Global Markets
U.S. Stock Market:
- Stock indexes fell.
- Decline attributed to uncertainty over the duration of elevated interest rates by the Federal Reserve.
European Stock Market:
- Initially experienced losses but later traded higher.
- Gains led by healthcare stocks.
- Investors were awaiting data on economic sentiment and unemployment rate from the euro zone.
China and Hong Kong Stock Markets:
- Both markets declined.
- Decline due to investors booking profits from property shares.
Canada’s Stock Market:
- Main stock index rose by nearly one percent, diverging from other markets.
U.S. Dollar and Treasury Yields:
- The U.S. dollar softened slightly.
- U.S. Treasury yields decreased.
Corporate Stock News
Royal Bank of Canada (RBC):
- Reported a rise in second-quarter profit.
- Gains driven by strength in its domestic personal and commercial banking unit, benefiting from higher interest income.
Airbus & Macron:
- French President Emmanuel Macron intervened with Canadian Prime Minister Justin Trudeau.
- Sought relief from Canadian sanctions on Russian titanium for Airbus and other aerospace firms.
Canadian Imperial Bank of Commerce (CIBC):
- Exceeded profit estimates for the quarter.
- Strong performance from its U.S. commercial banking and capital markets segments.
Brookfield & Neoen:
- Brookfield, in partnership with Brookfield Renewable Partners and Singapore’s Temasek Holdings, is in talks to buy a majority stake in French renewable power producer Neoen.
- The deal values Neoen at around 6.1 billion euros.
TD Bank:
- Received a rating outlook revision to “negative” from S&P Global.
- The downgrade relates to weaknesses in risk management and ongoing probes into anti-money laundering practices in the U.S.
BHP Group & Anglo American:
- BHP Group withdrew its $49 billion takeover plan for Anglo American after a six-week pursuit.
Royal Mail:
- Royal Mail accepted a £3.57 billion takeover by Czech billionaire Daniel Kretinsky.
Catalent & Novo Holdings:
- Catalent’s stockholders approved Novo Holdings’ $16.5 billion takeover bid.
Agilent Technologies Inc:
- Missed Q2 revenue estimates.
- Lowered full-year revenue forecast to $6.42-$6.50 billion from $6.71-$6.81 billion.
American Eagle Outfitters Inc:
- Missed Q1 revenue estimates; reported $1.14 billion vs. $1.15 billion expected.
Birkenstock Holding Plc:
- Raised annual revenue and profit forecasts, expecting €1.77-€1.78 billion revenue and €535-€545 million EBITDA.
HP Inc:
- Beat Q2 revenue estimates with $12.8 billion, signaling a recovery in the PC market.
Salesforce Inc:
- Forecast Q2 profit and revenue below expectations, reported $9.13 billion Q1 revenue.
Alphabet Inc, Amazon.com Inc & Airbnb Inc:
- Won against an Italian rule requiring them to provide operational information.
- Amazon extended its Grubhub partnership in the U.S.
- Google announced a $2 billion investment in Malaysia for data centers.
Apple Inc:
- CEO Tim Cook agreed to integrate Japan’s “My Number” ID card functions onto iPhones.
Boeing Co:
- CEO and senior officials to discuss quality and training improvements with FAA.
Bunge Global SA & Zen-Noh Group:
- Agreed to buy part of a terminal at Brazil’s Santos port for 600 million reais.
Carnival Corp, Norwegian Cruise Line Holdings Ltd, & Royal Caribbean Cruises Ltd:
- Discounting summer itineraries due to excess capacity and rerouting from the Red Sea.
Centene Corp:
- Reported higher-than-expected claim receipts and ongoing higher Medicaid costs.
Hawaiian Electric Industries Inc:
- Introducing power shutoff initiative to minimize wildfire risks starting July 1, 2024.
JPMorgan Chase & Co:
- Plans to increase headcount in India by 5%-7% annually.
Mastercard Inc & Visa Inc:
- Agreed to pay $197 million to settle a class action over cash access fees.
McDonald’s Corp:
- Addressed viral reports of high Big Mac prices, emphasized it is not the norm.
Moderna Inc:
- Nearing a deal with the U.S. government to fund a bird flu vaccine trial.
Palantir Technologies Inc:
- Won a $480 million contract from the U.S. Department of Defense for the Maven Smart System.
Tesla Inc:
- Preparing to register its ‘Full Self-Driving’ software in China.
Tyson Foods Inc:
- Refuted accusations of hiring discrimination against U.S. citizens.
UBS Group AG:
- Splitting top wealth management role, creating new responsibilities for two executives.
Walmart Inc:
- A technical glitch in March led to overcharging customers at 1,600 stores.
Walt Disney Co:
- Nelson Peltz’s Trian Fund Management sold its entire stake in Disney.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
