Apple (NASDAQ:AAPL) – Starting in 2025, Apple will replace LCD screens with OLED in all iPhone models. OLED displays offer more vibrant colors and better contrast, pushing out suppliers like Sharp and Japan Display. BOE Technology and LG Display will begin supplying the new screens. The launch of Apple’s new iPhone boosted its stock on expectations of AI advancements. However, Apple’s stock has historically underperformed after product launches. With a high price-to-earnings ratio, any failure to meet expectations could hurt the company’s valuation. Apple shares were down 0.9% in pre-market trading after a 2.7% drop on Tuesday.
Nvidia Subpoenaed by DOJ, Athira Pharma Shares Plunge 71% After Study Fails, Zscaler Falls 15% Post-Earnings
September 04 2024 - 5:50AM
IH Market News
Nvidia (NASDAQ:NVDA) – Nvidia’s stock closed down 9.5% on Tuesday, leading to a $279 billion loss in market value due to fading optimism over AI following weak economic data. Historically, September has been tough for Nvidia, and this year is no exception. The stock has already dropped 20% from its all-time high. However, performance tends to improve in the following months, especially in November. Additionally, the U.S. Department of Justice has subpoenaed Nvidia as part of an antitrust investigation, raising concerns about practices that hinder supplier switching. Nvidia claims its customers choose its products based on merit. Pre-market trading showed a 1.7% decline.
Athira Pharma (NASDAQ:ATHA) – Athira Pharma’s stock dropped 71% in pre-market trading after closing down 8.41% on Tuesday, following the failure of its drug fosgonimeton to meet primary and secondary goals in an Alzheimer’s study. The company found no statistical significance compared to placebo after 26 weeks of treatment.
Intel (NASDAQ:INTC) – Intel may be removed from the Dow Jones index due to its nearly 60% stock price drop this year, making it the worst-performing stock in the index. The company faces financial challenges and increased competition, and its removal could further damage its reputation. Nvidia and Texas Instruments are potential replacements. Intel’s stock was up 0.4% in pre-market trading after an 8.8% drop on Tuesday.
Super Micro Computer (NASDAQ:SMCI) – Super Micro Computer rejected allegations from Hindenburg Research, which accused it of “accounting manipulation” and export control issues. The company called the report “false and inaccurate,” stating that the situation does not affect its production or financial results. Shares dropped 2.2% in pre-market trading after closing up 0.9% on Tuesday.
Apple (NASDAQ:AAPL) – Starting in 2025, Apple will replace LCD screens with OLED in all iPhone models. OLED displays offer more vibrant colors and better contrast, pushing out suppliers like Sharp and Japan Display. BOE Technology and LG Display will begin supplying the new screens. The launch of Apple’s new iPhone boosted its stock on expectations of AI advancements. However, Apple’s stock has historically underperformed after product launches. With a high price-to-earnings ratio, any failure to meet expectations could hurt the company’s valuation. Apple shares were down 0.9% in pre-market trading after a 2.7% drop on Tuesday.
Hewlett Packard Enterprise (NYSE:HPE) – The U.S. Department of Commerce proposed granting $50 million to Hewlett Packard Enterprise to modernize and expand its Oregon facility, focusing on semiconductor and microfluidics technology. This investment aims to support the development of equipment for biological sciences and AI, benefiting institutions like Harvard and the CDC.
Meta Platforms (NASDAQ:META) – Elon Musk’s X was banned in Brazil for failing to comply with legal orders regarding misinformation and legal representatives. This ban benefited rivals like Instagram and Threads from Meta Platforms, which saw increased activity. Meta, which previously faced a ban with WhatsApp, could face similar challenges in the future. Meta shares dropped 0.5% in pre-market trading after a 1.8% decline on Tuesday.
Snap Inc (NYSE:SNAP) – Snap CEO Evan Spiegel announced a new strategy to improve the company’s ad performance, focusing on augmented reality and automation. In response to slow growth compared to competitors, Snap plans to expand its AR glasses technology and new generative AI tools. Snap shares were down 0.1% in pre-market trading after a 5.1% decline on Tuesday.
Salesforce (NYSE:CRM) – Salesforce announced its acquisition of Tenyx, an AI startup specializing in voice agents. The financial terms of the deal were not disclosed. Tenyx, serving various sectors, will have its team, including co-founders, integrated into Salesforce. The acquisition aims to strengthen Salesforce’s AI-driven solutions.
Airbnb (NASDAQ:ABNB) – Airbnb has requested New York to review Local Law LL18, which requires hosts to be permanent residents and register before listing properties. The company argues that the law has not impacted the housing crisis and has increased travel prices, leading to an 83% drop in short-term rental listings.
AT&T (NYSE:T), Nokia (NYSE:NOK) – The CWA union withdrew from mediation with AT&T, claiming the company was merely delaying the process. Over 17,000 workers have been on strike since last month. AT&T said mediation stalled due to a lack of willingness for agreements and that it is prepared to keep services running. Additionally, AT&T and Nokia have agreed to build a new fiber network in the U.S. This contract follows AT&T’s choice of Ericsson for its wireless network and aims to expand broadband access. The financial terms of the deal were not disclosed, but it is seen as a significant step for Nokia. AT&T shares were down 0.2% in pre-market trading after a 2.7% increase on Tuesday.
Verizon (NYSE:VZ) – Verizon may increase its dividends later this week, potentially boosting its stock. Morgan Stanley analyst Simon Flannery expects a nearly 2% increase, raising the quarterly dividend from 66.5 cents to about 71 cents. Verizon shares dropped 0.3% in pre-market trading after a 2.8% increase on Tuesday.
Sony Group (NYSE:SONY) – Sony is canceling the online game “Concord,” launched just two weeks ago, after failing to attract players. The title, developed for PS5 and PC, will be shut down on September 6, with refunds offered. The game faced heavy criticism and competition, leading to its early closure.
Unity Software (NYSE:U) – Unity’s stock closed up 2.02% on Tuesday following a positive update from Morgan Stanley. Analyst Matthew Cost upgraded the stock from “Equal Weight” to “Overweight,” maintaining a price target of $22, highlighting that the stock is near historical lows and presents an investment opportunity. Unity’s stock was down 0.4% in pre-market trading.
US Steel (NYSE:X) – Nippon Steel stated that if it acquires US Steel, most of the American company’s directors and top management will be U.S. citizens. This comes in response to concerns raised by politicians like Kamala Harris about U.S. control over US Steel. Nippon Steel also announced plans to invest $1.3 billion and has hired Mike Pompeo as an advisor. US Steel shares fell 0.1% in pre-market trading after a 6.1% drop on Tuesday.
Halliburton (NYSE:HAL) – Halliburton downplayed the financial impact of a recent cyberattack, claiming it will not materially affect its finances or operations. The company activated its security response plan, shut down some systems, and notified authorities but continues to provide services normally. Halliburton shares dropped 1% in pre-market trading after a 4.0% decline on Tuesday.
Berkshire Hathaway (NYSE:BRK.B), Bank of America (NYSE:BAC) – Berkshire Hathaway sold more Bank of America shares, totaling over $6 billion, following a significant increase in the bank’s stock value. The sale, which occurred between August 28 and 30, is seen as a profit-taking strategy. Berkshire’s stake in Bank of America is now below 10%. Berkshire shares were down 0.3% in pre-market trading after a 0.2% increase on Tuesday. Bank of America shares dropped 0.5% in pre-market trading.
Goldman Sachs (NYSE:GS) – Goldman Sachs temporarily suspended its zinc market coverage due to “limited capacity” after its metals strategist Nicholas Snowdon left for Mercuria. Snowdon’s departure follows that of Jeff Currie, who joined Carlyle, and Xiao Qin, who will retire. Additionally, Goldman Sachs economists evaluated that a Donald Trump victory could slow U.S. GDP growth due to higher tariffs and immigration restrictions, while a Kamala Harris win could slightly boost GDP through new spending and tax credits, despite a negative impact from increased corporate taxes.
JPMorgan Chase & Co (NYSE:JPM) – JPMorgan is forming a private banking team in Dubai to attract millionaires moving to the region. The bank has relocated two bankers from Geneva and London to begin the team, which will serve high-net-worth individuals, family offices, and foundations. The Middle East is becoming a hotspot for millionaires due to its tax-free environment and luxurious lifestyle. JPMorgan shares dropped 0.4% in pre-market trading after a 2% decline on Tuesday.
Charles Schwab (NYSE:SCHW) – Three investors have sued Charles Schwab for alleged fiduciary duty violations, accusing the company of designing its cash sweep program to benefit Schwab at clients’ expense. The lawsuit seeks class-action status and monetary compensation, alleging Schwab did not disclose financial agreements related to TD Bank. Schwab denies the accusations and defends its cash sweep program as safe and transparent. Schwab shares dropped 0.2% in pre-market trading after a 0.5% decline on Tuesday.
Raymond James Financial (NYSE:RJF) – Raymond James agreed to pay over $1.9 million to settle charges of failing to maintain records of client complaints and mutual fund transactions. Finra alleged that the company did not comply with Rule 4530, which requires the reporting of complaints within 30 days.
Robinhood Markets (NASDAQ:HOOD) – Robinhood launched a stock lending program in the U.K., allowing investors to earn passive income by “renting” their shares to other parties. Investors receive a monthly fee and retain ownership of the shares. This move is part of Robinhood’s effort to expand its international presence. Robinhood shares dropped 1.6% in pre-market trading after a 3.7% decline on Tuesday.
KKR & Co. (NYSE:KKR) – KKR has expedited its public offer to acquire Fuji Soft to September 5, aiming to get ahead of a rival bid from Bain Capital. KKR is looking to finalize the purchase before Bain submits a binding proposal in October, driving up Fuji Soft’s stock value.
Moody’s (NYSE:MCO), S&P Global (NYSE:SPGI) – Moody’s, S&P, and Fitch will pay $48 million in fines for failing to maintain electronic communications, related to the WhatsApp investigations. The SEC reported that Moody’s and S&P will each pay $20 million, while Fitch will pay $8 million. The companies have agreed to hire compliance consultants to correct their practices.
Boeing (NYSE:BA) – Boeing may delay its $10 billion free cash flow target to 2027-28 and will need to raise $30 billion before developing new aircraft, according to Wells Fargo. The company’s current debt stands at $45 billion. Wells Fargo downgraded Boeing to “underweight” and lowered its price target to $119, a 32% drop from the last closing price. Boeing shares fell 0.5% in pre-market trading after a 7.3% decline on Tuesday.
Southwest Airlines Co. (NYSE:LUV) – Southwest Airlines shares closed up 2.3% on Tuesday after activist investor Elliott Investment Management revealed a 10% stake in the company. Elliott seeks to call a special meeting to discuss replacing the CEO and board members. Southwest will meet with Elliott to present details of its transformation plan on September 26. Southwest shares dropped 0.9% in pre-market trading.
Stellantis (NYSE:STLA) – Stellantis named Bob Broderdorf as the new head of Jeep North America. Previously the VP of operations for Ram and Dodge, Broderdorf will oversee Jeep’s strategy, sales, and marketing in North America. He replaces Bill Peffer, who will manage the dealer network in the region. Stellantis shares were up 0.8% in pre-market trading after a 5.2% drop on Tuesday.
Tesla (NASDAQ:TSLA) – Tesla plans to launch a six-seat version of the Model Y in China starting in 2025, initially boosting its stock on Tuesday before it closed down 1.6%. Weak manufacturing data hit the broader market, and Tesla shares were further affected by a general sales slowdown and concerns over growth. Tesla stock was down 1.1% in pre-market trading.
iRhythm (NASDAQ:IRTC) – Expected benefits from smartwatches and monitoring sensors, like iRhythm’s Zio, were not proven in a recent study. Although more atrial fibrillation cases were detected, the study did not show a reduction in stroke-related hospitalizations. The low event rate and small number of participants limited conclusions.
BioAge Labs – BioAge Labs, focused on obesity therapy and partnerships with Eli Lilly and Novo Nordisk, filed for an IPO in the U.S. to capitalize on the sector’s enthusiasm. The startup, with no revenue and a $26.6 million loss for the half-year, recently raised $170 million and will list its stock on Nasdaq under the symbol “BIOA.”
Illumina (NASDAQ:ILMN), Grail (NASDAQ:GRAL) – Illumina won its legal dispute against the European Commission, which had tried to block its $7.1 billion acquisition of Grail. The EU Court of Justice ruled that the Commission lacked authority to review the merger under Article 22. Illumina will not have to pay the $478 million fine.
Constellation Brands (NYSE:STZ) – Constellation Brands will reduce the value of its wine and spirits division, booking a charge of up to $2.5 billion due to weak U.S. demand. The company also adjusted its net sales growth forecast to 4%-6%, down from 6%-7%, and revised its earnings per share estimates for fiscal 2025.
Molson Coors Beverage (NYSE:TAP) – Molson Coors is scaling back its corporate diversity efforts following criticism from conservative activists. The company will remove the link between executive compensation and diversity goals, discontinue supplier diversity goals, and drop its Human Rights Campaign ratings. The move follows an online attack by conservative activist Robby Starbuck.
Earnings
Zscaler (NASDAQ:ZS) – The cloud security company reported earnings per share of 88 cents, up 37% year-over-year, and revenue of $592.9 million, beating estimates of $567.5 million. Fourth-quarter billings grew 27% to $910.8 million. However, the fiscal 2025 forecast disappointed: EPS of $2.84 (below the $3.33 expected) and revenue of $2.61 billion (slightly below the $2.62 billion forecast). For the current quarter, revenue is projected at $605 million, just above the $603 million expected. Zscaler shares dropped 15.3% in pre-market trading after a 3.4% decline on Tuesday.
GitLab (NASDAQ:GTLB) – GitLab reported second-quarter earnings per share of $0.15, beating the $0.10 estimate. Revenue reached $182.6 million, above the $177.1 million expected. For fiscal 2025, the company projects revenue between $742 million and $744 million, and adjusted EPS of $0.45 to $0.47, exceeding forecasts of $737.8 million and $0.36, respectively. GitLab shares were up 15.5% in pre-market trading after a 5.7% drop on Tuesday.
Asana (NYSE:ASAN) – The project management software company reported an adjusted second-quarter loss of five cents per share, better than the eight cents expected, with revenue of $179.2 million, above the $177.67 million forecast. For the third quarter, revenue is projected between $180 million and $181 million, with a loss of seven cents per share, below estimates of $182.29 million in revenue and a three-cent loss. For the fiscal year, a loss of 19 to 20 cents per share is expected on revenue of $719 million to $721 million, slightly below analyst forecasts. Asana shares fell 15.1% in pre-market trading after a 5.5% decline on Tuesday.
PagerDuty (NYSE:PD) – PagerDuty reported revenue of $115.9 million, beating the $112 million estimate, and a net loss of $13 million (14 cents per share), better than last year’s loss of $24 million (26 cents per share). For the year, PagerDuty raised its earnings per share forecast to $0.67 to $0.72 and annual revenue to $463 million to $467 million. PagerDuty shares dropped 13.2% in pre-market trading after a 7.5% decline on Tuesday.
OneStream (NASDAQ:OS) – OneStream’s second-quarter total revenue grew 36% year-over-year to $117.5 million. The company’s GAAP operating loss was reduced to $11.6 million, and its GAAP operating margin improved to -10%. For the third quarter of 2024, OneStream projects revenue between $123 million and $125 million, with non-GAAP earnings per share between -$0.01 and $0.01.
HealthEquity (NASDAQ:HQY) – HealthEquity reported earnings per share of $0.86 last quarter, beating the $0.70 estimate. Revenue reached $299.93 million, above the $284.24 million forecast. For the next quarter, earnings are projected at $0.73 per share, with revenue of $289.42 million and $3 in $1.17 billion in revenue for the current fiscal year.
Sportsman’s Warehouse (NASDAQ:SPWH) – The outdoor sporting goods retailer reported second-quarter net sales of $288.7 million, down from $309.5 million last year. The net loss was $5.9 million (16 cents per share), compared to $3.3 million (9 cents per share) a year ago. Same-store sales fell 9.8% year-over-year. The fiscal 2024 outlook is for sales of $1.13 billion to $1.17 billion and adjusted EBITDA of $20 million to $35 million.
Ascendis Pharma (NASDAQ:ASND) – The biotech company reported a 24% revenue decline in the second quarter, from EUR 36 million, below the expected EUR 83 million, with a net loss of $120.8 million (EUR 1.91 per share). For the quarter, Ascendis also secured a $150 million royalty financing deal with Royalty Pharma.
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