Norfolk Southern (NYSE:NSC) – Norfolk Southern fired its CEO, Alan Shaw, after an internal investigation into allegations of ethical policy violations. CFO Mark George was promoted to CEO. Shaw’s dismissal, which occurred after the 2023 disaster, is unrelated to the company’s financial performance. Shares fell 1.4% on Wednesday.
Ryanair Holdings (NASDAQ:RYAAY) – Ryanair reduced its 2024 fare forecast, now predicting a drop of up to 10% in ticket prices, down from the initial 5% estimate. Shares fell 3.5% in pre-market trading after closing up 0.04% on Wednesday.
23andMe (NASDAQ:ME) – Anne Wojcicki, co-founder of 23andMe, is open to acquisition offers for the company, as indicated in a regulatory filing. The previous offer to buy remaining shares for $0.40 was rejected, and alternatives are being considered to maximize shareholder value. Shares rose 8.5% in pre-market trading after closing up 1.5% on Wednesday.
Alphabet (NASDAQ:GOOGL) – The EU privacy regulator, Ireland’s Data Protection Commission (DPC), has launched an investigation into whether Google adequately protected EU user data before using it to develop its AI model, PaLM 2. The probe ensures compliance with data protection regulations. In an antitrust trial, evidence showed that in 2009, Google aimed to “crush” competitors in online advertising, according to former ad head David Rosenblatt. The U.S. Department of Justice accuses Google of monopolizing ad servers and networks. Google denies this, citing competition with other major firms. Shares rose 1.0% in pre-market trading after gaining 1.7% on Wednesday.
Amazon (NASDAQ:AMZN) – Amazon Web Services (AWS) will invest $1.8 billion in Brazil by 2034 to expand its data centers. This adds to the $3.4 billion invested from 2011 to 2023, focusing on infrastructure expansion and maintenance. Shares rose 0.1% in pre-market trading after increasing 2.8% on Wednesday.
Nvidia (NASDAQ:NVDA) – Nvidia’s CEO, Jensen Huang, expressed customer frustration over high demand and limited supply of its Blackwell chips. He noted that Nvidia is working to meet demand and is ready to seek alternative suppliers if necessary. Additionally, the U.S. government is considering allowing Nvidia to export advanced chips to Saudi Arabia, aiding the country in training AI models. This follows previous restrictions preventing China from accessing such chips. Saudi Arabia is adjusting to U.S. security requirements. Shares rose 0.8% in pre-market trading after jumping 8.2% on Wednesday.
OpenAI – OpenAI is negotiating to raise $6.5 billion from investors and $5 billion in credit, valuing the company at $150 billion. This marks a 74% increase from its previous $86 billion valuation. The new funding round will help OpenAI remain private longer.
IBM (NYSE:IBM) – IBM shares hit an all-time high. The company grew 28% this year, with a 20.75% rise this month, outperforming giants like Apple and Microsoft. This surge is attributed to its renewed focus on software and AI, coupled with a low-interest-rate environment making its dividend shares more attractive. IBM is also well-positioned with a lower valuation compared to pricier competitors. Shares fell 0.1% in pre-market trading after rising 2.2% on Wednesday.
Adobe (NASDAQ:ADBE) – Adobe is set to release the Adobe Firefly Video Model, a generative AI tool for video creation and editing, later this year. In beta, the tool can generate short clips from text and images, offering control over camera angle and movement. This launch aims to expand Adobe’s video AI portfolio. Shares rose 1.0% on Wednesday.
Epic Games, Electronic Arts (NASDAQ:EA), Roblox (NYSE:RBLX) – Gaming companies face a complaint from the EU over allegedly tricking players into spending money. The complaint, filed by the European Consumer Organisation (BEUC) and its members, accuses developers of creating products that encourage gaming addiction and excessive spending. Roblox shares fell 0.3% in pre-market trading after rising 0.2% on Wednesday.
Electric Vehicles – Global sales of electric and plug-in hybrid vehicles grew 20% in August, driven by record sales in China. However, Europe saw a 33% decline, marking the worst performance since January 2023. Rho Motion predicts a one-third increase in sales in China this year, with stable sales in Europe.
Stellantis (NYSE:STLA) – Stellantis reported a 21% sales increase in August and a 10% reduction in dealer inventory for two consecutive months. However, CEO Carlos Tavares faced criticism for decisions that hurt brands and market share. The automaker also saw a 40% drop in operating profit. Stellantis will invest $406 million in Michigan to develop a shared platform for electric and hybrid vehicles. Sterling Heights will be the first U.S. location to manufacture electric vehicles. Stellantis will also update the Warren Truck Plant and Dundee Engine Plant for new models. The total investment will reach $55.23 billion. Shares fell 1.3% in pre-market trading after rising 0.5% on Wednesday.
Grab Holdings (NASDAQ:GRAB) – Philippine regulators are investigating a robbery and sexual assault case involving a Grab driver. The app could be suspended for up to 30 days if found negligent. Grab is cooperating with the investigation and reinforcing its safety and conduct policies. Shares rose 1.2% in pre-market trading after closing up 3.0% on Wednesday.
United Parcel Service (NYSE:UPS) – UPS warned that its pickup and delivery services in the southern U.S., particularly Louisiana, could be affected by Hurricane Francine. The company is implementing contingency plans to minimize delays. FedEx may also face disruptions in some Louisiana markets. Shares fell 1.0% on Wednesday.
Boeing (NYSE:BA) – Boeing may face an imminent strike if workers reject a tentative agreement and vote to walk out on Thursday. About 30,000 employees who produce jets in the Seattle and Portland areas are dissatisfied with the proposed contract, which includes a 25% pay raise and other benefits. A strike could cost the company up to $3.5 billion. Shares fell 0.1% in pre-market trading after rising 0.8% on Wednesday.
RTX (NYSE:RTX) – RTX CEO Christopher Calio said the company is focusing on optimizing existing businesses rather than pursuing large acquisitions. He cited the sale of Goodrich Hoist and Winch as an example of this focus. RTX continues to collaborate with Boeing on production adjustments and is developing hybrid-electric technology to improve efficiency. Shares fell 0.9% on Wednesday.
Honeywell (NASDAQ:HON) – Honeywell’s growth in the aerospace sector depends on its ability to supply parts for Boeing and Airbus, not demand. While demand for parts is high, the sector remains limited by component and labor shortages. Shares rose 1.5% on Wednesday.
United Airlines (NASDAQ:UAL) – The Federal Aviation Administration (FAA) is nearing completion of a review of United Airlines, initiated after a series of safety incidents. Agency head Mike Whitaker said the review is almost finished. United had postponed the start of new routes and conducted additional inspections with FAA oversight. Shares rose 0.3% in pre-market trading after closing up 0.1% on Wednesday.
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Goldman Sachs (NYSE:GS) – Goldman Sachs CEO David Solomon said the bank’s exit from its partnership with GM isn’t as complicated as it seems. Solomon stated that the company expected challenges and is in the process of transferring the business to Barclays. Goldman Sachs anticipates a $400 million pre-tax charge for the transaction. Shares rose 0.8% in pre-market trading after closing up 0.9% on Wednesday.
JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC) – JPMorgan Chase appointed David Bauer as co-head of equity capital markets for the Americas. Bauer, formerly with KKR and Goldman Sachs, will work alongside Keith Canton. The bank is preparing for a rebound in new listings and an increase in secondary share sales. Additionally, JPMorgan Chase and Bank of America are taking steps to reduce junior bankers’ workloads. JPMorgan will limit their weekly hours to 80, while Bank of America will launch a new platform to monitor and manage work hours. These measures aim to alleviate growing pressure on employees and address health concerns in the sector. JPMorgan shares rose 0.1% in pre-market trading after closing up 0.8% on Wednesday.
Prudential Financial (NYSE:PRU) – PGIM, Prudential Financial’s investment management arm, opened an office in Abu Dhabi. With $1.33 trillion in assets, PGIM aims to serve institutional and professional clients in the region.
Banco Santander (NYSE:SAN) – Banco Santander’s chair, Ana Botin, is investing heavily in the U.S., launching a digital bank next month and expanding its retail banking presence. The strategy aims to significantly grow in the U.S. market, where Santander has a small customer base, and to increase its digital and payment services. Shares rose 0.4% in pre-market trading after closing up 1.1% on Wednesday.
UBS Group AG (NYSE:UBS), Morgan Stanley (NYSE:MS) – A UBS advisory team led by Daniel Schwartz, managing $2.7 billion in assets, moved to Morgan Stanley in New York. The team includes Devin Darcangelo, George Fosdick, William Schwartz, and Michael Sanzone, offering high-net-worth clients services like private equity and philanthropic advisory. UBS shares rose 0.6% in pre-market trading after closing up 1.3% on Wednesday.
BlackRock (NYSE:BLK) – BlackRock and Partners Group Holding AG are creating a unique portfolio to give retail investors access to private equity, private credit, and real assets. This strategy aims to meet the growing demand for alternative investments and ease participation in rapidly growing private markets.
US Steel (NYSE:X) – Executives from Nippon Steel and US Steel will meet with U.S. officials to discuss the $14.9 billion acquisition of US Steel by Nippon Steel. The meeting aims to address resistance to the deal and concerns from the Committee on Foreign Investment (CFIUS) regarding national security. Shares closed up 7.0% on Wednesday.
Children’s Place (NASDAQ:PLCE) – Shares of Children’s Place surged 85.7% on Wednesday after the retailer posted adjusted profits, exceeding expectations for the first time in two years. Net loss shrank to $32.1 million, and adjusted earnings of $0.30 per share beat estimates of a loss. Despite revenue decline, margin improvements and cost reductions boosted the stock. Shares fell 2.6% in pre-market trading.
Manchester United (NYSE:MANU) – Manchester United shares fell 4.6% on Wednesday after the club reported revenue of £142.2 million and increased losses in the fourth quarter. Net loss rose to £36.3 million, and the projected revenue for 2025 is lower than expected.