Troubled FTX Faces SEC Probe And 'Urgently Needs' $8B To Avoid Bankruptcy, NIO Posts Wider Q3 Loss, AstraZeneca Ditches US Application Submission For COVID-19 Shot: Top Stories Thursday, Nov. 11


FTX 'Urgently Needs' $8B To Avoid Bankruptcy, Bankman-Fried Reportedly Tells Investors

  • FTX (FTT/USD) CEO Sam Bankman-Fried reportedly told investors on Wednesday that he urgently needs $8 billion in emergency funding to cover withdrawal requests and avert bankruptcy.
  • In a call with investors, Bankman-Fried said he hoped to raise as much as $3 billion to $4 billion in equity and some debt.

FTX Stares At More Trouble As Justice Department Reportedly Joins SEC Probe Into Liquidity Crisis

  • The U.S. Department of Justice is reportedly looking into the FTX (FTT/USD) liquidity crisis and the turmoil surrounding the exchange's founder, Sam Bankman-Fried.
  • The DoJ is closely working with the Security Exchange Commission (SEC) to investigate the FTX saga.

Apple Hires Facebook Veteran as Information Chief; More Departures Likely

  • Apple Inc AAPL has hired a startup founder and former Meta Platforms Inc META.
  • Facebook executive to run its information systems group after departures in that department.
  • Timothy Campos will lead the Information Systems and Technology department, which handles the infrastructure behind Apple's online services, customer support, and website.
  • Apple refers to the operation as its "nerve center" because it lets employees, suppliers, and customers stay connected.

Wall Street Journal

California Dumps Lyft-Backed Proposal to Tax Rich For EVs And Green Initiatives

  • California voters quashed a ballot measure that sought to tax the state's rich for its planned transition to electric vehicles and other green initiatives.
  • The rejection dealt a blow to ride-hailing company Lyft Inc LYFT and the environmental groups that had backed the proposition.
  • Lyft was the most prominent financier of Proposition 30, contributing more than 97% of the roughly $50 million raised to promote it.


Eli Lilly's Migraine Drug Infringed Teva's Patents, Ordered To Pay $176M

  • A federal jury has asked Eli Lilly And Company LLY to pay Teva Pharmaceuticals International GmbH $176.5 million after a trial to determine whether its migraine drug Emgality infringed three Teva patents.
  • The jury agreed with Teva that Lilly's Emgality violated its rights in the patents, which relate to its migraine drug Ajovy.
  • The jury also found that Lilly infringed the patents willfully and rejected its argument that the patents were invalid.


Elizabeth Warren Calls For 'Aggressive Enforcement' Against 'Smoke And Mirrors' Crypto Industry After FTX Fiasco

  • Sen. Elizabeth Warren (D-Mass.) has said the fallout of cryptocurrency exchange FTX (FTT/USD) shows a dire need for stringent regulations to protect consumers.
  • Warren cited a Wall Street Journal report on the Security Exchange Commission launching a fresh probe into FTX. "The collapse of one of the largest crypto platforms shows how much of the industry appears to be smoke and mirrors," she said in a tweet.

Binance Drops FTX Acquisition, Cryptos Trade Deep In The Red: 'The Issues Are Beyond Our Control'

  • Binance walked away from a deal to acquire Wednesday after examining the company's financials and reports of mishandled customer funds and U.S. regulatory investigations, the crypto exchange said in a statement posted in a series of tweets.
  • "Our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help," Binance said.

Tesla Rival Nio's Loss Widens In Q3, But Revenue Beats Expectation; How COVID-19 Impacts Forward Guidance

  • Nio Inc NIO reported a wider loss for the third quarter but revenue exceeded the consensus estimate. The guidance for the fourth quarter — one marred by supply chain and production disruptions amid the COVID-19 lockdowns — came in below expectations.
  • Nio reported a net loss, excluding stock-based compensation, of 3.46 billion yuan ($486.3 million) or 2.11 yuan per share ($0.30). The bottom-line results widened from 0.36 yuan in the third quarter of 2021 and 1.34 yuan in the second quarter of 2022.
  • Revenue rose 32.6% year-over-year and 26.3% quarter-over-quarter to 13.0 billion yuan ($1.83 billion). This exceeded the consensus estimate of $1.77 billion.

Apple Supplier TSMC Looks To Secure Neon Gas Locally After Learning' Lessons' From Putin's War

  • Apple Inc AAPL supplier Taiwan Semiconductor Manufacturing Co TSM is looking for local sources of neon gas after Vladimir Putin's war in Ukraine caused a major supply crunch.
  • The chipmaking giant is working with multiple Taiwan-based gas suppliers to explore the local production of neon gas in three to five years, the company's Senior Vice President of Information Technology, Materials Management and Risk Management.

Malaysia Airlines Mulls Doubling Boeing 737 Max Order, Japanese Airline Plans Adding 737s To Fleet

  • Japanese airline, Skymark plans to add up to 12 Boeing Co's
  • BA 737 MAX airplanes as part of its fleet modernization efforts.
  • The carrier intends to order four airplanes, including the 737-8 and 737-10 variants, with options for two additional jets.
  • The CEO of Malaysia Airlines, Izham Ismail, said the airline is considering ordering 25 single-aisle jets, probably Boeing 737 Max, on top of an existing firm order for 25.

AstraZeneca Ditches US Application Submission For COVID-19 Shot, Q3 Edges Analyst Expectations On Oncology Strength

  • AstraZeneca Plc AZN has reported Q3 core EPS of $1.67, up 55% Y/Y (+70 constant currency), beating the consensus of $0.72.
  • The company clocked Q3 sales of $10.98 billion, +11% (+19% CC), beating the consensus of $10.91 billion.
  • AstraZeneca has decided not to submit an FDA marketing application for Vaxzevria. It will continue to focus its efforts on ensuring the availability of Vaxzevria elsewhere, including submissions for its use as a booster.

Australia's Origin Energy Ltd Bags $10B Takeover Offer

  • Australia's Origin Energy Ltd OGFGY OGFGF bagged a takeover proposal worth around $10 billion from a consortium led by Brookfield Asset Management Inc. The consortium's latest offer follows two earlier proposals.
  • Origin is a significant shareholder in the Australia Pacific LNG plant in eastern Australia's Queensland state, which supplies liquefied natural gas to Asia.
  • The ConocoPhillips COP operated facility has benefited from elevated LNG prices after Russia invaded Ukraine, as European countries scour the world for alternative sources to Russian supply.
  • Origin said a successful takeover would see Brookfield acquire its Energy Markets business, which generates electricity for sale to customers along with some gas supply.

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