HSBC Holdings (NYSE:HSBC) – HSBC has appointed Georges Elhedery, its current Chief Financial Officer, as the new CEO, reinforcing its strategy of continuity and growth. He will succeed Noel Quinn in September, marking the bank’s third leadership transition in less than eight years, maintaining its policy of internal promotion. As the new leader, Elhedery will face significant challenges, including stimulating growth in a declining interest rate environment, navigating geopolitical tensions between China and the West, and managing the persistent loan default crisis in China, all factors directly impacting the bank’s performance. Shares fell 0.37% in pre-market trading.
Tesla (NASDAQ:TSLA) – Elon Musk announced he is moving the headquarters of SpaceX and social media platform X from California to Texas, citing a new gender identity law in California as the “final straw.” Musk, who previously moved Tesla’s headquarters and his residence to Texas, criticized California laws as harmful to families and businesses. Shares fell 1.45% in pre-market trading.
ASML Holding NV (NASDAQ:ASML) – ASML saw its shares drop due to concerns about potential stricter US trade restrictions against its operations in China, despite a 54% increase in orders in the last quarter. The Biden administration is considering further restricting China’s access to advanced semiconductor technology, potentially impacting ASML’s main market. Shares fell 6.55% in pre-market trading.
Taiwan Semiconductor Manufacturing Co (NYSE:TSM) – Donald Trump suggested that Taiwan should pay the US for its defense, claiming that the island offers no reciprocation while dominating the chip market. This statement negatively impacted the shares of Taiwanese chip manufacturer TSMC, reinforcing geopolitical and economic tensions between the countries. Shares fell 3.31% in pre-market trading.
Bank of America (NYSE:BAC) – Bank of America is increasing investments in its trading division, as explained by its CEO, Brian Moynihan. This area, traditionally volatile, has shown stability and high profits, exceeding $1 billion per quarter consecutively. The bank plans to continue allocating more resources and technology to sustain this growth. Shares fell 0.07% in pre-market trading.
GitLab (NASDAQ:GTLB) – GitLab, a provider of cloud-based software development tools with a market value of about $8 billion, is considering a sale, working with investment bankers after attracting purchase interest, including from Datadog. The sale is not certain and could take weeks to finalize. Shares rose 12.51% in pre-market trading.
Alphabet (NASDAQ:GOOGL) – If Alphabet completes the acquisition of Wiz, an Israeli cloud security company, it will significantly enhance its security solutions for large enterprises, increasing competitiveness against giants like Amazon and Microsoft. This purchase, the largest in Google’s history, aims to bolster protection against ransomware attacks and elevate cybersecurity levels. Shares fell 0.93% in pre-market trading.
Microsoft (NASDAQ:MSFT) – The UK’s competition regulator has initiated an investigation into Microsoft for hiring former Inflection AI employees and forming partnerships with the startup. Microsoft, which paid $650 million to Inflection, is under increasing global scrutiny for anti-competitive practices in AI. The CMA will decide on a further investigation by September 11. Shares fell 1.41% in pre-market trading.
Meta Platforms (NASDAQ:META) – The new Ray-Ban Meta smart glasses, launched in October, surpassed the sales of previous models in just a few months. These glasses allow live streaming on Facebook and Instagram and have integrated AI that provides information about viewed objects. Shares fell 1.30% in pre-market trading.
Reddit (NYSE:RDDT) – Reddit’s shares fell more than 3% on Tuesday due to a downgrade by Alan Gould of Loop Capital, concerned about imminent selling pressure when the lockup period expires. Gould downgraded the shares from “Buy” to “Hold” and maintains a price target of $75, citing uncertainties about future profits despite positive revenue prospects. Shares fell 2.75% in pre-market trading.
Amazon (NASDAQ:AMZN) – Amazon’s Prime Day sales increased nearly 12% in the first seven hours compared to the previous year, according to Momentum Commerce. However, Amazon’s marketing portal for sellers failed on Tuesday night, hindering some sellers’ ability to adjust ads and keyword bids. Amazon stated that only a small portion of advertisers was affected and that the issue is being resolved without impacting ad delivery. Additionally, the US Federal Trade Commission has requested more details from Amazon about hiring executives from startup Adept, reflecting concerns about AI agreements. This informal investigation examines Amazon’s move to compete with Google and Microsoft in developing large language models. Shares fell 0.89% in pre-market trading.
Shopify (NYSE:SHOP) – Shopify’s shares rose 8.6% on Tuesday after BofA Securities upgraded its recommendation from Neutral to Buy, raising the price target from $78 to $82. Shares fell 0.04% in pre-market trading.
Yandex (NASDAQ:YNDX) – The Russian tech giant Yandex has spun off its international businesses in a $5.4 billion deal, creating the Nebius Group in Amsterdam, led by Arkady Volozh. Nebius aims to become a European leader in AI infrastructure development services, now free from ties to Russia. Shares are stable in pre-market trading.
Warner Bros Discovery (NASDAQ:WBD) – Bank of America suggested that Warner Bros Discovery could increase its value by considering strategic options such as a sale. The company is trying to recover from poor financial performance due to reduced advertising and Hollywood strikes. Shares fell 0.13% in pre-market trading.
AT&T (NYSE:T) – Two US senators questioned AT&T about a cyberattack that compromised data of about 109 million customers. Senators Richard Blumenthal and Josh Hawley expressed concern about the severity of the privacy breach and the potential risks associated, including improper access to customer communication and location information. Shares fell 0.21% in pre-market trading.
Delta Air Lines (NYSE:DAL) – Fitch Ratings upgraded Delta Air Lines’ credit rating to investment grade, highlighting the company’s financial recovery after the pandemic. During the crisis, the rating had fallen to “junk” due to the decline in the aviation sector. Since then, Delta has focused on reducing debt and improving its balance sheet. Shares fell 0.43% in pre-market trading.
United Airlines (NASDAQ:UAL) – United Airlines flight attendants will be able to vote in August on a possible strike if they fail to reach a new contract agreement. The union, representing 28,000 employees, seeks improvements and has already requested federal mediation to advance negotiations. Shares fell 1.00% in pre-market trading.
Deere & Co (NYSE:DE) – The agricultural machinery manufacturer is scaling back its diversity initiatives in response to conservative criticism. The company announced it will no longer participate in cultural parades and will focus its resource groups on professional development and recruitment. This change follows a similar trend observed in other industry companies revisiting their diversity and inclusion policies under conservative pressure.
Lineage – The real estate investment trust Lineage, focusing on refrigerated storage, is aiming for a valuation of up to $19.16 billion in its initial public offering in the United States, marking the largest listing of the year. Backed by private equity firm Bay Grove Capital, Lineage plans to raise up to $3.85 billion by selling 47 million shares, with a price range set between $70 and $82 per share. The offering aims to surpass Viking Holdings’ recent IPO and establish itself as a market leader in 2024.
SymphonyAI – The American AI company SymphonyAI plans to go public in the second quarter of 2025. The listing plan emerged as SymphonyAI reached $500 million in revenue last year and achieved profitability after growing revenue at a rate of about 25%, according to CEO Sanjay Dhawan. The company serves clients like Pepsi and Citadel. Founded by Romesh Wadhwani, SymphonyAI seeks liquidity and capital for mergers and acquisitions. The company has 3,000 employees in 30 countries.
Skechers (NYSE:SKX) – Skechers has sued LL Bean, accusing it of illegally copying patented shoe designs that generated millions in sales. The footwear company claims that LL Bean’s Freeport shoes infringe on heel design patents. Skechers is seeking damages and an end to the sales of the disputed shoes. Shares fell 0.34% in pre-market trading.
Philip Morris International (NYSE:PM) – Philip Morris International announced it will invest $600 million to build a factory in Colorado for the production of Zyn nicotine pouches. This initiative aims to meet the growing demand for alternatives to traditional tobacco in the US. The factory, expected to start operations by 2025, will create 500 jobs.
Sundial Growers (NASDAQ:SNDL) – The Canadian cannabis company is reducing its workforce by 106 employees to cut costs amid market oversupply. This measure aims to save $20 million annually through general expense optimization. The restructuring will cost $11 million and includes leadership changes at Nova Cannabis Inc. Shares fell 2.27% in pre-market trading.
Walmart (NYSE:WMT) – In Chile, the Walmart workers’ union ended a six-day strike and extended its current labor contract with the company for another 18 months. The decision came after failed negotiations for wage adjustments and better benefits, allowing future negotiations to resume. Shares fell 0.37% in pre-market trading.
GameStop (NYSE:GME) – GameStop saw its shares rise 5.7% on Tuesday, marking the seventh consecutive day of gains. Driven by meme trading, the stock has increased 63% this year, especially after the return of Roaring Kitty in May. The meme market is known for its volatility, operating more on momentum than traditional fundamentals. Shares rose 1.19% in pre-market trading.
Build-A-Bear (NYSE:BBW) – A US judge denied Build-A-Bear’s request to dismiss a lawsuit accusing the company of copying Kelly Toys’ Squishmallows, a unit of Berkshire Hathaway. The decision was based on the similarities between the products, with Kelly Toys seeking unspecified damages.
Five Below (NASDAQ:FIVE) – Joel Anderson, CEO of the discount store chain Five Below, decided to step down to explore new opportunities. Kenneth Bull was named the new president and interim CEO, taking over immediately. Additionally, the company lowered its sales and earnings per share projections for the second quarter. Five Below now expects sales between $820 million and $826 million, down from the $830 million to $850 million forecasted in June. The company projects EPS of 53 to 56 cents per share. Shares fell 14.56% in pre-market trading.