Business and Finance News - 6.26.24

Airbus Shares Drop 10% Amid Reduced 2024 Financial Targets and Persistent Supply Chain Issues

• Shares of Airbus fell 10% after cutting financial targets for 2024.

• Airbus expects 2024 earnings before interest and taxes to be €5.5 billion.

• The previous earnings estimate was €6.5 billion to €7 billion.

• Airbus anticipates delivering around 770 commercial aircraft this year.

• The previous aircraft delivery outlook was near 800.

• Airbus faces supply chain issues in engines, aerostructures, and cabin equipment.

• Additional costs in the space systems division amount to €900 million.

*Airbus (AIR-FR) - Airbus is a major European multinational aerospace corporation that designs, manufactures, and sells civil and military aerospace products worldwide.

Apple Rejects Meta's AI Chatbot Proposal, Halting Talks Since March Amid Its Own AI Plans

• Apple rejected Meta's proposal to integrate AI chatbot technology into its smartphones.

• The rejection reportedly occurred several months ago, according to Bloomberg.

• Apple and Meta have not discussed an AI partnership since March.

• Apple announced its own generative AI plans at WWDC for future smartphones.

• Meta aimed to tap into Apple's large install base with the AI partnership.

• The rejection is seen as a missed opportunity for Meta's business.

• Future partnerships between Apple and Meta remain uncertain but possible.

*Apple (AAPL) - Apple Inc. is a multinational technology company known for its innovative products and services (iPhone, iPad, Mac Computers, etc.).

*Meta (META) - Meta, formerly known as Facebook Inc., is a multinational technology conglomerate that operates a variety of social media platforms and technology products.

Ford Recalls Over 550,000 F-150 Trucks Due to Sudden Downshifting Issue

• Ford recalls over 550,000 F-150 pickups due to unexpected downshifting to first gear.

• The recall affects 2014 model year F-150 trucks.

• Downshifting issue caused by lost signal between transmission sensor and powertrain control computer.

• NHTSA began investigating 540,000 Ford trucks in March due to complaints.

• Issue increases risk of crashes; 52 reports of loss of control.

• Repairs expected in third quarter, with free software updates from dealers.

• Ford had previous recalls for similar issues from 2011-2013 model years.

*Ford (FORD) - Ford Motor Company is a global automotive manufacturer that designs, produces, markets, and services a full line of cars, trucks, SUVs, electrified vehicles, and luxury vehicles under the Ford and Lincoln brands.

EU Charges Microsoft with Antitrust Violations Over Teams Bundling, Potential 10% Global Revenue Fine

• EU charged Microsoft with antitrust violations over bundling Teams with Office 365 and Microsoft 365.

• Commission said bundling may prevent Teams’ rivals from competing and innovating.

• Microsoft’s changes to Teams distribution last year didn’t address competition concerns.

• Slack and Alfaview filed complaints leading to EU’s investigation and charges.

• Microsoft could face fines up to 10% of global revenue if found guilty.

• Microsoft has history of antitrust battles, now facing renewed regulatory attention.

• Microsoft offers lower-priced productivity suites without Teams to address concerns.

*Microsoft (MSFT) - Microsoft Corporation is a global technology company that develops, manufactures, licenses, supports, and sells a wide range of software products, hardware devices, and related services.

Waymo Opens San Francisco Robotaxi Service to All, Following Successful Phoenix Strategy and Recent Software Recall

• Waymo opened its San Francisco robotaxi service to everyone, removing the waitlist.

• Users can download the app and immediately hail a robotaxi in San Francisco.

• Waymo's strategy in San Francisco mirrors its first driverless market in Phoenix.

• Waymo recalled software for 672 Jaguar I-Pace robotaxis after a collision incident.

• Waymo has been in San Francisco since 2009 but began charging customers last year.

• Waymo secured approval to operate robotaxi services in Los Angeles and San Francisco Peninsula.

• More than half of San Francisco users used Waymo for medical appointments recently.

*Waymo (GOOG) - Waymo is an autonomous driving technology company and a subsidiary of Alphabet Inc. It focuses on developing and deploying self-driving vehicle technology.

Here’s how the markets closed yesterday:

• Dow Jones: 39,112.16 -299.05 (-0.76%

• S&P 500: 5,469.30 +21.43 (+0.39%)

• Nasdaq: 17,717.65 +220.84 (+1.26%)

• Bitcoin (BTC): $62,026.84 (3:00PM PST on 6/25/24)

• Ethereum (ETH): $3,403.47 (3:00PM PST on 6/25/24)

Here’s how the THE SUPER SIX STOCKS did yesterday:

• Microsoft (3.352T): 450.95 +3.28 (+0.73%)

• Apple (3.206T): 209.07 +0.93 (+0.45%)

• Nvidia (3.107T): 126.09 +7.98 (+6.76%)

• Alphabet (2.293T): 185.58 +4.79 (+2.65%)

• Amazon (1.939T): 186.34 +0.77 (+0.41%)

• Meta Platforms (1.295T): 510.60 +11.69 (+2.34%)