Spirit Airlines (NYSE:SAVE) – Spirit Airlines managed to extend its $1.1 billion debt refinancing deadline by two months, until December 23, with the help of U.S. Bank. The company, which has been facing losses and doubts about its ability to pay debts, seeks to increase revenues and reduce costs. Shares rose 56.5% in pre-market trading after closing down 3.3% on Friday.
Kenvue (NYSE:KVUE) – Hedge fund Starboard Value acquired a stake in Kenvue, the maker of products like Band-Aid and Tylenol, after its shares fell 18% since the IPO in May 2023. Starboard may seek changes in the positioning and pricing of brands to improve performance. Kenvue’s market value is $41 billion. Shares rose 4.8% in pre-market trading after closing up 1.3% on Friday.
Boeing (NYSE:BA) – Boeing has reached a deal to sell its subsidiary Digital Receiver Technology, a manufacturer of surveillance equipment for the U.S. military, to Thales Defense & Security. The goal is to strengthen its finances, already weakened by production delays and safety issues. The terms of the agreement were not disclosed. On another front, Boeing’s machinists will vote on a new contract proposal that includes a 35% wage increase over four years, plus bonuses and retirement plan improvements. The strike, now in its fifth week, has affected the production of planes and the company’s finances. The vote will take place on Wednesday. Shares rose 3.7% in pre-market trading after closing down 0.2% on Friday.
Spirit AeroSystems (NYSE:SPR) – Spirit AeroSystems announced it will temporarily lay off 700 employees for 21 days due to Boeing’s strike, which is draining its cash and stockroom space. The strike by over 33,000 Boeing workers has disrupted the production of 767 and 777 jets, impacting the manufacturer’s supply chain.
Cigna Group (NYSE:CI), Humana (NYSE:HUM) – Cigna has resumed talks for a potential merger with Humana after halting efforts last year. Recently, the companies held preliminary discussions, but no deal was reached.
MetLife (NYSE:MET) – New York-based insurer MetLife is in advanced negotiations to acquire PineBridge Investments’ non-China assets, in a deal estimated between $1 billion and $1.5 billion. These assets, valued at $100 billion, are mostly owned by billionaire Richard Li’s Pacific Century Group.
Sanofi (NASDAQ:SNY) – Sanofi has entered negotiations to sell 50% of its consumer health unit, Opella, to Clayton Dubilier & Rice. The transaction values Opella at $16.29 billion, with completion expected in 2025. The sale aims to fund the development of new immunological and anti-inflammatory drugs. The French government secured guarantees on job retention and production in the country, and Bpifrance would take a 1% stake in Opella. Shares fell 0.8% in pre-market trading after closing up 0.1% on Friday.
Embraer (NYSE:ERJ) – Embraer delivered 57 non-defense aircraft in the third quarter, a 33% increase from the previous year. These included 16 commercial jets and 41 executive jets, with the firm order backlog reaching $22.7 billion, the highest in nine years.
Southwest Airlines (NYSE:LUV) – Elliott Investment Management and Southwest Airlines are negotiating a deal to avoid a board control dispute. Elliott proposed board representation without full control. Negotiations are still ongoing, and Elliott has called a special meeting for December, seeking to replace eight directors and review strategy. Shares fell 0.3% in pre-market trading after closing up 3.0% on Friday.
Delta Airlines (NYSE:DAL) – A Delta Airlines Boeing 767 bound for New York made an emergency stop after taking off from Blaise Diagne Airport in Senegal due to a technical issue. The plane, carrying 216 passengers, landed safely with no injuries. Senegalese aviation authorities will investigate the incident. Shares fell 1.2% in pre-market trading after closing up 1.0% on Friday.
IBM (NYSE:IBM) – IBM launched the new version of its “Granite 3.0” AI models, aimed at enterprises, adopting an open-source approach, unlike competitors like Microsoft that charge for their models. The models are available on the Watsonx platform and Nvidia’s toolset, trained with Nvidia GPUs.
Apple (NASDAQ:AAPL) – Apple’s recruitment executive, Sjoerd Gehring, is leaving the company to become Chief People Officer at Citadel, a hedge fund based in Miami. His departure comes amid several HR team changes at Apple, including the exit of Chief People Officer Carol Surface after 18 months. Shares fell 0.3% in pre-market trading after closing up 1.2% on Friday.
Alphabet (NASDAQ:GOOGL) – A federal judge in California temporarily halted an order requiring Google to overhaul its Play Store by November 1, as part of an antitrust lawsuit filed by Epic Games. Google argued the change posed security risks. The Appeals Court will review the case. Shares fell 0.1% in pre-market trading after closing up 0.3% on Friday.
Meta Platforms (NASDAQ:META) – Meta announced on Friday the launch of new AI models, including the “Self-Supervised Evaluator,” which reduces the need for human intervention in AI development. This model uses a “chain of thought” technique to improve accuracy in complex tasks. Meta used AI-generated data to train the model. Shares rose 0.1% in pre-market trading after closing down 0.1% on Friday.
Amazon (NASDAQ:AMZN) – Amazon employees publicly voiced criticism of the company’s culture after a viral LinkedIn post by former employee Stephanie Ramos. She criticized bureaucracy and inefficient management, and her post received support from current employees, who also expressed dissatisfaction with changes under Andy Jassy’s leadership, including mandatory return-to-office policies. Additionally, Amazon, which has been the largest sponsor of H-1B visas over the last three years, faces a labor shortage and runs a hiring program for refugees. Despite this, the company may face public opposition if it pushes for more immigration, as public sentiment has hardened against undocumented immigrants. Shares fell 0.3% in pre-market trading after closing up 0.8% on Friday.
AT&T (NYSE:T) – AT&T ratified agreements with the Communications Workers of America union, covering 23,000 employees across 11 states. Workers in the West will receive a 15% raise over four years, while those in the Southeast will get a 19% raise over five years. Southeast technicians will receive an additional 3% raise. Shares fell 0.1% in pre-market trading after closing up 0.6% on Friday.
Verizon Communications (NYSE:VZ), US Cellular (NYSE:USM) – Verizon will purchase spectrum licenses from US Cellular for $1 billion, part of a larger asset sale. This deal is contingent upon the completion of a transaction announced in May, where US Cellular will sell wireless operations and spectrum assets to T-Mobile for $4.4 billion. Verizon shares rose 0.3% in pre-market trading. US Cellular shares remained stable after closing up 7.2% on Friday.
Western Digital (NASDAQ:WDC) – Western Digital was ordered to pay $315.7 million for infringing a data encryption patent owned by SPEX Technologies. The jury found that Western Digital’s hard drive products infringed the patent. The company, which denies the allegations, plans to appeal the verdict if necessary. Shares rose 0.4% in pre-market trading after closing down 0.5% on Friday.
BHP Group (NYSE:BHP) – A hearing on the 2015 Mariana dam disaster will begin in the UK’s Supreme Court, with claimants seeking up to $47 billion in damages from BHP. The disaster, which killed people and caused environmental destruction, led to a joint lawsuit by over 600,000 Brazilians and 46 local governments. Shares rose 0.1% in pre-market trading after closing up 0.4% on Friday.
Starbucks (NASDAQ:SBUX) – Starbucks announced that food marketing veteran Tressie Lieberman will become the new Executive Vice President and Global Chief Brand Officer, effective November 4. Lieberman, who worked at Chipotle, will be responsible for marketing and product development. This move is part of the executive reshuffling led by new CEO Brian Niccol. Shares rose 0.1% in pre-market trading after closing up 1.7% on Friday.
Mondelez International (NASDAQ:MDLZ) – JAB announced that it has distributed shares of JDE Peet’s, previously held by Mondelez International, to more than 70 limited partners of its consumer fund, increasing the coffee company’s free float. Additionally, JAB plans to expand its insurance business after some consumer investments underperformed. Shares rose 0.5% in pre-market trading after closing up 0.7% on Friday.
Philip Morris (NYSE:PM) – Philip Morris, British American Tobacco, and Japan Tobacco have agreed to pay $23.6 billion (C$32.5 billion) to settle a long-running lawsuit in Canada over tobacco-related health damages. The settlement, the largest outside the U.S., still needs approval and includes compensation for health damages caused by smoking.
Bank of America (NYSE:BAC) – Bank of America has extended its guaranteed foreign exchange rates for up to one year, helping companies reduce currency risks and simplify treasury management. This allows businesses to protect themselves from currency fluctuations, easing cash flow forecasting and reconciliation, especially in sectors like e-commerce and manufacturing. Shares fell 0.1% in pre-market trading after closing down 0.7% on Friday.
UBS Group (NYSE:UBS), American Express (NYSE:AXP) – UBS has decided to sell its 50% stake in Swisscard, acquired from Credit Suisse, to American Express, which will become the sole owner. The terms of the deal were not disclosed. Credit Suisse customers will be moved to UBS’s credit card platform, with no immediate impact on cardholders. UBS shares fell 0.2% in pre-market trading, while American Express shares fell 0.3%.
JPMorgan Chase (NYSE:JPM) – JPMorgan noted that South Africa could see an increase in initial public offerings (IPOs) and capital raising in 2024, driven by an economic recovery. The bank highlights optimism around a pro-business coalition forming and improvements in the stock market, making IPOs a viable option for local companies.
Berkshire Hathaway (NYSE:BRK.A) – Berkshire Hathaway bought 1.6 million shares of Sirius XM last week for about $42 million, raising its stake to 32%. The company now holds 110.3 million shares, valued at around $3 billion, taking advantage of Sirius XM’s 50% stock drop this year.
Interactive Brokers (NASDAQ:IBKR) – Interactive Brokers, Altor Equity Partners, and Centerbridge Partners are among those interested in acquiring Saxo Bank. Investors have made initial offers, but Saxo Bank may still decide against the sale. With $120 billion in assets, the company is being advised by Goldman Sachs to find new owners.
Robinhood Markets (NASDAQ:HOOD) – Robinhood is launching margin investing in the UK, offering competitive rates, allowing investors to use existing assets as collateral to purchase additional securities. Approval came after discussions with the Financial Conduct Authority. Margin trading is risky and typically limited to high-net-worth investors. Shares rose 0.2% in pre-market trading after closing up 1.9% on Friday.