Costco Wholesale (NASDAQ:COST) – Costco has increased its membership fees by $5 for annual members, while the top-tier plan sees a $10 increase. This is the first fee hike since 2017. Shares rose 2.90% in pre-market trading.
ON Semiconductor (NASDAQ:ON), Microchip Technology (NASDAQ:MCHP) – Morgan Stanley analysts downgraded ON Semiconductor from “Equal Weight” to “Underweight,” reducing the price target from $70 to $65. Microchip Technology was also downgraded from Overweight to Equal Weight. ON Semiconductor shares fell 2.73% in pre-market trading.
WD-40 Company (NASDAQ:WDFC) – WD-40 outperformed expectations in the third fiscal quarter, earning $1.46 per share on $155 million in revenue, surpassing analysts’ expectations of $1.39 per share and $145.8 million in revenue, according to FactSet. Shares rose 12.67% in pre-market trading.
Microsoft Corp. (NASDAQ:MSFT) – Microsoft avoided an EU antitrust investigation by negotiating a deal with CISPE, withdrawing complaints about software licensing that hindered migration to other cloud providers. The agreement, which benefits only CISPE members and excludes AWS, aims to increase competitiveness in the European cloud market. Shares fell 0.05% in pre-market trading.
Apple (NASDAQ:AAPL) – Apple plans to ship 90 million units of the iPhone 16 in the second half of this year, representing a 10% increase over the previous year. The company is betting on new AI features to drive demand, aiming to outpace competition and improve sales after a challenging year. The anticipated sales revolution of the $3,500 Vision Pro mixed reality headset has yet to materialize since its US launch in February. Forecasts indicate a 75% drop in domestic sales this quarter, but international releases and a more affordable model in 2025 could reignite interest. Shares fell 0.21% in pre-market trading.
Samsung Electronics (KOSPI:005930) – Samsung Electronics is ramping up its bid to rival Apple in wearables by launching a smart ring and a new high-end wearable similar to the Apple Watch Ultra. The $400 Galaxy Ring monitors fitness and sleep with skin temperature and female menstrual cycle sensors, while the $650 Galaxy Watch Ultra offers sleep apnea detection and a two-day battery life. Samsung sees adding AI features as key to reclaiming its title as the world’s leading foldable device maker, said mobile chief TM Roh. The new Galaxy Z Flip 6 and Galaxy Z Fold 6, launched in Paris, stand out for AI integration for differentiation and sales growth, including an auto-interpreter for calls on social apps like WhatsApp and WeChat.
Advanced Micro Devices (NASDAQ:AMD) – AMD acquired Silo AI for $665 million to bolster its position in artificial intelligence. Silo AI, Europe’s leading private AI lab, will bring expertise in advanced models, helping AMD compete with Nvidia in graphics chips and AI solutions. Shares fell 0.22% in pre-market trading.
Taiwan Semiconductor Manufacturing Co (NYSE:TSM) – TSMC hit an all-time high on Thursday after announcing strong second-quarter revenues, driven by high demand for AI applications. With a market value exceeding 28 trillion Taiwan dollars, TSMC leads as Asia’s most valuable company. In the US, the company briefly reached a market value of one trillion on Wednesday. Shares rose 1.06% in pre-market trading.
Alphabet (NASDAQ:GOOGL), HubSpot (NYSE:HUBS) – Investors value Alphabet at $2.3 trillion due to its status as an internet search giant and AI innovator. However, Needham & Co. analysts claim YouTube’s true value, estimated at at least $455 billion, is not fully recognized within Alphabet’s conglomerate structure. A spinoff could unlock this hidden value, benefiting investors interested in YouTube’s leadership in streaming and Alphabet’s AI expansion. In another move, Alphabet dropped its acquisition of HubSpot, ending one of the year’s largest potential deals. HubSpot shares fell 13.34% on Wednesday, reflecting the end of negotiations. Alphabet’s decision was influenced by intensifying US antitrust scrutiny, despite initial interest earlier this year. Alphabet shares fell 0.10% in pre-market trading.
Intuit (NASDAQ:INTU) – Intuit laid off 1,800 employees to restructure and focus on AI products, not aiming for cost cuts but replacing underperforming staff and reallocating strategic resources. The company plans to rehire for critical positions and expand global operations.
Paramount Global (NASDAQ:PARA) – Ingrid Ciprian-Matthews will leave her role as President of CBS News amid a restructuring at Paramount Global, which is set to merge with Skydance Media. She will remain as a senior advisor for the 2024 presidential election coverage until her departure. Shares rose 0.51% in pre-market trading.
Confluent (NASDAQ:CFLT) – Hemanth Vedagarbha, Confluent Inc.’s global head of sales, left the company during its transition to a cloud-based sales model and consumption-based pricing. This shift aims to align with market trends and focus on customer usage for revenue, reflecting a strategic pivot as the company expands its cloud offerings.
PriceSmart (NASDAQ:PSMT) – PriceSmart reported adjusted earnings per share of $1.08 for the third fiscal quarter, while analysts surveyed by FactSet predicted $1.01 per share. Additionally, the company’s revenue reached $1.23 billion, exceeding the consensus estimate of $1.21 billion.
Walmart (NYSE:WMT) – Walmart announced the construction of five new distribution centers in the United States, equipped with advanced technology to streamline the distribution of perishable goods to its 4,600 stores. These centers will specialize in temperature-sensitive products like milk, meat, vegetables, and fruits, distinguishing them from conventional distribution centers that maintain products in a dry, ambient environment. In Chile, Walmart workers’ union went on strike Wednesday after failed negotiations for a new collective agreement. The strike involves over 14,000 workers, affecting operations in supermarkets, including the Lider chain. Shares rose 0.70% in pre-market trading.
Domino’s Pizza (NYSE:DPZ) – Domino’s Pizza received an upgrade from Baird this week. Despite a general decline in fast-food stocks attributed to aggressive discounting and reduced profit margins, this dip is seen as a buying opportunity for Domino’s. The company plans global expansion and improvements in digital sales through new offers and delivery apps, aiming for solid, sustainable revenue and profit growth in the coming years.
PepsiCo (NASDAQ:PEP) – PepsiCo will soon release its latest quarterly results. Analysts expect the company to earn $2.16 per share for the period, with sales of $22.6 billion, a 1.4% increase from the previous year. Shares rose 0.67% in pre-market trading.
Visa (NYSE:V), Mastercard (NYSE:MA) – BofA Securities analysts downgraded Visa and Mastercard from “Buy” to “Neutral” due to a volatile regulatory environment. Price targets were adjusted, with Visa at $297 and Mastercard at $480. On Wednesday, Visa shares fell to $263.00, and Mastercard shares dropped to $433.64. Visa shares are stable, while Mastercard shares rose 0.18% in pre-market trading.
HSBC (NYSE:HSBC), First Citizens BancShares (NASDAQ:FCNCA) – A federal judge in California dismissed most of First Citizens’ $1 billion lawsuit against HSBC, accusing the bank of recruiting over 40 Silicon Valley Bank employees after its collapse. The judge found that many of the allegations did not occur in California and that there was insufficient evidence of illegal conspiracy to recruit employees and steal trade secrets.
UBS Group AG (NYSE:UBS) – UBS agreed to pay $850,000 to settle charges of inadequate supervision of a registered representative who misappropriated $7.2 million from clients for unauthorized investments. After reimbursing clients $17 million, UBS updated its surveillance system to more effectively detect unauthorized activities without admitting guilt.
Inter & Co. (NASDAQ:INTR) – Alexandre Riccio was appointed as the head of Inter & Co. in Brazil, while CEO João Vitor Menin focuses on the group’s global expansion. Riccio, with over 10 years at the Brazilian bank, will oversee local operations, allowing Menin to focus on international operations from Miami.
Archer-Daniels-Midland (NYSE:ADM) – Archer-Daniels-Midland named Monish Patolawala, former CFO of 3M, as its new CFO on Wednesday while facing multiple US government investigations over accounting irregularities. The change comes after ADM corrected six years of financial data due to misrecorded sales between business units.
BHP Group (NYSE:BHP) – Australia’s BHP Group will temporarily suspend its nickel operations at Nickel West and the West Musgrave project starting in October due to low prices and global oversupply. The company plans to review the suspension by February 2027 and will invest $300 million annually to support a possible resumption of operations.
Honeywell International (NASDAQ:HON), Air Products & Chemicals (NYSE:APD) – Honeywell acquired Air Products’ LNG processing technology assets for $1.81 billion, strengthening its LNG sector offerings. The purchase price corresponds to approximately 13 times the estimated 2024 EBITDA. The all-cash transaction aims to expand its heat exchanger portfolio and bolster its position in the global energy market. In other news, a US appeals court ruled that Honeywell did not violate anti-discrimination laws by firing a white engineer who refused to participate in mandatory diversity, equity, and inclusion training. The court found no evidence that Honeywell retaliated against the employee, who skipped the training video assuming it would be discriminatory. The ruling upheld the initial dismissal of the lawsuit by the trial judge.
JetBlue Airways (NASDAQ:JBLU), United Airlines (NASDAQ:UAL) – JetBlue Airways requested that the US Department of Transportation disqualify United Airlines from gaining one of five new round-trip flights from the congested Washington Reagan National Airport. JetBlue argues that United’s proposed pre-7 a.m. flight to Los Angeles should be rejected as it is prohibited by Congress.
Delta Air Lines (NYSE:DAL) – Delta will soon release its second-quarter results. Analysts expect revenue of $15.45 billion and earnings of $2.37 per share, down from $2.68 the previous year. Shares rose 0.77% in pre-market trading.
Boeing (NYSE:BA) – Boeing CEO Dave Calhoun apologized and promised to follow government rules after the National Transportation Safety Board (NTSB) criticized the company for releasing non-public information and speculating about the causes of an air incident involving a 737 MAX. The NTSB limited Boeing’s access to information and participation in a future hearing due to the investigation rules violation. Shares rose 0.42% in pre-market trading.
Tesla (NASDAQ:TSLA) – Tesla increased the prices of its Model 3 cars in European countries like Germany, the Netherlands, and Spain by about €1,500 ($1,622) due to EU tariffs on electric vehicles made in China, responding to subsidies deemed unfair by the European Commission. On Wednesday, Tesla shares extended their winning streak to the 11th consecutive day, closing with a slight 0.4% increase at $263.26. After a rocky start with declines, shares rebounded throughout the day, registering a 2% gain by midday. Additionally, Morgan Stanley raised its valuation for Tesla’s energy storage business, anticipating a global surge in energy demand driven by AI growth, potentially expanding Tesla’s market share in this segment. Shares fell 0.55% in pre-market trading.
Toyota Motor (NYSE:TM) – Toyota, known for its continuous improvement (kaizen) method, now focuses on hybrids to boost sales. Considering the slowdown in electric vehicles, Toyota promotes hybrid models as the standard in the US. With plans to electrify its entire lineup globally by 2023, the strategy aims to maintain competitiveness and align with emission targets. Additionally, Toyota joined a group of major automakers supporting IONNA, an EV charging company building a high-power charging network in North America. The initiative aims to compete with Tesla’s Supercharger network, offering access to Toyota and Lexus customers.
Becton Dickinson & Co. (NYSE:BDX) – Becton Dickinson & Co. shares recovered 1.1% on Wednesday after the FDA addressed supply issues with blood culture bottles. The company had faced consecutive declines, but after measures to increase supply, including resuming production with a former supplier, shares appreciated.
SCWorx (NASDAQ:WORX) – Former SCWorx Corp CEO was convicted of investor fraud after falsely announcing the company would become a major supplier of rapid Covid-19 tests at the pandemic’s start, according to the US Department of Justice. Marc Schessel, 64, was found guilty of two counts of securities fraud for claiming the company would buy and resell at least 48 million test kits, despite knowing it was false.
10x Genomics (NASDAQ:TXG), Illumina (NASDAQ:ILMN) – As a smaller competitor, 10x Genomics’ shares plummeted after Illumina, a leader in genetic sequencing, acquired Fluent BioSciences, a direct competitor. Illumina’s move into single-cell analysis, leveraging its widely used sequencing machines, poses a significant challenge for 10x Genomics, despite both companies relying on Illumina’s platforms.