OpenAI, Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL) – Microsoft has given up its observer seat on OpenAI’s board, which has attracted regulatory attention in Europe and the US, following improvements in the AI startup’s governance over the past eight months. Apple, which recently integrated OpenAI’s ChatGPT into its devices, also opted not to take on the observer role, contrary to expectations, according to the Financial Times. OpenAI plans a new approach to engagement with strategic partners like Microsoft and Apple through regular stakeholder meetings. Microsoft shares rose 0.56% in pre-market trading.
Taiwan Semiconductor Manufacturing Co (NYSE:TSM) – TSMC, the world’s largest contract chipmaker, reported strong second-quarter revenue growth, surpassing market forecasts due to high demand for AI applications. April-June revenue was $20.67 billion, up 32% from the same period last year. TSMC expects a 30% increase in second-quarter net profit. Shares rose 1.83% in pre-market trading.
Apple (NASDAQ:AAPL) – Global shipments of personal computers rose 3% in the second quarter, driven by demand for devices with artificial intelligence capabilities, with Apple posting the highest growth among manufacturers, according to preliminary data from IDC. This marks two consecutive quarters of growth after two years of decline. Apple shares rose 0.38% on Tuesday, closing the day with a market capitalization above $3.5 trillion. The recent increase was driven by the company’s new AI strategy and potential better iPhone sales in China. Shares rose 0.14% in pre-market trading.
Samsung Electronics (KOSPI:005935) – Samsung Electronics will launch a new health tracking feature that Apple watches do not yet have, in an attempt to gain an advantage over the American electronics leader. The new Galaxy Watch models will monitor the Advanced Glycation End Products (AGEs) index, which can indicate the user’s metabolic health and biological age.
Nvidia (NASDAQ:NVDA) – Nvidia shares closed up 2.5% on Tuesday, boosted by positive analyses and investments in AI infrastructure. Following a recent correction, the shares are approaching their all-time high, with predictions of increased demand for chips and data center expansion. Shares rose 0.91% in pre-market trading.
Intel (NASDAQ:INTC) – Intel shares are recovering after a significant 38% drop in the first half of the year. The company saw a 1.8% increase on Tuesday and has gained 12.2% over the last five trading sessions, marking its best five-day performance since November 2023. Some analysts see the recent rise as a result of short position adjustments, while others are skeptical about a sustainable recovery beyond current levels. Shares rose 0.17% in pre-market trading.
Aehr Test Systems (NASDAQ:AEHR) – Aehr Test Systems released preliminary financial results for the fourth quarter and fiscal year 2024. The company expects revenue of approximately $16.6 million and net income of about $23.8 million in the fourth quarter. For 2024, it expects $66.2 million in revenue and $33.1 million in net income. Shares rose 14.50% in pre-market trading.
Smart Global Holdings (NASDAQ:SGH) – Smart Global Holdings reported third-quarter fiscal profit despite a 13% annual revenue decline, totaling $300.6 million. The company estimates fourth-quarter sales between $300 million and $350 million, differing from analysts’ expectations of $325 million. Shares rose 5.21% in pre-market trading.
Baidu (NASDAQ:BIDU) – Baidu saw a significant increase in interest in its Apollo Go robotaxi service in China, resulting in a rise in optimistic purchase options for the company. This growing interest is related to Beijing’s recent announcement to support robotaxis for transport fleets and car rentals, signaling potential technology expansion. Shares rose 1.57% in pre-market trading.
Meta Platforms (NASDAQ:META) – Meta announced it will begin removing more posts attacking “Zionists” when the term is used to refer to Jews and Israelis, rather than supporters of the political movement. The policy update follows consultations with various groups and comes amid rising tensions in the Middle East.
Oracle (NYSE:ORCL) – Elon Musk’s AI startup, xAI, and Oracle ended negotiations on a potential $10 billion server deal, according to The Information. The discussions aimed to expand an existing agreement where xAI rented Nvidia AI chips through Oracle. Negotiations stalled over Musk’s demands for rapid supercomputer construction and Oracle’s concerns about power capacity at the desired site.
UiPath (NYSE:PATH) – UiPath announced on Tuesday that it will cut 10% of its global workforce, eliminating about 420 jobs as part of a restructuring plan to reduce operating expenses. This decision marks a significant shift since Daniel Dines resumed as CEO after Rob Enslin’s resignation in May. Shares rose 0.84% in pre-market trading.
LegalZoom (NASDAQ:LZ) – LegalZoom lowered its full-year sales forecast and announced the departure of its CEO, who will be replaced by one of the company’s largest individual shareholders. Jeffrey Stibel, current chairman of the board with approximately 3.5% ownership, will immediately assume the CEO role, replacing Dan Wernikoff. The platform, which provides legal, accounting, and other services for small businesses, now expects sales between $675 million and $685 million, down from the previous forecast of $700 million to $720 million. Shares fell 17.2% in pre-market trading.
Goldman Sachs (NYSE:GS) – Goldman Sachs Asset Management predicts that the US economy will grow more slowly in the second half of 2024, around 2%, with stock indexes projected to remain predominantly stable due to slowing profits and political anxieties. GSAM sees opportunities in AI stocks and fixed-income markets, especially in high-yield bonds and structured credit.
Citigroup (NYSE:C) – Citigroup strategists led by Drew Pettit suggest that despite the strong performance of AI-related stocks, investors should consider taking profits, especially among chip manufacturers. Although sentiment is optimistic, with cash flow forecasts exceeding expectations, they warn of potential volatility and highlight the need for diversification within the AI sector.
HSBC Holdings (NYSE:HSBC) – HSBC is restructuring parts of its investment bank to resemble competitors like Citigroup Inc. Sector coverage groups are being combined to increase banker efficiency in providing services to clients in response to challenging market conditions.
Wells Fargo (NYSE:WFC) – Wells Fargo announced the appointment of Alexandra Barth as co-head of its leveraged finance business, strengthening its team while seeking to expand its investment banking operations. The bank has bolstered its investment banking unit, adding more than 50 bankers and operators since 2020. Barth, who previously co-led leveraged finance at Deutsche Bank, where she worked for nearly 25 years, will now lead the team alongside Trip Morris, reporting to Tim O’Hara.
UBS Group AG (NYSE:UBS) – UBS is changing its leadership in Florida, appointing Lane Strumlauf as market executive for the state, replacing Brad Smithy. Strumlauf, who has been with UBS for 17 years and recently served as market executive in Atlanta, will now oversee approximately 600 employees in over 20 offices in Florida. The change reflects the growing importance of the Florida market for UBS, which has attracted many wealthy clients in recent years.
Fifth Third Bancorp (NASDAQ:FITB) – Fifth Third Bancorp agreed to pay $20 million in fines and compensate 35,000 consumers for unauthorized account openings and illegal car repossessions. The Cincinnati bank, without admitting or denying the charges, will also pay specific fines to resolve these issues, as announced by the U.S. Consumer Financial Protection Bureau (CFPB).
Blackstone (NYSE:BX) – Blackstone has hired Tyler Dickson, former global head of investment banking at Citigroup, to lead client relations in its credit and insurance unit. Dickson, a 30-year Citi veteran, will now oversee the Institutional Client Solutions team at Blackstone Credit & Insurance (BXCI).
BlackRock (NYSE:BLK) – BlackRock Investment Institute (BII) stated that the recent UK parliamentary elections made the valuation of UK stocks attractive, while Japanese stocks remain their top equity investment choice. The historic defeat of the British Conservative Party in the election increased perceived political stability, improving sentiment, according to Wei Li, BlackRock’s chief investment strategist.
KKR & Co (NYSE:KKR) – Kokusai Electric announced a secondary offering of up to 60.4 million shares, valued at approximately $2.02 billion, including additional lots. This follows a significant increase in the shares of the Japanese chip equipment maker, driven by expectations of investments in technology such as artificial intelligence. KKR’s stake, which plans to sell part of its shares, would fall to 23%, down from about 43% previously.
Berkshire Hathaway (NYSE:BRK.B) – Berkshire Hathaway’s stock portfolio exceeded $400 billion, mainly driven by the performance of Apple, its largest holding, which hit a record high on Tuesday. Despite the increase in portfolio value, Berkshire’s stock price rose only about 1% this quarter, lagging the S&P 500’s performance. The company, dominated by its Apple holding, which accounts for about 44% of its stocks, expects to report results on August 3.
Tesla (NASDAQ:TSLA) – Tesla shares are on an impressive winning streak, making them the most expensive in over two years. After nine consecutive days of gains, totaling about 39%, and an increase of more than 80% since the 52-week low before the first-quarter earnings announcement, which exceeded expectations. On Tuesday, shares closed up 3.7%, while the price-to-earnings ratio rose significantly, indicating that the shares are now valued at 88 times future earnings. With Tesla anticipating improvements such as higher battery storage sales and vehicle deliveries, along with a future robotaxi event, investors are optimistic but cautious about the company’s valuation. Shares rose 0.92% in pre-market trading.
VinFast Auto (NASDAQ:VFS) – The Vietnamese electric vehicle manufacturer is seeking a bank loan of about $250 million to finance the construction of its assembly plant in Subang, Indonesia. Controlled by Pham Nhat Vuong, the company aims to expand regionally and compete in the global electric vehicle market.
Ford Motor (NYSE:F) – Ford Motor is receiving a reduced incentive package from the state of Michigan for its battery plant in Marshall, after cutting expected production to match electric vehicle demand. The revised package offers up to $409 million, down from $1.03 billion previously. The plant will start production in 2026. Shares rose 0.1% in pre-market trading.
Boeing (NYSE:BA) – Boeing reported that June had the highest number of commercial jet deliveries of the year, with 44 aircraft, a 27% reduction from the previous year due to legal and production challenges. The company faces supply chain difficulties and increased regulatory scrutiny. Shares rose 0.15% in pre-market trading.
Delta Air Lines (NYSE:DAL) – Riyadh Air, Saudi Arabia’s new airline, partnered with US-based Delta Air Lines to expand its network before starting commercial operations next year. Riyadh Air will be the second national airline, based in Riyadh, alongside Jeddah-based Saudia. Delta will be Riyadh Air’s only partner in North America, offering access to hundreds of destinations in the US.
Goodyear Tire & Rubber Company (NASDAQ:GT), Yokohama Rubber Co (TG:YRB) – Japan’s Yokohama Rubber is negotiating the purchase of Goodyear Tire & Rubber’s off-road tire division for at least $1 billion, according to Bloomberg. Goodyear shares rose 1.42% in pre-market trading.
Helen of Troy (NASDAQ:HELE) – On Tuesday, Helen of Troy reported financial results below expectations, with adjusted earnings of 99 cents per share and revenue of $416.8 million, against estimates of $1.59 per share and $446 million in revenue. The company expects first-quarter fiscal issues to continue, adjusting its 2025 revenue forecast to a 6% to 3.5% decline, worse than previous estimates.
Koss Corp. (NASDAQ:KOSS) – Koss Corp. shares closed down 5.4% on Tuesday, after already dropping 21.4% on Monday. Rumors of investment by Keith Gill, the Roaring Kitty, led to a 143.8% gain in the stock on July 3, the largest daily gain since January 2021. In 2024, Koss shares have risen 196.1%, outperforming the S&P 500 index. The company also reported a 22% revenue decline in the third fiscal quarter, attributed to reduced consumer spending due to high inflation and energy and loan costs. Shares rose 5.65% in pre-market trading.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle Mexican Grill veteran Jack Hartung will retire as CFO on March 31. Adam Rymer, with 15 years at Chipotle and current vice president of finance, will succeed him as CFO starting January 1. Shares rose 0.12% in pre-market trading.
Kura Sushi USA (NASDAQ:KRUS) – Kura Sushi increased sales last quarter after adjusting menu prices but faced a loss due to high labor costs. Revenue grew 28%, reaching $63.1 million, in line with expectations. The net loss was $558,000, or -5 cents per share, compared to a profit of $1.7 million, or 16 cents per share, in the same period last year. FactSet analysts expected 1 cent per share profit. The company revised its annual revenue projections to $235 million to $237 million, down from the previous range of $243 million to $246 million.
Tyson Foods (NYSE:TSN) – Tyson Foods agreed to sell a chicken processing facility to House of Raeford Farms as part of its strategy to regain profitability. Raeford Farms, a family-owned meat producer, plans to maintain operations at the Georgia plant with the current workforce and grower network. Tyson will continue to fulfill customer orders from other locations.
Kroger (NYSE:KR), Albertsons (NYSE:ACI) – Kroger disclosed details of the stores, distribution centers, and plants it plans to sell to gain regulatory approval for its merger with Albertsons Cos. The sale, including 579 locations in several states, aims to address antitrust concerns before a trial scheduled for August.
Cigna Group (NYSE:CI), CVS Health (NYSE:CVS), UnitedHealth Group (NYSE:UNH) – The federal government intensified its campaign against pharmacy benefit management companies with a critical report from the Federal Trade Commission, alleging these companies are raising drug costs and harming independent pharmacies. The report, the result of a two-year ongoing investigation, blames the industry for high drug prices in the US, highlighting the control they exert, negatively impacting independent pharmacies. Despite the criticism, the commission does not plan immediate regulatory actions.
Tempus AI (NASDAQ:TEM) – Wall Street brokers began covering Tempus AI, backed by SoftBank, with an optimistic view, betting that its library of clinical and molecular data will drive more powerful diagnostics and tests. Seven brokers, including JPMorgan and Morgan Stanley, gave a “Buy” or “Overweight” rating, boosting the company’s shares. The company sells genomic tests in various medical fields and expects revenue and profit growth in the coming years. Shares rose 2.61% in pre-market trading.
Pfizer (NYSE:PFE) – Mikael Dolsten, Pfizer’s Chief Scientific Officer and a key figure in the development of the Covid-19 vaccine, will leave the company after more than 15 years. During his tenure, Dolsten led major projects, including the Comirnaty vaccine and drugs like Vyndaqel and Eliquis. The search for his successor has already begun. Shares fell 0.11% in pre-market trading.
Novo Nordisk (NYSE:NVO), Eli Lilly (NYSE:LLY) – An analysis showed that Eli Lilly’s treatment promotes faster and more significant weight loss than Novo Nordisk’s treatment. The analysis, which is not a direct clinical trial, was based on health records and showed better weight loss results with Mounjaro compared to Ozempic. Novo Nordisk stated that direct comparisons in clinical trials are necessary, while Lilly is conducting a more comprehensive study expected to conclude this year. Novo shares fell -0.45% in pre-market trading.
United Parcel Service (NYSE:UPS) – UPS appointed longtime employee Brian Dykes as the new Chief Financial Officer. Dykes, with over 25 years at the company, replaces Brian Newman. The change comes as UPS faces higher labor costs due to the new contract with the Teamsters and won an air cargo contract from USPS, replacing FedEx.
Union Pacific (NYSE:UNP) – Union Pacific reported that it has resumed most of its operations in Texas, affected by Hurricane Beryl, but expects some disruptions until power and road access are fully restored. Except for the Galveston area, all impacted track segments were quickly reactivated. The company warns of potential delivery delays by train in affected areas.
Vale (NYSE:VALE) – Consulting firm Russell Reynolds presented Vale’s board, one of the world’s largest iron ore miners, with 15 potential candidates to replace current CEO Eduardo Bartolomeo. The nominees include leaders from major Brazilian companies like Francisco Gomes Neto from Embraer, Gustavo Werneck from Gerdau, and Cristiano Teixeira from Klabin. Vale expects to announce the new CEO by December. Shares fell 0.26% in pre-market trading.
ArcelorMittal (NYSE:MT) – ArcelorMittal South Africa decided to keep its long steel production unit, providing South Africa with an opportunity to revitalize local manufacturing, according to Philippa Rodseth, executive director of the Manufacturing Circle. The move could sustain 270,000 jobs if supported by industry, government, and workers. Shares rose 0.63% in pre-market trading.