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Tesla’s Robotaxi Day; GSK Settles 93% of Zantac Lawsuits; 10x Genomics Stock Drops on Revenue Forecast

Fernanda T
Latest News
October 10 2024 6:45AM

Tesla (NASDAQ:TSLA) – Tesla’s sales in China increased by 19.2% in September, totaling over 72,000 electric vehicles sold, its best performance of the year. Deliveries of locally produced Model 3 and Model Y rose by 1.9% from the previous month. In Q3, Tesla recorded a 12% growth in sales of Chinese-made electric vehicles. BYD also had a strong month, with sales rising 45.6%. Tesla’s robotaxi, featuring two front seats and falcon-wing doors, is expected to be unveiled at today’s event, where CEO Elon Musk will also discuss the implementation of Full Self-Driving software in the Semi truck. The release schedule for the vehicle, dubbed Cybercab, is not yet defined. Tesla shares rose 1.1% pre-market after closing down 1.4% on Wednesday.

GSK plc (NYSE:GSK) – GSK agreed to pay up to $2.2 billion to settle 93% of U.S. lawsuits related to Zantac, alleging the drug caused cancer. The settlement, announced Wednesday, was lower than JPMorgan’s $3.5 billion projection. Shares rose 0.3% pre-market after closing up 5.8% on Wednesday.

10x Genomics (NASDAQ:TXG) – 10x Genomics forecasted Q3 revenue of $151.7 million, missing expectations of $162.2 million. CEO Serge Saxonov stated that changes in commercial and organizational processes disrupted client relationships more than expected. Shares dropped 22.1% pre-market after closing up 3.5% on Wednesday.

Pfizer (NYSE:PFE) – Former Pfizer CEO Ian Read and former CFO Frank D’Amelio have declined to support activist investor Starboard Value’s push for changes at Pfizer. Both expressed confidence in the current leadership, including CEO Albert Bourla, and believe the company will deliver shareholder value over time. Pfizer shares fell 1.7% pre-market after closing up 3.4% on Wednesday.

Eli Lilly (NYSE:LLY) – Eli Lilly has sent cease-and-desist letters to telehealth companies, compounding pharmacies, and medspas to stop selling knockoffs of its weight loss drugs Mounjaro and Zepbound. According to Bloomberg, these copies were allowed during shortages, but the FDA’s recent ruling has revoked that permission.

Viking Therapeutics (NASDAQ:VKTX) – Viking Therapeutics announced promising results from an early trial for its treatment of X-linked adrenoleukodystrophy (X-ALD). The new drug, VK0214, significantly reduced levels of very long-chain fatty acids, a disease marker. The treatment was well-tolerated, and the company plans to continue development. Shares rose 0.7% pre-market after closing down 6.1% on Wednesday.

Cigna (NYSE:CI) – Cigna filed a motion on Wednesday to disqualify FTC Chair Lina Khan and other commissioners, alleging bias in a case against the company. Cigna claims Khan made inaccurate judgments about pharmacy benefit managers (PBMs), which are under investigation for practices that increase drug prices.

Nvidia (NASDAQ:NVDA) – Nvidia CEO Jensen Huang stated that AI’s future will include services capable of “reasoning,” but that computing costs must decrease for this to happen. He predicted tools that will answer complex queries, and Nvidia plans to increase chip performance annually to enable these advancements. Impax Asset Management, led by Ian Simm, took advantage of Nvidia’s stock decline to increase its stake, believing that Nvidia’s current valuation above $3.2 trillion remains low given the growing demand for AI chips. Nvidia shares dropped 0.7% pre-market after closing down 0.2% on Wednesday.

Apple (NASDAQ:AAPL) – Dan Riccio, Apple’s hardware veteran, is retiring after 26 years, during which he oversaw innovations such as the Vision Pro headset. Riccio will hand over leadership of the Vision Products Group to Mike Rockwell and report to hardware chief John Ternus. Riccio emphasized the importance of agility and a willingness to take risks in Apple’s leadership. Apple shares fell 0.3% pre-market after closing up 1.7% on Wednesday.

Meta Platforms (NASDAQ:META) – Meta is expanding its AI chatbot, Meta AI, to 21 new locations, including the U.K. and Brazil. The chatbot offers conversations and recommendations across Facebook, Instagram, and WhatsApp, reaching nearly 500 million monthly users. New languages, including Tagalog, Arabic, and Thai, will also be added. Meta shares dropped 0.4% pre-market after closing down 0.4% on Wednesday.

Alphabet (NASDAQ:GOOGL) – Two scientists from Google DeepMind, Demis Hassabis and John Jumper, won the 2024 Nobel Prize in Chemistry for their innovations in predicting protein structures. They will share half the prize with David Baker from the University of Washington, who created new proteins. The work by Hassabis and Jumper is crucial for understanding diseases and discovering new medicines. Alphabet shares fell 0.2% pre-market after closing down 1.5% on Wednesday.

OpenAI – OpenAI reported that its AI models, like ChatGPT, were used to create false content intended to influence elections. In 2024, the company neutralized over 20 malicious attempts, including accounts generating articles about the U.S. and Rwandan elections. OpenAI also revealed that a suspected China-linked group, SweetSpecter, attempted a phishing attack on its employees by posing as a ChatGPT user and sending emails with malicious attachments. The attempt failed due to OpenAI’s security measures.

Palantir Technologies (NYSE:PLTR) – Palantir Technologies’ stock surged 150% in 2024, pushing the company close to a $100 billion market capitalization. This rise makes Palantir one of the world’s largest software companies, despite analysts’ divided opinions on its valuation. Palantir shares fell 0.4% pre-market after closing up 4.1% on Wednesday.

Broadcom (NASDAQ:AVGO) – Broadcom shares hit a new record close on Wednesday, rising 2.9% to $185.96. Shares fell 0.7% pre-market.

E2open Parent Holding (NYSE:ETWO) – E2open lowered its revenue forecast for fiscal 2025, now estimating between $607 million and $617 million, down from a previous range of $630 million to $645 million, due to delays in closing large deals.

Amazon (NASDAQ:AMZN) – Amazon announced that Apple TV+, known for shows like Ted Lasso and The Morning Show, will be available as a Prime Video channel in the U.S. starting this month for $9.99 per month. Additionally, Amazon developed the Vision Assisted Package Retrieval system to improve delivery efficiency, using spotlights and cameras to instantly read package labels on van roofs. The system will be installed in 1,000 Rivian delivery vans next year. Amazon is also investing more than $10 billion in Project Kuiper, aiming to create a constellation of 3,236 satellites to expand global broadband access. Although losses may initially rise, analysts at Evercore ISI believe the long-term revenue opportunities could be substantial. Amazon shares were flat pre-market after closing up 1.3% on Wednesday.

Walt Disney (NYSE:DIS) – Walt Disney World in Florida will remain closed Thursday due to the approaching Hurricane Milton, which may cause significant damage and prolonged power outages. Other Orlando parks, including Universal Orlando and SeaWorld, also announced closures. The disruptions could extend through Sunday. Disney shares dropped 0.3% pre-market after closing up 1.2% on Wednesday.

Marriott International (NASDAQ:MAR) – The U.S. Federal Trade Commission required Marriott International to implement an information security program to resolve charges of multiple data breaches between 2014 and 2020, affecting 344 million customers. Marriott also agreed to pay a $52 million fine and provide customers with data opt-out options. Shares fell 0.9% pre-market after closing up 2.1% on Wednesday.

Live Nation Entertainment (NYSE:LYV) – Live Nation CEO Michael Rapino predicted that Oasis’ 2025 tour will be the biggest of the year. However, he emphasized the need for ticket market regulation, citing the use of bots for mass purchases and price hikes in the secondary market. Rapino proposed that authorities cap resale profits at 20%.

KinderCare Learning Companies (NYSE:KLC) – KinderCare Learning Companies debuted on the NYSE with an approximate $3.1 billion valuation, after its shares opened 12.5% above the initial public offering price.

Unilever (NYSE:UL) – Unilever sold its Russian subsidiary to local group Arnest, exiting the country following Russia’s invasion of Ukraine. The sale includes factories in Russia and Belarus and was valued at up to $411 million. Unilever shares fell 0.5% pre-market after closing flat on Wednesday.

Etsy (NASDAQ:ETSY) – Etsy is exploring new strategies to encourage its 95 million users to spend more by leveraging AI and cloud technology. Retiring CFO Rachel Glaser highlighted investments in tech and features like “gift mode” to boost sales, despite recent declines.

Costco Wholesale (NASDAQ:COST) – Costco reported a 9% sales increase in September, totaling $24.62 billion, driven by a strong shopping week despite membership fee hikes. Same-store sales grew 6.7%, and e-commerce sales jumped 22.9%. Shares rose 2.1% on Wednesday.

AZZ Inc. (NYSE:AZZ) – AZZ reported adjusted earnings of $1.37 per share for fiscal Q2, beating estimates by 5 cents. The company also raised its fiscal 2025 earnings forecast.

ExxonMobil (NYSE:XOM) – A consortium led by ExxonMobil will proceed with phase two of seismic research for gas exploration on the island of Crete, Greece. The group collected 7,789 km of 2D seismic data, exceeding the necessary amount, and will now gather 3D data over three years before deciding whether to drill. Shares rose 0.2% pre-market.

Rio Tinto (NYSE:RIO) – Rio Tinto acquired Arcadium Lithium for $6.7 billion to gain access to advanced direct lithium extraction (DLE) technologies. DLE promises to transform lithium production by extracting the metal in days instead of months, using techniques similar to water filtration. With rising demand for EV batteries, the DLE industry is expected to grow exponentially in the coming years. Rio Tinto shares fell 0.7% pre-market after closing down 0.5% on Wednesday.

Stellantis (NYSE:STLA) – Stellantis CEO Carlos Tavares is planning a management overhaul following profit warnings, inventory surpluses, and declining North American sales. Tavares’ proposal may be presented at this week’s board meeting, where his future at the company will also be discussed. Stellantis shares fell 1.4% pre-market after closing up 1.8% on Wednesday.

Honda Motor (NYSE:HMC) – Honda is recalling 2 million vehicles in North America due to a steering issue that could increase the risk of accidents. The recall covers 2022 to 2025 models, including the Civic and CR-V, following 10,328 complaints. The NHTSA has been investigating the issue since March 2023. Honda shares closed down 1.7% on Wednesday.

Boeing (NYSE:BA) – Boeing union negotiator Jon Holden stated that striking workers are prepared to wait after wage negotiations failed. He noted that Boeing made only small improvements and that the union has a robust fund to support members during the strike. S&P estimates the strike is costing Boeing about $1 billion per month. Shares rose 0.3% pre-market after closing down 3.4% on Wednesday.

Delta Air Lines (NYSE:DAL) – Delta Air Lines is set to report earnings today. According to FactSet, earnings are expected to be $1.52 per share, a 25% decline from last year, partly due to a CrowdStrike-related incident that caused flight cancellations. Sales are expected to reach $14.6 billion. Shares fell 0.3% pre-market after closing up 0.7% on Wednesday.

Azul (NYSE:AZUL), Embraer (NYSE:ERJ) – Azul’s $500 million debt-to-equity swap is positive news for Embraer, alleviating concerns about the financial burden on a key customer. Azul, which already operates 21 E2 jets, plans to receive 15 to 18 new aircraft by 2025.

Lockheed Martin (NYSE:LMT) – Lockheed Martin announced that Chauncey McIntosh will become the new vice president and general manager of the F-35 Lightning II Program starting December 1, replacing Bridget Lauderdale, who is retiring after 38 years. McIntosh, with over 20 years of experience, will face challenges like delays in the Technology Refresh 3 upgrade.

Berkshire Hathaway (NYSE:BRK.A) – Warren Buffett’s Berkshire Hathaway raised $1.9 billion (281.8 billion yen) through a yen-denominated bond issue, the largest in five years. The funds will be used for general corporate purposes and highlight Berkshire’s growing exposure to Japan, where it holds significant stakes in the five largest trading houses.

BlackRock (NYSE:BX) – BlackRock is considering acquiring HPS Investment Partners to strengthen its position in the private credit market. The discussions come as HPS considers an initial public offering, which could value the company at $10 billion. Other firms, including CVC Capital Partners, have also expressed interest. BlackRock shares fell 0.5% pre-market after closing down 0.7% on Wednesday.

UBS Group AG (NYSE:UBS) – UBS’s integration of Credit Suisse’s clients and data into its platforms is progressing as planned following a successful test, according to UBS’s head of technology. The process involves migrating 1.3 million clients and 110 petabytes of data, making it the largest data migration in the financial sector. UBS shares fell 0.8% pre-market after closing up 1.2% on Wednesday.

Toronto-Dominion Bank (NYSE:TD) – Canada’s TD Bank will pay approximately $3 billion in fines as part of a settlement with U.S. regulators over failures in anti-money laundering monitoring related to drug cartels. The bank’s U.S. unit will plead guilty, and an independent monitor will be appointed to ensure compliance.

Stifel (NYSE:SF) – Stifel Nicolaus plans to challenge an arbitration ruling that requires it to pay more than $14 million over a structured note strategy. The firm considers the compensation excessive, marking the first case resolved in Finra’s forum, with 15 other claims against broker Chuck Roberts still pending.