Microsoft (MSFT, Financial) shares slipped fractionally in pre-market trading on Tuesday even as investment firm Loop Capital started coverage on the tech giant with a buy rating. Analyst Yun Kim, who also put a $425 price target on Microsoft, said the company's growth is likely to accelerate due to its two most strategic businesses, Azure and products based on generative artificial intelligence, namely Microsoft 365 Copilot.
Lockheed Martin (LMT, Financial) reported Q3 Non-GAAP EPS of $6.77, beating estimates by $0.15. Revenue of $16.88B (+1.8% Y/Y) also beat by $160M. The company increased its quarterly dividend to $3.15 per share and reaffirmed its 2023 financial outlook.
Apple (AAPL, Financial) CEO Tim Cook is visiting China, touring various parts of the country that the tech giant still relies on heavily to fuel its growth. On Monday, Cook posted to his official Weibo account that he was at the Apple store in Chengdu, China, where he cheered on gamers playing Tencent's (TCEHY) Honor of Kings, which he said is "now a global phenomenon on the App Store."
Bank of America's (BAC, Financial) Q3 earnings topped the Wall Street estimate, aided by higher interest rates and strength in its Global Markets business, which rose Q/Q and Y/Y. Q3 EPS of $0.90, beating the average analyst estimate of $0.82, rose from $0.88 in Q2 and $0.81 in Q3 2022.
Shares of Assembly Biosciences (ASMB) climbed ~137% pre-market Tuesday after the biotech announced a 12-year partnership with Gilead Sciences (GILD) to research and develop novel antiviral therapies.
Ford Motor Company (F, Financial) went on the offensive this week against the United Auto Workers union as the strike at key plants continued. Ford executive chairman Bill Ford urged the United Auto Workers union to end the 32-day strike and reach a new labor agreement, and also warned of the growing impact to the Detroit automaker and the U.S. economy.
Bernard Arnault, founder and CEO of French luxury goods firm LVMH Moët Hennessy (LVMHF), has lost his spot as the world's second-richest person to Amazon's (AMZN) Jeff Bezos. Arnault's net worth took a hit from the recent selloff in luxury stocks, and currently stands at $155B, according to the Bloomberg Billionaires Index.
Prologis (PLD) reported Q3 FFO of $1.30, beating estimates by $0.05. Revenue of $1.92B (+9.7% Y/Y) also beat by $180M. The company raised its FY23 Guidance.
Accenture (ACN) announced that its EMEA CEO Jean-Marc Ollagnier has disposed of direct stake worth ~$2M in the professional services company. Ollagnier sold 6,250 class A shares in multiple trades at prices ranging from $300.25 to $305.30.
Johnson & Johnson (JNJ, Financial) traded higher pre-market Tuesday after the healthcare bellwether reported better-than-expected Q3 results for 2023 as its pharma segment exceeded expectations.
Goldman Sachs's (GS, Financial) Q3 revenue beat the average analyst estimate due to the strong performance of its Assets & Wealth Management business. Earnings were again marred by writedowns as part of Goldman's plan to reduce principal investments within its Asset & Wealth Management business and exit parts of the consumer finance sector.
Taiwan Semiconductor Manufacturing (TSM, Financial) said it would not set up an advanced chip facility in a rural part of northern Taiwan following local residents protests on not wanting to move for the expansion of an industrial park, Reuters reported.
Ollie's Bargain Outlet Holdings (OLLI) perked up in early trading on Tuesday after Goldman Sachs lifted its ratings on the retailer to Buy from Neutral. Analyst Kate McShane and team expect tailwinds from the favorable closeout environment to remain in the near term.
Glencore (GLCNF) (GLNCY) is set to close its copper mining operations in Queensland's Mount Isa by the end of 2025, which will result in the loss of ~1,000 jobs, but it will keep its refinery and smelters in the region open, Australian Financial Review reported Tuesday.
Alibaba (BABA) and Tencent (TCEHY) (TCTZF) have joined a $300M funding round for Chinese artificial intelligence, or AI, startup Baichuan Intelligent Technology, Bloomberg News reported.
