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Tuesday's Pre-Market: JetBlue and Carl Icahn, PepsiCo, Microsoft, Elon Musk, and Revolut Digital Banking

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Feb 13, 2024
  • 2 min read

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JetBlue shares jump 15% as activist Carl Icahn reports stake and calls shares undervalued


  • Activist investor Carl Icahn on Monday reported a nearly 10% stake in JetBlue Airways, saying the airline stock is undervalued.

  • Icahn has had and plans to continue discussions with the company “regarding the possibility of board representation,” filings said.

  • JetBlue has been cutting costs and working to improve operations in an effort to return to profitability after a post-Covid travel surge and a blocked merger with budget carrier Spirit Airlines.


PepsiCo earnings top estimates, but quarterly revenue slides for the first time in nearly four years


  • PepsiCo reported quarterly earnings that topped Wall Street’s expectations, but its revenue missed estimates.

  • The company’s net sales fell 0.5% in the fourth quarter.

  • PepsiCo executives said high borrowing costs and lower personal savings have squeezed consumers’ budgets.


Microsoft’s AI growth is helping its cloud business weaken Amazon’s lead


  • Microsoft’s cloud is growing significantly faster than Amazon Web Services of late, thanks in part to its cozy OpenAI relationship.

  • Analysts estimate Azure, which was about half as big as AWS five years ago, is now three-quarters its size.

  • Revenue at Azure increased 30% in the quarter, compared with 13% year-over-year growth at AWS.


Elon Musk must testify in SEC probe of his Twitter takeover, judge says


  • Elon Musk has to testify in a probe by the U.S. Securities and Exchange Commission concerning his 2022 acquisition of Twitter, a U.S. judge ordered.

  • The federal regulator is investigating whether Musk or anyone else committed securities fraud in 2022 as Musk began buying stock in Twitter, ahead of his leveraged buyout of the company.

  • Musk has repeatedly sought to challenge if not strip authority from federal regulatory agencies including the SEC and National Labor Relations Board.


Digital banking giant Revolut is launching phone plans for travelers in the UK


  • Digital banking startup Revolut is launching travel eSIM plans in the U.K. that give users access to data abroad without suffering roaming charges.

  • The product launch is a rare step for a financial services company, and is part of Revolut’s long-term ambition to become “super app” with multiple services spanning finance and travel.

  • Subscribers to Revolut’s Ultra subscription tier will get access to 3GB of data for use across different countries, which resets every month.



 
 
 

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