Nvidia Revenue Reports (NASDAQ: NVDA), Dell Technologies (DELL) and Alibaba (NYSE: BABA) got a lot of attention from investors last week, but the ongoing saga involving Twitter (NYSE: TWTR) and Elon Musk have still found a way to stay in the crosshairs of many on Wall Street and elsewhere.
Twitter (TWTR) held its annual shareholders meeting on Wednesday and, unfortunately for those hoping for real fireworks, Musk did not make an appearance at the virtual gathering. In fact, after reviewing the details and motions of a handful of shareholder and corporate proposals, Twitter (TWTR) chief executive Parag Agrawal has put a stop to any talk of acquiring 44. billion by Musk.
Agrawal said Wednesday that the company “cannot discuss the transaction today.” And that was it.
After Twitter’s (TWTR) shareholders’ meeting, Musk said in an amended Securities and Exchange Committee filing that he had increased his equity commitment for the acquisition to $33.5 billion.
Speaking of the SEC, the regulator said it was taking a closer look at potential irregularities in documents Musk filed related to his initial disclosure in April that he had acquired a 9.2% stake in Twitter.
The day after Twitter’s (TWTR) shareholders’ meeting, an investor in the company filed a lawsuit against Musk and the company, accusing Musk of manipulating the market to drive down the price of the deal.
And at the end of the week, Twitter (TWTR) said it had rejected the resignation of board member Egon Durban, despite Twitter (TWTR) shareholders voting against keeping Durban as a director of the company.
A year of notable acquisitions in the technology sector continued as Broadcom (AVGO) announced that it had reached an agreement to acquire VMware (VMW) for $61 billion in cash and stock. And video game publisher Take-Two Interactive (TTWO) has closed its $12.7 billion deal for Zynga.
Sony (SONY) said it will take steps to expand its games portfolio and push more games to PC and mobile platforms. Meanwhile, Sony (SONY) also said it will increase production of its PlayStation 5 game console.
One of the most-watched earnings reports of the week has come from graphics chipmaker Nvidia (NVDA), as analysts raised concerns about the company’s gaming business and revenue outlook. However, Nvidia (NVDA) CEO Jensen Huang said on a conference call that his company’s gaming momentum was “really strong” and should remain intact for the foreseeable future.
Zoom Video Communications (ZM) had a strong week as the company announced upbeat quarterly results and a positive outlook, which allayed some concerns that its business could be negatively impacted by reduced remote work environments and hybrids.
Chinese internet giant Alibaba (BABA) flexed its muscles as its shares jumped nearly 15% on Thursday after its strong earnings and outlook suggested it was weathering the recent wave of shutdowns related to Covid in parts of China. Along with Ailbaba (BABA), Baidu (BIDU) also did well following its latest results, and DiDi Global (DIDI) got a boost after saying it had taken another step towards delisting its shares from the New York stock exchange.
Chinese stocks, overall, benefited from comments from Premier Li Keqiang, who said the government in Beijing should move forward with measures to stabilize the Chinese economy.
Dell Technologies (DELL) delivered better-than-expected first-quarter results on strong consumer and enterprise technology sales. Investors pushed shares of Dell (DELL) up 18% on Friday in reaction to the report and the company’s upbeat outlook.
And, on Friday, Apple (NASDAQ: AAPL) shares rose more than 3%, to help it overtake Saudi Aramco and reclaim the title of the world’s most valuable company, with a market capitalization of $2.4 billion.