Nvidia (NASDAQ:NVDA) – According to Reuters, design flaws could delay the launch of Nvidia’s new AI chips by up to three months, affecting customers like Meta, Google, and Microsoft. The Blackwell series, succeeding the Grace Hopper Superchip, faces production issues, impacting orders from these major companies. Shares fell 7% pre-market.
Kellanova (NYSE:K) – Mars, the maker of M&M’s and Snickers, is considering acquiring Kellanova, the producer of snacks like Cheez-It and Pringles, with a market value of $27 billion. This potential deal, one of the largest in the sector, might face regulatory challenges and test the interest of other buyers, while Kellanova continues to trade below some competitors. Shares rose 6.7% pre-market.
Berkshire Hathaway (NYSE:BRK.B) – Warren Buffett increased Berkshire Hathaway’s cash reserves to $276.9 billion in June, up from $189 billion the previous quarter. The company sold $75.5 billion in stocks, including around 505 million Apple shares. Despite a record operating profit of $11.6 billion in Q2 (up 15%), Berkshire bought only $345 million of its own shares, less than the $2.57 billion the previous quarter. Net profit fell 15%, totaling $30.34 billion. According to Buffett, the sale of nearly half of Berkshire’s Apple stake does not indicate a lack of confidence in the tech giant but rather a risk management strategy. Buffett adjusted his Apple position to reduce concentration and balance the portfolio. Apple remains Berkshire’s largest position, and the decision reflects caution regarding the stake size rather than doubt about the company’s future. Buffett believes the market is overestimating the impact of AI innovation, but the company still has significant potential. BRK.B shares are down -3.8% pre-market.
Apple (NASDAQ:AAPL) – Apple Intelligence, shown to developers, still does not match the expected enthusiasm. Apple delayed its introduction to October and did not include all features in the initial release. The company is also reorganizing its design leadership and expects revenue growth despite weakness in China. The iPhone 16 will launch in September, while Apple Intelligence will be integrated later. In Thailand, Apple pulled an ad after criticism that the film, depicting Bangkok and Rayong, misrepresented the country as underdeveloped. Lawmakers and citizens protested, and the Thai government was concerned about the country’s tourism image. Apple apologized, stating it did not intend to offend. Apple shares are down -6.5% pre-market.
Intel (NASDAQ:INTC) – Intel will face a contraction period, including layoffs and dividend suspension, following negative financial reports. Shares fell 26% on Friday due to margin declines and cost-cutting needs. The company’s future focus is on new products like Lunar Lake and Gaudi 3, essential for regaining competitiveness. In contrast, Qualcomm and Arm posted positive results, excelling in revenue and licensing growth, respectively. Shares fell 3.6% pre-market.
CrowdStrike (NASDAQ:CRWD), Delta Air Lines (NYSE:DAL) – Alphabet’s CapitalG fund reduced its stake in CrowdStrike from 855,789 to 427,895 shares by June 30. This occurred before a global disruption in July caused by a CrowdStrike software update, affecting various sectors and resulting in a 35% drop in the company’s stock value. In other related news, CrowdStrike denies responsibility for Delta Air Lines’ flight disruptions in July, suggesting minimal contractual liability. Delta claims a $500 million loss and is considering suing the cybersecurity firm. CrowdStrike said it offered help immediately after the incident, but Delta did not respond. CrowdStrike shares fell 4.1% pre-market. Delta shares fell 3.5%.
Alphabet (NASDAQ:GOOGL) – Character.AI, an AI chatbot platform, announced a deal with Google to license its language technology, reflecting the trend of large companies acquiring AI startups. Cofounder Noam Shazeer and others are returning to Google, where they previously worked. The startup will receive additional funding, but the amount has not been disclosed yet. Shares fell 4.5% pre-market.
Dun & Bradstreet (NYSE:DNB), Cannae Holdings (NYSE:CNNE) – Dun & Bradstreet is considering a sale, working with Bank of America to explore potential buyer interest, including private equity. Cannae Holdings, the largest shareholder, might include its stake in the deal. Dun & Bradstreet shares fell 2.2% pre-market.
23andMe (NASDAQ:ME) – 23andMe rejected CEO Anne Wojcicki’s acquisition offer, considering it too low. She had proposed buying all remaining shares at $0.40 each. The company is now seeking other options to maximize shareholder value and has given Wojcicki and investors more time to submit a revised proposal.
Meta Platforms (NASDAQ:META) – Meta is offering millions to celebrities like Judi Dench and Awkwafina to use their voices in AI projects. The company aims to create tools for its Connect 2024 event. Negotiations face challenges due to disagreements over voice usage terms, with Hollywood concerns about AI’s impact. Meta shares fell 5.6% pre-market.
Warner Bros. Discovery (NASDAQ:WBD) – Warner Bros. Discovery gained more streaming subscribers during the first four days of the Paris Olympics than throughout the Tokyo Games. Viewership exceeded Tokyo’s after two days, boosted by the European time zone and outdoor studios in Paris. Shares fell 4.1% pre-market.
Uber Technologies (NYSE:UBER) – Tony West, Uber’s chief legal officer and brother-in-law of Vice President Kamala Harris, is taking a leave to help with Harris’s presidential campaign. West will leave Uber on August 17 to support the campaign as a volunteer, with no formal role or pay, and plans to return after the campaign. Uber shares fell 5% pre-market.
Tesla (NASDAQ:TSLA) – Elon Musk’s Neuralink successfully implanted its device in a second patient, enabling them to control digital devices with their thoughts. The device, designed to help people with spinal cord injuries, already allowed the first patient to perform digital activities. Musk noted that the second implant is functioning well, with more tests planned. Tesla shares fell 5.3% pre-market.
JPMorgan Chase (NYSE:JPM) – JPMorgan is considering suing the Consumer Financial Protection Bureau (CFPB) over investigations into Zelle. The bank claims it already reimburses unauthorized transactions and wants to prevent the CFPB from imposing new rules requiring refunds for fraud where customers were deceived. Zelle, a peer-to-peer payment app, allows quick money transfers between bank accounts, widely used since its 2017 launch. Shares fell 3.6% pre-market.
Citigroup (NYSE:C) – Don Plaus, who recently joined Citi to lead the wealth management division, is leaving after just four months. His departure raises questions about the new leadership’s efforts to revitalize the bank’s $540 billion wealth management sector. Shares fell 6.1% pre-market.
Lloyds Banking Group (NYSE:LYG) – Lloyds Banking Group appointed Rohit Dhawan as director of artificial intelligence and advanced analytics. He will integrate AI into the bank’s operational and customer processes. Dhawan, former head of data strategy and AI for AWS in Asia-Pacific, will help accelerate digitization and improve services like support and fraud detection. Shares fell 4.9% pre-market.
Coinbase (NASDAQ:COIN) – Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, stated that any future U.S. government will be “constructive” towards cryptocurrencies. Despite intense SEC scrutiny, the sector has gained significant support, reflected in political campaigns and candidate promises, which could influence crypto asset legislation. Although many at the Bitcoin Conference 2024 in Nashville were excited about Trump, there’s notable division within the crypto community. Some believe his political ideas oppose Bitcoin’s ethos, which aims to be decentralized and government-independent. Trump’s popularity among Bitcoin enthusiasts may be more a response to current regulation than genuine support for cryptocurrency concepts. Coinbase shares fell 12.9% pre-market, while Bitcoin dropped -8.5% in the past 24 hours.
Eli Lilly (NYSE:LLY) – Eli Lilly’s Mounjaro and Zepbound medications, used for diabetes and weight loss, are listed as available on the Food and Drug Administration (FDA) website. However, the regulator has not removed the drugs from its shortage list, while Lilly invests in expanding production to meet high demand. Shares fell 4.1% pre-market.
Petrobras (NYSE:PBR), Galp Energia (EU:GALP) – Petrobras plans to include a partner in its proposal to acquire a 40% stake in Galp Energia’s Mopane block in Namibia. The decision to seek a partner aims to reduce risks, while Petrobras attempts to increase its reserves amid environmental challenges in Brazil. The offer should not impact the company’s dividends. Shares fell 1.7% pre-market.
United Parcel Service (NYSE:UPS) – UPS announced significant increases in year-end surcharges due to fewer operational days and higher delivery costs. The decision aims to offset revenue declines caused by slower deliveries from low-cost retailers. Experts fear this could drive customers away and reduce demand. Shares fell 0.9% pre-market.
Five Below (NASDAQ:FIVE) – Five Below will grant $1.5 million retention bonuses to four executives following CEO Joel Anderson’s departure in July, which caused shares to drop 16%. The bonuses include $300,000 in cash and $1.2 million in stock. The company also named Kenneth Bull as interim CEO, eligible for a $2 million bonus. Five Below shares have dropped 68% this year. Shares fell 1.5% pre-market.
McDonald’s (NYSE:MCD) – After earnings fell short of expectations, McDonald’s might adopt the “McSmart” model seen in Australia, Germany, and France, offering affordable meals. The platform has performed well abroad, suggesting a similar version in the U.S. could attract value-seeking consumers. Experts believe this change might be necessary due to the declining popularity of the “1, 2, 3 Dollar” menu. Shares fell 1.7% pre-market.
Walmart (NYSE:WMT) – Walmart’s “everyday low price” promise will be tested in its quarterly results after Amazon reported consumers are bargain hunting and predicted a weak quarter. Despite the pressure to keep prices low, Walmart may benefit due to its scale and focus on essential products. Shares fell 2.2% pre-market.
Amazon (NASDAQ:AMZN) – Jeff Bezos, founder of Amazon, established an automated stock sale plan with a price limit of $200. Sales began in July but halted when shares fell below this value. Currently, with shares at $167.90, future sales under the plan may be delayed. Shares closed down -8.8% on Friday and fell 2.4% pre-market.