Is iPhone Demand Really Slowing Down?, Lyft Freezes Hiring, Biogen's New Drug Slows Alzheimer's Progression: Top Financial Media Stories Wednesday, Sept. 28

Is iPhone Demand Really Slowing Down?, Lyft Freezes Hiring, Biogen's New Drug Slows Alzheimer's Progression: Top Financial Media Stories Wednesday, Sept. 28

Bloomberg

Apple Pulls Back iPhone 14 Production Ramp-Up As Demand Underwhelms

  • Apple Inc AAPL is stepping back from raising the production of its new iPhone 14 lineup in 2022.
  • The Tim Cook-led company is backing away from ramping up production of its newest smartphones owing to faltering demand.
  • The Cupertino, California-based company launched the iPhone 14 earlier in September. The device comes in five colors and features, such as Emergency SOS via satellite. 

Reuters

Lyft Is Braced For Tougher Stance As Slowdown Concerns Weigh

  • Lyft Inc LYFT froze hiring in the U.S. through the end of the year.
  • Lyft, which cut 60 jobs in its rental division in July, combated surging expenses as U.S. inflation reached record highs.
  • Several tech companies slashed headcount in recent months.
  • Lyft posted a record quarter in August. However, Lyft warned that challenges would persist in the third quarter due to high insurance costs, macroeconomic uncertainty, and inflation.

Toyota Targets Starting Sales Of Small Electric Sedan In China By 2022-End

  • Toyota Motor Corp TM is expected to begin selling and producing a small electric sedan by the end of 2022.
  • The production is a part of Toyota's collaboration with the Chinese battery company BYD Co Ltd BYDDY.
  • The bZ3 sedan, slated for sale in China now, will be the second model in the Beyond Zero (bZ) series of Toyota battery electric vehicles (BEVs).
  • The bZ4X sport-utility vehicle, the first in the bZ series, was forced to suspend production after a global recall.

Wall Street Journal

GM Defers Return-To-Office Mandate Following Employee Pressure

  • General Motors Co GM retracted aspects of its return-to-office plans amid employee criticism.
  • Last week, an employee memo from General Motors CEO Mary Barra drafted plans to have salaried employees return to the office three days a week, likely to take effect later this year.
  • This week, a follow-up email postponed the return to office policy till the first quarter of next year, saying it generated "questions, concerns, and misconceptions."
  • The policy will likely stick to the three-day-in-office requirement without mandating the office working days.
  • GM promised to solidify its return-to-work plans by the end of October.

Financial Times

WhatsApp Boss Highlights Global Repercussions Of U.K. Online Safety Bill

  • Meta Platforms Inc META WhatsApp head warned the U.K. that moves to disable encryption in a relaunched online safety bill would threaten the security of the government's communications and encourage autocratic controls.
  • Will Cathcart said the U.K.'s ultimate position on the issue would have a global impact as governments worldwide follow suit.
  • He emphasized the growing threats of cyberattacks, especially from hostile nation-states.

CNBC

Hurricane Ian Weighs On Amazon Already Juggling With Slowdown, Workplace Issues

  • Amazon.com, Inc AMZN, on September 27, shuttered sites near Tampa and Orlando in Florida as a safety precaution ahead of Hurricane Ian. Amazon expects the facilities to remain closed until September 30.
  • Walt Disney Co DIS and Comcast Corp CMCSA Universal Studios closed their Orlando-based theme parks as it marked the first Category 3 hurricane to make landfall in the country in 14 years.
  • Recently, Amazon suspended the construction of new warehouses in Spain until 2024 as pandemic-driven online shopping has slowed down. It abandoned many existing and planned facilities around the U.S.
  • Amazon also battled growing unionization efforts demanding higher pay and workplace safety.

Benzinga

Apple News Readers Get' Obscene, Racist' Push Notifications After Fast Website Hack

  • Apple's News service users were displayed two "obscene and racist" push notifications after Fast Company, a financial publication, was hacked.
  • Apple News said on Twitter, "An incredibly offensive alert was sent by Fast Company, which has been hacked. Apple News has disabled their channel."
  • Fast Company tweeted a statement saying its content management system was hacked on Tuesday evening.

Is iPhone Demand Really Slowing Down? Apple Analyst Says This Data Point Proves Otherwise

  • Demand for Apple's high-end iPhone 14 is remaining robust, according to Loup Funds' Gene Munster.
  • His comments come amid concerns stirred by a report that said Apple might be dropping plans to increase iPhone 14 production due to demand not picking up in line with expectations.
  • Munster noted that lead times for the iPhone 14 Pro were running at four weeks in eight countries, the same as the numbers seen in the previous week.

Alzheimer's Progression Slowed Down By Biogen's New Drug In Late-Stage Study

  • Biogen Inc BIIB and Eisai Co Ltd ESALY announced late Tuesday positive results from a late-stage study of their Alzheimer's treatment candidate.
  • Biogen and Eisai said the global Phase 3 confirmatory study, "Clarity AD," of lecanemab met the primary and all key secondary endpoints with highly statistically significant results.
  • Treatment with lecanemab reduced clinical decline on the global cognitive and functional scale by 27% at 18 months, relative to the placebo.

Apple Drops Russia's Largest Social Media Network From App Store

  • Apple Inc AAPL has removed VKontakte, a popular social networking application in Russia, according to a statement from VK, the company behind the platform.
  • The statement, first noted on The Verge, said that some VK applications were blocked by Apple and unavailable to download and update on the App Store.
  • The statement said that VK applications already installed on smartphones continued to work.

Ford Revamps F-Series Super Duty Pickup Trucks With New Design, 5G Connectivity: Here's When It Will Be Released

  • Ford Motor Company F unveiled its new 2023 F-Series Super Duty lineup of pickup trucks and chassis cabs that will cater to essential commercial industries.
  • The 2023 Ford F-Series Super Duty is assembled at Kentucky Truck Plant in Louisville and Ohio Assembly Plant in Avon Lake. The model will hit sales in early 2023 with some features and trim series available in spring 2023, the company said.

SEC Penalizes 16 Wall Street Firms For Using Personal Devices To Discuss Trades, Clients

  • The Securities and Exchange Commission has charged 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures to maintain and preserve electronic communications. 
  • The firms admitted the facts outlined in their respective SEC orders and acknowledged that their conduct violated record-keeping provisions of the federal securities laws.
  • The firms have agreed to pay more than $1.1 billion combined penalties.

Harley-Davidson's Electric Motorcycle Unit Completes SPAC Merger, Begins Trading On NYSE

  • LiveWire, the electric motorcycle division of Harley-Davidson Inc HOG, has completed its previously announced business combination and began trading today under the new ticker "LVWR" on the NYSE.
  • LiveWire raised approximately $334 million in gross proceeds.
  • The combined public company will operate as LiveWire Group Inc.

UK Regulator Approves Revolut To Offer Crypto Services, Will Need To Abide By Anti-Money Laundering Laws

  • After a prolonged wait, cryptocurrency trading app Revolut has received approval from the U.K.'s Financial Conduct Authority (FCA) to provide services in the country.
  • Valued at $33 billion, the digital banking service was added to the FCA's register on Monday.
  • Revolut previously provided crypto buying, selling, and trading in the U.K. under the FCA's temporary registration regime, or TRR, which was established to allow firms to continue operating while their applications were being reviewed.

Oil Giant Shell Marks Its First African Power Deal, With Acquisition Of Nigerian Solar Provider

  • Shell plc SHEL has made its first power sector acquisition in Africa by purchasing a renewable energy provider, Daystar Power.
  • Daystar operates in Nigeria, Ghana, and three other countries across West Africa. It provides off-grid power to commercial and industrial clients, offering solar and hybrid power solutions with battery storage.

Tyson Foods Names Chairman's Son As CFO - What's On the Cards?

  • Tyson Foods Inc TSN has named John R. Tyson as its chief financial officereffective Oct. 2, 2022.
  • Tyson is the son of the Chairman of the company's Board of Directors, John H. Tyson.
  • Tyson currently serves as executive vice president of strategy, and chief sustainability officer of the company.

Hertz, BP Join Forces To Accelerate EV Charging Network

  • Hertz Global Holdings Inc HTZ and BP Plc BP have signed a memorandum of understanding (MOU) for the development of a national network of EV charging stations.
  • The stations will be powered by bp pulse, BP's global electrification and charging solution brand. 
  • The agreement also involves the management of Hertz's charging infrastructure by bp pulse and customizing its Omega software for quick and efficient recharging of Hertz's fleet of electric rental cars.
Posted In: BiotechGovernmentLarge CapNewsHealth CareLegalTop StoriesMoversTechMediaTrading IdeasGeneral