Meta Platforms Considers Charging European Users for Ad-Free Versions of Instagram and Facebook
Meta Platforms (META) is reportedly contemplating a proposal that would charge European users approximately $14 per month in exchange for ad-free versions of Instagram or Facebook, according to The Wall Street Journal. Customers who decline to allow Meta to utilize their digital activity for targeted ads would be subject to this fee. These measures are part of Meta’s attempts to navigate European Union privacy regulations. Meta shares experienced a slight increase of 0.4%.
Ford and General Motors Lay Off Additional Workers Amidst United Auto Workers Strike
Ford (F) and General Motors (GM) have been compelled to lay off around 500 additional workers combined due to the ongoing strike by the United Auto Workers. This strike has caused the automakers to idle more factories. In a separate development, GM announced that it had received a counteroffer from the UAW in response to the company’s most recent proposal. A GM spokesperson revealed that a meeting took place between GM and UAW on Monday. However, significant gaps still exist between the two parties. Pre-market trading saw both Ford and GM shares rise by 0.2%.
Oddity Tech Expects Strongest Third Quarter in Company History
Beauty-products company Oddity Tech (ODD) anticipates an exceedingly strong third quarter. According to its latest forecasts, the company expects year-over-year net revenue growth for Q3 to range between 29% and 31%. This projection surpasses their initial guidance of 18% to 23%. Additionally, Oddity Tech predicts a gross margin of 68.5%, which is approximately 100 basis points higher than its previous guidance. As a result, the stock experienced a significant jump of 11%.
WK Kellogg Receives Sell Rating and Lowered Price Target
WK Kellogg (KLG) received an initial Sell rating and a price target of $11 from analysts at Goldman Sachs, as reported by the Fly. Following the spinout of the two companies from the former Kellogg, WK Kellogg witnessed a decline of 9.1% to $13.35 on Monday, while Kellanova (K), the other company, fell by 6%. WK Kellogg houses the North America cereals business, whereas Kellanova is the home of snack brands like Pringles.
Earnings Reports Awaited from McCormick and Cal-Maine Foods
Today, investors eagerly await the release of earnings reports from McCormick (MKC), the parent company of flavor brands such as French’s, Frank’s RedHot, and McCormick spices, as well as Cal-Maine Foods (CALM), the leading producer of eggs in the U.S.
