Top Stories Monday, Aug 7: PayPal Unveils USD-Backed Stablecoin, Trucking Firm Yellow Corp Files For Bankruptcy, FDA Approves First Oral Treatment For Postpartum Depression: Today's Top Stories - Apple (NASDAQ:AAPL), Biogen (NASDAQ:BIIB)

Benzinga

In a significant move to bolster the adoption of digital tokens for transactions, PayPal Holdings Inc PYPL announced Monday the launch of a new U.S. dollar-denominated stablecoin.
The digital coin, issued by Paxos Trust Co., is underpinned by U.S. dollar deposits, short-term Treasuries, and other cash equivalents. Its value is anchored 1:1 to the dollar, and a phased rollout for U.S.-based PayPal users is on the horizon.

The FDA approved Sage Therapeutics Inc SAGE and Biogen Inc's BIIB Zurzuvae (zuranolone) 50 mg for adults with postpartum depression (PPD).
Zurzuvae is the first and only oral, once-daily, 14-day treatment that can provide rapid improvements in depressive symptoms for women with PPD.
Until now, the FDA said, treatment for postpartum depression was available only as an intravenous injection.
Additionally, the FDA issued a Complete Response Letter for the New Drug Application for zuranolone for adults with major depressive disorder.

Trucking company Yellow Corp YELL has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code and is closing the business.
The company expects to enter into an agreement setting forth the terms and conditions of a debtor-in-possession financing facility.

Wall Street Journal

Airlines in the U.S., Europe, and Asia are reportedly temporarily cutting off some flights and routes to assess aircraft affected by the Pratt & Whitney jet engine recall.
RTX Corporation RTX, in its Q2 Earnings release, stated that Pratt & Whitney has determined that a rare condition in powder metal used to manufacture certain engine parts will require accelerated fleet inspection.
Some 137 engines used on Airbus SE EADSY single-aisle jets will need to be inspected over the next several weeks.

Financial Times

Apple Ramps Up Its Expertise In Generative AI

Apple Inc AAPL is ramping up its expertise in generative AI as it is in for a hiring spree for multiple roles in California, Seattle, Paris, and Beijing to work on large language models (LLMs) for iPhones and iPads.
The job ads indicate its focus on ambitious long-term research projects likely to impact the company and its products.
Apple eyes leveraging cutting-edge generative AI technologies, like LLMs, specifically for mobile.

Reuters

Credit Suisse plans to cut 80% of Hong Kong-based investment banking staff as a part of the integration process with UBS Group AG UBS.
The job cut will not affect only about 20 bankers out of 100 in Hong Kong, which accounts for the largest chunk of investment bankers in Asia.
In June, UBS reportedly disclosed a significant reduction in Credit Suisse's workforce, with more than half of the employees facing potential layoffs.

Earnings

Sohu.com Limited (NASDAQ: SOHU) reported a revenue decline of 22% year-over-year to $152.1 million for the second quarter of 2023, missing the consensus of $153.7 million. Revenue was down by 6% Q/Q.
Sohu sees Q3 brand advertising revenue of $21 million-$24 million, up from a 7%-18% decline Y/Y.
It sees Q3 online game revenues decline of 21% to $108 million-$118 million.

Tyson Foods Inc TSN reported a third-quarter FY23 sales decline of 3% year-on-year to $13.14 billion, missing the analyst consensus of $13.78 billion.
Adjusted EPS of $0.15 missed the analyst consensus of $0.34.
Tyson Foods continues to see FY23 revenue of $53 billion - $54 billion versus the consensus of $53.63 billion.

Treehouse Foods Inc THS reported second-quarter sales growth of 4.1% year-over-year to $843.60 million, beating the consensus of $829.85 million.
Adjusted EPS improved to 42 cents, beating the consensus estimate of 40 cents.
TreeHouse expects third-quarter revenue of $950 million-$970 million, representing approximately 10% year-over-year growth at the midpoint. The analyst consensus stands at a $930.12 million estimate.

Gogo Inc GOGO shares are falling in premarket after reporting mixed second-quarter results and an annual revenue outlook cut.
It declared second-quarter FY23 revenue growth of 6% year-on-year to $103.2 million, marginally missing the consensus of $103.25 million.
Gogo cut FY23 revenue to $410 million - $420 million (prior $440 million - $455 million) vs consensus $439.01 million.

BioNTech SE BNTX has reported Q2 revenues of €167.7 million, sharply down from €3.2 billion a year ago.
Write-offs by BioNTech's collaboration partner Pfizer Inc PSTX significantly reduced the company's gross profit share in the second quarter and negatively influenced its Q2 revenues.
BioNTech reiterates its Covid-19 vaccine revenue guidance at approximately €5 billion.

Henry Schein Inc HSIC posts Q2 FY23 sales of $3.10 billion, slightly missing the consensus of $3.11 billion, up 2.3% Y/Y, including 0.2% decrease in local currencies excluding acquisitions, 2.9% growth from acquisitions, and a 0.4% decrease related to foreign currency exchange.
Adjusted EPS of $1.31, up 0.8%, beat the estimate of $1.25.
Guidance: Henry Schein reaffirms the FY23 adjusted EPS outlook of $5.18-$5.35, compared to the consensus of $5.27.

Elanco Animal Health Inc ELAN has reported a Q2 FY23 revenue of $1.06 billion. That's a decrease of 10% Y/Y on a reported basis, or down 9%, excluding the unfavorable impact of foreign exchange rates, above the consensus of $1.04 billion.
The management expected Q2 revenues of $1.00-1.05 billion.
Adjusted EPS of $0.18, below the $0.39 reported a year ago, surpassing the management guidance of $0.00-$0.05 and analysts' view of $0.05.
Guidance: Elanco raises FY23 revenue guidance to $4.35-$4.41 billion compared to prior guidance of $4.31-$4.4 billion and the consensus of $4.35 billion.