Yahoo Finance Trending tickers: Warner | Tesla | Micron | Hipgnosis
The latest investor updates on stocks that are trending on Thursday
Warner Bros. (WBD)
Warner Bros. Discovery shares were trending in after-hours trading after reports it is in early merger talks with rival Paramount Global (PARA).
The deal would bring together two of Hollywood's "Big Five" studios, with Warner and Paramount's combined market value standing at £30bn.
Warner chief David Zaslav and Paramount boss Bob Bakish discussed a possible deal over lunch in New York this week, according to Axios.
Zaslav also has talked with Shari Redstone, whose National Amusements Inc. owns a controlling stake in Paramount Global, about a potential combination of the companies.
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According to Axios, Paramount is under a lot of pressure to find a buyer or strategic partner because of its levels of debt accrued in recent years. Warner Bros has a slightly better cash position.
Tesla (TSLA)
Tesla shares were also trending in extended trading as the EV car maker is being probed by Norwegian authorities over suspension failures.
The Norwegian Public Roads Administration said it opened an investigation into Tesla’s Model S and X vehicles following customer complaints about lower rear control arms breaking on Model S and X vehicles.
The agency has asked Tesla to assess these complaints and determine if there is a serious risk to consumer safety.
The agency could recommend that Tesla recall all model years of S and X vehicles to replace the rear lower control arms if it determines they pose a “serious risk,” according to Reuters.
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It is the latest blow to Elon Musk’s company after it recalled 2 million vehicles earlier this month over problems with its driver-assistance system.
Micron (MU)
The chip stock surged 5% in extended trading after Micron offered first-quarter results that topped Wall Street estimates on both the top and bottom lines.
The company posted an adjusted earnings per share loss of $0.95 compared to estimates of a $1 loss. Revenue of $4.73bn topped expectations of $4.54bn. The memory chipmaker also issued better-than-expected second-quarter guidance.
Read more: LIVE: FTSE and European stocks lower as Wall Street rally cools
The boom in artificial intelligence spending is helping the largest US maker of memory semiconductors. CEO Sanjay Mehrotra has pointed to strong demand for the expensive memory used in data centres to help develop AI software.
Hipgnosis (SONG.L)
Investors are hearing the wrong tune from Hipgnosis Songs Fund as Music rights owner warns shareholders on asset value.
The London-listed fund, which has the rights to catalogues of artists including Shakira, Neil Young and Red Hot Chili Peppers, said its operative net assets value per share stood at $1.7392 as of Sept. 30, down 9.2% from the end of March.
Hipgnosis posted a 14% rise in underlying net revenue to $65.8m for the six months ended Sept. 30.
Announcing first-half results on Thursday, the company board said investors should look at the fund’s asset value “with a higher degree of caution and less certainty than might otherwise be attached to it as an accurate reflection of the fair value of the company’s assets”.
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