FedEx (NYSE:FDX) – FedEx exceeded profit forecasts for the quarter, posting an adjusted profit of $3.86 per share, higher than the $3.45 per share expected by analysts consulted by LSEG. However, the company’s revenue did not meet estimates. FedEx also announced a $5 billion share buyback program. FedEx shares rose 12.6% in pre-market trading.
Nike (NYSE:NKE) – The German Football Association (DFB) announced that Nike will be its official supplier from 2027, ending a long partnership with Adidas. The change comes after Nike offered the best financial deal to outfit the national teams until 2034. In the third fiscal quarter, Nike exceeded Wall Street projections, with a profit of 77 cents per share and revenue of $12.43 billion, surpassing the expectations of analysts consulted by LSEG, who predicted 74 cents per share and revenue of $12.28 billion. Nike observed a slowdown in its sales in China. Shares are down -6.6% in pre-market trading.
Lululemon Athletica (NASDAQ:LULU) – In the fourth fiscal quarter, Lululemon recorded earnings per share of $5.29 and revenue of $3.21 billion, against estimates of $5.00 in earnings and $3.19 billion in revenue. Net income was $669.5 million, and revenue grew about 16% from the previous year. Despite exceeding expectations, the outlook was below estimates, with growth stagnating in North America. Shares are down 12.7% in pre-market trading.
Academy Sports & Outdoors (NASDAQ:ASO) – Academy Sports & Outdoors reported earnings of $6.96 per share and revenues of $6.159 billion last quarter, slightly below forecast. Despite this, the CEO highlights a solid growth strategy and expansion plans for more than 800 stores, maintaining a positive outlook for the future.
Accenture (NYSE:ACN) – Accenture released the results of the latest quarter on Thursday, with revenue of $15.80 billion, slightly below the average analyst estimate of $15.84 billion. The company also reported adjusted earnings of $2.77 per share, surpassing the $2.66 per share estimate. Accenture lowered its revenue forecasts for fiscal year 2024, now estimating growth of 1% to 3%, compared to the previous projection of 2% to 5%.
Corporate highlights
Microsoft (NASDAQ:MSFT) – Microsoft agreed to acquire AI startup Inflection for about $650 million in cash, allowing it to use Inflection’s models and hire its team, including co-founders. The models will be available on Azure, and investors will receive a 1.5 times return on their investment.
Apple (NASDAQ:AAPL) – Antitrust proceedings and potential infringements of the Digital Markets Act led to a drop in Apple’s shares on Thursday, erasing about $113 billion in market value. Regulators in the US and Europe have intensified investigations into Apple, raising investor concerns about fines and its dominance.
Meta Platforms (NASDAQ:META) – After more than three hours of interruption, Meta Platforms’ Instagram was back online for most users. About 400 interruptions persisted, most related to login issues, after more than 5,000 initial reports.
Walt Disney (NYSE:DIS) – Nelson Peltz’s campaign for a seat on Disney’s board gained momentum with the endorsement of Institutional Shareholder Services (ISS), increasing tension before the shareholder vote on April 3. While Disney already had support from Glass Lewis and notable figures, ISS criticized Disney’s performance and suggested that Peltz could improve corporate governance, despite Disney‘s opposition to his candidacy.
Spotify (NYSE:SPOT) – Spotify launched a feature that reveals the magnitude of podcasters. Joe Rogan leads with 14.5 million followers, highlighting his influence. Meanwhile, BandLab celebrates 100 million users, highlighting the continued success of the music platform.
Rush Street Interactive (NYSE:RSI), DraftKings (NASDAQ:DKNG) – Rush Street is considering strategic options, including a potential sale, according to Bloomberg. The company, with brands such as BetRivers and RushBet, approached potential buyers, including DraftKings. Founded by Neil Bluhm, Rush Street operates in 15 states and three countries, reporting sales of $691 million last year, despite facing stiff competition from market leaders like DraftKings and FanDuel.
Booking.com (NASDAQ:BKNG) – The Italian Competition Authority (AGCM) has initiated an investigation into Booking.com for possible anti-competitive practices, including adjusting accommodation prices on the platform without the consent of hotels, aiming to maintain competitiveness against more advantageous offers from other sites.
Reddit (NYSE:RDDT) – Social media platform stocks are down 3.1% in pre-market trading. On Thursday, Reddit made its debut on the New York Stock Exchange, seeing a 48% increase in its value on the first day of trading. ARK Invest, led by investor Cathie Wood, acquired almost 10,000 Reddit shares. These shares were added to the ARK Next Generation Internet (AMEX:ARKW) and ARK Fintech (AMEX:ARKF) ETFs, totaling an investment valued at $503,492.
Auna SA – Auna SA raised $360 million in its initial public offering in the US, pricing shares below the announced range. The healthcare provider in Latin America, with hospitals and clinics in Mexico, Peru, and Colombia, sold 30 million shares at $12 each, below the range of $13 to $15.
Grifols (NASDAQ:GRFS) – The Spanish stock market regulator, CNMV, found no significant errors in Grifols’ accounts, ruling out the need for revision, despite some deficiencies that do not affect the representation of the company’s financial reality. The investigation followed accusations from Gotham City Research but confirmed the integrity of Grifols’ financial disclosures.
Alibaba (NYSE:BABA), Bilibili (NASDAQ:BILI) – Alibaba offloaded nearly $360 million in shares of the Chinese streaming platform Bilibili at a considerable discount, part of a series of divestments as it seeks capital to invest in AI and rejuvenate its business.
Best Buy (NYSE:BBY) – Best Buy shares advanced 1.94% in pre-market trading, reaching $82.00, following an upgrade in rating by analysts at JPMorgan, who moved from “Neutral” to “Overweight” and raised the target price from $89 to $101, as reported by The Fly.
Dutch Bros (NYSE:BROS) – Shares of the drive-through coffee chain fell about 5.4% in pre-market trading. Dutch Bros announced the start of a secondary offering of its shares, conducted by some shareholders associated with TSG Consumer Partners LP. These shareholders plan to make 8 million shares available, and Dutch Bros will not receive any proceeds from the sale.
PepsiCo (NASDAQ:PEP) – PepsiCo has committed to investing an additional $400 million in Vietnam to build two new renewable energy-powered hubs, as announced by the Vietnamese government on Friday. These investments come during a visit by delegations from over 60 US companies to the country.
Boeing (NYSE:BA) – Heads of major airlines will hold discussions with Boeing’s new board chairman, Larry Kellner, about concerns stemming from issues at Alaska Airlines and in production, seeking solutions for safety and quality issues.
Southwest Airlines (NYSE:LUV) – Southwest Airlines approved a new five-year work contract for 18,000 agents, with an hourly wage rate of $38, 6.6% above United Airlines (NASDAQ:UAL). The agreement shortens the time to reach the top of the pay scale to 10 years of service, instead of 11.
American Airlines (NASDAQ:AAL) – Last month, an American Airlines Boeing 737-800 went off the runway due to a brake failure, related to incorrect maintenance, as stated by US investigators on Thursday. The incident occurred at Dallas-Fort Worth International Airport, and none of the 104 passengers was injured, with the pilots using thrust reversers to slow down.
United Airlines (NASDAQ:UAL) – United Airlines Holdings will allow up to five MileagePlus associates to share and redeem miles in a joint account starting Thursday, without affecting membership status. Loyalty programs gained momentum during the pandemic, expanding similar options in other airlines.
Tesla (NASDAQ:TSLA) – Tesla reduced the production of electric cars at its factory in China, in response to slow growth in new energy vehicle sales and intense competition. The automaker instructed employees at the beginning of the month to work five days a week, reducing the production of the Model Y and Model 3.
Aston Martin (USOTC:ARGGY) – Adrian Hallmark, former CEO of Bentley, was hired by Aston Martin to stabilize the iconic luxury car manufacturer, replacing Amedeo Felisa. Hallmark, with extensive experience in the automotive industry, will lead the company’s transformation, facing financial challenges and seeking solutions for recovery.
Goldman Sachs (NYSE:GS) – Goldman Sachs Asset Management announced it raised over $700 million for the Union Bridge Partners I fund, part of the company’s $340 billion External Investment Group. This fund will collaborate with external managers, targeting investment opportunities in public and private markets, focusing on sectors such as hospitality, software, and music royalties. This initiative reflects Goldman Sachs’ strategy to expand its private credit portfolio to $300 billion over five years.
Santander (NYSE:SAN) – Santander announced that its shareholders are expected to receive over $6.5 billion in dividends and buybacks this year, driven by a strong start. CEO Ana Botin anticipates a 9% increase in first-quarter revenue compared to the previous year, maintaining annual targets.
Bank of America Corp (NYSE:BAC) – In anticipation of the Federal Reserve’s policy meeting, US stocks saw significant outflows, pushing the S&P 500 index to new highs. US equity funds experienced withdrawals of about $22 billion, the largest figure since December 2022, according to Bank of America, citing data from EPFR Global. Bank of America strategist Michael Hartnett warned about the gains, suggesting signs of a possible bubble, contrasting with the optimistic view of other analysts.
JPMorgan Chase (NYSE:JPM) – The head of JPMorgan Chase in China for private banking, Grace Lin, will retire after 8 years at the institution. Her successor will be announced shortly. The change is part of a broader reorganization in the bank’s leadership, including appointments in the Asia region.
BlackRock (NYSE:BLK) – A senior BlackRock executive expressed dismay over the Texas state fund’s decision to withdraw $8.5 billion in assets, urging the fund’s administrators to reconsider. The dispute highlights concerns about the use of ESG criteria in investing.
Capital One (NYSE:COF), Discover Financial Services (NYSE:DFS) – The $35.3 billion merger between Capital One and Discover Financial will be scrutinized by investors and will face resistance from antitrust advocates and Democratic lawmakers, who believe it will increase costs for consumers and threaten financial stability. The Biden administration’s Justice Department is ramping up scrutiny of bank mergers.
First Citizens BancShares (NASDAQ:FCNCA) – Goldman Sachs rated First Citizens BancShares as a buy with a target price of $1,950, highlighting its potential for low- to mid-teens return. Now the 16th largest bank in the US, with assets of $213.6 billion, the bank is praised for its recovery and growth in the banking sector, especially after acquiring parts of Silicon Valley Bank.