Wall Street Breakfast Podcast: PA court overturns verdict

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Bayer’s (OTCPK:BAYRY) Roundup verdict of $2.25 billion has been reduced to $400 million by a Pennsylvania judge. (00:23) United Airlines (UAL) is expected to reduce its staffing needs this year as the carrier faces a shortage of planes. (01:01) Nike (NKE) cuts jobs at European headquarters as part of $2 billion cost-cutting plan – report. (03:21)

This is an abridged transcript of the podcast.

A Philadelphia court on Tuesday overturned a $2.25 billion verdict against Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) in the case of a man who said he developed cancer following exposure to the weedkiller Roundup the company.

Instead of $2.25 billion, the judgment is now $400 million.

Monsanto, owned by Bayer (OTCPK:BAYRY) (OTCPK:BAYZF), will now have to pay $350 million in punitive damages and just over $50 million in compensatory damages in this case, according to court documents .

The company said it remains in disagreement with the ruling on the liability finding and will appeal it to the Superior Court of Pennsylvania.

With fewer Boeing (BA) planes to fly, United Airlines (NASDAQ:UAL) is reducing its staffing requirements for the year and will not hire as many workers as previously announced.

According to Reuters, United (UAL) now plans to hire nearly 10,000 new employees in 2024, up from 15,000. Last year, United hired 16,000 new employees.

After a series of safety incidents earlier this spring, the Federal Aviation Administration opened an investigation into United (UAL) and blocked the carrier from adding more routes to its schedule, and discussed other potential options that would include banning passengers from flying the new Boeing ( BA ) and stripping United ( UAL ) of the ability to approve and promote pilots to fly planes made by Boeing competitors.

At the same time, increased FAA oversight and difficulties certifying new planes have prevented Boeing (BA) from fulfilling MAX 10 orders.

That left carriers like United (UAL) with fewer planes and too many employees, despite what industry experts said would be a busy summer travel season.

This forced the carrier to furlough pilots and offer others unpaid leave. United sought to fill the void left by Boeing (BA) with comparable models from Airbus (EADSY, EADSF) and Embraer (ERJ), as well as Boeing’s (BA) smallest jet, the 737. MAX 9.

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Nike (NYSE: NKE) has cut positions at its European headquarters as part of a multi-year cost-cutting plan.

The exact number of positions is unclear, but according to the Bloomberg report, the Nike campus in the Netherlands is home to more than 2,000 employees.

Separately, Nike (NKE) filed a notice with the state of Oregon informing it that the company would permanently reduce its workforce at its global headquarters in Beaverton, Oregon.

Earlier this year, Nike (NKE) CEO John Donahoe told employees the company would lay off 2% of its workforce, a figure that suggested the company could cut up to 1,500 jobs .

Converse, which is owned by Nike, is also reportedly cutting jobs.

More articles on Seeking Alpha:

Elon Musk estimates Tesla will spend up to $4 billion this year on Nvidia AI chips

Microsoft invests in AI startup Touchcast as it improves AI generation efficiency: report

The electric vehicle-related stock up 100% this year and still popular with analysts and quants.

‘Roaring Kitty’ GameStop trades under investigation by Massachusetts regulator – report

Catalyst watch:

• Notable investor events include Hamilton Lane Investor Day (HLNE), US Foods Investor Day (USFD), and AMC Entertainment (AMC) Annual Meeting.

• Walmart’s large-scale annual meeting (WMT) is also taking place today in Bentonville, Arkansas. Walmart (WMT) shareholders will vote on proposals regarding executive compensation, employee pay policies, gestational funds and financial sustainability.

• GreenPower Motor Company (GP) will unveil a new, state-of-the-art, fully electric refrigerated truck at Home Delivery World.

• The European Association for the Study of the Liver conference is about to begin. Analysts have circled Akero Therapeutics (AKRO), 89bio (ETNB), Madrigal Pharmaceuticals (MDGL), Novo Nordisk A/S (NVO), and Eli Lilly (LLY) among healthcare companies to watch for notable presentations.

Wall Street’s major market averages ended Tuesday’s trading session slightly higher as investors endured a day of choppy trading activity.

The Dow (DJI) finished ahead by 0.3%, the S&P 500 (SP500) finished in the green by 0.1% and the Nasdaq (COMP:IND) closed ahead by 0.1%.

From a sector perspective, six of the 11 S&P segments ended the day higher. Leading the pack were real estate and consumer staples. On the other hand, energy was the worst performer.

Now let’s take a look at the markets from 6am onwards. Ahead of today’s open, Dow, S&P and Nasdaq futures are in the green. Crude oil was up 0.1% at $73 a barrel. Bitcoin is up 3.1% to over $70,000.

In global markets, the FTSE 100 is up 0.1% and the DAX is up 0.5%.

Top Premarket Players: Mind Medicine (NASDAQ: MNMD) shares plunged more than 20% after the U.S. Food and Drug Administration voted against a therapy based on the psychotropic drug MDMA for patients suffering from post-traumatic stress disorder, marking a setback in the emerging field of psychedelic treatments.

On today’s economic calendar:

Editor’s Note: This article discusses one or more securities that are not traded on a major U.S. exchange. Please be aware of the risks associated with these actions.