Zoom Video (ZM) – Zoom reported a quarterly profit of 92 cents per share, more than double the 45 cents a share consensus estimate. Revenue came well above Street forecasts. Zoom raised its annual revenue forecast by more than 30%, with the use of its video conferencing technology as more activists and students operate remotely.
Walmart (WMT) – Walmart will launch its membership program Walmart + on 15 September. The service – which will compete with Amazon’s (AMZN) popular Prime program – will cost $ 98 per year compared to $ 119 for Prime. The new program will also provide subsidized gasoline. Walmart + members will need to meet the $ 35 minimum online order size to receive free shipping.
Tesla (TSLA) – The automaker plans to raise up to $ 5 billion through a share offering, in which banks sell shares periodically based on the automaker’s instructions.
American Airlines (AAL), Delta Air Lines (DAL), United Airlines (UAL) – these and other airline stocks are falling jointly after yesterday’s announcement that it was eliminating ticket change fees. Delta and American later with similar announcements, and analysts say most competitors will be forced to follow the move amid a slowdown in travel demand.
Shalmberger (SLB) – Oilfield services company will merge its North American fracking business with Liberty Oilfield Services (LBRT), and hold a 37% stake in the new combined company. The deal comes amid a significant decline in oil field services activity amid the epidemic and recessionary energy consumption.
Sanofi (SNY) – The French drugmaker said its rheumatic drug Covezara did not prove effective against Kovid-19, with treatment failing to shorten hospital stays for patients in a 420-person study.
As reported by Bloomberg, Ford Motor (F) – the automaker plans to cut 1,000 salaried jobs in North America. People familiar with the matter said an announcement could be made this week, as Ford tries to improve its efficiency.
Eastman Kodak (KODK) – hedge fund DE Shaw now holds a 5.2 percent stake in Kodak, according to a Securities and Exchange Commission filing. Eastman Kodak’s shares have been highly volatile in recent weeks, as the company was given a government loan to produce the drug paraphernalia. The loan was later placed amid an investigation to reveal the debt.
Apple (AAPL) – According to sources speaking to Bloomberg, the company plans to make at least 75 million 5G iPhones from suppliers later this year.
Hawaii Holdings (HA) – Parents of Hawaiian Airlines informed 400 pilots and flight attendants of upcoming job cuts. After the end of government support for the airline industry, workers will be given a farewell on 1 October.
Gogo (GOGO) – provider of inflow broadband and entertainment, announced the sale of its commercial aviation business to satellite operator Intlas for $ 400 million in cash.