Top Stories Tuesday, July 11: Amazon Analysts Estimate Deeper Discounts On Prime Day, Meta Platforms Thre

Reuters

Amazon.com Inc (NASDAQ:AMZN) looks to lure U.S. shoppers on Tuesday with deeper discounts on a wide range of goods and services during this year's "Prime Day" 48-hour shopping event, including its first-ever travel discounts.
Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, said Amazon Prime sales growth would be slower this year due to post-pandemic recovery, adding $4 billion - $6 billion of incremental revenue for Amazon, up 10% - 16% year-on-year.

Tencent Holding Ltd's (OTC:TCEHY) messaging app WeChat announced that Apple Inc (NASDAQ:APPL) had opened a store on its platform, expanding Apple's retail channels in the country.
Users can purchase Apple products through the WeChat store including iPhones, iPads, and Macs.
Apple's move to open a store on WeChat reflects the growing trend of Chinese consumers using social media platforms for shopping.

Morgan Stanley (NYSE:MS) tapped JP Morgan Chase & Co's (NYSE: JPM) senior investment banker Marco Caggiano, who led the bank's North America mergers and acquisitions (M&A) business.
Caggiano, who spent 23 years at JPMorgan, will assume the role of Vice Chairman of M&A at Morgan Stanley.
John Collins, who previously served as the global head of healthcare investment banking, now leads Morgan Stanley's international M&A franchise.

Benzinga

Evercore ISI analysts, led by Mark Mahaney, estimate that Meta Platforms Inc's (NASDAQ:META) Threads app will generate approximately $8 billion in annual revenue over the next two years from nearly 200 million daily active users.
Threads, designed as a direct rival to Twitter Inc, quickly gained traction, with 100 million users signing up within days of its launch by Meta.

Cable and broadband company Charter Communications Inc (NASDAQ:CHTR) plans to introduce a new two-tier cable package system that offers customers more flexibility in selecting their TV packages, particularly concerning sports networks.
The decision comes as the cable TV industry faces challenges from the growing popularity of streaming services, which has impacted sports channels and regional sports networks. Netflix Inc (NASDAQ: NFLX) also focuses on sports-related content to boost streaming revenue.

Renault SA (OTC:RNLSY) inked a joint venture (JV) deal with Geely Automobile Holdings Ltd (OTC:GELYF) to launch a new powertrain technology company.
The new company will have 17 engine plants and 5 R&D centers across three continents and provide PWT solutions to multiple OEMs.
Both entities will hold 50% of the company, which aims to become a leader in manufacturing and supplying hybrid powertrains and highly efficient ICE powertrains.

WD-40 Co (NASDAQ:WDFC) reported a Q3 FY23 revenue increase of 15% Y/Y at $141.7 million, beating the consensus of $138.4 million.
EPS of $1.38 exceeded the consensus of $1.22 in the quarter.
The company expects net sales of $535 million-$560 million (vs. consensus of $535.14 million), with projected growth of 3.5%-7.5%.

New York Times Co (NYSE:NYT) will shut down its sports desk and shift its daily coverage of athletes and teams to The Athletic, the newspaper announced Monday.
The closure will allow the paper to maximize both The Times' and The Athletic's respective newsrooms.
Sports stories across The Times' website will be sourced from the nearly 150 daily stories published by The Athletic, including coverage of leagues, teams, and domestic and international players.

Bloomberg

Uber Technologies, Inc (NYSE:UBER) CFO Nelson Chai plans to leave the ride-hailing company. Chai's exit will mark the most significant executive departure since the company went public in 2019.
Chai, a financial-industry veteran, was crucial in steering the company toward improved earnings, strong free cash flow, and operating profitability.

KKR & Co Inc (NYSE:KKR) is reportedly exploring options, including a sale, of its majority interest in a commercial lighting manufacturer in China.
The company is working with advisers for its 70% stake in NVC Lighting's China business.
NVC China manufactures branded lighting products and offers lighting solutions to consumers and business customers in China.

CNBC

On Monday, Microsoft Corporation (NASDAQ:MSFT) confirmed additional job cuts following the 10,000 layoffs announced in January. The exact number of cuts in this latest round remains undisclosed.
The software giant is making further reductions to its workforce a week into its 2024 fiscal year.
This follows a similar pattern from last year when Microsoft also announced a small number of cuts around the same time. The company has been witnessing clients seeking ways to save on their cloud computing expenses, a trend that has been observed across the tech industry.

Photo via Wikimedia Commons