Tesla Bull Lowers Price Target: Geopolitical Issues and US-China Economic Ties Keep Shares Unsettled
- Tesla Inc. TSLA Shares are under pressure due to the soft patch the company is witnessing amid tough economic and geopolitical conditions.
- Morgan Stanley The analyst and the Tesla bull Adam Jonas It lowered its price target on Tesla stock from $350 to $330, but maintained its Overweight rating and continued to position the name as a core holding.
Elon Musk’s affair with Dogecoin continues as Twitter considers cryptocurrency wallet
- Twitter Inc. TWTR Security researchers are reportedly working on a cryptocurrency wallet that supports cryptocurrency deposits and withdrawals. Jane Wong.
- The social media platform recently launched a feature called “Tips”. This allows users to link third-party payment services and post their own opinions. Bitcoin (BTC/USD) or ethereum Add an (ETH/USD) wallet to your account and allow your followers and supporters to tip their cryptocurrencies.
Amazon succeeds in reversing coalition tides to its advantage
- Amazon.com, Inc. AMZN A worker at a company’s warehouse in Southern California who supported joining a union.
- According to the National Labor Relations Board, the union has withdrawn its petition for an election at a warehouse in Moreno Valley, California.
- The Moreno Valley facility, called ONT8, is a key hub for Seattle-based e-commerce companies that rely heavily on imports from the ports of Los Angeles and Long Beach.
Novartis records quarterly sales decline of 4%, reinvigorating Sandoz earnings outlook
- Novartis AG NVS reported core EPS of $1.58 in the third quarter of fiscal 2022, compared with $1.71 a year ago, above consensus of $1.57.
- Net sales of $12.54 billion were down 4% year over year and up 4% on a constant currency (CC) basis, missing the consensus of $12.99 billion.
- Operating income was $2.2 billion (-33%, -23% cc). This was primarily due to higher impairment charges ($0.5 billion) and higher restructuring charges ($0.4 billion).
AstraZeneca’s Fasenra fails late-stage trial in patients with esophageal inflammation
- AstraZeneca AZN presents topline data from the MESSINA Phase 3 study Fasenra (benralizumab) in patients aged 12 years and older with eosinophilic esophagitis (EoE).
- The data showed that Fasenra did not meet one of its two primary endpoints.
GE’s third-quarter earnings fall short of expectations, plans to restructure Vernova division
- General Electric Company GE reported third-quarter 2022 adjusted revenue of $18.4 billion, up 7% organically, and GAAP total revenue of $19.1 billion, with consensus of $18.72 billion.
- Total orders were $20 billion, down 9% year-over-year, down 7% on an organic basis.
- Adjusted EPS was $0.35, down from $0.53 a year ago and the consensus $0.50.
UPS Posts Third Quarter Earnings In A Mixed Bag With Higher Shipping Rates.Stick to annual guidance
- United Parcel Service Co., Ltd. UPS reported third-quarter 2022 revenue of $24.2 billion, +4.2% year-on-year, just below consensus of $24.42 billion.
- Adjusted EPS improved 10.3% year-over-year to $2.99, above consensus of $2.87.
- Consolidated operating income was $3.1 billion, up 7.5%, up 6% on an adjusted basis.
Impairment charges weigh heavily on HSBC’s third quarter earnings
- HSBC Holdings plc HSBC has appointed Georges Elhedery as its new Chief Financial Officer effective January 1, 2023.
- Greg Guyett has been appointed Chief Executive Officer of Global Banking and Markets, effective immediately.
- The bank reported an after-tax profit of $2.56 billion, down from $4.24 billion a year ago, while pre-tax profit declined to $3.1 billion from $5.4 billion.
- The results included a $2.4 billion impairment charge related to the reclassification of the French retail banking business to held-for-sale, a net charge for expected credit losses and other credit impairment charges.
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Warner Bros. Discovery Sees Up To $4.3 Billion In Restructuring From Deal With Discovery AT&T
- Warner Bros. Discovery, Inc. WBDMore Post-merger cost-cutting efforts could result in pre-tax restructuring charges of $3.2 billion to $4.3 billion through 2024. Discovery Co., Ltd. When AT&T’s T. warner media unit.
- New management struggled to deliver on promises of $3 billion in cost savings from the merger.
Juul Seeks Potential Relief With Investments From Top Investors
- Altria Group Inc. mo-supported Joule Lab Co., Ltd. It is reportedly in talks with top-tier investors, including Nick Pritzker and Riaz Valani. They are considering putting money into a company that may avoid filing for bankruptcy.
- Pritzker and Valani are early investors in Juul, longtime directors, and one of the company’s largest shareholders.
FTC fines Uber delivery company CEO for data hack
- of Federal Trade Commission Punished Alcohol Delivery Company Drizzly Co., Ltd. CEO Cory Rellas for alleged security breaches related to a 2020 data breach that exposed the personal information of 2.5 million consumers.
- The proposed order obliged Drizly, a subsidiary of Drizly Uber Technologies Inc. uberdiscard unnecessary data and limit the information the Company can collect and retain.
- In 2020, Drizly admitted that hackers obtained some customer data.
Taiwan Semiconductor’s Numero Uno Position Hits This Critical Obstacle
- Taiwan Semiconductor Manufacturing Company Limited TSM CEO CC Wei grimaced when his presentation at a recent tech symposium reflected its poor performance.
- Wei’s presentation showed that even shrinking the chip even further, creating circuits about 1/4 billionth of a meter wide, only improved performance by 2%.
- “Relying on transistors alone is no longer sufficient to meet our demands today. [the requirements of] It’s a product that you design,” said Wei.