Apple (NASDAQ:AAPL) – Apple is laying off 614
employees in Silicon Valley after ending its secret autonomous
electric vehicle project. These are the first significant job cuts
since the beginning of the pandemic, mainly impacting satellite
offices in Santa Clara, California. Moreover, Hon Hai, known as
Foxconn (USOTC:FXCOF), saw an 11.8% increase in
sales in March, but first-quarter revenue of NT$1.32 trillion fell
9.6% year-over-year, below the expected NT$1.39 trillion. The
decline in iPhone sales, especially in China, directly affected the
company as it is the main contracted manufacturer of these devices
for Apple. Despite this, the company is diversifying its business,
with a growing focus on building server racks for data centers and
other equipment for artificial intelligence clusters.
Walt Disney (NYSE:DIS) – CEO Bob Iger announced
that Walt Disney’s streaming service will begin cracking down on
password sharing in June, aiming to boost subscriber growth. He
also indicated a pursuit of double-digit profit margins.
Meta Platforms (NASDAQ:META) – Meta rejected
the U.S. FTC’s attempt to alter the 2020 privacy agreement, citing
voluntary disclosure of technical flaws in Messenger Kids in 2019.
Meta invested $5.5 billion in privacy. The FTC seeks to tighten the
agreement, accusing Meta of misleading parents about child
protection.
Alphabet (NASDAQ:GOOGL),
HubSpot (NYSE:HUBS) – Alphabet, the parent company
of Google, is considering making an offer for HubSpot, an online
marketing software company valued at $35 billion. The potential
acquisition would be one of Alphabet’s largest and would expand its
operations in the CRM market.
Microsoft (NASDAQ:MSFT) – Microsoft’s Azure
cloud segment is expected to face a formal complaint from South
African antitrust watchdogs amid growing concerns from regulators
worldwide about the U.S. tech giant’s market power abuse.
Nvidia (NASDAQ:NVDA) – Nvidia shares advanced
on Friday, boosted by Samsung Electronics‘
(USOTC:SSNHZ) robust profit forecast, indicating strong demand for
artificial intelligence chips. Samsung Electronics forecasts a
tenfold increase in first-quarter profits compared to the previous
year. The positive expectations lifted NVDA shares by 0.81% to $866
in pre-market trading.
Trump Media & Technology Group (NASDAQ:DJT)
– Republican presidential candidate Donald Trump is scheduled to be
deposed by lawyers for the co-founders of his social media company,
Trump Media & Technology Group, amid a dispute over ownership.
The deposition is set for April 15, coinciding with the start of
Trump’s first criminal trial.
Reddit (NYSE:RDDT) – Two U.S. brokerages,
Bernstein and Baird, began evaluating and recommending Reddit
shares, expressing concerns about its profit-making ability and
highlighting challenges such as lack of profitability since its
founding in 2005 and its stock market debut below the IPO price.
While Bernstein adopted an “underperform” rating with a target
price of $40, questioning the platform’s potential against
competitors like Pinterest (NYSE:PINS) and
Snapchat (NYSE:SNAP), Baird adopted a “neutral”
rating with a target price of $50, emphasizing the user base’s
growth potential.
Spotify (NYSE:SPOT) – Spotify named Christian
Luiga, a former Saab executive, as its new CFO, replacing Paul
Vogel. Luiga, who served as CFO and vice CEO at Saab for about four
years, will assume the role in the third quarter. Ben Kung will act
as interim CFO until then.
Cinemark Holdings (NYSE:CNK) – Cinemark
Holdings shares rose 3.4% in pre-market trading to $19.40 after
Wells Fargo analysts upgraded the cinema company from Underweight
to Overweight. Additionally, they raised the price target from $13
to $23.
International Paper (NYSE:IP) – International
Paper plans a secondary listing in London as part of its proposal
to buy British company DS Smith (LSE:SMDS) for $7
billion, challenging competitor Mondi (LSE:MNDI)
in a potential bidding war.
US Steel (NYSE:X) – Following comments from
both President Biden and his rival Trump on Nippon Steel’s purchase
of US Steel, US Steel began defending the deal through billboards
near its factories. This deal, valued at $15 billion, is subject to
regulatory and union approval. The stance of unions, especially the
United Steelworkers, and regulatory considerations are crucial in
determining whether the deal will be completed.
Sigma Lithium (NASDAQ:SGML) – Sigma Lithium’s
CEO, Ana Cabral-Gardner, stated she would not sell the miner at
current lithium price levels, focusing on expanding operations. The
company plans to double in size by next year, increasing production
to 520,000 metric tons per year by 2025.
Shell (NYSE:SHEL) – Shell forecasts
significantly lower liquefied natural gas trading results in the
first quarter of 2024 compared to the previous quarter. However, it
expects superior oil trading results. The company also anticipates
a smaller loss in its chemicals segment, which has faced challenges
due to weak global demand. Additionally, it forecasts about $600
million in amortization, mainly related to exploration in
Albania.
Woodside Energy (NYSE:WDS) – Proxy advisor CGI
Glass Lewis is advising shareholders of Australian company Woodside
Energy to vote against the reelection of Chairman Richard Goyder
and against the company’s climate strategy. This follows opposition
expressed by activist investor Australasian Centre for Corporate
Responsibility (ACCR), criticizing Woodside’s board stance on
climate risks. Goyder, who also chairs Qantas Airways, will leave
the airline at the end of 2024, and his leadership at Woodside is
under scrutiny due to concerns over his oversight on climate
issues.
Bank of America (NYSE:BAC) – Significant fund
inflows were observed in the technology sector in the first
quarter, totaling $18.6 billion, the third largest on record. Bank
of America Global Research also highlighted large cash and bond
flows in the previous week, attributing this to the quarter’s end.
In other news, Bank of America faces a lawsuit over allegations of
deceitfully withdrawing an overdraft fee refund program during the
pandemic. The judge ruled that customers had a plausible cause,
stating that the bank misled them by continuing the fee waiver
promise.
Goldman Sachs (NYSE:GS), Morgan
Stanley (NYSE:MS) – A New York appeals court ruled that
former ViacomCBS investors could sue Goldman Sachs, Morgan Stanley,
and other banks that underwrote two stock offerings for the media
company. The court’s decision upholds an earlier ruling, which the
banks fear could disrupt capital markets.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase
reorganized its leadership in the global banking division,
appointing new leaders in capital markets and investment banking,
aiming to enhance team connectivity and serve growing clients.
Changes include new heads for capital markets and investment
banking coverage. JPMorgan is also promoting senior leadership
changes in China, with Park Pu stepping down as chairman of its
onshore securities business. He will be replaced by Lu Fang, a
former employee of China’s securities regulator. Greg Yu will take
over Lu Fang’s CEO role.
Morgan Stanley (NYSE:MS) – Morgan Stanley opted
to maintain its European headquarters in Canary Wharf, London,
extending its lease until 2038. The agreement includes investments
in sustainability. Other companies, such as
Barclays (NYSE:BCS) and Citigroup
(NYSE:C), are also renewing their presence in the area.
Jefferies Financial (NYSE:JEF) – Jefferies will
strengthen its presence in Canada through an expanded partnership
with Japanese Sumitomo Mitsui Banking Corp (NYSE:SMFG),
collaborating in mergers and acquisitions, healthcare, and
leveraged finance since 2021, focusing on the Canadian market’s
competitive advantage.
Carlyle Group (NASDAQ:CG) – Carlyle Group is
considering strategies for StandardAero, including a possible sale,
valuing it at about $10 billion, according to Reuters. This move
comes as the aviation sector recovers, and other private equity
firms take advantage of increasing mergers and acquisitions.
Block (NYSE:SQ) – Block has attracted more
investors recently, highlighting its growing focus on
profitability, but analyst James Faucette of Morgan Stanley
expressed skepticism about the stock’s prospects, citing
overoptimism about the expansion of Square and Cash App
businesses.
PayPal (NASDAQ:PYPL) – PayPal Holdings’ Xoom
now allows customers to send international funds using dollars
converted from PayPal’s USD stablecoin, reflecting the growing
influence of cryptocurrency on remittances. This initiative follows
the successful launch of PYUSD, PayPal’s first public
stablecoin.
Tesla (NASDAQ:TSLA) – According to Bloomberg,
Tesla has moved from rapid price cuts a year ago to offering
significant discounts on accumulated stock cars. While raising
prices for custom orders, the company is offering substantial
discounts for in-stock SUVs. Tesla is also producing right-hand
drive cars at its German factory for export to India later this
year, as it plans a visit to select sites for a local factory. The
move follows tax reductions for electric vehicles. Additionally,
Tesla investors are restless after disappointing first-quarter
results, with sales below expectations. Meanwhile, CEO Elon Musk
seems more interested in tweeting about other topics than
addressing the company’s issues.
Ford Motor (NYSE:F) – Ford has delayed the
planned launch of its three-row EVs in Canada and the next
generation of electric pickups in Tennessee due to a global
slowdown in electric vehicle demand. The company aims to expand its
lineup of hybrids and electrics by 2030.
Nikola Corporation (NASDAQ:NKLA) – Nikola
exceeded truck delivery expectations in the first quarter,
delivering 40 vehicles, surpassing the estimate of 30 units
projected by four analysts surveyed by Visible Alpha.
Spirit AeroSystems (NYSE:SPR) – Boeing and
Airbus (USOTC:EADSY) are considering a potential
deal to split the operations of troubled Spirit AeroSystems,
essential for their jet programs. Boeing (NYSE:BA)
seeks to regain control of its supply chain, facing antitrust and
regulatory challenges. The fate of the facilities is uncertain.
Additionally, proxy advisory Glass Lewis recommended that Spirit
AeroSystems shareholders vote against the election of two
directors, including the head of the risk committee, Ronald Kadish,
citing concerns over questionable oversight and management
following a cabin panel explosion on a Boeing 737 MAX.
Alaska Air Group (NYSE:ALK) – Alaska Air Group
announced that Boeing paid approximately $160 million in the first
quarter as compensation for the temporary grounding of the 737 MAX
9 jets, with more compensations expected.
Conagra Brands (NYSE:CAG) – Conagra beat
third-quarter revenue and profit expectations, driven by increasing
demand for staple and frozen foods as more consumers cook at home
to cope with persistent inflation. Conagra reported net sales of
$3.03 billion, above the expected $3.01 billion, and adjusted
earnings of 69 cents per share, beating the predicted 65 cents.
Carrefour (EU:CA), PepsiCo
(NASDAQ:PEP) – The recently resolved dispute between Carrefour and
PepsiCo highlighted a shift in the dynamics of negotiations between
retailers and suppliers. The growing pressure for advertising has
made both industries more interdependent, with significant
implications for both parties.
Walmart (NYSE:WMT) – Walmart is recalling
approximately 51,750 Mainstays Electric Mini Choppers due to
reports of blade cuts, some resulting in injuries. Owners are
advised to immediately stop using the product and request a refund.
Other recalled products include handrails and vaporizers.
McDonald’s (NYSE:MCD) – McDonald’s is acquiring
its 30-year Israeli franchise from Alonyal Ltd, taking back
ownership of 225 restaurants in the country. The move follows
controversies after the franchisee offered free meals to Israeli
military personnel, leading to boycotts and protests.
Lamb Weston (NYSE:LW) – Lamb Weston shares
plummeted nearly 20% on Thursday, marking its biggest daily loss,
due to a slower-than-expected transition to a new software system,
affecting third-quarter results. Lamb Weston’s profits dropped to
$146.1 million, or $1.01 per share, compared to $175.1 million, or
$1.21 per share, in the same period last year. Sales rose to $1.46
billion, representing a 16% growth.
Kura Sushi (NASDAQ:KRUS) – Kura Sushi USA’s
(KRUS) fiscal second-quarter sales rose 31% to $57.3 million,
exceeding expectations. The company reported a loss of $998,000, or
nine cents per share, compared to a loss of $1 million, or ten
cents per share, in the previous year.
GameStop (NYSE:GME) – GameStop’s Chief
Operating Officer, Nir Patel, is leaving the video game company,
effective immediately. His responsibilities will be absorbed by
other executives. Patel, who joined in 2022, previously served as
CEO of Belk Inc.
Hilton Worldwide Holdings (NYSE:HLT) – Hilton
Worldwide is taking majority control of the Sydell Group, boosting
the expansion of the NoMad Hotels brand and strengthening its
luxury offering. Chris Silcock, Hilton’s president for global
brands, anticipates significant global expansion, with independent
NoMad properties integrating into Hilton.
Johnson & Johnson (NYSE:JNJ) – J&J
advised shareholders against accepting an unsolicited offer from
TRC Capital Investment Corporation to acquire approximately 0.04%
of its ordinary shares, valued at $151.23 per share in cash.
Royal Philips NV (NYSE:PHG) – Royal Philips NV
warned that some of its ventilators might be affected by a sudden
power loss, according to a statement from the Dutch Health and
Youth Inspection. The company will install a software update to fix
the issue.
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