Tesla (NASDAQ:TSLA) – The Tesla Model Y was included for the first time on a list of plug-in electric and hybrid vehicles that a local government in China can acquire as a service car. This information was disclosed by the official Chinese media, The Paper, highlighting that the Jiangsu provincial government published the list on June 6. Tesla is scheduled to release its results on July 17. According to an analysis by MacroMicro, Tesla’s shares generally show a pattern of decline in the two weeks before releasing their quarterly results, followed by a recovery in the two weeks afterward. This pattern, observed since Tesla entered the S&P 500, reflects efforts to manage investor expectations before earnings reports, especially important for companies compared to the index. The shares rose 2.2% in pre-market trading.
Macy’s (NYSE:M) – Arkhouse Management and Brigade Capital Management have increased their offer to buy Macy’s for about $6.9 billion, as reported by the Wall Street Journal. The new proposal is to acquire the Macy’s shares they do not yet own for $24.80 each, up from the $24 per share offered in March. Macy’s shares rose 2.6% in pre-market trading.
Walmart (NYSE:WMT) – A U.S. appeals court has ruled that Walmart must face a lawsuit alleging that it frequently charges higher prices at checkout than advertised on store shelves, potentially violating state consumer protection laws with “bait and switch” practices. The shares rose 0.2% in pre-market trading.
Amazon (NASDAQ:AMZN) – Jeff Bezos, founder and executive chairman of Amazon, intends to sell nearly $5 billion in company shares, as announced in a regulatory filing after the stock value reached a record high. Following this sale, Bezos will retain approximately 8.8% of the equity, remaining active in leading Blue Origin. Additionally, Amazon has decided to halt the development of Astro for Business, a security robot for small and medium businesses, opting to focus on home robots. Initially introduced for residential use in 2021, Astro for Business was expanded last November to serve sectors like retail, manufacturing, and healthcare. In another move, Amazon has partnered with the Australian government to implement a cloud data system for highly sensitive information. With an investment of $1.3 billion (A$2 billion) over ten years, the project aims to enhance cyber capabilities and security collaboration with the United States, benefiting Australia’s Defense sector by creating three new data centers. In the retail sector, Saks Fifth Avenue is acquiring Neiman Marcus with support from Amazon.com. This transaction will result in the formation of Saks Global, a merger of retail and real estate assets, while the brands will continue operating under their original names. Amazon.com will acquire a minority stake in Saks Global and collaborate on innovations for customers and brand partners after the transaction is completed. The shares rose 0.2% in pre-market trading.
Baidu (NASDAQ:BIDU) – The leading internet search company in China has introduced its latest advanced language model, Ernie 4.0 Turbo, aimed at corporate clients. The model is priced at 30 yuan ($4.13) per 1 million input tokens and 60 yuan per 1 million output tokens. Previous Ernie models will see a price reduction of up to 83%. According to the company, the average daily use of Ernie increased by 150% in the second quarter compared to the previous quarter. The shares fell 1.3% in pre-market trading.
Netflix (NASDAQ:NFLX), Paramount (NASDAQ:PARA), Disney (NYSE:DIS) – Major U.S. streaming services are asking a Canadian court to amend the new 5% tax on their revenues in the country, imposed by Prime Minister Justin Trudeau, to remove the obligation to fund local news. The Motion Picture Association-Canada, representing Netflix, Paramount, and Disney, contests the mandatory contribution to the independent news fund, arguing it is discriminatory and inappropriate.
General Motors (NYSE:GM) – GM agreed to pay a $145.8 million fine and forfeit credits worth hundreds of millions of dollars after a U.S. government investigation found excessive emissions in about 5.9 million vehicles. The EPA discovered that the vehicles emitted an average of more than 10% CO2 than initially reported by GM. The shares are stable in pre-market trading.
Toyota Motor (NYSE:TM) – Toyota Motor confirmed it has not identified any new irregularities beyond those already reported in its vehicle certification applications. The company completed a comprehensive ten-year investigation into the certification process and communicated the results to Japan’s Ministry of Transport.
Honda Motor (NYSE:HMC) – Japanese financial groups like Tokio Marine, Sompo, and MS&AD will sell Honda Motor shares worth $3.3 billion (535 billion yen) to end cross-shareholdings. Mitsubishi UFJ and Mizuho will also join the sale, reflecting a broader move for corporate governance reform in Japan. In other related news, Honda is considering collaborating with Nissan to use standardized automotive software and develop a charging infrastructure for electric vehicles, according to the Nikkei newspaper. These measures could reduce costs and increase competitiveness in the growing global electric car market.
Fisker (NYSE:FSR) – Fisker asked a bankruptcy judge to approve the sale of over 3,000 Ocean electric SUVs for about $14,000 each to leasing company American Lease. This $46.25 million sale will help alleviate Fisker’s financial troubles, which it faces after cutting prices to generate capital during its bankruptcy.
Ryanair Holdings (NASDAQ:RYAAY) – Some Ryanair pilots have requested the right to refuse flights to Tel Aviv due to concerns about flying to the country during conflicts. They have asked the company to review the crew policy for flights to Israel, seeking a process similar to other airlines like Lufthansa and EasyJet. The shares rose 0.6% in pre-market trading.
OpenAI – A hacker accessed OpenAI’s internal messaging systems and stole details about the company’s AI technology design last year, according to the New York Times. The hacker obtained information from an online forum where employees discussed OpenAI’s latest technologies but did not access the systems where the company develops its AI, including ChatGPT.
Meta Platforms (NASDAQ:META) – Threads, the new platform from Meta Platforms and rival to X (formerly Twitter), has reached over 175 million monthly active users, according to CEO Mark Zuckerberg. Key metrics such as daily active users and average time spent per user have not yet been disclosed. Despite quickly reaching 100 million users, Threads faces challenges in retention and engagement. Unlike other social networks, Threads does not have advertising and thus generates little or no revenue for Meta. The shares rose 0.3% in pre-market trading.
Alphabet (NASDAQ:GOOGL) – Alphabet is licensing technology from its agriculture startup, Mineral, to fruit producer Driscoll’s Inc., while winding down the startup’s operations. Mineral, originated from Alphabet’s moonshot technology lab X, now independent, struggled to find a viable business model in the highly competitive agricultural industry. The shares rose 0.3% in pre-market trading.
Ericsson (NASDAQ:ERIC) – Ericsson announced it will record a non-cash impairment of $1.09 billion in the second quarter of 2024 due to the acquisition of Vonage in 2021. The acquisition, one of the largest in Ericsson’s history, was valued at $6.2 billion to diversify its operations. The shares fell 0.2% in pre-market trading.
PayPal (NASDAQ:PYPL) – The Federal Court of Australia ruled that PayPal’s local unit used an unfair clause in its standard contracts with small businesses, which did not notice overcharging errors. The clause was deemed unfair because it required customers to accept the fees as correct if they did not notify PayPal of errors within 60 days, according to the Australian Securities and Investments Commission (ASIC). The shares fell 0.2% in pre-market trading.
Coinbase Global (NASDAQ:COIN), Robinhood Markets (NASDAQ:HOOD), MicroStrategy (NASDAQ:MSTR) – After the price of Bitcoin plummeted below $55,000, cryptocurrency-related companies fell in pre-market trading. Coinbase dropped 6.8%, while Robinhood and MicroStrategy fell 3.1% and 8.8%, respectively.
State Street (NYSE:STT), UBS Group AG (NYSE:UBS) – U.S. bank State Street was chosen to custody the Swiss federal government’s multibillion-dollar compensation fund, previously held by UBS. The transfer of the AHV/IV/EO fund, valued at over $44.48 billion (40 billion Swiss francs), is expected to be completed by the end of this year. UBS shares rose 0.5% in pre-market trading, while State Street shares are stable.
KKR & Co (NYSE:KKR), Instructure (NYSE:INST), Thoma Bravo (NASDAQ:ZCKZYX), Bain Capital (NYSE:BCSF) – Private equity firms KKR and Francisco Partners are competing to acquire Instructure, a U.S. educational software provider valued at $3.4 billion. Both have advanced to the final round of bids and are expected to submit binding offers next week. There is no certainty that Thoma Bravo, which owns 83% of Instructure, will agree to sell it, and other bidders may emerge. Additionally, KKR agreed to acquire U.S. sports uniform and yearbook maker Varsity Brands from Bain Capital for about $4.75 billion, including debt. KKR plans to offer equity to employees as an incentive, a practice traditionally reserved for senior executives.
Shell (NYSE:SHEL) – Shell announced it will record an impairment of up to $2 billion following the sale of its Singapore refinery and the halt in the construction of one of Europe’s largest biofuel plants in Rotterdam due to unfavorable market conditions. The British company expects a financial impact on its second-quarter results. Shell’s New York-listed shares rose 1.3% in pre-market trading.
Teck Resources (NYSE:TECK), Glencore (LSE:GLEN) – The Canadian government approved Glencore’s acquisition of Teck Resources’ metallurgical coal unit for $6.93 billion, with stringent conditions to preserve jobs. To gain approval, Glencore agreed to keep Elk Valley Resources’ Canadian headquarters for at least ten years, ensure most directors are Canadian, and maintain significant employment levels for at least five years, according to the country’s Industry Minister.
Anglo American (USOTC:NGLOY) – The Australian Mining and Energy Union has reached an agreement with Anglo American to extend payment until the end of August for workers at the Grosvenor mine, which was closed this week due to an ongoing underground fire. The agreement guarantees payment extension from July 15 to August 31 for all full-time employees and contractors working at the mine.
Smith & Nephew (NYSE:SNN) – Cevian Capital, an activist investor, acquired a 5% stake in Smith & Nephew, a British medical equipment manufacturer. The company faced challenges, including supply chain issues and declining profitability in its orthopedics division. Smith & Nephew shares rose 8.40% in pre-market trading.
AbbVie (NYSE:ABBV) – AbbVie revised downward its adjusted earnings forecast for 2024 due to significant expenses related to milestones achieved, research and development, all associated with strategic acquisitions. After losing the patent for its main drug, Humira, the company is intensifying efforts to expand its product portfolio. The new annual adjusted earnings projection is now $10.61 to $10.81 per share, reflecting an adjustment from the previous forecast of $11.13 to $11.33 per share. The shares are stable in pre-market trading.
Novo Nordisk (NYSE:NVO) – Novo Nordisk shares fell about 3% last Tuesday after a Massachusetts Eye and Ear study, linked to Harvard, suggested that the drugs Ozempic and Wegovy may increase the risk of NAION, a rare form of vision loss. The research revealed a sevenfold higher likelihood of being diagnosed with this eye condition among users of these medications, although further confirmation through larger studies is needed. The shares are up 1.9% in pre-market trading.