company has implemented measures to prevent similar issues in the future, creating a sense of relief among some investors. However, skepticism remains about the effectiveness of these measures and the company’s ability to drive growth, especially in the affected region.
Costco (NASDAQ:COST) – Richard Galanti, former CFO of Costco Wholesale, will step down in March, succeeded by Kroger’s Gary Millerchip. Galanti will continue as a consultant until 2025 after more than three decades of significant company growth.
Ryanair (NASDAQ:RYAAY) – Ryanair won its second challenge against the Dutch bailout of $3.7 billion to Air France-KLM, after a European court found that the EU Competition Commission erred by not considering other beneficiaries of the group.
UBS Group (NYSE:UBS) – UBS Group AG is launching new dollar-denominated Tier 1 notes, following recent plans for risk bond issuances. Offering $1 billion with maturity in April 2031, the initiative comes after a successful issuance in November.
Earnings
Ford Motor (NYSE:F) – Ford’s shares rose 6.1% in pre-market trading after exceeding Wall Street’s expectations for the fourth quarter and providing a stronger full-year forecast than anticipated. Additionally, the company unveiled plans to distribute a special dividend of 18 cents per share. The automaker reported earnings of $0.29 per share on revenue of $43.2 billion, while analysts surveyed by LSEG had predicted earnings of $0.14 per share on revenue of $40.12 billion.
Snap (NYSE:SNAP) – Snap’s shares fell more than 30% in Wednesday’s pre-market trading after its fourth-quarter revenue fell short of analysts’ expectations. Snap reported revenue of $1.36 billion, while analysts surveyed by LSEG had expected $1.38 billion. Although the company exceeded forecasts for active users in the fourth quarter, it did not meet the expected average revenue per user.
Mercury Systems (NASDAQ:MRCY) – Mercury reported an adjusted loss of 42 cents per share on revenue of $197 million, while analysts surveyed by FactSet had expected earnings of 7 cents per share on revenue of $213 million.
Viasat (NASDAQ:VSAT) – The communications company posted mixed results in the third quarter, generating revenue of $1.13 billion, surpassing analysts’ forecasts surveyed by FactSet, who had expected $1.11 billion. However, the company’s adjusted earnings per share fell short of analysts’ estimates.
VF Corp (NYSE:VFC) – The apparel and footwear company’s shares dropped 7.6% in Wednesday’s pre-market trading after missing estimates during the fiscal third quarter. VF Corporation reported adjusted earnings of 57 cents per share on revenue of $2.96 billion. Analysts surveyed by LSEG had expected the company to earn 77 cents per share on revenue of $3.24 billion. Additionally, the company announced the departure of its CFO, Matt Puckett.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle exceeded Wall Street’s expectations in the fourth quarter. The company earned $10.36 per share, excluding extraordinary items, on revenue of $2.52 billion, while analysts surveyed by LSEG had expected earnings of $9.75 per share on revenue of $2.49 billion.
Gilead Sciences (NASDAQ:GILD) – In the fourth quarter, the biopharmaceutical company reported adjusted earnings of $1.72 per share, below the expectations of analysts surveyed by LSEG, who had anticipated earnings of $1.76 per share. However, the revenue of $7.12 billion was in line with forecasts.
Amgen (NASDAQ:AMGN) – Amgen reported adjusted fourth-quarter earnings of $4.71 per share, beating estimates. Its revenue totaled $8.2 billion, with product sales, excluding those from Horizon, growing 5%, driven by the osteoporosis drug Prolia.
Kyndryl Holdings (NYSE:KD) – Kyndryl exceeded quarterly projections with revenue of $3.9 billion and adjusted EBITDA of $615 million. The IT services provider signed contracts worth $3.7 billion in new business, surpassing expectations. In the fourth quarter, net income was $63 million, with a loss of 5 cents per share. Projections include a revenue contraction of 6-7% in 2024, aiming to return to growth in 2025.
Fortinet (NASDAQ:FTNT) – After two previous profitable reports, Fortinet impressed with robust numbers in the last quarter, driving its shares up 8.6%. Net income was $310.9 million, with revenue of $1.42 billion, surpassing estimates.
TotalEnergies (NYSE:TTE) – TotalEnergies warned of refining margin weakness, foreseeing an impact on 2024 results after a 31% drop in adjusted earnings in the fourth quarter of 2023. The CEO announced investments in new oil and gas projects and an increase in dividends and share buybacks. Net income fell to $5.2 billion, below the same quarter last year, compared to the average analysts’ forecast of $5.4 billion according to LSEG data. Additionally, TotalEnergies chose not to send ships through the southern Red Sea and Suez Canal due to Houthi attacks, increasing freight costs and delaying trips to Europe. The CEO cited increased insurance costs as a reason.
Enphase Energy (NASDAQ:ENPH) – In the fourth quarter, Enphase’s revenue was $302.6 million, below analysts’ expectations of $327.9 million. For the first quarter, the company projects revenue between $260 million and $300 million, while analysts had expected an average of $318.3 million. Enphase Energy anticipates inventory normalization and increased demand by the end of the second quarter, boosting its shares by 13.90% in Wednesday’s pre-market trading.
Equinor (NYSE:EQNR) – Equinor reported a $3 billion reduction in its return to shareholders for this year on Wednesday. Despite a slight decrease in operating profit in the last quarter of 2023, the company plans to increase future investments and adjust quarterly dividends. In the last quarter of 2023, Equinor recorded an adjusted pre-tax profit of $8.68 billion, a significant drop from $17 billion in the same period last year. Despite this, the result exceeded analysts’ expectations, who had forecast a profit of $8.46 billion. The adjusted full-year earnings for 2023 totaled $36.2 billion, a decline from the record $76.9 billion in 2022, mainly due to falling gas prices.