Podcast Summary
Intel, Dell changes: Intel considers splitting or selling chip foundry unit, Dell explores Secure Works sale; both companies hire advisors amidst challenging business environments
Intel is considering significant changes to its business, including a potential split or sale of its chip foundry unit, as the tech giant grapples with mounting losses and struggling earnings. Meanwhile, Dell is reportedly exploring a sale of its cybersecurity firm, Secure Works, after earlier attempts failed. Intel's CEO acknowledged the challenges facing the company and expressed determination to address them, but the market did not respond positively. Both companies have hired major investment banks for advice on potential options. These developments mark major shifts for both Intel and Dell as they navigate challenging business environments.
Dell's potential sale of SecureWorks: Dell, which owns a stake in SecureWorks, has not confirmed plans to sell despite holding significant voting power, while Verizon expands communication services using satellite technology
Dell, which owns a significant stake in SecureWorks, may or may not sell the cybersecurity firm. Despite holding a large percentage of voting stock through dual-class shares, Dell has not confirmed any plans to sell. Meanwhile, Verizon is expanding its communication services with the launch of a commercial direct-to-device messaging service using satellite technology. This will allow Verizon customers to send emergency messages and share locations even when terrestrial networks are unavailable. In other news, a lawsuit against Elon Musk and Tesla regarding Dogecoin was dismissed, Ulta Beauty's stock took a hit due to missed forecasts, and JP Morgan outlined how different asset classes would perform in response to Fed rate cuts. Notable companies being added to various MSCI indexes include Flutter Entertainment, Inbrier, IBADA, and Reddit. The HSR review period for Darden Restaurants' acquisition of Chewie's holdings is also coming to an end. Markets are looking positive, with Dow, S&P, and NASDAQ futures in the green, and crude oil remaining steady at $75 a barrel. Bitcoin is down slightly at $59,000. The FTSE 100 and DAX are also up slightly.
MongoDB growth: MongoDB reports 14% increase in value following strong Q2 earnings, driven by new workload acquisition and better-than-expected Atlas consumption trends
MongoDB (MDB) is experiencing significant growth following a strong Q2 earnings report. The company reported a 14% increase in value pre-market, attributed to a successful new workload acquisition and better-than-expected Atlas consumption trends. Looking ahead on the economic calendar, personal income and outlays, consumer sentiment, and the Baker User Account will be released at respective times. It's also important to note that Monday is a holiday for Labor Day, meaning there will be no Wall Street Breakfast podcast on that day. For a Labor Day preview, check out the Wall Street Breakfast newsletter. MongoDB's positive earnings report is a notable development in the tech sector and demonstrates the company's ability to adapt and grow in a competitive market. If you're interested in comprehensive news, analysis, ratings, and data on stocks and ETFs, consider becoming a premium subscriber. For more information, visit seekingalpha.com/subscriptions. I'm your host, Juby Morgan, and I'll be back with you on Tuesday. Have a great weekend!