Yahoo Finance Trending tickers: Google l Tesco l Intel l Superdry
Google (GOOG)
Investors are keeping across Google stock as the company’s legal battle with the US government continues over competition compliance – and ahead of its latest product announcements.
The chief executive of Microsoft (MSFT), Satya Nadella, testified on Monday in the antitrust case and claimed Google’s power in online search was so ubiquitous that even his company found it difficult to compete on the internet.
According to the New York Times, Nadella said in court that the internet is really the “Google web,” and added that Google could now use its advantage and scale to build tools to dominate the emerging artificial intelligence (AI) space.
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Satya’s testimony confirmed the ongoing rivalry between the two tech giants that has gone on for more than two decades, with the pair battling over online search, mobile computing, web browsing and cloud computing, and now over AI.
Aside from the legal dispute, the Made by Google hardware event is happening today and the Google Pixel 8 and Google Pixel 8 Pro and Pixel Watch 2 are all set to launch.
The event is expected to showcase new AI features, such as Audio Magic Eraser to remove background noise from videos, similar to previous Google Pixel phones.
Tesco (TSCO.L)
Shares in Tesco rose 1.04% on Wednesday lifting it to the top of the FTSE index after the UK retailer reported higher profits and a positive financial outlook in its latest results.
The company said that first-half sales rose 8.4% to £30.75bn ($37.28bn), while operating profit surged 105.5% to £1.48bn in the 26 weeks ended 26 August 2023.
Meanwhile, like-for-like sales were up 7.8%, and that figure rose to 8.7% solely for the UK.
The group also said it expects inflation to keep falling and highlighted it will will do what it can to lower grocery prices.
It said retail adjusted operating profit for the year is expected to be £2.6 - 2.7bn. That’s up from earlier guidance of about £2.5bn.
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Chief executive Ken Murphy said: "We know how challenging it is for many households across the country, as they continue to grapple with ongoing cost of living pressures.
"We are committed to doing everything we can to drive down food bills and Tesco is now consistently the cheapest full-line grocer.”
Richard Hunter, head of markets at Interactive Investor also noted how the company’s shares have also responded, despite a more pedestrian showing over recent months.
“Over the last year, the price has risen by 24%, as compared to a gain of 5.4% for the wider FTSE100, with appetite for the group’s offerings apparently undiminished for investors as well as consumers. As such, there should be little to trouble the group’s longstanding position as the preferred play in the sector, with the market consensus of the shares remaining at a strong buy.”
Intel (INTC)
Chipmaker Intel said on Tuesday it plans to operate its programmable chip unit as a standalone business starting in January, with plans to hold a public offering for stock in it over the next two to three years.
Shares in Intel are poised for a higher open on Wall Street following the update with its stock up 1.88% pre-market.
Intel acquired the business when it bought Altera for $16.7bn in 2015, Reuters reported, and further noted that its programmable chips sit between Intel's general purpose chips and chips that are designed for a single task and used in everything from encrypting data to 5G wireless telecommunications equipment.
Sandra Rivera will oversee the new unit, which will keep using Intel's factory to make its chips.
Intel also said that it has started "an extensive internal and external search" to replace Rivera, who currently oversees the company's data centre and artificial intelligence chip business.
During a conference call with investors, Rivera said the unit is increasingly using Intel's factories rather than the factories in Taiwan where its chips were previously made.
"We see enormous customer interest in a more secure, resilient supply chain in North America, and you could just imagine the industrial customers, the aerospace and defense base customers," Rivera added.
Superdry (SDRY.L)
Shares in Superdry climbed nearly 28% on Wednesday after the company announced plans to sell its intellectual property assets in South Asia to India’s largest retailer, Reliance Retail for £40m.
“This is part of a new joint venture between Superdry and Reliance Brands in a 24%-76% split respectively. Reliance will continue to be supplied with finished goods by Superdry, helping to accelerate the UK brand’s growth in India. The deal will also generate cash proceeds for Superdry of £30.4m,” Victoria Scholar, head of investment at Interactive Investor, said.
Scholar also noted how its shares have soared as a result of the news, reflecting the cash proceeds of the deal that will help support its struggling balance sheet as well as the potential for brand growth in India.
“The boost is a welcome development and comes after a rocky period for Superdry which reported a full-year adjusted loss before tax of £21.7m last month and has been suffering with a sliding share price.
“Superdry has been dealing with the backdrop of weak consumer spending amid rising interest rates and inflationary pressures as well as a rainy summer which dampened demand for its spring/summer collection. Once a highly successful streetwear brand loved by celebrities and fashionistas alike, Superdry has been struggling to maintain its allure even with the return of Julian Dunkerton as CEO,” she added.
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