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Spotify Shares Jump On Analyst Upgrade, Drawing Parallels With Netflix

Raymond James analyst Andrew Marok upgraded Spotify Technology S.A. (NYSE:SPOT) to Outperform from Market Perform with a $150 price target. The stock has traded off significantly from all-time highs in early 2021 due to slower than expected scaling of the company's podcasting business and, most recently, soft margin guidance. Marok saw the bad news as…

Benzinga

After Microsoft And Nvidia, This Major Apple Supplier Became Ransomware Target

Key Apple Inc (NASDAQ:AAPL) supplier Hai Precision Industry Co Ltd (OTC:HNHPF), operating as Foxconn, was hit by a ransomware attack on May 31, the Bleeping Computer reports. The attack disrupted operations at one of Foxconn's Mexico-based production plants. The Foxconn Baja California plant produced medical devices, consumer electronics, and industrial operations, the TechCrunch reports. Also Read: President…

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Pfizer Seeks FDA Approval For Three Covid Vaccine Doses For Children Below Five

Partners Pfizer, Inc (NYSE:PFE) and BioNTech SE (NASDAQ:BNTX) urged the FDA to authorize three vaccine doses for children below five, the Wall Street Journal reports. The companies previously asserted that three doses of the shot were 80% effective at preventing symptomatic Covid-19 with robust immune response in children between six months to five years. After mixed results…

Benzinga

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Court Orders IBM To Pay $1.6B To BMC In Lawsuit Involving AT&T

A Houston federal judge ordered International Business Machines Corp (NYSE:IBM) to pay $1.6 billion to BMC Software Inc. for swapping in its software while servicing their mutual client, Bloomberg reports. The U.S. District Judge Gray Miller, after a seven-day non-jury trial, rejected IBM’s claim that their mutual client AT&T Inc (NYSE:T), opted to switch software products on…

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Credit Suisse Slashed Snap's Price Target By 23.4%, Still Reiterated Outperform - Read Why

Snap Inc (NYSE:SNAP) recently shared its reduced expectations of Q2 FY22 revenue and EBITDA amid the challenging macroeconomic environment. Credit Suisse analyst Stephen Ju maintained an Outperform rating on Snap as it cut the price target from $77 to $59 (278.7% upside). Ju called out Snap's 1) minimal exposure to travel as consumer dollars flow from…

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BIT Mining Clocks 40% Sequential Revenue Decline In Q1

BIT Mining Ltd (NYSE:BTCM) reported a first-quarter FY22 revenue decline of 40.4% Q/Q to $296.7 million. BTCM reported a sharp increase of $294.1 million from $2.6 million in revenue in 1Q21. Revenues during 1Q22 primarily consisted of $272.3 million in revenue contribution from the mining pool business. The online total hash rate capacity…

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Twitter Refuses To Let Go Board Member Egon Durban - Read Why

Twitter, Inc (NYSE:TWTR) refused to remove Silver Lake co-CEO Egon Durban from its board after failing to win the support of the necessary majority of Twitter investors. The board considered Durban a highly influential member bringing an unparalleled operational knowledge of the industry, a unique perspective, and an invaluable skill set and experience…

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Fed Explores More Aggressive Interest Rate Hikes To Counter Inflation While Weighing Associated Risks

Federal Reserve officials discussed moving the U.S. central bank to a "restrictive" policy stance to counter inflation through more fierce interest rate increases, the Financial Times reports. However, the policy could undermine the strong recovery in the jobs market. Some Fed officials also saw risks to commodities markets stemming from the…

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This Cybersecurity Firm Raised Significant Amount In KKR Led Funding Round - Read How Much

Semperis, a cybersecurity software startup based in the United States, has announced a $200 million funding round led by private equity firm KKR & Co Inc (NYSE:KKR) at a significantly higher valuation than its previous round, reported Reuters. Existing investors such as Insight Partners and new investors such as Ten Eleven Ventures joined…

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Hydrogen lined up as NZ's next big export – report

In 2050, New Zealanders won't be cooking with green hydrogen and the gas will only meet 8 percent of the country's energy demand, a new report says.

Newsroom.co.nz

Match Settles Antitrust Scores Against Google

Match Group, Inc (NASDAQ:MTCH) settled its battle with Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google allowing the dating apps maker to offer users a choice in payment systems, eliminating Google's control over user data. Match withdrew its temporary restraining order request against Google following concessions, preventing Match's apps from being removed from the Play store for offering…

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Media Finds Facebook Monetizing Searches For Buffalo Shooting Video With Ads

People searching on Meta Platforms, Inc (NASDAQ:FB) Facebook for footage of the May 14 racist shooting rampage in Buffalo, N.Y., may have come across posts with footage of the attack or links to websites promising the gunman's full video, the New York Times reports. The users have also come across multiple ads incorporated…

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This US Ruling Could Force Google To Break Up Its Ad Business

A bipartisan group of senators led by Utah Republican Mike Lee introduced legislation targeting conflicts of interest in the advertising technology industry, the Wall Street Journal reports. The legislation could force Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google to break up its dominant online-ad business. The Competition and Transparency in Digital Advertising Act would prohibit…

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CDC Recommends Pfizer/BioNTech COVID-19 Booster Shots For Kids Aged 5-11 Years

The Centers for Disease Control and Prevention recommended that children ages 5 to 11 receive the newly authorized COVID-19 booster shot from Pfizer Inc (NYSE:PFE) and BioNTech SE (NASDAQ:BNTX). Following the recommendation, many of the nation's doctors, pharmacies, and other vaccination sites are expected to begin offering the extra doses to the 28 million U.S. children…

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Blockchain Gaming Startup N3twork Studios Raises $46M In Funding

N3twork Studios Inc., a blockchain gaming business, has raised $46 million in funding. The funding infusion comes as the startup prepares to launch two new games and as controversy lingers over the use of cryptocurrencies in gaming, reported Bloomberg. Venture capital firm Griffin Gaming Partners led the Series A funding round, with participation…

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US Lawmakers Reveal FDA Emergency Funds Bill To Tackle Baby Formula Shortage: Reuters

U.S. House Democrats unveiled a bill to provide $28 million in emergency funds to the FDA to help it respond to a shortage of infant formula and strengthen supervision. A House Appropriations Committee said that the funds would provide the FDA with the resources to prevent fraudulent products from being placed on…

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German Insurer Allianz Agrees To $6B Fraud Settlement With US Authorities

German insurer Allianz SE (OTC:ALIZY) has agreed to a $6 billion settlement with U.S. authorities, the Financial Times reports. Allianz's investment arm will plead guilty to securities fraud after a scandal at its funds business left investors nursing billions of dollars worth of losses. The victims included teachers, clergy, bus drivers, and engineers,…

Benzinga

FDA May Authorize Pfizer-BioNTech's COVID-19 Booster For 5-11 Year Kids Soon: NYT

The FDA is expected to authorize a booster shot of Pfizer Inc (NYSE:PFE) / BioNTech SE's (NASDAQ:BNTX) COVID-19 vaccine for children aged 5 to 11 probably by today, the New York Times reported, citing people familiar with the matter. The companies submitted an application to the FDA for authorization last month. They have cited data from…

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Uber Adds Charter Buses To Its US App

Uber Technologies, Inc (NYSE:UBER) forged a collaboration to allow its users to charter private buses and coaches through its app, the Financial Times reports. The option targets weddings or wine tours across the U.S., helping Uber expand beyond its core ride-share business. U.S. Coachways, one of the country’s most extensive bus chartering…

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Big Tech Urges US Top Court To Block Social Media Law Curbing Political Opinion

Lobbying groups representing Facebook parent Meta Platforms Inc (NASDAQ: FB), Twitter Inc (NYSE: TWTR), Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), Google, and other tech companies filed an emergency request with the U.S. Supreme Court, Reuters reports. The groups looked to block a Texas law prohibiting sizeable social media platforms from banning users based on their political views. Also Read: Google, Facebook Restrict…

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Why Valneva's Shares Are Plunging Today Premarket

Valneva SE (NASDAQ:VALN) warned it might have to reconsider its FY22 financial guidance after the European Commission informed the company of its intent to terminate an advance purchase agreement (APA) for its VLA2001 COVID-19 candidate vaccine. In November, the company signed the APA with the European Commission to supply up to 60 million doses of…

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Moderna Concludes FDA Submission For Its COVID-19 Shot In Adolescents, Kids

Reuters reported that Moderna Inc (NASDAQ:MRNA) had made required submissions to the FDA for emergency use authorization of its COVID-19 vaccine in adolescents and children. An advisory panel of experts to the U.S. drug regulator will meet in June to review the request. Related: FDA Sets Review Dates For Pfizer, Moderna COVID-19 Shot For…

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Almost 400M COVID-19 Vaccine Doses Lost Due To Emergent's Baltimore Plant Fiasco

According to a recent report from the US House select subcommittee on the coronavirus crisis, Emergent Biosolutions Inc (NYSE:EBS) might have destroyed nearly 400 million doses of COVID-19 vaccines after failing to meet quality standards. Initially, 75 million - 85 million doses of drug substance were said to be destroyed after contamination. "Despite major…

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Why Did Moderna CFO Exit Just A Day After Taking Charge

Moderna Inc (NASDAQ:MRNA) announced that its recently appointed Chief Financial Officer, Jorge Gomez, has departed the company, effective immediately. The announcement follows the public disclosure by Gomez's former employer, Dentsply Sirona Inc (NASDAQ:XRAY), of an ongoing internal investigation into some issues, including financial reporting. The audit investigates Dentsply Sirona's "use of incentives to sell products to…

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Tesla Urges Panasonic To Fast-Track Development Of Next-Gen Batteries

Tesla, Inc (NASDAQ:TSLA) urged Panasonic Holdings Corporation (OTC:PCRFY) to speed up the development of its next-generation 4680 batteries, Bloomberg reports as per Panasonic CFO Hirokazu Umeda. Umeda disclosed ongoing robust demand for batteries at a post-results briefing, including the 2170 cells it supplies for Tesla’s electric vehicles. Umeda said, “We seeing continued strong demand from…

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