Alphabet (NASDAQ:GOOGL) – The U.S. Department of Justice is considering asking a judge to force Google to sell parts of its business to mitigate its search dominance, including Chrome and Android. The DOJ proposes measures to reduce Google’s dominance, which could impact revenues and benefit competitors. Google plans to appeal, calling the proposals “radical” and harmful. The decision could lead to a historic breakup of the tech giant. Shares fell 1.4% pre-market, after rising 0.9% on Tuesday.
Rio Tinto (NYSE:RIO), Arcadium Lithium (NYSE:ALTM) – Rio Tinto announced the acquisition of Arcadium Lithium for $6.7 billion in an all-cash deal. Rio will pay $5.85 per share, a 90% premium over the previous price. This move gives Rio access to global lithium mines and deposits, strengthening its position as one of the largest lithium producers. Rio’s shares fell 1.3% pre-market, after closing down 4.3% on Tuesday. Arcadium’s shares surged 31.1% pre-market.
Boeing (NYSE:BA) – Boeing ended negotiations with the union representing 33,000 U.S. workers after failing to reach an agreement on wages and benefits. The strike, now nearing four weeks, continues with the union demanding a 40% wage increase and the return of pensions, while Boeing offered 30%. The company is trying to raise billions, facing the risk of a potential credit downgrade. Investment banks have suggested common stock and convertible bond offerings to alleviate the situation. S&P placed Boeing on CreditWatch negative due to the strike, estimating a $10 billion cash outflow in 2024, which could result in a downgrade. Additionally, the FAA issued a safety alert on the rudder of certain Boeing 737 models after the NTSB identified possible failures. The alert requires airlines to revise procedures and notify pilots of potential rudder jams, affecting over 40 foreign operators. Boeing delivered 33 jets in September, down from 40 in August, with the strike impacting 737 MAX production. The company also recorded 65 new orders in the month, totaling 315 for the year. Shares fell 1.6% pre-market, after closing down 0.8% on Tuesday.
Azul (NYSE:AZUL) – The Brazilian airline is seeking to raise around $400 million after reaching an agreement with lessors to eliminate nearly $550 million in obligations. The company will offer preferred shares in exchange for the debt, easing concerns over its debt load and improving its financial structure. Shares fell 6.2% pre-market, after closing up 6.3% on Tuesday.
Microsoft (NASDAQ:MSFT) – Oppenheimer downgraded Microsoft, citing overly optimistic investor expectations for the immediate impacts of artificial intelligence. Analyst Timothy Horan warned that AI adoption is slow, and OpenAI’s losses are concerning, potentially reaching $3 billion by 2025. Despite the downgrade, Microsoft shares closed up 1.3% on Tuesday. Shares rose 0.2% pre-market.
OpenAI – OpenAI has reached an agreement with Hearst Communications to integrate content from its magazines and newspapers into ChatGPT. The licensing includes publications such as Esquire and Cosmopolitan, ensuring content appears with proper attribution. This aligns with OpenAI’s strategy to include professional journalism in its products, despite some disputes with outlets like The New York Times. Additionally, OpenAI will announce a new office in Singapore later this year, expanding its presence in the Asia-Pacific region. The company has already started forming a local team, focusing on government and commercial partnerships. Oliver Jay was named managing director to lead these operations. This will be OpenAI’s second office in Asia, after Tokyo.
Nvidia (NASDAQ:NVDA) – Nvidia highlighted the energy efficiency of its new Blackwell chips during an event in Washington, claiming the energy required to develop OpenAI’s GPT-4 software dropped from 5,500 gigawatts to 3 gigawatts. The company also promoted its software that allows for the implementation of personalized AI services. Nvidia shares closed up 4.1% on Tuesday, marking five consecutive days of gains. They are now 2% away from their all-time high of $135.58, reached in June. Shares rose 1.3% pre-market.
Taiwan Semiconductor Manufacturing Co (NYSE:TSM) – TSMC surpassed third-quarter revenue expectations, driven by growing demand for artificial intelligence. The company posted $23.62 billion (T$759.69 billion) in revenue, exceeding forecasts and representing a 36.5% increase year-over-year. Full earnings will be released on October 17. Shares rose 0.5% pre-market, after closing up 0.8% on Tuesday.
Super Micro Computer (NASDAQ:SMCI) – Super Micro Computer shares closed down 5% on Tuesday, despite a 16% gain on Monday following the announcement of 100,000 GPU deployments for AI factories. Concerns persist over profit margins and accounting irregularity claims, overshadowing the positive demand data. Shares fell 0.5% in Wednesday’s pre-market.
Qualcomm (NASDAQ:QCOM) – Qualcomm shares fell 0.4% on Tuesday after being downgraded by KeyBanc, due to concerns over Apple developing its own modem and the slow recovery of PC demand. Analyst John Vinh highlighted that this could significantly impact Qualcomm’s revenue, which heavily relies on Apple and Samsung. Shares fell 0.4% pre-market.
Amazon (NASDAQ:AMZN) – Temu, competing with Amazon, is selling Fire TV-compatible remotes for just $4, well below the price of generic versions on Amazon, attracting consumers by offering a cheaper alternative. Shares rose 0.2% pre-market, after closing up 1.1% on Tuesday.
Adobe (NASDAQ:ADBE) – Adobe announced that, starting next year, it will launch a free web-based app to help creators embed “Content Credentials” in their work, ensuring proper credit and control over usage in AI systems. The service aims to promote transparency and protect creators’ work integrity. Shares closed up 1.8% on Tuesday.
Meta Platforms (NASDAQ:META) – Meta announced new AI tools to simplify video creation and editing for advertisers, targeting users who watch videos on Facebook and Instagram. The tools will allow image transformation into videos and automatic ad editing. Meta continues investing in video with a new dedicated feed on Facebook, aimed at increasing watch time and ad display. Shares fell 0.2% pre-market, after closing up 1.4% on Tuesday.
Roblox (NYSE:RBLX) – Hindenburg Research announced a short position in Roblox on Tuesday, alleging the company inflated its user and engagement metrics, confusing daily active users (DAUs) with platform visits. Roblox denied the accusations that DAUs include bots and alternative accounts. Shares fell 0.6% pre-market, after closing down 2.1% on Tuesday.
Pinterest (NYSE:PINS) – Pinterest has been receiving positive reviews from Goldman Sachs and Oppenheimer. Analysts praise the platform’s growth potential and monetization capabilities, especially after its partnership with Amazon. Projections indicate a possible 30% increase in stock price over the next 12 months. Shares were flat pre-market, after closing up 1% on Tuesday.
Trump Media & Technology Group (NASDAQ:DJT) – Trump Media & Technology Group shares surged 18.5% on Tuesday, as investors weighed the impact of Vice President Kamala Harris’s interview on the future of Truth Social. The rise reflects interest in how the elections may affect the company, despite its weak financial performance. Shares rose 0.6% pre-market.
Verizon Communications (NYSE:VZ), Frontier Communications (NASDAQ:FYBR) – Verizon secured $10 billion in short-term bank financing for its acquisition of Frontier Communications Parent Inc. Morgan Stanley leads the group of banks providing a bridge loan, to be replaced with permanent financing later. Verizon aims to expand its high-speed internet business with the purchase, valued at around $9.59 billion. Verizon shares rose 0.3% pre-market, after closing up 0.4% on Tuesday.
Kosmos Energy (NYSE:KOS), BP plc (NYSE:BP) – Kosmos Energy reported that an arbitrator ruled in favor of BP, prohibiting the sale of liquefied natural gas from the Greater Tortue project to third parties. BP, which owns 56% of the project, is the operator and sole buyer of LNG. The ruling does not change contract terms, and Kosmos does not expect a significant financial impact. BP shares fell 0.6% pre-market, after closing down 3.4% on Tuesday.
Newmont Corp. (NYSE:NEM) – Zijin Mining Group acquired Newmont Corp’s Akyem gold project in Ghana for up to $1 billion, aiming to increase gold production. With 34.6 tons of reserves, the mine is expected to operate until 2042, with an annual extraction of 5.8 tons of gold. The deal requires regulatory approval and is expected to close in Q4. Newmont shares fell 0.4% pre-market, after closing down 0.5% on Tuesday.
American Water Works (NYSE:AWK) – The U.S. water and sewer company halted billing and customer service after a cybersecurity incident. The company identified “unauthorized activity” in its network on October 3 and disconnected systems to protect customer data.
Generac Holdings (NYSE:GNRC) – Generac is facing a shortage of portable generators after Hurricane Helene and other storms impacted millions of Americans, according to Bloomberg. CEO Aaron Jagdfeld said demand for the company’s products surged, leading to a 52-week high in shares. The company expects significant additional revenue from power outages, as Hurricane Milton approaches Florida.
X – Brazil’s Supreme Court has authorized X to resume operations after the company, under Elon Musk, complied with court rulings. Musk, initially against the orders, reversed his stance, blocking flagged accounts and paying outstanding fines. The decision allows the platform to return within 24 hours.
Tesla (NASDAQ:TSLA) – Tesla shares fell 0.6% to $243.01 in Wednesday’s pre-market, after closing up 1.5% yesterday. Investors analyzed new 0% financing deals for the Model 3 and Model Y. These deals could boost sales but require the purchase of Full Self-Driving software for $8,000.
General Motors (NYSE:GM) – GM CEO Mary Barra reassured shareholders about demand for electric vehicles and gas-powered trucks, emphasizing that profit margins have yet to peak. She noted that EV sales are growing, and the company is focused on stability rather than aggressive growth. GM said it’s developing an affordable electric pickup with a range of up to 350 miles, using lithium iron phosphate (LFP) batteries to reduce costs. Kurt Kelty, GM’s vice president, highlighted the search for LFP battery supplies in North America to improve profitability and EV viability. GM is also preparing to reduce inventory in China and mentioned that the Cruise division, responsible for autonomous vehicles, resumed supervised driving in selected cities after facing challenges. GM CFO Paul Jacobson said the company expects to lose no more than $2 billion with Cruise in 2025. GM shares fell 0.4% pre-market, after closing up 0.1% on Tuesday.
Honda Motor (NYSE:HMC) – Honda is willing to adjust its electrification plan if demand for battery electric vehicles continues to decline. CEO Toshihiro Mibe mentioned the possibility of delaying factory construction and that the automaker is maintaining its goal of selling only electric vehicles by 2040.
Canadian Pacific Kansas City (NYSE:CP) – The Unifor union began negotiations with Canadian Pacific Kansas City after already starting talks with Canadian National Railway. Representing 1,200 workers, Unifor seeks to resolve issues like excessive outsourcing and forced overtime, emphasizing that strikes could paralyze the Canadian economy.
Citigroup (NYSE:C) – Citigroup lawyers asked Judge Paul Oetken to dismiss a lawsuit from Attorney General Letitia James, accusing Citibank of failing to reimburse customers defrauded by online scammers. The bank argues it has robust procedures to protect consumers and comply with laws related to electronic transfers.
Mizuho Financial Group (NYSE:MFG) – According to Bloomberg, Mizuho is preparing for potential market disruptions by acquiring liquid assets, such as U.S. Treasury bonds, in response to investors’ overconfidence in a “soft landing” for the economy. The company seeks to mitigate risks and maintain flexibility in the face of potential economic shocks.
Bank of America (NYSE:BAC) – Bank of America appointed Eamon Brabazon as co-head of global mergers and acquisitions, alongside Ivan Farman. Brabazon, with nearly nine years at the institution and experience in mergers across Europe, the Middle East, and Africa, will help define the global strategy for the division. Shares fell 0.1% pre-market, after closing down 0.1% on Tuesday.
HSBC (NYSE:HSBC) – Many financial firms are touting the benefits of artificial intelligence to boost productivity, but according to HSBC’s Edward Achtner, tangible results are still limited. Achtner highlighted the importance of a strategic approach to adopting AI, mentioning the use of the technology to combat fraud and money laundering, as well as supporting workers with generative AI. Shares rose 0.3% pre-market, after closing down 3.8% on Tuesday.
Saratoga Investment (NYSE:SAR) – Saratoga Investment shares closed up 1.4% at $23.58 on Tuesday after its fiscal second-quarter report showed total investment income of $43 million and earnings per share of $1.33, beating expectations. The company’s assets under management fell from $1.1 billion to $1.04 billion.
Blackstone (NYSE:BX) – Blackstone provided a $600 million private loan to Acuity Knowledge Partners, a research company owned by Permira Holdings. The loan, combining senior and junior debt, is aimed at refinancing Acuity’s existing debt. Permira acquired Acuity in January 2023. Blackstone shares fell 1% pre-market, after closing up 0.3% on Tuesday.
KKR (NYSE:KKR) – Emmanuel Lagarrigue of KKR argued that prioritizing supply over demand hinders green hydrogen investments. He noted that KKR is now pursuing a demand-driven approach to encourage investments in clean fuels, especially after forming a joint venture in Spain to produce green hydrogen.
Robinhood Markets (NASDAQ:HOOD) – The culture of stock investment in Britain is stagnant, but Robinhood Markets seeks to expand in the country, capitalizing on the enthusiasm for online gambling. The company will offer U.S. stock trading and margin loans, aiming to diversify its revenue, particularly amid regulatory pressures in the U.S. Shares fell 1.1% pre-market, after closing up 9.8% on Tuesday.
Home Depot (NYSE:HD) – Home Depot will require all corporate employees to work one day in a store each quarter to strengthen support for retail staff. The move, which includes managers and remote workers, aims to improve the understanding of challenges faced in stores. Shares closed up 1.5% on Tuesday.
Pfizer (NYSE:PFE) – Pfizer CEO Albert Bourla will meet with hedge fund executives at Starboard Value next week, after the fund acquired a roughly $1 billion stake in the pharmaceutical company. Starboard seeks changes to improve Pfizer’s performance, which has struggled after the drop in Covid product sales. Shares rose 0.4% pre-market, after closing down 0.1% on Tuesday.