BuzzFeed (NASDAQ:BZFD) – BuzzFeed shares surged over 80% in Thursday’s pre-market after announcing the sale of Complex and planning staff cuts. Complex was sold for $108.6 million to NTWRK, while BuzzFeed will lay off 16% of its staff to save costs. New details will be shared on February 28th.
Amazon (NASDAQ:AMZN), Walgreens (NASDAQ:WBA) – Amazon is set to join the Dow Jones Industrial Average, replacing Walgreens Boots Alliance next week, announced S&P Dow Jones Indices. The change reflects the diversity of commerce in the US.
Alphabet (NASDAQ:GOOGL) – Google announced on Wednesday that its artificial intelligence tools will be powered by “Gemini” models and offered at lower prices, aiming to compete with companies backed by Microsoft and OpenAI. “Duet AI in Workspace” is now “Gemini for Google Workspace,” available for $20-30 per month. Moreover, Reddit has struck a deal with Google to provide its content to train the search giant’s AI models, according to sources. Valued at about $60 million annually, the contract highlights Reddit’s efforts to generate revenue and prepare for its initial public offering.
Apple (NASDAQ:AAPL) – Apple is launching the PQ3 protocol on its iMessage messaging platform to protect against future advances in quantum computing. The company rebuilt the cryptographic protocol from scratch to bolster defenses against potential threats amid concerns about “Q-Day.”
Intel (NASDAQ:INTC), Microsoft (NASDAQ:MSFT) – Intel revealed plans to partner with Microsoft to manufacture a custom chip, aiming to surpass TSMC by 2025. New technologies, including Intel 14A, are expected to maintain leadership until 2026. Intel seeks recovery with subsidies and geographic diversification, attracting external customers.
Arm Holdings (NASDAQ:ARM) – Arm Holdings unveiled a set of chip manufacturing designs that could shorten the development of data center processors to less than a year. The announcement highlights competition with Intel and AMD, while companies like Amazon and Microsoft are already adopting the technology. This could speed up innovation in the sector.
ASML (NASDAQ:ASML) – South Korea’s Samsung Electronics (KOSPI:005930) sold its entire remaining stake in ASML, a semiconductor equipment manufacturer, in the last quarter of 2023. A total of 1.58 million shares were sold, amounting to 0.4% of ASML. Despite the sale, the companies will continue to collaborate, as agreed in a previously signed memorandum of understanding.
General Motors (NYSE:GM) – General Motors announced on Wednesday that its Cadillac Lyriq regained eligibility for the $7,500 electric vehicle tax credit, following battery source adjustments. The change comes due to new US Treasury rules, reducing the number of eligible EVs. GM expects more models to qualify after the change.
Ford Motor (NYSE:F) – The United Auto Workers (UAW) union announced on Wednesday an agreement with Ford for a local contract covering workers at the Kentucky truck plant. With 9,251 employees, the plant produces Ford‘s profitable F-series trucks. This agreement is separate from the contracts previously signed by Detroit’s three automakers – Ford, General Motors, and Stellantis – with the UAW, which included record wage increases for about 150,000 members.
Stellantis (NYSE:STLA) – Stellantis announced the start of electric van production at its Luton, UK, plant from 2025, providing stability for the 92-year-old facility. The plant will produce five electric models, in addition to continuing with combustion models.
Nikola (NASDAQ:NKLA) – Stephen Girsky, Nikola‘s executive chairman, was appointed interim chief financial officer on February 14, replacing Anastasiya Pasterick, who resigned in November. Girsky, a former General Motors executive, took over following Pasterick’s resignation, becoming the company’s fourth CEO in three years. Nikola is set to release its quarterly results soon.
Boeing (NYSE:BA) – Boeing fired Ed Clark, the leader of the 737 Max program, following an in-air explosion. Katie Ringgold will take his place. Elizabeth Lund was promoted to senior vice president of quality. The company faces criticism for manufacturing defects, pressing for reforms.
JD.com (NASDAQ:JD) – If JD.com acquires British retailer Currys, it would represent a strategic move for the Chinese e-commerce giant, providing a unique opportunity to expand its presence in the UK and Europe. Additionally, it would be an effective alternative to tackle the challenges of the saturated domestic market and intense competition.
TotalEnergies (NYSE:TTE) – The TotalEnergies refinery in Port Arthur, Texas, with a capacity of 238,000 barrels per day, is facing operational issues, running at minimal production due to failures in the crude oil distillation unit heaters. Other units, including vacuum distillation and the coker, were also affected. Furthermore, TotalEnergies signed a strategic partnership with Airbus (USOTC:EADSY), providing sustainable aviation fuel for over half of the airplane manufacturer’s needs in Europe. The agreement aims to reduce CO2 emissions from aviation, in line with carbon neutrality goals by 2050.
Chesapeake Energy (NASDAQ:CHK) – Chesapeake Energy announced spending and natural gas production cuts due to market oversupply. The company will reduce wells and expenses, anticipating a production of 2.7 billion cubic feet per day in 2024. The acquisition of Southwestern Energy is ongoing.
Earnings
Nvidia (NASDAQ:NVDA) – Nvidia exceeded Wall Street’s expectations in the fourth quarter, with an adjusted earnings per share of $5.16 (expected $4.64) and revenue of $22.10 billion (expected $20.62 billion). Net income was $12.29 billion, a 769% increase from last year’s $1.41 billion. For the current quarter, revenue of $24 billion is expected. Shares rose 14.55% in Thursday’s pre-market.
Rivian Automotive (NASDAQ:RIVN) – After reporting significant losses and announcing 10% cuts in its salaried workforce, shares of the electric vehicle company plummeted 14.4% in Thursday’s pre-market. Rivian forecasts electric vehicle production this year well below Wall Street’s expectations. Last quarter, Rivian recorded a loss of $1.36 per share, slightly below the LSEG estimate. Despite this, its revenue of $1.32 billion exceeded expectations.
Lucid Group (NASDAQ:LCID) – After reporting an increase in losses, shares of the electric vehicle company fell about 9% in pre-market trading. Lucid reported revenue of $157 million in the last quarter, below the LSEG estimate of $180 million.
Royal Caribbean (NYSE:RCL) – Royal Caribbean raised its earnings forecast for the year, driven by strong demand and a solid start to 2024 cruises. RCL shares rose 4.45% in Thursday’s pre-market, reflecting optimism about demand. The company expects an adjusted EPS between $9.90 and $10.10, while analysts anticipate $9.73 per share for the year.
SunRun (NASDAQ:RUN) – Shares of SunRun Inc. fell 6% in Thursday’s pre-market trading due to fourth-quarter results falling short of Wall Street’s expectations. The company reported a net loss of $535.4 million and revenue of $516.6 million, below estimates. The company faces challenges with weaker demand and higher interest rates.
Synopsys (NASDAQ:SNPS) – Shares of the software company rose 4.13% in pre-market trading after reporting earnings of $3.56 per share, excluding items, beating the LSEG estimate of $3.43 per share. Moreover, the company forecasts second-quarter revenues and earnings above expectations.
Etsy (NASDAQ:ETSY) – Shares of the online commerce company fell 8% in pre-market trading after reporting earnings per share of 62 cents, below the LSEG estimate of 78 cents. However, Etsy‘s revenue exceeded expectations.
Lloyds Banking Group (NYSE:LYG) – Lloyds Banking Group reported a 57% increase in annual profit, reaching $9.5 billion (£7.5 billion), exceeding analysts’ expectations. The bank provisioned £450 million for regulatory costs and announced the appointment of Nathan Bostock to the board. The group also announced a final dividend of 1.84 pence and a £2 billion share buyback.
Berkshire Hathaway (NYSE:BRK.B) – Berkshire Hathaway investors await the release of fourth-quarter earnings, Warren Buffett’s letter to shareholders, and the 2023 annual report. Class B shares have risen over 14% this year, outperforming the S&P 500, as investors analyze details such as share buybacks, Geico results, and book value.
AssetMark (NYSE:AMK) – In the fourth quarter, AssetMark saw an increase in advisors and assets, but revenue fell to $158 million from $164 million the previous year, due to a decrease in spread-based revenue. Despite this, adjusted earnings per share rose to 59 cents, surpassing analysts’ expectations.