Apple Loses EU Dispute; Google’s $2.7 Billion Fine Upheld; Oracle Shares Surge 9%

Apple (NASDAQ:AAPL) – The European Court of Justice ruled against Apple in a tax case regarding benefits received in Ireland, potentially leading to the recovery of up to $14.4 billion in back taxes. This decision follows a long dispute beginning in 2014 with an EU investigation. Apple launched the iPhone 16 yesterday, featuring AI and Siri improvements, along with new camera and audio features. The new iPhone 16 faced criticism in China for its lack of AI features, especially amid increasing competition from Huawei. Apple currently lacks an AI partner in China, with its software available in Chinese only next year, sparking dissatisfaction on social media. However, analysts believe short-term sales will remain steady due to customer loyalty. On Tuesday, Huawei launched its tri-fold Mate XT smartphone in response to Apple’s iPhone 16. AI features for the iPhone 16 will be gradually introduced, while Huawei already saw high demand for its new model. Apple’s shares dropped 1.2% in pre-market trading after closing up 0.04% on Monday.

Alphabet (NASDAQ:GOOGL) – On Tuesday, Google lost its appeal against a $2.7 billion fine imposed by the EU in 2017 for anticompetitive practices. The court upheld the ruling that the company abused its dominant position by favoring its own price comparison service, harming competitors. Google now faces $9.1 billion in antitrust fines from the EU and additional cases related to Android and AdSense. Shares fell 0.2% in pre-market trading after closing down 1.5% on Monday.

Oracle (NYSE:ORCL) – Oracle reported $13.31 billion in revenue for the quarter ending August 31, beating estimates of $13.23 billion. Adjusted earnings per share were $1.39, exceeding forecasts of $1.32. Cloud services revenue rose 21% to $5.6 billion. For the second quarter, Oracle forecasts revenue growth between 8% and 10%, above analysts’ 8.72% estimate. Oracle also announced a partnership with Amazon Web Services to offer its database services on dedicated servers. Shares rose 8.5% in pre-market trading after closing down 1.4% on Monday.

Hewlett Packard Enterprise (NYSE:HPE), Juniper Networks (NYSE:JNPR) – Hewlett Packard Enterprise announced a $1.35 billion convertible preferred stock offering to fund the acquisition of Juniper Networks. The offering will cover expenses for the $14 billion purchase aimed at boosting its AI capabilities. The preferred shares will convert to common stock in 2027 unless redeemed earlier. HPE shares dropped 5.7% in pre-market trading after closing up 0.4% on Monday.

Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) – TSMC’s revenue grew 33% in August, reaching $7.8 billion (NT$250.9 billion), though growth slowed compared to the previous month. TSMC benefits from demand for AI and smartphone chips, with expectations of 37% growth in Q3 2024. Shares dropped 1.3% in pre-market trading after closing up 3.8% on Monday.

Edgio (NASDAQ:EGIO) – Edgio filed for Chapter 11 bankruptcy in Delaware. With $379 million in assets and $369 million in liabilities, the company negotiated a deal with its main creditor, Lynrock Lake Master Fund LP, to sell $110 million in assets. Lynrock will set the minimum for auction bids. Shares dropped 1.6% in pre-market trading after closing down 80.2% on Monday.

AngloGold Ashanti (NYSE:AU), Centamin Plc (LSE:CEY) – AngloGold Ashanti Ltd. will acquire Centamin Plc for around £1.9 billion ($2.5 billion), gaining control of Egypt’s Sukari mine. The deal, representing a 37% premium over Centamin’s share price, boosts AngloGold’s annual production by 450,000 ounces. The transaction reflects gold producers’ drive for expansion. AngloGold shares dropped 8.6% in pre-market trading after closing up 1.0% on Monday.

Trump Media & Technology Group (NASDAQ:DJT) – Trump Media’s shares rose 5.5% on Monday after a poll showed Donald Trump in a close race with Kamala Harris for the presidency. The recovery followed weeks of declines. The company is valued at $3.6 billion, a partial rebound from its initial $10 billion valuation at its March listing. Trump Media posted a $16.4 million loss last quarter with revenue of just $837,000. Trump can sell his shares starting September 20 if the price remains above $12 for 20 trading days starting August 22. Shares rose 2.3% in pre-market trading.

News Corp (NASDAQ:NWS) – Hedge fund Starboard Value has proposed a resolution to end News Corp’s dual-class share structure, which allows Rupert Murdoch to control the company with 40% of the voting power despite owning just 14% of the stock. News Corp defends the current structure, claiming it promotes stability and success.

Boeing (NYSE:BA) – Boeing and the International Association of Machinists and Aerospace Workers (IAM) reached a tentative agreement that includes a 25% wage increase and the construction of a new plane in Seattle. However, many workers sought larger raises and the return of an old pension plan. Members will decide on the agreement. Additionally, Boeing delayed 737 MAX production to March 2025 from September 2024 due to safety and regulatory challenges. The goal remains 38 jets per month by the end of 2024. The company is also adjusting production and reorganizing teams to improve communication with suppliers. Shares fell 0.1% in pre-market trading after closing up 3.4% on Monday.

General Motors (NYSE:GM) – GM and the Unifor union began collective bargaining for workers at the CAMI plant in Ontario, Canada. A strike mandate revealed 97% of Unifor Local 88 members support striking if no agreement is reached by September 17. GM committed to reaching a favorable deal. Shares rose 0.4% in pre-market trading after closing up 0.6% on Monday.

Stellantis NV (NYSE:STLA) – The National Highway Traffic Safety Administration (NHTSA) opened an investigation into 781,000 Jeep Wranglers and Gladiators after nine reports of fires, many with the engine off. The fires appear to originate from an electrical connector on the power steering pump. Stellantis is cooperating with the investigation. Shares fell 0.3% in pre-market trading after closing up 0.3% on Monday.

Mobileye (NASDAQ:MBLY) – Mobileye is abandoning the development of FMCW lidars for autonomous driving, claiming their importance has decreased. This caused a drop in the company’s stock, which initially rose 4.7% but closed down 3.5% on Monday. The move could reduce costs and benefit lidar manufacturers, while Tesla sees this as a validation of its camera-only strategy. Shares rose 0.9% in pre-market trading after closing down 3.5% on Monday.

Norfolk Southern (NYSE:NSC) – Norfolk Southern’s CEO Alan Shaw is expected to step down due to an investigation into possible workplace misconduct. The company is assessing whether Shaw violated its ethics policy. This situation follows a recent shareholder dispute and a derailment incident.

RTX Corp. (NYSE:RTX) – According to Bloomberg, despite RTX Corp.’s efforts, its $7.6 billion GPS satellite network faces significant issues, potentially leading to further delays in acceptance by the U.S. Space Force. The system, with costs 73% over budget and seven years behind schedule, continues to face criticism for development problems and testing challenges.

Goldman Sachs (NYSE:GS) – Goldman Sachs CEO David Solomon announced that trading revenue is expected to drop around 10% in Q3 due to unfavorable conditions in August, following a strong prior quarter. Solomon also mentioned the bank’s focus on consumer business and improving private equity activity later this year. Shares fell 0.6% in pre-market trading after closing up 1.9% on Monday.

Bank of America (NYSE:BAC) – Savita Subramanian from Bank of America believes that higher volatility and falling interest rates will make utility stocks more attractive than technology stocks. She upgraded utilities to overweight, highlighting their outperformance against tech stocks and potential for higher returns due to robust dividends. Bank of America also hired Tim Carpenter, a former JPMorgan Chase executive, to co-lead its software investment banking division. Shares rose 1.6% in pre-market trading after closing up 1.8% on Monday.

Citigroup (NYSE:C) – Citigroup expects investment banking fees to rise 20% in Q3 due to a recovery in debt markets and mergers. However, market revenue is forecasted to fall 4%. The bank also faces challenges with credit card delinquencies and data compliance issues. Shares rose 0.9% in pre-market trading after closing up 0.8% on Monday.

HSBC (NYSE:HSBC) – HSBC is considering merging its commercial and investment banking divisions to eliminate redundant roles and cut costs, according to Bloomberg. The new combined division could generate about $40 billion in annual revenue. No final decision has been made. Shares fell 0.1% in pre-market trading after closing up 2.0% on Monday.

UBS Group AG (NYSE:UBS) – UBS is considering partnerships in India to expand its wealth management services, potentially through acquiring a stake in a local firm. UBS seeks to strengthen its presence in a competitive market facing challenges from large local institutions. While no final decision has been made, such a partnership could help access the growing wealth in the country. Shares rose 0.2% in pre-market trading after closing up 1.7% on Monday.

KeyCorp (NYSE:KEY) – KeyCorp sold $7 billion in low-yielding investments, resulting in an approximately $700 million loss in the third quarter. The sale aims to reposition its securities portfolio to improve profitability, following an agreement with Scotiabank. Shares were down slightly in pre-market trading after previous slight gains.

Nomura Holdings (NYSE:NMR) – Nomura Holdings projects a 30% growth in trading revenue over the next three years, driven by its expansion into hedge fund services. The markets unit’s revenue rose by 15-20% in 2024, benefiting from enhanced risk controls and technology improvements. The bank aims to diversify its offerings and increase its footprint in the U.S. and Asia.

Under Armour (NYSE:UAA) – Under Armour announced that restructuring costs will be higher than previously expected. The company, led once again by Kevin Plank, revised its restructuring charge estimate to between $140-160 million, up from the earlier forecast of $70-90 million. Shares closed down 4.2% on Monday.

Boot Barn (NYSE:BOOT) – Boot Barn’s shares closed up 3% on Monday following reports of a 4% growth in same-store sales during the first ten weeks of the second fiscal quarter. The increase was driven by a 3.4% rise in retail sales and a 9.2% boost in online sales. The company’s stock has surged 60.73% over the last 12 months.

Capri Holdings (NYSE:CPRI), Tapestry (NYSE:TPR) – Capri Holdings CEO John Idol testified that the $8.5 billion merger with Tapestry would revitalize Michael Kors and benefit investors. The FTC, considering the merger a competitive threat, requested a federal court in Manhattan block the deal. The court’s decision will determine whether the merger proceeds, combining the two fashion giants.

Church & Dwight (NYSE:CHD) – A class-action lawsuit was filed on Monday alleging that Trojan condoms, produced by Church & Dwight, contain PFAS, toxic chemicals linked to cancer. The plaintiff, Matthew Goodman, claims the condoms, marketed as safe, show traces of fluorine linked to PFAS. The lawsuit seeks $5 million in damages.

MercadoLibre (NASDAQ:MELI) – MercadoLibre CEO Marcos Galperin plans to triple the company’s user base and expand services using artificial intelligence, drones, and online payments, according to a Reuters report. The company aims to grow organically, focusing on key markets like Brazil, Mexico, Argentina, and Chile. Despite the economic crisis in Argentina, Galperin remains optimistic about strategic investments.

Alibaba Group (NYSE:BABA) – Alibaba’s shares have been added to the Stock Connect program, allowing mainland Chinese investors to trade the company’s stock. This inclusion is expected to attract approximately $20 billion in investments. The move is seen as helping close the valuation gap between Alibaba and its competitor, PDD Holdings. Shares rose 2.7% in pre-market trading after closing up 0.3% on Monday.

Eli Lilly (NYSE:LLY) – Eli Lilly has appointed Lucas Montarce as its new CFO, succeeding Anat Ashkenazi, who left for Alphabet. Montarce, who has been with Eli Lilly since 2001, will face the challenge of expanding production for its popular diabetes and weight-loss drugs. Montarce’s base salary will be $1 million, with eligibility for an annual bonus of up to $1 million.

AstraZeneca Plc (NASDAQ:AZN), Daiichi Sankyo (USOTC:DSNKY) – AstraZeneca and Daiichi Sankyo shares dropped after mixed results from an advanced trial of their lung cancer drug. Although some patients lived longer, the overall results were not statistically significant. Despite showing potential, the market reacted negatively. Meanwhile, Boehringer Ingelheim reported promising results for a new oral treatment. AstraZeneca’s shares fell 1.9% in pre-market trading after closing down 2.6% on Monday.

SiNtx Technologies (NASDAQ:SINT) – SiNtx Technologies shares soared 54.6% on Monday, closing at $4.36, following the approval of a patent for a new ceramic material used in medicine. The trading volume exceeded 63 million shares. The patent enhances the biomedical properties of silicon nitride, strengthening the company’s position in the biotech market. Shares dropped 8.0% in pre-market trading.


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