Interactive Brokers (NASDAQ:IBKR) – Interactive Brokers revealed a loss of $48 million due to an error on the New York Stock Exchange that temporarily showed a 99% drop in the stock prices of some companies, including Warren Buffett’s Berkshire Hathaway. The broker attempted to claim compensation for the loss, but the NYSE denied the request.
Amazon (NASDAQ:AMZN) – Amazon shares closed up 3.9% on Wednesday, reaching $193.61 and boosting its market value to over $2 trillion. Reaching the $2 trillion market cap is a testament to Amazon’s resilience and adaptability in the competitive tech market. The company took more than four years to achieve this milestone, having first reached the $1 trillion mark in 2018 and again in 2020. Amazon plans to launch a section on its shopping site with cheap items that will be shipped directly from warehouses in China to international consumers. According to The Information, this section will offer unbranded fashion, home items, and daily necessities, with delivery expected within 9 to 11 days. Additionally, the Amazon Web Services conference was interrupted by protesters demanding the cancellation of a $1.2 billion contract with the Israeli government, shared with Google. They accused Amazon of complicity in genocidal events in the conflict with Hamas, considered a terrorist organization by the EU and the US. Amazon shares fell 0.05% in pre-market trading.
Nvidia (NASDAQ:NVDA) – Nvidia CEO Jensen Huang credited the company’s success in the artificial intelligence chip market to a strategic decision made over a decade ago, which included billion-dollar investments in AI and building a strong team of engineers. He highlighted Nvidia’s transition from focusing on gaming to data centers and AI as essential for its growth. Nvidia shares fell 1% in the previous regular trading session and were down 1.1% in pre-market trading on Thursday.
Alphabet (NASDAQ:GOOGL), CME Group (NASDAQ:CME) – Google is testing facial recognition in Kirkland, Washington, for office security. The system compares facial data from cameras with employee badge photos to detect unauthorized presences, aiming to maintain security. Collected data is not stored, and employees can opt out. Additionally, Google and CME Group are creating a new cloud computing network to transfer futures and options trading to the cloud. The data center will be built near CME’s current center in Aurora, Illinois, to minimize disruptions to clients. The 10-year alliance began in 2021, with Google investing $1 billion in CME. Alphabet shares rose 0.1% in pre-market trading.
Trump Media & Technology Group (NASDAQ:DJT) – Trump Media shares closed nearly 8% higher on Wednesday, recovering after an initial drop of more than 6% the same day. The positive move in the shares comes since last Friday, after a sharp decline following the SEC’s declaration that additional shares of the company were effective. Shares rose 2.6% in pre-market trading.
Infosys (NYSE:INFY) – Infosys CEO Salil Parekh resolved allegations of not implementing adequate internal controls to prevent insider trading at the company during a 2020 contract. Parekh agreed to pay 2.5 million rupees (about $30,000) to settle the dispute with the Indian market regulator. Shares rose 1.5% in pre-market trading.
Honeywell (NASDAQ:HON) – After a period of underperformance, Honeywell International shares may be ready for a rebound. The company, known for its leadership and strong balance sheet, faced difficulties due to the pandemic. With new annual profit growth targets and more accessible stock valuation, Honeywell is positioned to regain its success under the leadership of Vimal Kapur. Honeywell aims for annual profit growth of 10%, looking to revitalize the company after an average annual profit growth of just 3% from 2018 to 2023, a period during which its shares rose only 24%.
Nokia (NYSE:NOK) – Nokia announced it will sell its submarine networks business, ASN, to the French state for 350 million euros ($374 million), but this will not alter its financial forecasts. The sale, expected to be completed between late 2024 and early 2025, will reduce Nokia’s network infrastructure group’s sales by 1 billion euros. Shares rose 1.4% in pre-market trading.
Citigroup (NYSE:C) – Citigroup warned employees to avoid confrontations with protesters at its New York headquarters as climate and pro-Palestinian activists try to block the entrance. The bank’s Security and Investigation committee advised employees to follow safety and local police guidance. In other news, Peter Cai, Citigroup’s head of risk data, analytics, reporting, and technology, left the bank. This is the latest in a series of executive departures since the company’s reorganization began in September, amid challenges with risk management and data governance. Shares rose 0.5% in pre-market trading.
UBS Group AG (NYSE:UBS) – UBS is pressing the Swiss government for clarity on how much more capital it will need to hold following its purchase of Credit Suisse, amid concerns that negotiations could drag on for months, causing investor uncertainty. It is still unclear whether the additional $15 to $25 billion in capital mentioned by the finance minister in April is over and above the $19 billion already committed due to the increased size of the bank.
Mizuho Financial Group (NYSE:MFG) – Mizuho Financial Group has become the latest Wall Street firm to establish its base in the Middle East in Saudi Arabia. The Japanese bank recently received a license from the Saudi Ministry of Investment to set up its regional headquarters in Riyadh. The firm is complying with the Saudi requirement to do business with government entities, which requires a regional base with at least 15 employees.
Carlyle (NASDAQ:CG), KKR & Co (NYSE:KKR), Discover Financial (NYSE:DFS) – Carlyle and KKR won a bid for a $10 billion student loan portfolio from Discover Financial, as reported by the Financial Times. The joint offer outbid competitors Sixth Street, BlackRock, and the Canada Pension Plan Investment Board, selling the portfolio above face value.
Bain Capital (NYSE:BCSF) – Bain Capital, CVC Capital Partners, and Francisco Partners are considering bids for Orisha, a French software company valued at up to $2.1 billion. TA Associates, which invested in Orisha in 2021, plans to retain a stake alongside a new owner. The bids are in the submission phase for the Paris-based company.
Blackstone (NYSE:BX) – Blackstone, the private equity firm, completed the acquisition of Village Hotels, which operates 33 mid-range hotels in the UK, marking a strengthening of its presence in the lucrative hospitality sector, which has outperformed the broader commercial real estate market.
Toyota Motor (NYSE:TM) – Toyota is recalling 145,254 vehicles in the US due to side airbags that may not deploy properly, according to the National Highway Traffic Safety Administration. In some vehicles, the driver’s side airbag may not deploy as intended and could partially deploy out of an open window.
Honda (NYSE:HMC) – Honda launched an updated version of its Freed minivan in Japan, including a two-motor hybrid, as pure electric cars lose popularity. With promising initial sales and an annual target of 700,000 units, Honda aims to lead with hybrids until 2030 while also preparing to invest in EVs.
Tesla (NASDAQ:TSLA) – Tesla shares fell 0.8% in pre-market trading. Tesla investors are weighing upcoming delivery results against other factors that could impact the stock’s performance. Projections for the second quarter of 2024 indicate deliveries of approximately 440,000 vehicles, down from 466,000 the previous year, with recent estimates pointing to around 422,000 cars, reflecting a year-over-year decline of more than 10%. Stephen Gengaro, an analyst at Stifel, initiated coverage of Tesla stock with a buy recommendation and a price target of $265. He highlights Tesla’s leadership position in the electric vehicle sector, comparing it to major tech companies. Despite the recent slowdown in sales, Gengaro foresees improvement for Tesla, driven by expanding charging infrastructure, launches of more affordable models, and technological advancements. In other news, SpaceX plans to sell insider shares at $112 each in a tender offer, raising its valuation to nearly $210 billion, up from $180 billion in December. This decision reflects strong investor demand, setting a new record for the valuation of a private company in the US, still below ByteDance’s $268 billion.
Rivian (NASDAQ:RIVN) – Rivian shares fell 0.3% in pre-market trading. Despite a 30% jump on Wednesday, driven by Volkswagen’s planned $5 billion investment, the company is still 90% below its peak valuation of $153 billion in November 2021. Its current valuation is about $15 billion, a difference of roughly $138 billion. According to Reuters, engineers in California received camouflaged Audis from Germany earlier this year to test the integration of Rivian’s advanced technology into the vehicles. This testing explored the feasibility of future Volkswagen EVs benefiting from Rivian’s innovations, culminating in Volkswagen’s significant investment in the startup.
Zeekr (NYSE:ZK) – From May 2023 to April 2024, electric vehicle sales in Russia increased by about 350% year-over-year, with more than 20,500 EVs sold. Chinese brands accounted for more than half of these sales. Zeekr, a premium Chinese brand, particularly stood out, selling over 8,000 cars since June last year, despite not having an official presence in Russia. This growth comes as Western manufacturers withdrew from the Russian market due to the conflict in Ukraine, allowing Chinese manufacturers to capture a significant market share.
Boeing (NYSE:BA) – A Boeing executive disclosed non-public information from an NTSB investigation into a 737 MAX incident, violating regulations, according to Reuters. The NTSB, highlighting that Boeing is well aware of the rules, limited its access to information and will report the case to the US Department of Justice. Additionally, Boeing is resuming wide-body jet deliveries to China, which had been halted due to a Chinese regulatory review. Boeing 737 MAX deliveries are expected to restart as early as next month. Shares rose 0.7% in pre-market trading.
Southwest Airlines (NYSE:LUV) – Southwest Airlines continues to face pricing issues in the second quarter, despite expectations of record summer travel demand in the United States. Southwest Airlines shares fell on Wednesday after the company lowered its expectations for second-quarter RASM, anticipating a decline of 4% to 4.5%, compared to the previous forecast of a 1.5% to 3.5% decline. Additionally, the stock’s value has dropped 25% over the past two years and has been targeted by activist investor Elliott Management, which has called for changes in leadership and the board. Shares fell 0.3% in pre-market trading.
Delta Air Lines (NYSE:DAL) – Delta Air Lines opened a new VIP lounge at John F. Kennedy International Airport in New York, offering a luxury experience with design elements inspired by the Brooklyn Bridge and Missoni accessories. The space includes a wellness area with massage chairs and nap pods. This lounge is part of Delta’s strategy to position itself as the premier luxury airline in the US, with plans to open similar lounges in Boston and Los Angeles later this year.
RTX Corp (NYSE:RTX) – RTX Corp subsidiary Collins Aerospace is in talks with NASA to withdraw from its contract to build new space suits for astronauts on the International Space Station, a setback as the agency faces issues with its decades-old extravehicular activity suits. Collins has encountered difficulties and delays in developing the program and is discussing with NASA how to end its role in the project.
BP Inc (NYSE:BP) – Murray Auchincloss, the new CEO of BP, has imposed a hiring freeze and paused new offshore wind projects to focus more on oil and gas. These changes respond to investor dissatisfaction with the company’s previous strategy to transition to renewable energy, which was not generating expected returns quickly. Shares rose 0.8% in pre-market trading.
BHP Group (NYSE:BHP) – In the first half of 2024, financial advisory fees for mergers and acquisitions in Asia reached an 11-year low of $1.5 billion amid a reduced business landscape. Among the affected deals, mining company BHP Group abandoned its $49 billion plan to acquire rival Anglo American, further reducing investment banking revenue opportunities in the region. Shares fell 1% in pre-market trading.
International Paper (NYSE:IP), Suzano (NYSE:SUZ), DS Smith (LSE:SMDS) – International Paper shares fell 14.85% in pre-market trading after Suzano, the Brazilian company and the world’s largest pulp producer, announced the end of talks to acquire the Memphis-based paper manufacturer. Reports indicate Suzano had proposed buying International Paper for approximately $15 billion. Meanwhile, International Paper revealed this week that its pending acquisition of British packaging company DS Smith, valued at more than $7 billion, passed a significant US regulatory hurdle.
Novo Nordisk (NYSE:NVO) – Novo Nordisk announced it will record an impairment loss of about $816.72 million in the second quarter of 2024 after the failure of the phase 3 CLARION-CKD study to meet its primary goal. Shares rose 0.5% in pre-market trading.
GSK (NYSE:GSK) – A CDC committee recommended RSV vaccines only for people aged 75 and older and for adults aged 60 to 74 at risk. This limits the expected coverage for younger patients, affecting GSK’s sales expectations. Shares fell 1% in pre-market trading.
Grail Inc (NASDAQ:GRAL) – Grail shares began trading on Nasdaq on June 25 after the company spun off from Illumina due to concerns from the European Commission over market dominance in early cancer detection testing. Shares opened at $18.35, dropping to as low as $15.84, and closed at $17. The spin-off was approved in April 2024, with each Illumina shareholder receiving one Grail share for every six Illumina shares. Illumina retains a 14.5% minority stake in Grail. Grail focuses on developing the Galleri blood test for early cancer detection, facing strong market competition. On Wednesday, shares closed at $16.73. Shares are stable in pre-market trading.
Merck (NYSE:MRK) – Over the years, Merck has conducted numerous clinical studies for Keytruda, its groundbreaking cancer immunotherapy. These studies secured regulatory approval for the drug for 17 types of cancer, making it one of the world’s most important medications, with sales of $25 billion in 2023, representing 40% of Merck’s total revenue.
Medtronic (NYSE:MDT), HP Inc. (NYSE:HPE) – Karen Parkhill, CFO of Medtronic, will leave the medical device manufacturer to join HP Inc. as CFO. Her departure comes at a crucial time for the PC industry, which is seeking recovery after a long post-pandemic downturn.
GameStop (NYSE:GME) – GameStop’s trading volume fell to its lowest level in nearly eight weeks on Wednesday, continuing to calm after the recent meme stock frenzy. Volume was 17.43 million, the lowest since May 2, well below the 65-day average of 47.57 million. GameStop shares fell 0.5% in pre-market trading.
Nike (NYSE:NKE) – Nike may be close to overcoming a prolonged period of weak sales and market share loss. First, it will face an earnings report that many on Wall Street predict will be mediocre. The company will report numbers after the market closes, and analysts expect revenues of $12.9 billion for the last quarter, in line with the previous year, and earnings of 84 cents per share, up from 66 cents previously. For the full year, earnings are expected to be $3.70 per share, with total sales of $51.6 billion. Shares rose 0.1% in pre-market trading.
Birkenstock (NYSE:BIRK) – German sandal maker Birkenstock announced that a $756 million secondary offering was priced at $54 per share by an entity associated with L Catterton. L Catterton, backed by Bernard Arnault and LVMH, will reduce its stake in Birkenstock to 73.2%, with Birkenstock not selling shares or receiving funds from the offering. Shares rose 0.5% in pre-market trading.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle Mexican Grill shares rose 0.3% after its first stock split since its debut on the New York Stock Exchange. The 50-for-1 split adjusted the price to $65.66, making the shares more accessible to retail investors and potentially increasing demand. Shares rose 0.5% in pre-market trading.
McDonald’s (NYSE:MCD) – McDonald’s executive Joe Erlinger stated that the McPlant test in the US was unsuccessful, as customers are not seeking plant-based options or salads at the chain’s restaurants. The McPlant test in San Francisco and Dallas ended in 2022. Instead, McDonald’s is focusing on offering more chicken options, which are more affordable and popular with consumers.