Paramount Global (NASDAQ:PARA) – National Amusements ended negotiations with Skydance for a merger with Paramount Global, with terms not agreed upon. The dispute involved share control and finances. Continuing current operations without significant changes is unsustainable, pressuring Redstone to find another sale offer. Meanwhile, Paramount outlined a plan to reduce debt and seek streaming partnerships, preparing for an independent future.
Apple (NASDAQ:AAPL) – Apple shares reached a record high, rising 7.3% on Tuesday, driven by announcements of new AI features. Analysts revised share price targets upward, anticipating increased sales due to these innovations. In addition to incorporating OpenAI’s advanced AI technologies into its Siri assistant, technical details indicate Apple is also using AI hardware from Google, specifically TPUs, to enhance its AI models, underscoring the strategic importance of the partnership with Google. Meanwhile, four new U.S. states joined the Department of Justice lawsuit against Apple, accusing it of monopolistic practices in the smartphone markets. The lawsuit highlights how the company allegedly raises prices for consumers and imposes restrictive contractual conditions on developers.
Alphabet (NASDAQ:GOOGL) – Google’s Alphabet unit will launch an anti-theft feature for Android phones in Brazil, using artificial intelligence. Three types of locks will be available, including suspicious movement detection and remote locking. In 2022, nearly 1 million cell phone theft cases were reported in Brazil.
Berkshire Hathaway (NYSE:BRK.A) – Despite the strong rise in Apple shares on Tuesday, Berkshire Hathaway shares did not follow suit. While Berkshire is one of Apple’s largest shareholders, its shares did not recover, possibly due to declines in the financial sector, where Berkshire also has significant exposure.
Amazon (NASDAQ:AMZN) – Amazon announced an additional $1.4 billion investment in its Housing Equity Fund to support the creation of 14,000 affordable housing units in Seattle, Nashville, and Washington. This new contribution raises the company’s total commitment to housing to $3.6 billion.
Meta Platforms (NASDAQ:META) – Analysts speculate that Meta Platforms may be the next company to conduct a stock split, being the only one of the so-called “Magnificent Seven” that has never done so. With shares trading above $500 and a 450% increase since the 2022 low, Meta is seen as ready for a stock split.
Accenture (NYSE:ACN) – Angie Park will assume the role of CFO of Accenture in December, succeeding KC McClure. With nearly 30 years at the company, Park has previously served as CFO in the Technology Services and Investor Relations divisions. The company also announced other internal appointments while facing a reduction in revenue forecasts.
Spotify (NYSE:SPOT) – Spotify will launch a new premium plan later this year, offering higher-quality audio and new playlist tools. According to Bloomberg, this addition will likely cost an extra $5 per month for existing users, aiming to increase margins following a recent premium plan price hike.
Tesla (NASDAQ:TSLA)- Elon Musk, CEO of Tesla, withdrew his lawsuit against OpenAI and its CEO, accusing them of deviating from the original nonprofit AI mission. The lawsuit was dismissed without prejudice, allowing for a possible reopening. Musk founded his own AI startup, xAI, after the dispute. Additionally, Musk faces accusations from an institutional shareholder of insider trading by selling Tesla shares and profiting billions. The lawsuit alleges Musk artificially inflated stock prices by hiding investment plans in Twitter. He is also accused of diverting resources and employees from Tesla to his other ventures. Meanwhile, JPMorgan analysts said that Tesla investors expecting a lucrative robotaxi deal soon will likely be disappointed. Although a robotaxi concept is expected on August 8, it is unlikely to generate significant revenue in the coming years due to production and regulatory challenges.
General Motors (NYSE:GM) – GM reduced its electric vehicle production forecast for 2024, focusing on the profitability of gasoline-powered models. Additionally, the company announced a new $6 billion share buyback plan, seeking to return capital to shareholders after recent challenges, including the United Auto Workers (UAW) strike and issues in its autonomous vehicle unit, Cruise.
VinFast Auto (NASDAQ:VFS) – The Vietnamese electric car manufacturer is advancing its expansion in Asia despite the global slowdown in electric vehicle demand and a slow start in the U.S. Founder Pham Nhat Vuong plans to open a factory in India six months ahead of schedule and start construction on another in Indonesia within the next two months, demonstrating determination to expand operations.
Boeing (NYSE:BA) – In May, Boeing delivered 24 commercial aircraft, half the number delivered in the same period last year, due to a slower production line and a renewed focus on quality after an incident. Of the deliveries, 19 were MAX jets, reflecting a 45% decline compared to the previous year. The company also received four new orders for the 787-10 Dreamliner model from Eva Air, totaling 142 new orders in 2024. After accounting adjustments, Boeing recorded 130 net adjusted orders to date. Additionally, the company announced the opening of a new engineering facility in Daytona Beach, Florida, planning to hire about 200 engineers this year. The facility will focus on engineering for military programs, advanced technology, and prototyping, with plans for expansion in the coming years.
Alaska Airlines (NYSE:ALK) – Alaska Airlines lost a $160 million trademark appeal case with the Virgin Group. The London court ruled that Alaska must pay annual royalties of $8 million until 2039, even though it no longer uses the Virgin brand. The appeal was rejected.
Virgin Galactic (NYSE:SPCE) – Virgin Galactic shares rose 12.3% on Tuesday, marking their biggest daily gain since May 28. This increase followed a 5.1% drop the previous day and follows the success of the company’s last commercial spaceflight of the Unity spacecraft.
GameStop (NYSE:GME) – On Tuesday, GameStop announced the completion of a market share offering, raising $2.14 billion in gross revenues. After rising 23% yesterday, the shares are down 4.4% in pre-market trading.
Rentokil Initial (NYSE:RTO) – Shares of the pest control company rose 12.6% in pre-market trading following confirmation from Nelson Peltz’s Trian Partners of its substantial position in the company, now ranked among the top ten shareholders.
WeWork (NYSE:WE) – David Tolley stepped down as CEO of WeWork after the company emerged from bankruptcy. John Santora, experienced in the real estate sector, took over. Under Tolley’s leadership, the company reduced its portfolio, renegotiated leases, and secured new capital, but its valuation dropped significantly after restructuring.
KKR & Co (NYSE:KKR) – KKR & Co agreed to acquire a significant stake in Quick Quack Car Wash for $850 million. Founders and Seidler Equity Partners will remain invested.
Bank of New York Mellon (NYSE:BK) – The Bank of New York Mellon is adopting “BNY” as its new nickname, marking a change after 240 years of history. This change reflects the expansion of its business beyond custody, including financial services and investments, while retaining the corporate name as The Bank of New York Mellon Corporation.
JPMorgan Chase (NYSE:JPM) – According to Bloomberg, when JPMorgan transferred loss risks on loans through SRT trades, part of those risks ended up in rival banks. These banks lent money to SRT investors, keeping the associated risks within the banking system. This contradicts the goal of such trades, which is to distribute risk outside the banking sector, worrying regulators and revealing flaws in the structure of these transactions.
UBS Group AG (NYSE:UBS) – UBS’s acquisition of Credit Suisse, two of the largest Swiss banks, raises concerns about the concentration of power and potential consequences for the Swiss financial market. Credit Suisse played a vital role in financing Swiss exports. With fewer financing options available, especially for small businesses, there is a fear that costs will increase. Regulators are closely monitoring the situation due to implications for competition and consumers.
Affirm Holdings (NASDAQ:AFRM) – Affirm announced that its “buy now, pay later” services will be available for Apple Pay users in the U.S. later this year, allowing installment payments for purchases made online or via app on iPhone and iPad devices. The company anticipates that this partnership will not significantly impact its revenues in 2025.
Johnson & Johnson (NYSE:JNJ) – Johnson & Johnson agreed to pay $700 million to settle investigations by 42 U.S. states and Washington, DC, over the safety of its talc products, accused of causing cancer. The company denies wrongdoing but faces thousands of lawsuits related to talc.
Earnings
Oracle (NYSE:ORCL) – Oracle reported adjusted fourth-quarter earnings of $1.63 per share on revenue of $14.29 billion, while analysts expected earnings of $1.65 per share on revenue of $14.55 billion. Despite posting fourth-quarter fiscal results below analysts’ expectations, the technology company announced significant cloud deals with Google and OpenAI. The positive impact of new partnerships boosted investor confidence, and shares rose 8.7% in pre-market trading.
Rubrik (NYSE:RBRK) – In the first quarter, the cloud data management and data security company reported an adjusted loss per share of $1.58, up from a loss of $1.48 in the same quarter last year. Revenue of $172.2 million increased 38% year-over-year. Analysts expected a loss of $1.84 per share on revenue of $171.5 million. For the second quarter, Rubrik expects to see a loss per share of 48 to 50 cents on revenue of $195 million to $197 million, in line with estimates.
Casey’s General Stores (NASDAQ:CASY) – Casey’s reported earnings per share of $2.34, beating the estimate of $1.72, and representing a 57% year-over-year increase. Net sales increased 5.6% to $3.60 billion, above expectations of $3.47 billion. Same-store sales rose 5.6%. Casey’s announced a 16.3% increase in its quarterly dividend to $0.5 per share, payable on August 15 to investors registered on August 1. For fiscal year 2025, CASY expects same-store sales to increase by 3% to 5% and operating expenses to increase by 6% to 8%.
Mama’s Creations (NASDAQ:MAMA) – Mama’s Creations reported earnings per share of 1 cent and revenue of $29.80 million in the first quarter. Analysts estimated earnings per share of 2 cents and revenue of $26.13 million. The shares fell 2.9% in pre-market trading.