Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Technology
Vandana Singh

Complete Exit For Exxon From Russia, Microsoft's Layoffs, Another Setback For Boeing's Potential 737 MAX 7 Approval, Visa & Mastercard Under FTC Probe: Top Stories Tuesday, Oct. 18

Reuters

Exxon Exits Russia Completely After Putin Seizes Company's Properties

  • Exxon Mobil Corp (NYSE:XOM) reportedly has made a complete exit from Russia after President Vladimir Putin expropriated its properties.
  • Exxon's decision to leave Russia ultimately comes after seven months of discussions over an orderly transfer of its 30% stake in a major oil project.
  • Exxon did not clarify if it received any compensation for the assets, which it had valued at over $4 billion.

Starbucks Unionized Workers Sue Coffee Chain For Filing Assault, Kidnapping Charges After Wage Hike Request

  • Starbucks Corporation (NASDAQ:SBUX) was reportedly sued by eight unionized employees of a South Carolina store who complained that the coffee chain threw false accusations against them.
  • The workers reportedly complained that the manager asked the police to charge them with assault and kidnapping after they asked for a wage hike in August.

Why Shares Of Warren Buffett-Backed Tesla, Nio EV Rival Shot Over 6% Today

  • Shares of Warren Buffett-backed BYD Co (OTC: BYDDY) (OTC: BYDDF) surged over 5% in China after the company reportedly said its third-quarter net profit has likely more than quadrupled, led by robust sales and a better product mix.
  • BYD competes with players such as Tesla Inc and Nio Inc (NYSE: NIO), especially as it increases focus.
  • Its estimated net profit for the July-September quarter came in between 5.5 billion yuan and 5.9 billion yuan ($765 million-$820 million), a rise of 333% to 365.1% Y/Y.

Wall Street Journal

Another Setback For Boeing's Potential 737 MAX 7 Approval, Some Submissions Rendered Incomplete

  • The Federal Aviation Administration (FAA) has asked Boeing Co (NYSE:BA) to reassess its safety paperwork for the 737 MAX 7, saying some key documents submitted are incomplete and others need a reassessment.
  • The move marks another setback for Boeing's push to win approval for the 737 MAX 7, a year-end legal deadline.

Intel Trims Self-Driving Unit Mobileye's IPO Valuation Yet Again, Could Detail New Terms Tuesday

  • Intel Corporation (NASDAQ:INTC) has trimmed the initial public offering valuation of its self-driving car unit Mobileye, underlining the struggles of the IPO market amid the sell-off in equities.
  • Intel is now targeting a valuation under $20 billion and looking to sell fewer shares than initially planned. The report added that the chipmaker and its advisers believe that selling fewer shares at a reduced price may generate increased interest in the IPO.

FTC Probed Visa And Mastercard Over Anticompetitive Practices Involving Online Debit-Card Routing

  • The Federal Trade Commission investigated whether Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA) security tokens restrict debit-card routing competition on online payments.
  • The FTC probed whether Visa and Mastercard restricted the information they sent when they enabled an online payment to go over a different network.
  • Visa and Mastercard's lion's share of the card networking market drew increasing scrutiny from regulators. They fueled tension with merchants, which pay fees set by the networks when customers pay via card.

Bloomberg

Credit Suisse Puts Its US Asset Management Unit For Sale, Looks For Capital Infusion

  • Battered Credit Suisse Group AG (NYSE:CS) recently launched a process to sell its U.S. asset management arm, dubbed Credit Suisse Asset Management (CSAM).
  • The unit is expected to draw interest from private equity firms and other asset managers, said the source, who spoke anonymously to discuss private information.

Financial Times

US SEC Commissioner Seeks Transparent NFT Policies

  • SEC commissioner Hester Peirce highlighted the possibility of regulating NFTs like stocks or bonds.
  • She called for the SEC to publish more market information, including the Bored Ape caricatures.
  • Peirce said that U.S. securities laws could capture NFTs that include "governance rights" or offer investors rights to revenue streams.
  • As retail investors have rushed to buy digital creations by artists and other enthusiasts, "NFTs are one area where we could provide some guidelines," she said.

CNBC

More Job Losses At Microsoft As Global Slowdown Weighs

  • Microsoft Corp (NASDAQ:MSFT) confirmed downsizing additional workers as its revenue will likely slow due to weaker sales of Windows licenses for PCs.
  • The cuts impacted fewer than 1,000 people.
  • "Like all companies, we evaluate our business priorities regularly and make structural adjustments accordingly," a Microsoft spokesperson told CNBC.

American Airlines Pilot Union Ready For Federal Intervention In Its Contract Talks

  • American Airlines Group Inc's (NASDAQ: AAL) pilot union said in a message that its Allied Pilots Association board unanimously approved a motion for the union to prepare an application for National Mediation Board intervention in its talks with the company,
  • The union's potential request for National Mediation Board intervention comes more than three months after American CEO Robert Isom offered pilots 17% raises in a new contract proposal.

Benzinga

Apple Supplier Foxconn Hopes To Make EVs For Elon Musk's Tesla 'One Day'

  • Apple Inc (NASDAQ:AAPL) supplier Foxconn (OTC: HNHPF) wants to build cars for Elon Musk's Tesla Inc (NASDAQ: TSLA).
  • Foxconn Chairman Liu Young Way said on Tuesday that his company hopes to make cars for Tesla one day as it ramps up EV manufacturing in a strategy to diversify its business. He was speaking at the company's annual Tech Day.

Coinbase Users Who Made Wild Profits From 'Pricing Glitch' Are In For Legal Trouble

  • Cryptocurrency exchange Coinbase (NASDAQ:COIN) threatened to sue as many as 1000 of its users for allegedly taking advantage of a "pricing glitch."
  • On August 29, over 1,000 Coinbase users from Georgia exploited the pricing glitch on the platform when Georgia's national currency, the lari (GEL), was priced at $290 rather than $2.90. Coinbase attributed the missed decimal point to "a third-party technical issue."

Indian Oil Giant Reportedly Eyes Stake In New Russian Entity That Manages Sakhalin 1 Project

  • India's Oil and Natural Gas Corporation is reportedly eyeing a stake in the new Russian entity that will manage the Sakhalin 1 project as it looks to maintain a 20% share in the asset.
  • Russian President Vladimir Putin had issued a decree to establish a new operator for the ExxonMobil Corp (NYSE:XOM)-led project.
  • ONGC holds a stake in the project via its overseas investment arm ONGC Videsh. "ONGC Videsh will protect its share in the project, which means it will take a stake in the new entity,"

Trucking Company XPO Posts Q3 Miss And Long-Term Outlook Ahead Of Spinoff

  • XPO Logistics Inc (NYSE:XPO) third quarter FY22 revenue of $3.04 billion, below the consensus of $3.1 billion.
  • XPO sees adjusted EBITDA of $348 million - $352 million.
  • The partial earnings release comes ahead of its first investor day under incoming CEO Mario Harik on October 18 and the November 1 spinoff of its high-tech truck brokerage business into a new publicly traded company called RXO.

LG Chem Scoops AVEO Oncology At 43% Premium

  • South Korea-based LG Chem Ltd has agreed to acquire AVEO Oncology Inc (NASDAQ:AVEO) for $15.00 per share in an all-cash transaction with an implied equity value of $566 million on a fully diluted basis.
  • The transaction price represents a 43% premium to AVEO's closing share price on October 17.
  • The combination of LG Chem's Life Sciences division and AVEO is expected to create a global oncology organization.

Johnson & Johnson Beats Q3 Estimates Led By Strength From Cancer, Crohn's Disease Drugs, Tightens Guidance

  • Johnson & Johnson (NYSE:JNJ) has reported Q3 FY22 adjusted earnings of $2.55 per share, down 1.9% Y/Y and slightly ahead of the consensus of $2.52.
  • Net sales increased 1.9% Y/Y (8.1% on an operational basis) to $23.8 billion, marginally beating the consensus of $23.47 billion.
  • Pharmaceuticals contributed $13.21 billion in sales, +2.6%, due to Darzalex, Tremfya, Stelara, Erleada, and paliperidone palmitate and COVID-19 vaccine, offset by lower sales from Remicade and Imbruvica.

Hasbro Posts Q3 Earnings Below Street View, Bitten By Inflation

  • Hasbro Inc (NASDAQ:HAS) reported a third-quarter FY22 sales decline of 15% year-on-year to $1.68 billion, missing the consensus of $1.72 billion.
  • The operating margin contracted Y/Y from 18.7% to 11.6%, and operating income for the quarter decreased 47% to $194.3 million.
  • Adjusted EPS of $1.42 missed the analyst consensus of $1.65.

Jet2 Orders 35 Airbus A320neos For $3.9B

  • British travel company Jet2.com has ordered 35 new Airbus SE (OTC: EADSY) A320neo aircraft.
  • The incremental order takes its total commitment to the Family to 98 aircraft.
  • The A320neos will be configured for 180 seats with an Airspace cabin featuring creative lighting, new seating products, and 60% larger overhead baggage bins for added personal storage.

Lockheed Martin Clocks Mixed Q3 Numbers; Launches $14B Buyback; Boosts Dividend

  • Lockheed Martin Corp (NYSE:LMT) reported a second-quarter FY22 net sales growth of 3.5% year-over-year to $16.58 billion, missing the consensus of $16.64 billion.
  • Adjusted EPS declined to $6.71, beating the consensus of $6.68.
  • Buyback & Dividend: Lockheed Martin announced an additional $14 billion share repurchase. It also increased the quarterly dividend rate by 7% to $3.00 per share.
  • FY22 Outlook: Lockheed Martin reaffirmed net sales of ~$65.25 billion below the consensus of $65.29 billion and EPS of ~$21.55 below the consensus of $21.67.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.