• AP Moller Maersk has increased its EBITDA forecast for 2024.
  • Lufthansa, KLM (part of Air France-KLM), and South African Airways have been ordered by the U.S. Department of Transportation to reimburse passengers nearly a billion dollars for flight cancellations or significant changes due to the Covid-19 pandemic. Lufthansa is set to pay $776 million, KLM $115 million, and South African Airways $15.5 million.
  • KFW has initiated the sale of 110 million shares of Deutsche Telekom for €2.5 billion.
  • Snam is proposing to purchase Edison's gas storage assets in Italy for €500-600 million.
  • ASML and Imec have opened a laboratory in the Netherlands to test a new tool for manufacturing electronic chips.
  • Merck KGaA is planning to initiate new clinical studies within its oncology pipeline.
  • Mobimo has issued a CHF 150 million Green Bond.
  • Illumina has announced that it will spin off Grail, its cancer screening test division, by distributing one share of Grail for every six shares of Illumina common stock held as of the close of trading on June 13, 2024. Additionally, Illumina's board of directors approved the spin-off on Monday, and the company's stock increased by approximately 4% in after-hours trading.
  • Intel is challenging AMD with the release of new data center chips and has seen a 1.7% increase in pre-market trading following the announcement. Intel also revealed that its artificial intelligence chips would be priced significantly lower than those of its competitors.
  • GameStop saw a 21% increase yesterday after investor Roaring Kitty disclosed his long position in the stock. However, the stock was down 1.5% in pre-market trading following the previous day's surge.
  • Microsoft is reportedly cutting hundreds of jobs within its Azure division and has entered into a multi-billion dollar AI partnership with Hitachi. Additionally, the privacy group NOYB has accused Microsoft of attempting to shift responsibility for children's data processing to schools, which may lack the necessary expertise.
  • Google is reportedly cutting at least 100 jobs in its cloud unit, as reported by CNBC.
  • Johnson & Johnson has been ordered by an Oregon jury to pay $260 million after the latest talc trial.
  • Berkshire Hathaway experienced a brief suspension in New York trading due to a technical issue.
  • E*Trade (part of Morgan Stanley) is planning to remove Keith Gill, known for leading stock market memes, from its platform.
  • Meta and Snap both saw their shares fall around 1% in after-hours trading following reports by the Wall Street Journal that New York State intends to ban social networking groups from using algorithms to expose children to content without parental consent.
  • Tesla's sales of electric vehicles manufactured in China dropped by 6.6% year-on-year to 72,573 units in May, marking the second consecutive month of year-on-year declines, according to data from the China Passenger Car Association (CPCA).
  • GitLab dropped 3.5% in pre-market trading as the company forecasted its fiscal second-quarter sales to be between $176 million and $177 million, which is in line with the LSEG forecast of $176.7 million.
  • V.F. Corp has appointed two new independent directors to its board under pressure from activist investor Engaged Capital, which has been advocating for a board reshuffle and a strategic review in response to fluctuating demand.
Today's main earnings reports: CrowdStrike Holdings, Ferguson, Hewlett Packard Enterprise...