Top Stories Thursday, July 6: Samsung Electronics Expects Lowest Quarterly Profits In 14 Years, Exxon Ant

Reuters

Google Challenges India's Antitrust Body Over Alleged Favoritism Towards Amazon

Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google criticized India's antitrust body for changing its business model "only to protect" rival Amazon.Com Inc (NASDAQ:AMZN).
Amazon complains about difficulties developing a modified Android system due to Google's restrictions.
Google appealed to India's Supreme Court to overturn the Competition Commission of India's order.
The order demanded ten changes to Google's business model for alleged abuse of its position with Android. Google claims the CCI copied parts of a European ruling against the company in a similar case.

Samsung Electronics Q2 Profit Expected to Plummet 96%, Lowest in Over 14 Years

Samsung Electronics Co, Ltd's (OTC:SSNLF) June-quarter profit will likely plunge 96% year-on-year to the lowest for any quarter in over 14 years, as an oversupply of chips continues to drive significant losses in its cash cow business amid a supply cut.
The operating profit likely fell to 555 billion won ($427 million) in the April-June quarter.
Samsung is amid efforts to grow its share of chip demand from the field of artificial intelligence (AI), such as with high bandwidth memory (HBM) and chip contract manufacturing.

General Motors Cites Compliance Doubts In New Emissions Rules

General Motors Co (NYSE:GM) will reportedly face compliance challenges under the Environmental Protection Agency's (EPA) proposed vehicle emissions rules due to tighter electric vehicle requirements.
In its comments to the EPA, the automaker cited six state and federal regulations that "could require each automaker to exceed 50% EVs in at least a dozen vehicle averaging sets in the approximate 2030 timeframe."

Tesco's New Health Initiative: Tesco Introduces Virtual GP Appointments For UK Staff Amid NHS Pressure

Supermarket group Tesco plc (OTC: TSCDF) (OTC: TSCDY), Britain's largest private-sector employer, plans to provide its 310,000 U.K. workers with virtual appointments with a private family doctor.
The move comes in response to Britain's tight labor market, where companies are offering increased hourly wages, bonuses, free food, and other benefits to attract and retain staff. Over the past year, Tesco has increased staff wages by more than 15%. This new initiative might inspire other large employers to introduce similar benefits.

Benzinga

Exxon Flags Lower Quarterly Profit Amid Low Natural Gas Prices, Refining Margins

Exxon Mobil Corp (NYSE:XOM) anticipates a decrease in second-quarter earnings by roughly $4 billion due to lower natural gas prices and refining margins.
For the first quarter this year, Exxon booked record earnings of $11.6 billion, double from $5.48 billion a year ago and down from $12.75 billion for the fourth quarter of 2022.
In an SEC filing on Wednesday, the U.S. supermajor estimates lower Q2 earnings due to up to $2.2 billion lower earnings in the upstream division because of low U.S. benchmark natural gas prices and another up to $2.2 billion decline in the energy products division due to lower industry margins.

Stellantis Ends Feud Over Windsor Battery Plant With Canadian Government, To Resume Construction

On Wednesday, Automaker Stellantis NV (NYSE:STLA) said it would resume construction immediately at its CAD 5 billion ($3.76 billion) battery plant in Windsor, Canada. The automaker had put the plant on hold in May following disagreements with the Canadian government over financial support.
The Canadian government has met its commitment to leveling the playing field with the U.S. Inflation Reduction Act, and we are now resuming construction in Windsor, Stellantis, and LG Energy Solution, said in a joint statement. It is not evident how much the plant will receive from the government in subsidies.

Fidelity National Sells 55% Stake In Worldpay To GTCR For $11.7B Net Proceeds; Retains 45% Stake

Fidelity National Information Services Inc (NYSE:FIS) signed a definitive agreement to sell a majority stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR.
GTCR will acquire 55% of Worldpay, and FIS will retain the remaining 45% in a transaction that values the business at $18.5 billion.
Worldpay is a provider of payment processing solutions with $2 trillion in payments volume in 2022.

Bank Of America Boosts Its Quarterly Dividend By 9%

Bank Of America Corp (NYSE:BAC) shares are trading slightly higher after the close Wednesday after the company announced plans to increase its dividend by 9%.
BofA said it plans to increase its quarterly dividend from 22 cents per share to 24 cents per share beginning in the third quarter. The dividend increase still needs to be approved by the company's board.

Coty Raises Q4 & FY23 Outlook On Strong Demand Acceleration

Coty Inc (NYSE:COTY) increased its Q4 and FY23 outlook before its investor event in Paris on the strong demand growth in most categories and markets.
Outlook: COTY increased Q4 FY23 guidance for revenue growth to +12% to +15% on a like-for-like basis, vs. the previous outlook for +10% growth, led by solid momentum in Prestige and the recovery in the China market.

Genius Sports Extends Its Existing Deal With The National Football League.

Genius Sports Ltd (NYSE:GENI) inked a multi-year extension of their existing strategic deal with The National Football League (NFL).
As per the extended deal, Genius Sports will remain the exclusive distributor of NFL's official live game data, and Next Gen Stats (NGS) feeds to global media and betting markets.
The deal will run through the end of the 2027-28 season and includes the GENI's exclusive right to internationally distribute NFL internationally Watch & Bet low latency live game video feeds to sportsbooks.

Marathon Digital's June Bitcoin Production Jumps 599% Y/Y, JV in Abu Dhabi Begins Mining Operations

Marathon Digital Holdings Inc (NASDAQ: MARA) produced 979 bitcoin in June, up 599% on a year-over-year basis. The print is down 21% from last month.
The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees.
The average BTC produced daily jumped 599% to 32.6 in June on a Y/Y basis. However, the metric fell 19% compared to May.

Buckle Registers June Sales Decline Of 1.8%, Comps Down 2.4%

Buckle Inc (NYSE:BKE) reported that comparable store net sales for the five weeks ended July 1, 2023, decreased 2.4%. Net sales for June declined 1.8% Y/Y to $108 million.
Comparable store net sales year-to-date for the 22-week period ended July 1, 2023, decreased 7.3%.
Net sales for the 22-week fiscal period ended July 1, 2023, decreased 6.5% Y/Y to $480.2 million.

SCMP

Alibaba, Chinese Peer Stocks Fall On Further Signs Of Slowdown

Alibaba Group Holding Limited (NYSE:BABA) and Chinese peer stocks are trading lower Thursday as further signs of a slowdown in mainland China hurt the nation's currency.
A selloff in Chinese banks deepened, while minutes from a Federal Reserve meeting showed officials still favor more tightening this year.
Goldman Sachs' downgrading of top Chinese lenders, including ICBC and the Agricultural Bank, sparked an extended selloff in banking stocks.

Wall Street Journal

JetBlue Plans Job Cuts In New York And Boston, But Assures No Furloughs As American Airlines Partnership Ends

In a recent announcement, JetBlue Airways (NASDAQ:JBLU) CEO Robin Hayes informed employees that the airline would likely require fewer jobs in New York and Boston due to the termination of its partnership with American Airlines. However, he assured that there are no plans for worker furloughs as the company shifts its focus to its proposed acquisition of Spirit Airlines (NYSE: SAVE).
JetBlue executives have decided not to join American in contesting a judge's ruling against their partnership, resulting from a Justice Department lawsuit. Instead, JetBlue will concentrate on its $3.8 billion Spirit deal, which the department has also challenged.

Photo by Pierre Lecourt via Flickr

BABAAlibaba Group Holding Ltd

$136.10-2.90%

BACBank of America Corp

$53.84-0.21%