Uber Technologies (NYSE:UBER), General Motors (NYSE:GM) – Cruise, a self-driving car subsidiary of General Motors, has partnered with Uber to offer rides in its robotaxis on the platform starting next year. This collaboration comes as Cruise recovers from an accident in San Francisco, resuming testing with safety drivers. Cruise agreed to recall about 1,200 robotaxis due to abrupt braking issues after an investigation by the U.S. National Highway Traffic Safety Administration. Cruise, although disagreeing with the recall’s necessity, accepted it to address the problem. Uber’s stock fell 1.0% in pre-market trading, while GM’s stock rose 0.9%.
Alibaba (NYSE:BABA) – Alibaba’s shareholders have approved the transition to a primary listing in Hong Kong, aiming to attract investments from mainland China. This move, proposed earlier due to U.S.-China tensions, does not involve new stock issuances. Shares rose 2.3% in pre-market trading.
Altria (NYSE:MO) – Altria increased its quarterly dividend by 4.1% to $1.02, marking 55 consecutive years of increases. With shares at $51.83 and a yield of 7.9%, the company pays out about 80% of its earnings in dividends and aims for mid-single-digit annual growth through 2028. Shares rose 0.2% in pre-market trading.
Apple (NASDAQ:AAPL) – Apple will change how users in the European Union choose default browsers and apps following regulatory pressure from the EU’s Digital Markets Act. A new “choice screen” will allow browser selection the first time Safari is opened. Additionally, more Apple apps can be removed by users. Shares rose 0.5% in pre-market trading.
Intel (NASDAQ:INTC) – Lip-Bu Tan, a director at Intel, resigned from the board on August 19, citing “demands on his time.” Tan, who joined the board in September 2022, leaves after a poor financial report and a significant drop in stock prices. Intel faces challenges, including job cuts and a dividend suspension. Shares rose 1.2% in pre-market trading after closing down 6.1% on Thursday.
Nvidia (NASDAQ:NVDA) – Despite the anticipated speech from Federal Reserve Chairman Jerome Powell, investors are focused on Nvidia’s earnings report. The August 28 results are expected to show profits and revenue more than doubling from last year. With shares trading at about 47 times future earnings estimates, the company is under pressure to justify these valuations. The Roundhill Magnificent Seven ETF, which includes Nvidia, is trading at 36 times earnings estimates for 2024, up from a P/E ratio of 32 in August. In comparison, the S&P 500 is valued at 23 times earnings forecasts, and the Invesco QQQ Trust is at 30 times. Nvidia’s shares rose 1.3% in pre-market trading after closing down 3.7% on Thursday.
Baidu (NASDAQ:BIDU) – Baidu stated that its leadership position in AI in China gives it an edge to face intense competition, despite a slight decline in quarterly revenue. The company highlighted the growth of its Ernie platform, which processes 600 million daily requests. CEO Robin Li mentioned that AI competition will be fierce in the coming years. However, Baidu reported slower growth in rides from its Apollo Go robotaxi service, with a 26% increase in the first half of 2024 compared to 184% in the same period of 2023. The company averaged 287,500 monthly rides, and its market share in the ride-hailing sector remains small. Shares fell 1.4% in pre-market trading after closing down 4.4% on Thursday.
Autodesk (NASDAQ:ADSK) – Starboard Value has urged Autodesk’s board to reassess Andrew Anagnost’s leadership following recent accounting issues. The company faces criticism for questionable accounting practices and delays in financial reporting, with Starboard demanding changes in management and the board. Autodesk, with shares at $252.06, is addressing these concerns as it prepares to announce financial results on August 29.
Paramount Global (NASDAQ:PARA) – Skydance Media accuses Paramount Global of violating an agreement by extending the deadline to consider other offers after Edgar Bronfman Jr. increased his bid to acquire Paramount for $6 billion. The offer threatens the planned acquisition by David Ellison and Skydance. If Paramount accepts Bronfman’s offer, it will pay a $400 million penalty.
Sony Group (NYSE:SONY) – A joint venture between Sony and Startale announced the launch of Soneium, a Layer 2 blockchain built on Ethereum. Soneium aims to attract developers in sectors such as entertainment, gaming, and finance, with its testnet launched in partnership with Astar Network.
Trump Media and Technology Group (NASDAQ:DJT) – Donald Trump may sell his $2.6 billion stake in Trump Media when the lockup period ends in September. This could impact the stock price and investor confidence in the company, especially as its main draw is his reputation. Trump has not yet disclosed his plans regarding the sale. Shares rose 2.3% in pre-market trading after closing down 6.2% on Thursday.
Amazon (NASDAQ:AMZN) – A Washington, D.C. appeals court reopened the case against Amazon, alleging its pricing policies illegally harm competition. The previous ruling that dismissed the case was overturned, with accusations that Amazon imposes harmful restrictions on suppliers and third-party sellers. Amazon denies the claims, stating that its policies benefit consumers. Separately, the U.S. National Labor Relations Board concluded that Amazon is legally responsible for third-party delivery drivers in California, in addition to the partner companies that hire them. Amazon was also accused of illegal threats and refusal to bargain with the union, potentially impacting its national operations. Additionally, Chinese entities are using Amazon’s cloud services and those of other providers to access advanced U.S. chips and AI, bypassing direct export restrictions. Documents show that these companies turn to intermediaries to obtain these technologies. Amazon assures compliance with U.S. laws and has updated its policies to reflect the restrictions. Amazon’s cloud division launched a new region in Malaysia, part of a $6.2 billion investment. The new AWS infrastructure aims to meet the growing demand for cloud services in the Asia-Pacific region and is expected to add $12.1 billion to the local economy, generating over 3,500 jobs by 2038. Amazon’s stock rose 0.7% in pre-market trading after closing down 2.2% on Thursday.
Walmart (NYSE:WMT) – Walmart has partnered with Burger King to offer discounted meal benefits to its members, such as 25% off digital orders and a free Whopper every three months. This strategy aims to make Walmart Plus more attractive, better competing with Amazon Prime. Shares rose 0.3% in pre-market trading.
Peloton Interactive (NASDAQ:PTON) – Peloton’s shares closed up 35.42% on Thursday after the company reported an adjusted loss of 8 cents per share and revenue of $643.6 million, surprising analysts’ expectations. Shares fell 3.3% in pre-market trading.
Crocs (NASDAQ:CROX) – Crocs has partnered with actress Sydney Sweeney, who is now the brand ambassador for Heydude. Analysts highlighted the partnership’s potential to attract younger consumers and boost sales, with the collaboration driving a 4.3% increase in the company’s stock over the past week.
Brown Forman (NYSE:BF.B) – Brown-Forman, the maker of Jack Daniel’s whiskey, is suspending its diversity, equity, and inclusion (DEI) policy in response to conservative pressure. The company will end the linking of executive compensation to DEI progress and exit LGBTQ-friendly workplace rankings, seeking to adjust its strategies to the new market reality.
Ford Motor (NYSE:F) – Ford canceled its electric three-row SUV project, initially planned for 2025, in response to slow consumer adoption of electric vehicles and market shifts. The company will now focus on hybrid SUVs and delayed the launch of the new electric F-150 to 2027. This decision reflects a more cautious strategy, aiming for profitability in a challenging electric vehicle market. Analysts believe that while painful, this choice was necessary to avoid larger losses, keeping the focus on more promising areas like trucks and commercial vehicles. Shares rose 0.6% in pre-market trading.
Tesla (NASDAQ:TSLA) – China is heavily investing in humanoid robots, challenging Tesla, according to Reuters. During a conference in Beijing, more than 20 Chinese companies showcased robots designed to replace workers in electric vehicle assembly. Tesla, with its Optimus robot, still leads in AI, but China aims to cut costs and quickly expand production, reducing robot costs to $30,000 and producing up to 1,000 units by 2025. Additionally, the government launched state funds of $1.4 billion in Beijing and Shanghai for robotics. Goldman Sachs predicted in January that the global annual market for humanoid robots would reach $38 billion by 2035. Shares rose 1.5% in pre-market trading after falling 5.7% on Thursday.
Boeing (NYSE:BA) – NASA will decide this weekend whether to allow two astronauts to return to Earth aboard Boeing’s Starliner capsule. The capsule has faced technical issues since its launch in June, and NASA will review its capability. If necessary, SpaceX may assist in the astronauts’ return in February 2025.
Southwest Airlines (NYSE:LUV) – Southwest Airlines is collecting feedback on possibly charging for checked bags, a currently free benefit. The survey with customers and loyalty members explores different pricing scenarios, although the company says there are no immediate plans to change the policy. The move aims to assess its impact on competitiveness and respond to activist investor Elliott Investment Management.
Canadian National Railway (NYSE:CNI), Canadian Pacific Kansas City (NYSE:CP) – The Canadian government acted swiftly to end a massive rail strike, asking the Canadian Industrial Relations Board to order an immediate return to work. The strike involved more than 9,000 workers from the country’s major railways, threatening significant economic damage. The government also requested binding arbitration between the unions and companies to resolve the negotiation deadlock. Canadian National Railway workers will return to work on Friday, while Canadian Pacific Kansas City’s strike awaits a decision from the Canadian Industrial Relations Board.
Rio Tinto (NYSE:RIO), Teck Resources (NYSE:TECK) – Rio Tinto and Teck Resources warned on Thursday that the labor dispute at Canada’s major railways could disrupt their operations. Rio Tinto was implementing contingency plans, such as using its own rail network. Teck said it was seeking alternative transportation to mitigate the impact on critical mineral supply chains. Rio Tinto’s shares fell 0.1% in pre-market trading, while Teck’s shares rose 0.2%.
GE Vernova (NYSE:GEV) – A turbine blade failed at an offshore wind farm near the northeast coast of England, in the Dogger Bank, raising safety concerns in the sector. The incident involved a GE Vernova turbine and is under investigation. Shares fell 0.5% in pre-market trading.
CME Group (NASDAQ:CME), S&P Global (NYSE:SPGI) – CME Group and S&P Global are considering selling the OSTTRA post-trade services joint venture, valued between $2 billion and $4 billion, including debt. The companies are in talks with financial advisors to find buyers.
Deutsche Bank (NYSE:DB) – Deutsche Bank still faces challenges with Postbank despite reaching agreements with about 60% of claimants alleging undervaluation in the bank’s 2010 acquisition. The bank plans to reduce provisions by $478.93 million, which should improve third-quarter profits. Additionally, Deutsche Bank suggested it may reconsider share buybacks, previously ruled out, depending on capital plan reviews in dialogue with regulators. Shares rose 1.2% in pre-market trading after closing up 3.4% on Thursday.
Jefferies Financial Group (NYSE:JEF) – A banking consortium led by Jefferies Financial Group lost about $15 million after having to adjust the terms of a loan for M2S Group. The loan, intended for an acquisition and refinancing, had to be sold at a lower price and with a higher margin, reflecting the impact of adverse market conditions. The loan was initially priced at 99 cents on the dollar and was sold at 93 cents. The margin over the reference rate increased from 4.25-4.5 percentage points to 4.75 percentage points. The package also includes a $100 million credit line.
Morgan Stanley (NYSE:MS) – Jonathan Bloomer, chairman of Morgan Stanley International, died at 70 in a shipwreck off the coast of Italy on August 19. His wife, Judy, also died. They were on a luxury yacht to celebrate the acquittal of Mike Lynch, for whom Bloomer testified in a fraud trial.
HSBC Holdings (NYSE:HSBC) – Lu Tian, deputy head of Goldman Sachs’ China unit, is moving to HSBC to replace Irene Ho as CEO and general manager of securities business in China.
US Bancorp (NYSE:USB) – Edward Jones is expanding its partnership with US Bank to offer enhanced checking accounts and credit cards to its clients starting in 2025. The initiative aims to diversify its services beyond investments after abandoning previous plans to launch its own bank and a partnership with Citigroup.
Blackstone (NYSE:BX) – Effective January 1, Wesley LePatner will replace Frank Cohen as CEO of Blackstone’s real estate fund for individual investors. LePatner, who is COO of BREIT, will succeed Cohen after nearly 30 years. BREIT faces challenges due to high-interest rates and seeks growth sectors.
AstraZeneca (NASDAQ:AZN) – AstraZeneca warned it might move its vaccine manufacturing unit from the UK to the U.S. due to a standoff with the Labour government, which plans to reduce state aid for the vaccination center. The cut would reduce the promised subsidy from £90 million to £40 million. The company says it is in constructive negotiations with the UK government. Shares rose 0.4% in pre-market trading.
Pfizer (NYSE:PFE), Moderna (NASDAQ:MRNA) – Updated COVID-19 vaccines from Pfizer and Moderna were approved by the FDA and will be available starting in 2025. Vaccination begins earlier than expected, aiming to curb the rise in cases. Novavax also plans to launch a vaccine but has yet to receive approval. Demand for vaccines is expected to be lower than last year. In pre-market trading, Pfizer’s shares rose 0.2%, while Moderna’s shares rose 1.4%. Moderna’s shares closed down 6.5% on Thursday.
Zenas BioPharma, Bristol-Myers Squibb (NYSE:BMY) – Zenas BioPharma, backed by Bristol-Myers Squibb, has filed for an IPO in the U.S., highlighting investors’ growing interest in new IPOs. The biopharmaceutical company, focused on immunology and inflammation, has already raised $358.3 million. Losses increased to $65.8 million in the first half of 2023.