Warner Bros Discovery (NASDAQ:WBD), Walt Disney (NYSE:DIS), Comcast (NASDAQ:CMCSA), Amazon (NASDAQ:AMZN) – The NBA signed an 11-year, $77 billion contract with Disney, NBCUniversal (Comcast), and Amazon to broadcast its games. Disney will air 80 regular-season games and the finals, NBCUniversal will show 100 games and one conference final, and Amazon will broadcast 66 games and Black Friday games. The agreement expands game coverage and ends a four-decade partnership with TNT Sports (Warner Bros Discovery), which made a lower bid. TNT Sports plans to sue the NBA, alleging misinterpretation of contract terms. The deal aims to increase the global reach of the league’s games. Warner Bros shares fell 3.1% in pre-market trading.
CrowdStrike (NASDAQ:CRWD) – Following a global outage, CrowdStrike distributed $10 gift cards to IT employees who helped restore services. The business director sent an email thanking them for the extra effort, but the gesture was criticized on social media as insufficient. Shares fell 1.6% in pre-market trading.
Honda Motor (NYSE:HMC) – Honda will close one factory in China and suspend production at another, reducing its annual capacity from 1.49 million to 1.2 million vehicles. The automaker aims to offset this with new electric vehicle factories, boosting production to 1.44 million this year in response to growing competition. Shares fell 0.03% in pre-market trading.
Toyota Motor (NYSE:TM) – Toyota delayed the launch of the new 4Runner SUV in the US, previously scheduled for this fall, to December or early next year. The delay is due to supply issues for parts shared with other popular models like the Lexus GX and Land Cruiser.
Lyft (NASDAQ:LYFT) – Lyft agreed to implement safety reforms after a lawsuit accused the company of failing to protect against driver assaults. Improvements include greater awareness of safety resources in the app and enhanced driver training. The settlement doesn’t involve direct executive payments, but $700,000 in fees will be covered by insurers. Shares fell 0.3% in pre-market trading.
Microsoft (NASDAQ:MSFT) – Workers at World of Warcraft voted to unionize with the Communications Workers of America, expanding union representation at Microsoft to about 1,750 employees. Microsoft, with a pro-union stance, committed to good faith negotiations with the CWA, following a growing trend of unionization in the gaming industry. Shares fell 0.4% in pre-market trading.
Alphabet (NASDAQ:GOOGL) – Google Cloud will adopt the Codestral AI model from Mistral AI in its Vertex AI service, highlighting Mistral AI’s growing popularity as a European alternative to OpenAI. Concurrently, Google is developing its own generative AI product, Vertex AI. Mistral AI also partnered with BNP Paribas in July to use its AI models in customer support, sales, and IT. Shares fell 0.4% in pre-market trading.
Meta Platforms (NASDAQ:META) – Meta Platforms removed 63,000 accounts on Instagram and 7,200 on Facebook in Nigeria used for engaging in financial sextortion scams. These accounts, operated mainly by fraudsters known as “Yahoo boys,” targeted adult men in the US, threatening them with the release of compromising photos. Shares rose 0.2% in pre-market trading.
Walt Disney (NYSE:DIS) – Unions representing 14,000 Disneyland workers avoided a strike by signing a tentative three-year agreement with Disney California. This agreement includes wage increases and other benefits. A vote to ratify the contract will occur next Monday.
AMC Entertainment Holdings (NYSE:AMC) – AMC Entertainment anticipates a second-quarter loss of $32.8 million, reversing last year’s profit, with total revenue expected to be $1.03 billion, a 24% decline. The company attributes these results to Hollywood writer and actor strikes in 2023, limiting film releases. Shares rose 0.2% in pre-market trading.
T-Mobile US (NASDAQ:TMUS), KKR & Co (NYSE:KKR) – T-Mobile US will invest $4.9 billion in a joint venture with KKR to acquire fiber-optic provider Metronet. The goal is to expand its fiber broadband services, reaching 6.5 million homes by 2030, leveraging existing infrastructure and new markets.
Alibaba (NYSE:BABA) – Chinese AI startup Baichuan, valued at 20 billion yuan ($2.8 billion), raised 5 billion yuan in its latest funding round. Investors include the governments of Beijing, Shanghai, and Shenzhen, along with Alibaba, Tencent, and Xiaomi. China, seeking to strengthen its tech capabilities, views Alibaba as a key partner in response to US restrictions. Shares fell 1.1% in pre-market trading.
Boeing (NYSE:BA) – Boeing pleaded guilty to conspiracy to commit fraud and agreed to pay $243.6 million after violating a prior agreement with the US Department of Justice. The charge stemmed from unsafe practices in Boeing’s factories and failures to maintain accurate aircraft maintenance records. Shares rose 0.1% in pre-market trading.
Textron (NYSE:TXT), Spirit AeroSystems (NYSE:SPR) – Textron is close to purchasing Spirit AeroSystems’ fuselage program for its V-280 military aircraft. Boeing acquired Spirit for $4.7 billion, and Textron, which manufactures the V-280, will take on part of the work. The Textron-Spirit deal’s value was not disclosed.
Lilium GmbH (NASDAQ:LILM) – The German aerospace company plans to start choosing sites to assemble air taxis in the US later this year, aiming for an operational factory by 2029. This effort aims to solidify its position in one of the world’s largest markets, according to CEO Klaus Roewe.
Concentra (CON) – Concentra Group priced its US initial public offering (IPO) at $23.5 per share, valuing the company at $2.97 billion. The company aims to raise about $528.8 million. Concentra, the largest US occupational health provider, will begin trading on the NYSE on July 25 with the symbol “CON.”
OneStream (NASDAQ:OS) – In its Nasdaq debut, OneStream’s shares surged 34%, closing at $26.85, above the initial price of $20. The company raised about $490 million in its IPO, valued at $6.2 billion. Shares fell 2.9% in pre-market trading.
Lineage – Lineage will launch its IPO on Nasdaq under the symbol “LINE,” with a valuation of $19.2 billion. The deal includes 28 underwriting banks, led by Morgan Stanley and Goldman Sachs. Lineage, controlled by Bay Grove Capital, is the largest temperature-controlled warehouse REIT. The company faces challenges like significant debt and geographic and customer concentration.
Latam Airlines – Latam Airlines shareholders raised $456 million by selling 19 million American Depositary Shares (ADS) at $24 each. Latam, with a market value of $8.1 billion, seeks to return to the US capital market after bankruptcy and its delisting from the NYSE in 2020.
Blackstone (NYSE:BX) – Blackstone Mortgage Trust cut its dividends by 24% due to ongoing pressure from unoccupied office spaces, reflecting changes in the commercial real estate market. The situation is exacerbated by high-interest rates and loan repayment difficulties, indicating a weak sector trend that could affect other players.
Anglo American (LSE:AAL), BHP Group (NYSE:BHP) – Investors will focus on Anglo American CEO Duncan Wanblad after the company rejected a $49 billion offer from BHP Group. Wanblad must convince shareholders that focusing on copper, iron ore, and fertilizers is the right strategy amidst recent challenges like a significant mine fire. BHP shares fell 1.1% in pre-market trading.
Anheuser-Busch InBev (NYSE:BUD) – Anheuser-Busch InBev is using its Olympic sponsorship to promote its new non-alcoholic beer, Corona Cero, aiming to make it a market leader. This move is part of a strategy to position Corona Cero against established competitors like Heineken 0.0 in a growing global market. Shares fell 0.6% in pre-market trading.
Bausch Health (NYSE:BHC) – Bausch Health shares plummeted on Wednesday to an intraday low of $3.96 following unfounded rumors of possible bankruptcy. The company denied the news, stating it is not considering insolvency. Shares closed down 23.25% at $5.81, with a market capitalization of $2.13 billion.