- Tesla Inc TSLA shares have been under pressure due to the soft patch the company is witnessing amid inclement economic and geopolitical conditions.
- Morgan Stanley analyst and Tesla bull Adam Jonas lowered his price target for Tesla shares from $350 to $330 but maintained his Overweight rating and continued to position the name as a core holding.
- Twitter Inc TWTR is reportedly working on a cryptocurrency wallet that supports crypto deposits and withdrawals, according to Security Researcher Jane Wong.
- The social media platform recently launched a feature called "Tips," which enables users to link a third-party payment service and post their Bitcoin (BTC/USD) or Ethereum (ETH/USD) wallets to their accounts, allowing followers and supporters to tip in those cryptos.
- Amazon.com Inc AMZN workers backed from joining a union at a company warehouse in Southern California.
- According to National Labor Relations Board, the union withdrew its petition for an election at a warehouse in Moreno Valley, California.
- The Moreno Valley facility, called ONT8, is a critical hub for the Seattle-based e-commerce company, which relies heavily on imported goods from Los Angeles and Long Beach ports.
- Novartis AG NVS has reported a core EPS of $1.58 in Q3 FY22 compared to $1.71 a year ago, beating the consensus of $1.57.
- Net sales were $12.54 billion, down 4% Y/Y or up 4% at constant currency (CC), missing the consensus of $12.99 billion.
- Operating income was $2.2 billion (-33%, -23% cc), mainly due to higher impairments ($0.5 billion) and higher restructuring costs ($0.4 billion).
- AstraZeneca Plc AZN has reported topline data from the MESSINA Phase 3 trial Fasenra (benralizumab) in Eosinophilic esophagitis (EoE) patients aged 12 years or older.
- The data showed that Fasenra did not meet one of the two dual-primary endpoints.
- General Electric Co GE reported Q3 FY22 adjusted sales of $18.4 billion, +7% organically, and GAAP total revenues of $19.1 billion, against the consensus of $18.72 billion.
- Total orders decreased by 9% Y/Y to $20 billion and down 7% on an organic basis.
- Adjusted EPS was $0.35, down from $0.53 a year ago and the consensus of $0.50.
- United Parcel Service Inc UPS reported Q3 FY22 sales of $24.2 billion, +4.2% Y/Y, slightly missing the consensus of $24.42 billion.
- Adjusted EPS improved by 10.3% Y/Y to $2.99, beating the consensus of $2.87.
- Consolidated operating profit was $3.1 billion, +7.5%, and up 6% on an adjusted basis.
- HSBC Holdings plc HSBC named Georges Elhedery as its new chief financial officer from 1 January 2023.
- Greg Guyett is appointed Chief Executive of Global Banking and Markets, effective immediately.
- The bank reported Q3 profit after tax of $2.56 billion, down from $4.24 billion a year ago, and profit before tax fell to $3.1 billion from $5.4 billion.
- The results included an impairment of $2.4 billion following the reclassification of retail banking operations in France to held for sale, net charge for expected credit losses, and other credit impairment charges.
Wall Street Journal
- Warner Bros Discovery, Inc WBD will likely incur $3.2 billion - $4.3 billion in pretax restructuring charges through 2024 from a cost-cutting effort following the merger of Discovery Inc and AT&T Inc's T WarnerMedia unit.
- The new management struggled to accomplish its commitment of $3 billion in cost savings through the merger.
- Altria Group Inc MO-backed Juul Labs Inc is reportedly in talks with top-notch investors, including Nick Pritzker and Riaz Valani. They are considering putting money into the company to potentially stave off a bankruptcy filing.
- Messrs. Pritzker and Valani were early investors in Juul, have been longtime directors, and are among the company's largest shareholders.
- The Federal Trade Commission penalized alcohol delivery company Drizly Inc and CEO Cory Rellas for alleged security lapses related to a 2020 data breach that exposed the personal information of 2.5 million consumers.
- The proposed order mandated Drizly, a subsidiary of Uber Technologies Inc UBER, to destroy unnecessary data and restricts the information the company can collect and retain.
- In 2020, Drizly acknowledged that a hacker acquired some of its customer data.
- Taiwan Semiconductor Manufacturing Company Ltd TSM CEO CC Wei winced when his presentation at its recent tech symposium reflected its underperformance.
- Wei's presentation showed that further miniaturization of the chip to create circuits around 4 billionths of a meter wide had only produced a 2% increase in performance.
- "Just relying on transistors is no longer enough to meet our demands today and to meet [the requirements of] the products you design," Wei said.
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