Match Group (NASDAQ:MTCH) – The activist investor Starboard, which holds more than 6.5% of Match, the owner of Tinder, is pushing for a sale of the company if the recovery does not occur, according to the Wall Street Journal. Starboard suggests improvements in Tinder, Match’s primary revenue source, and sees potential in Hinge. If changes fail, it considers taking the company private. The shares jumped 7.8% in pre-market trading.
Deutsche Bank (NYSE:DB) – Deutsche Bank is expected to post a loss in the second quarter, ending a streak of 15 consecutive profitable quarters. This is mainly due to a provision of €1.3 billion for a lengthy legal battle related to the undervalued acquisition of Postbank. This setback marks a challenge for the recovery led by CEO Christian Sewing. The shares fell 1.03% in pre-market trading.
Berkshire Hathaway (NYSE:BRK.A) – Berkshire Hathaway’s BRK.A shares hit an all-time high on Monday, closing at $652,997.17 after peaking at $653,861. This performance, reflecting confidence in the conglomerate as an indicator of the US economy, raised its market value to about $937 billion. The shares are stable in pre-market trading.
Goldman Sachs (NYSE:GS) – Following the Federal Reserve’s annual stress test, Goldman Sachs will reduce its share repurchases due to the need to reserve more capital. The bank challenged the results, arguing that the increase in the stress capital buffer does not reflect advancements in its business structure and is in talks with regulators to understand the assessments.
Wells Fargo (NYSE:WFC) – Wells Fargo has increased interest rates on sweep accounts for investment advisory clients, anticipating a $350 million reduction in net interest income this year. This is not a competitive response but a specific measure to improve returns in fiduciary and advisory accounts. The shares rose 0.14% in pre-market trading.
Walt Disney (NYSE:DIS) – Internal information from Walt Disney, including details about advertising campaigns, studio technology, and job candidates, leaked online following a hacker attack. The NullBulge group published over a terabyte of data from Disney’s Slack collaboration system, covering conversations and unreleased projects. Disney is investigating the incident. The shares fell 0.09% in pre-market trading.
Apple (NASDAQ:AAPL) – Apple’s shares hit a record high on Monday, driven by Morgan Stanley’s price target increase from $216 to $273, highlighting it as the “top pick” due to advancements in artificial intelligence. Analysts project a significant impact of “Apple Intelligence” on iPhone and iPad sales, predicting nearly 500 million iPhones sold in the next two years, though only 8% of devices are compatible with the new technology. Additionally, Apple released a public beta version of iOS 18, allowing fans and developers to test new features before the official release with the new iPhones in Q4. The shares rose 0.44% in pre-market trading on Tuesday.
Nvidia (NASDAQ:NVDA) – France’s antitrust authority confirmed it is investigating Nvidia for potential anti-competitive practices. The agency’s president, Benoit Coeure, mentioned that Nvidia could face charges if the investigation results in evidence of misconduct. The shares are down 0,30% in pre-market trading.
ASML (NASDAQ:ASML) – ASML will report second-quarter results on Wednesday morning, with new order data relevant to reflect customer capacity expansion to meet growing AI chip demand. There is also interest in whether Chinese companies continued buying equipment to produce older chips, concerning Western politicians who limit access to advanced technologies. The shares rose 0.50% in pre-market trading.
International Business Machines (NYSE:IBM), HashiCorp (NASDAQ:HCP) – IBM’s proposed $6.4 billion acquisition of HashiCorp will undergo a detailed antitrust review by the US FTC. After receiving a second request for more information, the approval process may extend. HashiCorp expects to complete the deal by the end of the year.
Super Micro Computer (NASDAQ:SMCI) – Charles Liang, CEO of Super Micro Computer, stated in an interview with CNBC that the company is adopting strategies like liquid cooling and green computing technologies to minimize the environmental impact of data centers, reducing clients’ carbon footprints and operational costs. The shares rose 0.26% in pre-market trading.
Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) – Google unsuccessfully proposed a package of about $512 million (€470 million) to EU cloud companies to support an antitrust complaint against Microsoft. The goal was to prevent a Microsoft deal that resolved antitrust disputes in the EU and allowed companies fairer access to Microsoft cloud technologies. Despite Google’s proposal, CISPE opted to accept the Microsoft agreement, which included financial benefits and improved Azure access. Alphabet shares rose 0.35% in pre-market trading, while Microsoft shares fell 0.35%.
Salesforce (NYSE:CRM) – Salesforce eliminated about 300 positions this month as part of a strategy to streamline operations and control costs. These layoffs are part of an ongoing cost-cutting effort, as the company had already reduced 700 positions earlier this year and about 10% of its total workforce at the beginning of 2023. The company stated that these actions are necessary to better align the organizational structure with customer needs and growth areas.
Datadog (NASDAQ:DDOG) – Datadog’s shares have not performed well this year, but Evercore ISI forecasts improvement. Analyst Kirk Materne initiated coverage with an outperform rating and a price target suggesting a 17% upside potential. He sees the company as a “consistent performer” in the future, driven by its AI offerings and expansion of the total addressable market.
Uber Technologies (NYSE:UBER) – The decision to impose a 20% tax on the profit margins of taxi operators outside London was overturned in court on Monday. This reversal came after private taxi operators, such as Delta Taxis and the Veezu platform, contested a previous ruling that favored Uber. This previous ruling required operators to pay value-added tax (VAT) on fares charged but was considered a victory for the taxi industry with the new decision. The shares rose 0.39% in pre-market trading.
Amazon (NASDAQ:AMZN) – During Amazon’s two-day Prime Day event, consumers are expected to spend about $14 billion, marking a 10.5% increase from the previous year, according to Adobe Analytics estimates. Prime Day, which began a decade ago, accounts for between 1% and 2% of Amazon’s annual net global sales. In a related context, a Bloomberg report revealed how a returned product inspection failure significantly harmed a family business. Paul and Rachelle Baron, who developed a reusable swim diaper, achieved great success on the platform due to positive reviews and Amazon’s effective algorithm. However, a severe and alarming review, showing the product dirty and claiming it was re-sent after use, devastated the Barons’ reputation and sales. This incident highlighted critical flaws in Amazon’s return policy, causing a crisis for the Barons’ venture. The shares rose 0.06% in pre-market trading.
Trump Media (NASDAQ:DJT) – Trump Media’s shares rose 31.4% on Monday after Donald Trump escaped an attack and the confidential documents case was dismissed. The shares are down 8.85% in pre-market trading.
Verizon Communications (NYSE:VZ) – Verizon is considering selling thousands of mobile phone towers in the US, potentially generating over $3 billion. Consultants have been hired to assess buyer interest. This strategy, common among telecoms, can provide capital for expansion and debt reduction, similar to AT&T’s move in 2013.
OneStream Software, KKR & Co (NYSE:KKR) – OneStream Software, backed by KKR, plans a valuation of approximately $4.38 billion for its US IPO. The company aims to sell 24.5 million shares at a price between $17 and $19 each, intending to raise up to $465.5 million. This marks a decline from the $6 billion valuation in 2021.
Lineage – Lineage, a company specializing in temperature-controlled storage and logistics, plans to raise up to $3.85 billion in its initial public offering. The Novi, Michigan-based company intends to offer 47 million shares at a price between $70 and $82 each. This move could value the company at around $19.2 billion in the market.
Chevron (NYSE:CVX) – Kenneth T. Derr, former chairman and CEO of Chevron, passed away on Friday at the age of 87. During his tenure from 1989 to 1999, he significantly expanded Chevron’s global presence, establishing major operations in locations like the Tengiz field in Kazakhstan, as well as partnerships in Africa, Kuwait, Saudi Arabia, and Venezuela. He retired after 40 years of service with the company.
Rio Tinto (NYSE:RIO) – The world’s leading mining company announced that iron ore shipments in the second quarter fell short of analysts’ expectations due to a train derailment in May. Although it did not reach the expected 82.1 million tons, it shipped 80.3 million tons, a 3% increase from the previous quarter. Additionally, Rio Tinto received all necessary regulatory approvals for its major iron ore project in Simandou, Guinea. In response to wildfires in Newfoundland, Canada, the company initiated a controlled shutdown of its local operations, awaiting government authorization to resume activities without any incidents recorded. The shares fell 2.49% in pre-market trading.
Cleveland-Cliffs (NYSE:CLF), Stelco (TSX:STLC) – Cleveland-Cliffs announced the acquisition of Canadian steelmaker Stelco for $2.8 billion (C$3.85 billion), marking its first acquisition since the failed attempt to acquire US Steel last year. The acquisition marks consolidation among North American steel producers to face competition from cheap Chinese imports. The shares of Cleveland-Cliffs rose 0.12% in pre-market trading.
SolarEdge Technologies (NASDAQ:SEDG) – SolarEdge announced on Monday that it will cut 400 jobs, including 200 in Israel, as part of an effort to regain profitability and financial stability. These cuts will affect all departments and involve both personnel reductions and discretionary spending cuts. The decision was influenced by market slowdown and excess inventory, especially in Europe. The shares fell 0.56% in pre-market trading.
RTX Corp (NYSE:RTX) – Pratt & Whitney, part of RTX Corp, completed the initial design review for an upgrade to the F-35 fighter jet engine, aiming to improve its durability and performance. Funded by the US government, this modernization is crucial to maintaining the F-35’s air superiority.
Boeing (NYSE:BA) – On Monday, a US judge set an accelerated schedule to assess objections from the families of victims of two 737 MAX disasters to the Boeing-DOJ agreement. Boeing agreed to admit guilt for conspiracy to commit fraud and pay a $243.6 million fine. The victims’ families will have specific deadlines to submit and respond to objections to the proposed agreement. In related news, Aviation Capital Group completed the purchase of 35 Boeing 737 MAX jets, including 16 of the 737-8 model and 19 of the larger 737-10 model. This new order raises the company’s total 737 MAX orders to 82 units. The shares rose 0.25% in pre-market trading.
Southwest Airlines (NYSE:LUV) – Southwest Airlines faced criticism after a flight took off from a closed runway in Portland, Maine, on June 25, ignoring crucial warnings. The crew reviewed weather information but missed details about additional runway closures. The incident is under investigation by the NTSB and FAA.
General Motors (NYSE:GM) – General Motors chose not to reaffirm its previous forecast of reaching a production capacity of 1 million electric vehicles in North America by the end of 2025. A GM representative emphasized the company’s flexibility in adjusting production based on market demand, without setting a new capacity target. The shares fell 0.24% in pre-market trading.
Tesla (NASDAQ:TSLA) – Tesla’s shares closed up 1.8% on Monday, driven by CEO Elon Musk’s support for Trump in the presidential race. The shares rose 1.51% in pre-market trading on Tuesday.
GameStop (NYSE:GME) – GameStop CEO Ryan Cohen aligned with Elon Musk and Bill Ackman in supporting Donald Trump after an assassination attempt. This sparked intense reactions on social media, dividing opinions on CEOs involved in politics and the potential impact on their support bases and businesses. The shares rose 0.07% in pre-market trading.
Macy’s (NYSE:M) – Macy’s halted talks with Arkhouse Management and Brigade Capital, which proposed buying the retailer for $6.9 billion. The company rejected the offer, citing a lack of convincing value and uncertainties about financing, resulting in a significant drop in its shares on Monday. The shares fell 0.30% in pre-market trading.
Vista Outdoor (NYSE:VSTO) – TIG Advisors LLC plans to vote against the sale of Vista Outdoor’s ammunition business to the Czechoslovak Group AS, arguing that MNC Capital’s $3.2 billion offer for the entire company is more advantageous, offering greater value certainty and lower execution risk.
Philip Morris International (NYSE:PM) – Health groups accuse Philip Morris International of distorting regulatory information to promote the IQOS (I Quit Original Smoking) device in the US. They argue that the company incorrectly suggests FDA approvals regarding the product’s risk reduction. The success of IQOS is crucial to Philip Morris’s financial future, which depends on FDA authorization to expand sales in the US market. The shares rose 0.31% in pre-market trading.
Novo Nordisk (NYSE:NVO) – Novo Holdings, the parent company of Novo Nordisk, led a $100 million Series C fundraising round for Asceneuron, a biotech company developing treatments for neurodegenerative diseases. The funds will be used to develop ASN51 for Alzheimer’s treatment, advancing to phase 2 clinical trials.
Earnings
ServisFirst Bancshares (NYSE:SFBS) – ServisFirst Bancshares announced, after market close on Monday, a net income of $52.1 million (95 cents per share) for the second quarter, while analysts expected earnings of 91 cents per share. The ServisFirst Bank parent company reported revenue of $236.4 million for the period, with adjusted revenue of $114.8 million, exceeding expectations and the previous year’s $109.83 million.
FB Financial (NYSE:FBK) – FB Financial exceeded expectations with second-quarter earnings of 84 cents per share, compared to 76 cents expected by analysts, representing an increase from the previous year’s 77 cents. The company reported revenues of $128.22 million, beating expectations by 3.81%.
CrossFirst Bankshares (NASDAQ:CFB) – CrossFirst Bankshares reported revenue growth after increased loans and improved credit quality. Net income was $18.6 million, or 37 cents per share, compared to $16 million, or 33 cents per share, the previous year. Adjusted earnings reached 37 cents per share, surpassing the 34 cents forecast. Operating revenue grew to $63.6 million, nearly meeting the $63.7 million expected.
AutoNation (NYSE:AN) – AutoNation expects a loss of $1.50 per share in the second quarter due to a cyberattack on its technology provider CDK in June. The attack disabled the management system used by over 15,000 dealerships, significantly affecting operations during a critical sales period. The company now expects earnings per share between $3.15 and $3.30, well below the approximately $4.50 expected.
Bank of America (NYSE:BAC) – Bank of America will report its latest quarterly earnings on Tuesday morning. Analysts project earnings of 80 cents per share for the quarter, down from 88 cents the previous year, with net interest income of $13.8 billion, compared to $14.2 billion last year. Bank of America shares recorded a 0.26% increase in pre-market trading.