Nvidia (NASDAQ:NVDA) – Nvidia shares are up 1.7% in Tuesday’s pre-market, driven by Oracle‘s (NYSE:ORCL) emphasis on its importance in the artificial intelligence market. After Monday’s close, Oracle announced a new cloud computing infrastructure deal with Nvidia. Nvidia shares closed lower on Monday, but Oracle CEO Safra Catz indicated a promising collaboration in an earnings call. The statements suggested a continued demand for AI chips, potentially alleviating concerns about Nvidia’s chip shortage.
Meta Platforms (NASDAQ:META) – Meta Platforms has filed a lawsuit against its former vice president, accusing him of betrayal for taking confidential documents before joining an AI cloud computing startup. Dipinder Singh Khurana now faces charges of violating contracts and legal duties.
Advance Auto Parts (NYSE:AAP) – Dan Loeb’s Third Point and activist Saddle Point have secured three seats on the board of Advance Auto Parts in agreement. The newly appointed directors were Tom Seboldt, Gregory Smith, and Brent Windom. Shares are up 1.9% in the pre-market following the announcement.
Uber Technologies (NYSE:UBER) – Uber Freight is expanding its presence in Europe, aiming to increase its freight capacity to 2 billion euros by 2028. Although the segment experienced a revenue drop in 2023, the company sees promising opportunities on the continent, adopting a fourth-party logistics approach for complete supply chain management of companies. With a renewed focus on technology and sustainability, Uber Freight aims to be the leading control tower for transportation operations in Europe, targeting greater transparency and efficiency.
Xiaomi (USOTC:XIACF) – Xiaomi, the Chinese smartphone giant, announced the launch of its first electric vehicle, SU7. Amid fierce competition, Xiaomi plans to become one of the leading global automakers, aiming to attract its customer base with advanced technology and integration with its devices.
Tesla (NASDAQ:TSLA) – German lawmakers and electric grid operators should join forces to strengthen the response to incidents like the arson near Tesla’s factory. Security needs to be reassessed, especially in the face of targeted attacks. André Thierig, head of the Tesla factory in Gruenheide, stated that it would take time to fully resume production after suspected arson. Furthermore, the Insurance Institute for Highway Safety in the US rated the Autopilot, Full Self Driving, and other nine driver-assist systems from Tesla and other major automakers as “poor,” stating there’s no evidence of real safety benefits.
Ford Motor (NYSE:F) – Ford agreed to pay $365 million to settle US tariff breach allegations on its Transit Connect vehicles. The Justice Department stated that Ford understated the value of the vans to avoid higher fees.
Nissan Motor (USOTC:NSANY), Honda Motor (NYSE:HMC) – Nissan is considering a 30% production cut in China, while Honda plans to cut 20%, citing increased local competition from electric vehicle manufacturers like BYD Co (USOTC:BYDDY), according to Nikkei.
Boeing (NYSE:BA) – New Zealand’s Transport Accident Investigation Commission seized flight voice and data records from a LATAM Airlines Boeing 787 after an incident with over 50 injuries. Chilean authorities are collaborating in the investigation of the Sydney-Auckland flight.
Bank of America (NYSE:BAC) – BofA Global Research revised its S&P 500 earnings forecast on Tuesday, projecting a 12% increase in the index’s company profits this year, with an estimated $250 earnings per share (EPS) for 2024.
JPMorgan Chase (NYSE:JPM) – Jamie Dimon indicated that a US recession is not out of the question, but that the Federal Reserve should adopt a cautious stance regarding interest rate cuts. He highlighted distortions caused by Covid-19 in economic indicators, emphasizing that the Fed should wait for more clarity before acting. Regarding the US elections, he noted the uncertainty regarding the outcome between Joe Biden and Donald Trump, characterizing the scenario as a “circus.” On the potential of Artificial Intelligence, Jamie Dimon highlighted its “unbelievable” value for the banking sector. He emphasized the increasing use of AI in areas such as risk, fraud, and marketing, suggesting the need for a dedicated reporting framework for AI.
Raymond James Financial (NYSE:RJF) – Raymond James hired 10 former Citigroup (NYSE:C) bankers to expand its reach in the public finance market, creating a new office in Seattle and expanding its presence in the western US.
New York Community Bancorp (NYSE:NYCB) – New York Community Bancorp completed a $1 billion capital injection deal and proposes a reverse stock split. Joseph Otting, former US Comptroller of the Currency, became CEO, along with a new board of directors. Shares are up 1.85% in the pre-market.
Tyson Foods (NYSE:TSN) – Tyson Foods announced the permanent closure of a pork plant in Perry, Iowa, eliminating 1,200 jobs due to declining demand. The city, impacted, faces the loss of its largest employer and a significant economic challenge.
Choice Hotels International (NYSE:CHH) – Choice Hotels International abandoned its attempt to acquire Wyndham Hotels & Resorts (NYSE:WH) due to lack of support from Wyndham shareholders for its hostile offer. Choice will now focus on its independent strategy.
Walt Disney (NYSE:DIS) – Disney responded to Nelson Peltz’s Trian Fund’s campaign for board seats with criticisms of their motivations and qualifications, claiming they do not meet the company’s needs. Disney also questioned the current board’s oversight capability. Additionally, Blackwells Capital revealed on Monday that Disney had not informed shareholders about ValueAct Capital Management’s investments totaling over $350 million in the company’s pension fund assets.
Honeywell (NASDAQ:HON) – Honeywell announced on Monday its intention to take a case regarding engine pricing with Bombardier (TSX:BBD.B) to Canada’s Supreme Court, following a controversial court order in December.
News Corp (NASDAQ:NWS) – According to Bloomberg News, Rupert Murdoch’s News Corp and the owner of the Daily Mail considered a joint bid with the UAE’s RedBird IMI fund to acquire the Telegraph. RedBird could hold up to 25% of the newspaper to mitigate concerns about foreign influence.
Acadia Pharmaceuticals (NASDAQ:ACAD) – Acadia Pharmaceuticals shares plummeted 18.7% in Tuesday’s pre-market after one of its drugs, pimavanserin (Nuplazid), failed to meet goals in a schizophrenia treatment trial. The company does not plan to conduct further clinical trials with the drug.
Earnings
Oracle (NYSE:ORCL) – Oracle shares are up 13.07% in pre-market trading, following the announcement of adjusted earnings per share of $0.41 cents against an estimated $1.38 cents by LSEG. Total revenue of $13.28 billion fell short of the $13.3 billion expectation. Oracle’s main business area, cloud services and license support, recorded a 12% revenue growth.
Vail Resorts (NYSE:MTN) – The ski resort company’s shares fell 4.3% in pre-market trading after announcing its fiscal second quarter failed to meet profit and performance expectations. The company reported a net profit of $219.3 million, or $5.76 per share on sales of $1.08 billion. Analysts surveyed by FactSet expected Vail to earn $6.04 per share on sales of $1.15 billion. Moreover, Vail also revised its full-year forecast downwards due to a lack of snow in its western North American resorts until January.
Asana (NYSE:ASAN) – Shares of the work management platform are down 2.3% in pre-market trading, following the announcement of its fiscal fourth quarter results, which exceeded expectations. Asana reported a loss of 4 cents per share, which was 6 cents better than expected, according to LSEG. Additionally, revenue of $117 million also exceeded estimates.
Casey’s General Stores (NASDAQ:CASY) – Casey’s General Stores exceeded earnings per share expectations with $2.33, but fell short on revenue, with $3.33 billion. The company attributed this shortfall primarily to an unfavorable comparison in fuel margin, which generated a one-time operational expense benefit of $15 million in the previous year, and higher operational expenses due to operating 167 additional stores. Inside sales increased by 4.1%, and inside gross profit rose by 11.3%. The company reaffirmed fiscal outlooks, planning for growth and share repurchases. Shares are down -1.6% in pre-market trading.