Berkshire Hathaway (NYSE:BRK.B), Bank of America (NYSE:BAC) – Berkshire Hathaway sold a total of 14 million shares of Bank of America in recent days, reducing its stake to 12%. The sale, which raised about $550 million, was made last Thursday, Friday, and Monday, at an average price of $39.50 per share. Berkshire now owns 928 million shares of the bank. Bank of America shares fell 0.1% in pre-market trading.
Paramount Global (NASDAQ:PARA) – Edgar Bronfman Jr. made a bid of approximately $4.3 billion to acquire National Amusements, which controls Paramount. His proposal includes $2.4 billion in debt and equity and $1.5 billion for Paramount. This offer competes with Paramount’s agreement with Skydance, valuing Paramount at $4.75 billion. Paramount has 45 days to explore other offers, extendable until September 5. Bronfman believes his offer is superior as it does not involve acquiring Skydance and directly improves Paramount’s financial situation. Shares fell 0.2% in pre-market trading.
Morgan Stanley (NYSE:MS) – Jonathan Bloomer, chairman of Morgan Stanley International, is missing after the luxury yacht “Bayesian” sank off the coast of Sicily due to a storm, with 10 crew members and 12 passengers on board. The storm left six people missing, including Bloomer, and resulted in the confirmed death of the cook, Ricardo Thomas. Also missing are Chris Morvillo, a lawyer at Clifford Chance, and businessman Mike Lynch with his daughter.
Southwest Airlines (NYSE:LUV) – Southwest Airlines is preparing to face Elliott Investment Management, which is seeking drastic changes in the company’s leadership. CEO Bob Jordan has been rallying support from investors and employees, arguing that Elliott’s approach is predatory. Elliott wants to replace the current leadership, citing Southwest’s unsatisfactory performance.
Alaska Air Group (NYSE:ALK), Hawaiian Airlines (NASDAQ:HA) – Alaska Airlines overcame a regulatory hurdle for the $1.9 billion merger with Hawaiian Airlines after the DOJ review period expired. The deal now awaits review by the U.S. Department of Transportation. The merger will expand destinations for Hawaiian residents and maintain the value of HawaiianMiles. Alaska Air Group shares rose 0.1% in pre-market trading, while Hawaiian Airlines shares jumped 9.6%.
Boeing (NYSE:BA) – The Saudi Arabian Public Investment Fund is in talks to purchase Boeing 777 and Airbus 350 jets to establish a new cargo airline. The operation will serve Saudia and the new startup Riyadh Air, according to Bloomberg News. Additionally, the U.S. Federal Aviation Administration (FAA) ordered inspections of 787 Dreamliners following a March incident where a LATAM Airlines plane plunged due to uncommanded seat movement, disconnecting the autopilot. The directive affects 158 aircraft in the U.S. and 737 globally, requiring inspections and fixes within 30 days. Meanwhile, Boeing is halting 777X flight tests after an inspection revealed flaws in a structure connecting the engine to the aircraft, as reported by The Air Current on Monday. Shares fell 0.9% in pre-market trading.
General Motors (NYSE:GM) – General Motors announced on Monday that it is laying off more than 1,000 employees from its software and services units globally. The layoffs, which include around 600 positions at the tech campus near Detroit, follow an operational review after the departure of software and services VP Mike Abbott. GM states these layoffs are not for cost-cutting but to streamline operations and focus on strategic investments. Shares fell 0.2% in pre-market trading.
Stellantis (NYSE:STLA) – The United Auto Workers (UAW) union warned that Stellantis workers might go on a nationwide strike due to the automaker’s failure to fulfill 2023 production promises. Stellantis committed to investing in new factories and creating jobs in the U.S., but delays in Illinois investments have sparked the dispute. Shares rose 1.5% in pre-market trading.
Tesla (NASDAQ:TSLA) – Donald Trump claimed that if elected, he could eliminate the $7,500 tax credit for electric vehicles and consider appointing Elon Musk to an advisory or cabinet role. While a fan of electric cars, Trump expressed concerns about the EV market due to costs and range issues. He also plans to discourage exports from Mexico and impose tariffs to incentivize U.S. automotive production. Shares rose 0.5% in pre-market trading.
Harley-Davidson (NYSE:HOG) – Harley-Davidson ended diversity, equity, and inclusion (DEI) initiatives following pressure from an anti-DEI activist. The Milwaukee-based company eliminated minority supplier targets, social training, and participation in LGBTQ rankings, joining other firms re-evaluating diversity policies due to criticism.
Nutrien (NYSE:NTR), CH Robinson (NASDAQ:CHRW) – A potential labor dispute at major Canadian railways is unlikely to significantly impact U.S. oil exports due to extra pipeline capacity like Trans Mountain. Companies, including Nutrien and CH Robinson, are preparing for disruptions, but the impact on oil exports should be minimal, as rail crude imports from Canada to the U.S. have declined in recent years.
US Steel (NYSE:X) – Donald Trump pledged to repeal a pollution rule for power plants imposed by the Biden administration and block Nippon Steel’s purchase of US Steel. He also vowed to restrict foreign access to U.S. markets and ensure a 100% American supply chain if elected. Shares dropped 6% in Monday’s regular trading session.
Apple (NASDAQ:AAPL) – Apple will begin manufacturing the iPhone Pro and Pro Max in India this year, a significant milestone for the company and the local industry. The local production aims to reduce costs and risks associated with manufacturing in China. Local assembly could reduce Pro models’ prices by up to 10% in India and boost sales in the region.
Advanced Micro Devices (NASDAQ:AMD) – AMD announced on Monday plans to acquire server maker ZT Systems for $4.9 billion to strengthen its chip and AI hardware portfolio, challenging Nvidia. AMD will pay 75% in cash and the rest in stock. The acquisition will enable AMD to deploy its AI GPUs faster, especially for major cloud computing firms like Microsoft and Meta. AMD plans to sell the server manufacturing business after closing the deal, expected in the first half of 2025. AMD intends to retain about 1,000 of ZT Systems’ 2,500 employees, resulting in approximately $150 million in annualized operating expenses. Shares rose 0.2% in pre-market trading, following a 4.5% gain on Monday.
Nvidia (NASDAQ:NVDA) – Nvidia shares have posted a weekly gain of over 15%, driven by the longest winning streak in five months. Expectations of positive earnings and increased AI demand are exciting investors, despite potential delays in the company’s new chip lineup. Shares fell 0.6% in pre-market trading, following a 4.4% rise on Monday.
HP Inc. (NYSE:HPQ) – HP Inc. shares closed down 3.65% on Monday after Morgan Stanley downgraded the stock from “Overweight” to “Equal-Weight,” citing that many positive factors have already been priced in, and high inflation and interest rates are impacting HP’s revenue, limiting immediate growth.
Uber Technologies (NYSE:UBER) – In Kenya, a price war between Uber, Bolt, and local startups is leading drivers to increase their own fares due to low commissions and high costs. Uber, with low fares, prohibits higher price agreements, but drivers are defying this by negotiating directly with customers, claiming current prices do not cover high costs. The dispute is causing frustration among passengers and drivers. Shares fell 0.2% in pre-market trading, following a 3% gain on Monday.
Sonder Holdings (NASDAQ:SOND), Marriott (NASDAQ:MAR) – Sonder Holdings shares soared 130.53% on Monday after the company announced capital agreements and a partnership with Marriott. With $43 million in preferred shares and $83 million in liquidity, Sonder will integrate its properties into Marriott’s system, enabling reservations through the Marriott Bonvoy loyalty program. Sonder shares fell 13.9% in pre-market trading.
Walt Disney (NYSE:DIS) – Walt Disney decided to take to court a wrongful death lawsuit filed by the widower of a woman who died after an allergic reaction at a Disney Springs restaurant. Initially, Disney claimed the case should be resolved through arbitration as the plaintiff had signed up for Disney+ and used the company’s services. However, Disney now opted to waive arbitration to settle the case in court, seeking a sensitive resolution for the affected family. Additionally, Disney appointed veteran producer Almin Karamehmedovic as president of ABC News. Karamehmedovic started at ABC News as a freelance video editor in 1998 and was the executive producer of shows like “World News Tonight with David Muir” and “Nightline.” Shares rose 0.1% in pre-market trading, following a 1.7% gain on Monday.
Live Nation Entertainment (NYSE:LYV) – Attorneys general from about 26 U.S. states are seeking treble damages against Live Nation Entertainment and its subsidiary Ticketmaster, accusing them of monopolizing the live concert market and illegally inflating ticket prices. Ten additional states joined the original lawsuit, bringing the total to 39 states and the District of Columbia.
Kroger (NYSE:KR), Albertsons (NYSE:ACI) – Kroger sued the U.S. Federal Trade Commission (FTC), seeking to block the $25 billion merger with Albertsons from being reviewed in the FTC’s internal court, which Kroger deems unconstitutional. The company wants the case decided in federal court, arguing that the FTC’s internal process is illegal and could delay the merger for years.
GoPro (NASDAQ:GPRO) – GoPro announced it will cut 15% of its workforce, about 139 employees, as part of a restructuring plan to reduce operating expenses. The company expects to incur charges between $5 million and $7 million, with layoffs occurring by the end of 2024. Shares closed up 5.7% on Monday.
Amer Sports (NYSE:AS) – Since its February debut, Amer Sports shares have fallen to be the worst among IPOs over $1 billion in the U.S. since 2022. With a slowdown in China impacting sales, Wall Street expects Tuesday’s financial results to show improvement, with analysts optimistic about demand for its Arc’teryx brand. Shares rose 3.6% in pre-market trading, following a 7.8% gain on Monday.
Pilgrim’s Pride (NASDAQ:PPC) – The U.S. poultry processor agreed to pay $100 million to settle allegations of conspiring with competitors to reduce payments to chicken producers. This settlement, the largest in a seven-year antitrust case, still requires court approval. Pilgrim’s Pride denies wrongdoing.
JPMorgan Chase (NYSE:JPM) – According to JPMorgan, European companies that relist in New York tend to have better valuations, partly due to the large number of passive investments in the U.S. Companies like CRH, Ferguson, and Linde have reduced their discounts relative to American competitors by an average of 15% after the move, benefiting from a deeper market and a broader investor base.
Goldman Sachs (NYSE:GS) – Goldman Sachs hired Matt Beitzel, former head of bank coverage at Citigroup, for its financial institutions group. Beitzel, who will start in November after a sabbatical, will lead deals involving banks and financial services firms in the Americas. He has over 20 years of experience in the field.
Icahn Enterprises LP (NASDAQ:IEP) – Carl Icahn and his firm, Icahn Enterprises, agreed to pay a $2 million fine to resolve allegations that they failed for years to disclose that most of the firm’s bonds were pledged as collateral for personal margin loans. The SEC investigation was triggered by accusations from Hindenburg Research, which Icahn denies.
Deutsche Bank (NYSE:DB) – Gavin Black, a former Deutsche Bank trader, settled a $30 million lawsuit against the bank, claiming his career was ruined after being falsely implicated in the manipulation of the London Interbank Offered Rate (Libor). Black, whose conviction was overturned in 2022, accused the bank of scapegoating him to reduce its legal liabilities. Shares fell 0.1% in pre-market trading.
American Express (NYSE:AXP) – American Express is trying to expand its presence in Africa, where cash still dominates payments. The company is persuading hotels, restaurants, and tourist destinations to accept its cards. Recently, Amex partnered with local banks and processors, aiming to have 75% of merchants accept its cards.
Electra Battery Materials (NASDAQ:ELBM) – Canada’s Electra Battery Materials received $20 million from the U.S. to build a cobalt refinery in Ontario, the only one in North America dedicated to electric vehicle batteries. With a total cost of $250 million, the project in Temiskaming Shores aims to strengthen the EV supply chain and reduce dependence on Chinese production. The company, with a market value of about $28 million, had paused the project due to rising costs and falling cobalt prices, predominantly processed in China. Electra has already received C$ 5 million ($3.7 million) from the Canadian government and is seeking more financial support. Shares fell 15.2% in pre-market trading, following a 48.8% gain on Monday.
BHP Group (NYSE:BHP) – The recent six-day strike at the Escondida copper mine in Chile resulted in a favorable agreement for workers, who received a bonus larger than initially offered by BHP. This outcome could influence future negotiations, especially at other Chilean mines where unions are also pushing for better wages due to high copper prices. Shares rose 0.2% in pre-market trading.
Andersons (NASDAQ:ANDE) – Andersons appointed Bill Krueger as CEO to lead the company through a period of weak agricultural markets. Krueger, former COO and CEO of Lansing Trade Group, will succeed Pat Bowe, who will become chairman. The move aims to expand the company’s grain and commodities business, which faced a 30% revenue decline in the second quarter.