© Reuters. Benzinga Before The Bell: Tesla’s Cybertruck update, new Twitter feature, Netflix ad level and other top financial news Thursday, June 23
Pilot shortage prompts American Airlines (NASDAQ:) to end its services in 4 cities
- American Airlines Group Inc (: AAL) plans to shut down service in four US cities starting in September. Cities will lose all scheduled commercial air service, CNBC reports.
- The AAL blamed service limitations on a regional pilot shortage. The report further noted that American Airlines, United Airlines Holdings Inc (NASDAQ:UAL) and Delta Air Lines, Inc (NYSE: NYSE 🙂 have reduced service between many small cities and major hubs, citing a paucity of service. Pilots as a reason.
Bidders offer up to $22 billion worth of Toshiba
- Potential buyers of Japanese giant Toshiba Corp (OTC:TOSYY) are considering an offer of up to 7,000 yen ($51.41) per share, Reuters reported.
- The offer price, if materialized, would value the company at about $22 billion, which represents a 27% premium to Toshiba’s share price of 5,501 yen as of Wednesday’s close.
Court punishes Samsung Australia for misleading smartphone ads
- The Australian Unit Court has sanctioned Samsung Electronics (LON 🙂 Co, Ltd (OTC: SSNLF) Australia’s A$14 million ($9.65 million) for nine misleading ads related to the water resistance feature on some of its smartphones, Reuters reports citing the Australian competition regulator.
- Between March 2016 and October 2018, Samsung Australia has run ads featuring a waterproof feature, perfect for swimming pools or seawater.
- However, the regulator has received multiple complaints regarding smartphone malfunctions from exposure to water.
The Wall Street Journal
Netflix (NASDAQ 🙂 flirts with NBCUniversal and Google to beat subscriber sluggishness
- Comcast (NASDAQ:) Corp (NASDAQ: CMCSA) NBCUniversal and Alphabet (NASDAQ 🙂 Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google has emerged as the top competitor to help Netflix, Inc (NASDAQ: NFLX) create an ad-supported category of its service.
- Netflix has evaluated several hookups in recent weeks to increase revenue by selling ads around its shows. The partnership with NBCUniversal will likely be exclusive and likely include revenue sharing.
- Comcast’s video advertising unit, FreeWheel, will provide the technology to help display ads, while NBCUniversal’s ad sales team will help sell ads in the US and Europe.
Meta suddenly ends sponsoring an American event that sparked controversy
- Meta Platforms, Inc (NASDAQ: META) has terminated its sponsorship agreement with the organization that plans to commemorate the federal government’s 250th anniversary of the United States.
- Meta did not reveal the reasons for the withdrawal.
- The Wall Street Journal writes that an internal battle and discrimination suit brought by former female executives has plagued the project.
FDA Set to Ban Juul Products in the US: Which Companies Can Benefit?
- The U.S. Food and Drug Administration (FDA) is set to announce that it will ban Juul brand e-cigarettes in the country, wiping out a large portion of the $21.63 billion industry of which Juul owns 41%, according to the Wall Street Journal.
- shares Altria Group Inc (NYSE: NYSE:), which owns 35% of Juul’s shares, fell more than 9% after the news broke.
- This ends a lengthy legal dispute between the Food and Drug Administration and Juul. Juul had already removed its line of flavors, including Creme Brulee and Mango, from the market because the Food and Drug Administration claims the flavored tobacco products were targeting minors.
Uber had weighed strategic options for the Indian business at one time
- Uber Technologies, Inc (NYSE: NYSE) has evaluated strategic options for its passenger transportation business in India, including selling, but suspended discussions in the wake of the collapse in valuations for tech startups.
- Uber has begun evaluating alternatives, including a stock swap with local companies or a pullout, before a global stock market sell-off spoils plans.
- Uber preferred a stock deal that would help it maintain a foothold in India in the future.
BlackRock (NYSE:) to expand its presence in Singapore
- BlackRock, Inc. plans to (NYSE: BLK) to expand significantly into Singapore, following in the footsteps of other international companies hoping to capitalize on capital inflows into Southeast Asia.
- According to people familiar with the matter, BLK is in talks to double its floor area in an office building in the city’s central business district.
- According to people familiar with the matter, BlackRock expects to add dozens of employees through local hiring and some transfers from Hong Kong. The plans are still in its early stages.
FDA investigates another infant death with Abbott’s formula, less than a month after the troubled plant reopened
- Problems for Abbott Laboratories (NYSE: ABT) The Sturgis, Michigan manufacturer of infant formula powder refuses to let up. The FDA was recently notified of the death of another infant who was given formula milk at the Sturgis facility in Abbott.
- According to a statement, the infant died in January, and the Food and Drug Administration was notified on June 10.
- “The investigation into this latest consumer complaint is in its initial stages, and the agency will provide an update as it knows more,” the FDA said.
- Cronobacter bacteria were found in the infant at the time of death, Bloomberg reported, citing an email from the Food and Drug Administration.
US expands monkeypox testing capacity to five commercial lab companies
- The Department of Health and Human Services (HHS), through the Centers for Disease Control and Prevention (CDC), has begun shipping monkeypox tests to five commercial laboratory companies to increase monkeypox testing capacity and access.
- Companies include Aegis Science, Laboratory Corp. of America Holdings (NYSE: LH), Mayo Clinic Laboratories, Quest Diagnostics Inc (NYSE: DGX), and Sonic Healthcare.
- Healthcare providers will be able to use these labs by early July, and testing capabilities will be boosted by these companies throughout the month.
Tesla Ball price cuts targeting (NYSE 🙂 on EV Maker: Here’s why
- (NASDAQ: TSLA) CEO of Tesla, Inc. Elon Musk looked like a tough June quarter and that was no surprise, given the economic uncertainty and the COVID lockdown in China.
- Analyst in Morgan Stanley (NYSE:) lowered its forecast for the electric car maker’s stock.
- Tesla Analyst: Adam Jonas maintains an “overweight” rating on Tesla stock, but cuts his price target from $1,300 to $1,200.
EPolygon (MATIC) up 20%, outperforming Bitcoin and Ethereum: Here’s Why
- Polygon, formerly known as Matic Network, is up 19.89% in the past 24 hours. With Bitcoin and Ethereum stagnating in their current ranges, moving sideways, the altcoin jumped off its trend and added more than $300 million to its market cap following an announcement.
- Crypto-analytics firm Sentiment shared comments on the current rally, saying that “Sharks and Whales” Matic has been on a “significant build-up trend for about six weeks.” He noted that coin holders’ denominations of 10,000 to 10 million combined coins have added 8.7% more to their portfolios in this timeline.
The analyst says Twitter’s launch of this new feature is the “most significant update” in 5 years
- Twitter, Inc. is testing. (NYSE: TWTR) A new feature called Notes to allow longer tweets.
- Commenting on the development, Loup Funds Managing Partner Gene Munster, a renowned Apple analyst (NASDAQ:NASDAQ :), said this would be the “most significant update” as the social media platform increased the character limit from 140 to 280 in 2017.
- The analyst suggested that Twitter may lose its unique selling proposition.
Coinbase (NASDAQ:) phasing out the “professional” exchange: What you need to know
- The main cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) plans to phase out Coinbase Pro, a trading platform aimed at more advanced traders.
- Coinbase said it plans to end the Pro service by the end of the year.
- It is a standalone platform separate from Coinbase.com where the majority of retail traders buy and sell cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin.
Elon Musk says Tesla Giga manufacturers are losing billions in ‘barely any output’
- Tesla Inc (NASDAQ:TSLA) CEO Elon Musk said two of its recently opened plants in Austin and Berlin are losing “billions of dollars” with “tons of expenses and hardly any production.”
- The billionaire entrepreneur has revealed that Tesla’s immediate priority is to have both Giga Berlin and Giga Texas, and Giga Shanghai fully operational after a month-long shutdown in China.
- “The Berlin and Austin factories are giant furnaces of money … losing billions of dollars right now,” Musk said in an interview with the Tesla Owners of Silicon Valley.
Elon Musk’s 2024 presidential pick beat Donald Trump in New Hampshire popularity poll
- Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has been chosen to be a better US president than former President Donald Trump, according to a new poll by the University of New Hampshire.
- Florida Governor Ron DeSantis is statistically tied to Trump in the Republican primary in New Hampshire. Support for DeSantis has doubled since October, according to the survey.
- “DeSantis is doing better against Biden than Trump is doing, which is another sign of Trump’s weak support among Republicans in New Hampshire,” he said.
Short isn’t sweet anymore? Twitter is testing a new feature to let you write for longer
- Twitter Inc (NYSE: NYSE:) says it’s testing a way for people to “write for longer” on its social media platform.
- The company founded by Jack Dorsey tweeted that a “small group of writers” is helping her test notes.
- Twitter shared notes from the writers in a thread to showcase the feature they are testing. The company said the notes can be “read on Twitter and beyond, by people in most countries”.
Elon Musk introduces a new update to the Tesla Cybertruck: This is when the car is now expected
- A recent interview between Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and the Tesla Owners Silicon Valley Club sheds light on a look at the company’s highly anticipated electric truck.
- When asked about an update on the Tesla Cybertruck, Musk said, “The design is finally locked in.”
- Musk added that the company has drifted too much into features, which has led to delays in finalizing the car’s design and production.
Image via Wikimedia Commons
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