Did Elon Musk Admit 90% Decline In Twitter's Value Since Acquisition?, Apple's Zero-Click Vulnerabilities Uncovered By Internet Watchdog Group, Gas Prices Jump As Strikes Start At Major Chevron Australia LNG Projects: Today's Top Stories

Benzinga

Did Elon Musk Just Admit That Twitter's Value Is Down By 90% After His $44B Acquisition?

• Elon Musk's $44 billion acquisition of Twitter (now X) has been mired in controversies, but his latest admission could be a sign of just how bad it has turned out for him so far.
• In his ongoing rant against Jewish-led civil rights organization Anti-Defamation League (ADL), Musk may have inadvertently admitted that X has lost at least 90% of its value, or nearly $40 billion.
• "I don't see any scenario where they're responsible for less than 10% of the value destruction, so ~$4 billion," he said.

UAW's Fain Says GM's 10% Offer 'Insulting' As Contract Negotiations Break Down

• UAW President Shawn Fain did not mince words in a Thursday pushback against General Motor Company's GM wage offer, branding it as "insulting" during tense negotiations between the United Auto Workers union and Detroit's automotive giants.
• GM's offer came as contract expirations loom, offering a ratification bonus of $5,500 for all employees, a 10% wage increase for most employees, and a 20% raise to a $20/hour wage for current temporary employees.

Stellantis' Electrifying Leap: Opens Its First Battery Technology Center In Italy

• Stellantis NV STLA inaugurated its first Battery Technology Center at the Mirafiori complex in Turin, Italy. 
• The €40 million investment is expected to boost Stellantis' capabilities to design, develop, and test battery packs, modules, high-voltage cells, and software to power upcoming Stellantis brand vehicles.
• The center is the biggest in Italy and among the largest in Europe and can test up to 47 battery packs in parallel.

Kroger And Albertsons Seal The Deal: A $1.9B Sale To Change The Grocery Game

• Kroger Co KR and Albertsons Companies Inc ACI reached a definitive agreement with C&S Wholesale Grocers to sell select stores, banners, distribution centers, offices, and private label brands for $1.9 billion as part of their proposed merger. 
• This move aims to expand access to affordable food and create a competitive alternative to non-union retailers. C&S Wholesale Grocers is reportedly backed by SoftBank Corp SFBQF.

Kroger's Mixed Q2 Earnings & $1.4B Opioid Settlement - What You Need To Know

• Kroger Co KR reported a second-quarter FY23 sales decline of 2.3% year-on-year to $33.85 billion, missing the analyst consensus of $34.13 billion.
• Kroger has reached an agreement in principle with plaintiffs to settle the majority of opioid claims.
• Kroger sees FY23 adjusted EPS of $4.45 - $4.60 versus an estimate of $4.51.

UK Authority Recommends Eli Lilly's Famed Diabetes Drug Mounjaro As New Treatment Option For Type 2 Diabetes

• UK's National Institute for Health and Care Excellence (NICE) has endorsed Eli Lilly And Co's LLY diabetes medication, Mounjaro (tirzepatide), indicating it as a viable option for patients grappling with poorly controlled type 2 diabetes. 
• In its preliminary final guidance, NICE estimated that approximately 180,000 individuals could benefit from this novel treatment.

Hooker Furnishings Shares Are Down Over 10% On Worse-Than-Expected Q2 Earnings

• Hooker Furnishings Corp HOFT reported a Q2 FY24 sales decline of 36% Y/Y to $97.8 million, missing the consensus of $134.75 million.
• Revenue was impacted by lower demand for home furnishings and the company's planned divestiture of unprofitable operations in the Home Meridian segment.
• Outlook: HOFT expects demand and business to pick up in H2 FY24, sees orders trending in each segment, and expects Home Meridian to achieve sustainable profitability.

Calvin Klein Parent PVH Inks Deal To Launch Home Collections

• PVH Corp's PVH wholly-owned subsidiary, Calvin Klein Inc, penned a licensing deal with Revman for designing, manufacturing, and distributing home accessories across the U.S., Canada, and Mexico.
• The company plans to launch new Calvin Klein home collections at the New York Home Textiles Market week this month, with the agreement's initial term being through 2028.

TechCrunch

Apple's Zero-Click Vulnerabilities Uncovered by Citizen Lab, iPhone Maker Acts Swiftly to Protect Users

• Apple Inc AAPL has swiftly responded to the discovery of zero-day exploits used against a member of a civil society organization in Washington, D.C. 
• Citizen Lab, an internet watchdog group, uncovered these exploits, allowing hackers to target malware victims without user interaction.

Bloomberg

Gas Prices Jitters As Strikes Start At Major Chevron Australia LNG Projects

• Workers at Chevron Corporation's CVX liquefied natural gas (LNG) projects in Australia went on strike on Friday after mediation talks ended without any deal.
• Until next Wednesday, workers will stop work for up to 11 hours in several blocks daily and refuse to perform certain tasks. 
• If there is still no deal by then, Members of the Offshore Alliance union said they would stop work completely for two weeks starting September 14.

Zoom Raises Red Flags on Microsoft's Teams Bundling Following Slack, Engages with Global Regulators

• Zoom Video Communications Inc ZM has engaged with regulators in the U.S., European Union, and other jurisdictions to express concerns regarding what it perceives as Microsoft Corp's MSFT anticompetitive behavior.
• The communications software company has reportedly discussed with the U.S. Federal Trade Commission and competition enforcers from the EU, U.K., and Germany over the past year. 

NewYork Post

Sexual Harassment Allegations Shake Google's Antitrust Defense Team

• Alphabet Inc GOOG GOOGL Google, bracing for its upcoming antitrust trial, has suffered a significant setback with the departure of former FTC Commissioner and legal scholar Joshua Wright. The search giant cut ties with Wright after he faced a barrage of sexual harassment allegations, including complaints from eight women. 
• The allegations ranged from flirtatious texts to claims of sexual relationships, causing Google to sever its association with him.

Financial Times

Goldman Sachs Set to Trim Workforce After Earlier 3.2K Layoffs

• Goldman Sachs Group Inc GS is gearing up for another round of job cuts, targeting employees considered low performers, with the action expected to occur by October. The move is a part of the firm's ongoing push to reduce costs by $1 billion.
• This annual move typically reduces 1% - 5% of the company's workforce, focusing on core investment banking and trading divisions. 
• Goldman aims to stay on the lower end of that range, focusing on parts of its core investment banking and trading divisions. 

Wall Street Journal

Spotify Set to Deepen Audiobook Ambitions: Free Trials for Paying Subscribers

• To diversify its offerings, Spotify Technology S.A. SPOT plans to introduce a monthly pilot program that offers up to 20 hours of free audiobooks to its paying subscribers. 
• The company is collaborating with major U.S. publishers on this initiative, which aims to compete with incumbent audiobook platform Audible and assess customer interest in audiobooks.
• This move follows Spotify's recent premium individual plan price hike to $10.99 monthly in several major markets.

Potential Strike Looms as Las Vegas Union Members Demand Workplace Improvements

• Las Vegas Strip workers are gearing up for a citywide strike vote that could see over 50,000 employees, including housekeepers, bartenders, and other staff, walking off their jobs. 
• The Culinary and Bartenders Unions members are scheduled to cast their ballots on September 26, with a majority vote potentially authorizing a future strike.

CNBC

Billionaire Activist Investor Carl Icahn Shows Support For Illumina's Newly Appointed CEO

• Activist investor Carl Icahn has thrown his support behind Illumina Inc's ILMN new CEO, Jacob Thaysen, providing a sigh of relief for the company as it strives to recover from a contentious proxy battle with the billionaire activist investor.
• "I think he will do an excellent job, and he has my full support," Icahn said in a post on X.