Wall Street Breakfast

Qualcomm dips following reports of AI laptop struggles

Qualcomm (QCOM) dips following reports of AI laptop struggles; other chip stocks drop. (00:26) Canada said to be eyeing tariffs on Chinese EVs, following lead of U.S. and EU. (01:19) WHO warns on fake versions of Novo Nordisk's (NVO) Ozempic. (02:20)

Episode transcripts seekingalpha.com/wsb.

Show links: Biggest stock movers: ASAN, SWBI, and more
Unprofitable growth stocks with a path to profitability - GS
Top 10 Info Tech stocks according to SA Quant Ratings
SoftBank boss regrets Nvidia stake sale, calling it 'the fish that got away'

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Duration:: 5m
Broadcast on:: 21 Jun 2024
Audio Format:: mp3

Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning! Today is Friday, June 21st. I'm Julie Morgan. Qualcomm's processor is not performing as it should. Canada is reportedly following in the steps of the U.S. and the EU, and make sure you're taking an authentic weight loss drug. Samsung has a new laptop that is reportedly struggling to run some popular software titles. The new Galaxy Book 4 Edge, which contains Qualcomm's Snapdragon processor, runs Microsoft's Windows 11 and includes several AI features is incompatible with some software and games. According to a report by the Wall Street Journal, the laptop is not currently compatible to run some Adobe software, as well as games such as Fortnite and League of Legends. Qualcomm dipped more than 5% to end the day on Thursday following the report. Another report by 9-5 Mac found Apple's M3 chip in the MacBook Air was faster and more efficient than the much newer 12 core CPU Qualcomm chips. The Galaxy Book 4 Edge went on sale in the U.S. South Korea and some other markets on Tuesday. Canada is reportedly planning new tariffs on Chinese-made electric vehicle imports, in line with the latest actions by the U.S. and the European Union. People familiar with the matter told Bloomberg that while a final decision is yet to be made, the Canadian government is expected to announce public consultations on potential tariffs soon. Canada's Prime Minister has been under pressure to follow the lead of the Biden administration, which increased tariffs on Chinese EVs to 100%. The EU is planning to provisionally impose additional tariffs of up to 38.1% on Chinese EVs next month. The premiere of Ontario Canada said taking every advantage of low-laboured standards and dirty energy China is flooding the market with artificially cheap EVs. He said if they don't act fast, they're risking Ontario and Canadian jobs. A spokesperson for Canada's finance minister said the country is actively considering next steps to counter Chinese oversupply. The World Health Organization has issued a warning regarding fake batches of the diabetes medication ozimpic. The falsified versions were identified in October 2023 in the UK and Brazil and in December 2023 in the U.S. The alert from the WHO noted that the versions made it into the regulated supply chain. The organization warned that the fake batches can lead to health complications resulting from unmanaged blood glucose levels or weight. In other cases, another undeclared active ingredient may be contained in the injection device, leading to an unpredictable range of health complications. The WHO advises patients to avoid getting drugs from unfamiliar or unverified sources such as online marketplaces. I have a few other articles I'd like to share with you on Seeking Alpha. We have a list of unprofitable growth stocks with a path to profitability according to Goldman Sachs. We also have a list of the top 10 info tech stocks according to Seeking Alpha's quant ratings. And the boss at SoftBank regrets his sale of NVIDIA calling it the fish deck got away. On our catalyst watch for the day, the stock market could see extra volatility with triple whiching day featuring the simultaneous expiration of stock options, stock index futures and stock index options contracts. And the S&P 500 index, S&P mid-cap 400 and S&P small-cap 600 index will be officially rebalanced after the market closes. CrowdStrike, KKR and GoDaddy will join the S&P 500 market open on June 24. Texas Pacific Land, Biomere and Pharmaceutical, Warner Music Group, Next Tracker, Altair Engineering and RB Global will head to the S&P mid-cap 400. Meanwhile, Crystal Biotech, Virtue Financial, Stepstone Group, Cactus and Tidewater will join the S&P small-cap 600. Now, for a look at the markets today, as of 6 a.m., Dow, S&P and Nasdaq futures are in the red, crude oil is down a fraction at $81 a barrel, Bitcoin is down 2.4% at $64,000, and the world markets, the FTSE 100 is down 0.8%, and the DAX is down 0.5%. Smith & Wesson Brands is on our list of the biggest movers of the day pre-market. Despite exceeding expectations in its fiscal Q4 results, SWBI is down 4% as the company anticipates softer near-term demand than originally expected. On today's economic calendar, at 9.45 a.m., PMI Composite Flash at 10 a.m., existing home sales, also at 10 a.m., leading indicators. That's it for today's Wall Street Breakfast. Thanks for listening! For a full offering of news, analysis, ratings and data on stocks and ETFs, become a premium subscriber. Learn more at seekingalpha.com/subscriptions. I'm your host, Julie Morgan. Go out and make it a great day!