Key Takeaways
- Verizon (VZ) has appointed Dan Schulman as its new CEO, replacing Hans Vestberg, while reiterating its full-year 2025 financial guidance.
- UBS has raised its price targets for Tesla (TSLA) to as high as $247 from $215 and Intel (INTC) to $40 from $35.
- T-Mobile (TMUS) announced a proposed public offering of senior notes, with plans to use the proceeds for debt repayment and general corporate expenses.
- AMD (AMD) shares surged by as much as 36% in premarket trading following a significant AI chip deal with OpenAI, with its CEO clarifying the deal is not exclusive.
- Baker Hughes (BKR) reaffirmed its third-quarter and full-year 2025 guidance, while the ECB's Escriva noted the Spanish economy is "solid" in Q3 with inflation expectations anchored at 2%.
Telecommunications giant Verizon (VZ) announced a significant leadership change, appointing Dan Schulman as its new Chief Executive Officer, effective immediately. Schulman, who previously served as CEO of PayPal Holdings Inc. and has been an Independent Lead Director on Verizon's board since 2018, replaces Hans Vestberg. Vestberg will transition to a Special Advisor role through October 2026, focusing on the integration with Frontier Communications, an acquisition expected to close in the first quarter of 2026. Alongside the CEO appointment, Verizon reiterated its full-year 2025 financial guidance.
In the financial sector, UBS has adjusted its price targets for several major technology companies. The firm raised its price target for Tesla (TSLA) to $247 from $215, though it maintained a "Sell" rating due to valuation concerns despite enthusiasm around the company's robotaxi potential. For Intel (INTC), UBS increased its price target to $40 from $35, while maintaining a "Neutral" rating.
T-Mobile (TMUS) is moving to strengthen its financial position, announcing a proposed public offering of senior notes. The wireless carrier intends to utilize the net proceeds from this offering primarily for refinancing existing debt and for other general corporate purposes.
Shares of Advanced Micro Devices (AMD) experienced a significant premarket surge, climbing by as much as 36%. This rally followed news of a major multi-year AI chip deal with OpenAI, which reportedly includes an option for OpenAI to acquire up to 10% of AMD's equity. The CEO of AMD clarified that this partnership is not exclusive, indicating the company's ability to supply other customers in the burgeoning AI market.
In other corporate news, Baker Hughes (BKR) reaffirmed its financial outlook, reiterating its third-quarter and full-year 2025 guidance. Meanwhile, ECB Governing Council member Jose Luis Escriva commented on the broader economic landscape, stating that the Spanish economy is "solid" in the third quarter. Escriva also indicated that inflation expectations remain anchored at the 2% target and that ECB rates are currently adequate.
The ongoing government shutdown continues to impact various sectors, with the House of Representatives out this week. Republicans reportedly remain confident that Democrats will eventually yield, even as some privately admit the party is becoming increasingly vulnerable on healthcare amid the prolonged standoff. Separately, US Treasury Secretary Scott Bessent is expected to remain as IRS Commissioner indefinitely. NEC Director Hasset also noted that all soybean customers are being contacted as part of ongoing trade talks.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.