Neuralink, a company focused on developing neural-interface technology, has witnessed a significant increase in its valuation, reaching $5 billion. Despite recent FDA approval and successful secondary trades, Neuralink faces challenges such as scrutiny for animal-welfare violations and an investigation by the Department of Transportation. In other news, Credit Suisse Group AG has lost three managing directors to rival firms, raising concerns about its future amid a pending takeover. Additionally, Apple Inc. experienced a decline in its shares following the announcement of its pricey Vision Pro mixed-reality headset, despite the company's overall success in the technology sector.
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Neuralink, a company focused on developing neural-interface technology, has witnessed a significant increase in its valuation, reaching $5 billion. Despite recent FDA approval and successful secondary trades, Neuralink faces challenges such as scrutiny for animal-welfare violations and an investigation by the Department of Transportation. In other news, Credit Suisse Group AG has lost three managing directors to rival firms, raising concerns about its future amid a pending takeover. Additionally, Apple Inc. experienced a decline in its shares following the announcement of its pricey Vision Pro mixed-reality headset, despite the company's overall success in the technology sector.
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Chip designer and computing firm Nvidia Corp beat expectations for third-quarter revenue on strong data center demand, while Cisco’s revenue forecast points to Steady technology spending. Elsewhere, the Head of General Motors Mexico foresees the country missing electric vehicle targets for 2030.
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Walmart lifted its annual forecast and announced share buybacks that saw Shares climbing as much as 7%. Elsewhere, Broadcom is seeking EU Approval for its $61 Billion VMware takeover, and Apple Prepares to Get Made-in-US Chips in Pivot From Asia.
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In a rare significant foray into the technology sector, Buffett's Berkshire disclosed a $4.1 billion stake in Taiwan Semiconductor Manufacturing. Elsewhere, Microsoft’s Xbox released its first transparency report on Monday, detailing how the gaming giant moderates its 3 billion global players, and JD.Com fintech unit aims to win Beijing approval for HK IPO.
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Alibaba Group opted not to disclose the final sales tally of its annual Singles Day shopping festival for the first time since it started the event in 2009. Elsewhere, Amazon says it’s finally ready to start air-dropping packages and Disney plans to freeze hiring and cut some jobs.
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U.S. oil producer Occidental Petroleum increased by about 22% its estimated investment for the world's first large-scale direct air capture project and disclosed plans to build others. Apple supplier and iPhone assembler Foxconn warned consumer electronics revenue would fall this quarter, and Rivian sticks with its 2022 EV production target despite supply-chain snags.
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Walt Disney is seeking “meaningful efficiencies” after reporting results that fell short of expectations, while Theatre chain AMC desperately needs more blockbuster movies. Elsewhere, Novavax cut its full-year revenue forecast for the second time in three months, hurt by a global supply glut in COVID-19 vaccine and declining demand.
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Call of Duty maker Activision Blizzard beats estimates, boosted by Mobile games, in stark contrast to rival Take-Two missing predictions in the wake of an industry-wide spending slowdown. Elsewhere, Nvidia Corp. has begun producing a processor for China that conforms to new rules aimed at limiting that country’s access to artificial intelligence computing.
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Meta Platforms is planning to begin layoffs that will affect thousands of workers from this week. More positively, Ryanair posts record profit for its key summer season, and Warren Buffett's Berkshire Hathaway could soon see a boost to its bottom line after changing its accounting for its stake in Occidental Petroleum.
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Etsy stock pops after beating revenue expectations while streaming giant Roku's shares plunge on a weak forecast. Elsewhere, Google is preparing an app that will use artificial intelligence to let consumers create images by typing a few words.
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Airbnb Shares Fall on Muted Fourth-Quarter Bookings Forecast despite having recorded its highest revenue and most profitable quarter yet. Elsewhere, Sony Group Corp. bumped up its fiscal-year profit outlook, and Johnson & Johnson, one of the world’s biggest makers of medical devices, said it would purchase Abiomed Inc. for about $17 billion.
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Elon Musk says Twitter will revise how it verifies users just days after taking over the social media platform. Elsewhere, the output of Apple iPhones at manufacturer Foxconn could fall 30% due to COVID-19 curbs in China, while tech giants feel pain as cloud spending cuts suggest a slowdown.
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In the latest earnings round, Meta tumbled as sales forecast revealed the depth of ad-market weakness, while Ford narrowed annual profit projections to the lower end of the range. Elsewhere, shares of Boeing also fell after cutting 737 delivery goals on supply woes.
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The recent earnings gloom shows no signs of abating. Microsoft Corp. posted its weakest quarterly revenue growth in five years, and Google parent Alphabet signaled that it was bracing for tough times ahead. Elsewhere, Spotify tumbled as much as 10% after the music streaming giant warned of margin pressure.
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US-listed Chinese stocks tumble as President Xi Jinping asserts full control in China and Warner Bros. Discovery Sees Up to $4.3 Billion of Restructuring Charges. Elsewhere, Apple Inc. updated its App Store guidelines for Crypto and NFT payments, provided those exchanges have the requisite regional licences to operate.
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With earnings coming in hot, Hollywood can breathe a sigh of relief after the streaming leader, Netflix, added 2.4 million customers in the third quarter, and Johnson & Johnson beat analyst estimates. Elsewhere, United Airlines joined rival Delta Air Lines with a robust fourth-quarter outlook to capitalize on strong travel demand.
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With earnings seasons in full swing, Goldman Sachs Group Inc is expected to announce a major reorganization of its business lines Tuesday, while Bank of America shrugged off recession concerns and raised its annual outlook for revenue. Elsewhere, Stellantis NV may stop manufacturing cars in China amid geopolitical tensions.
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PepsiCo signals resilient demand as price increases boost forecast, while Microsoft Corp. says Sony's bias on the $69 billion acquisition of Activision Blizzard swayed Britain's competition watchdog. Elsewhere in Biotech, Moderna Inc. rose the most in two months after Merck & Co extended its partnership with the company on a messenger RNA cancer vaccine.
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Uber Technologies Inc. and Lyft Inc. tumbled after the Biden administration issued a proposal that could change how gig workers are classified. Elsewhere, Intel Corp. is planning a major reduction in headcount, and Google on Tuesday announced a broad swath of updates to its cloud offerings, aiming to capitalise on its strength in artificial intelligence.
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Exxon Mobil Corp. is considering a takeover of Denbury Inc., while Netflix could haul in big bucks over the next few years from the launch of its first ad-supported tier. Elsewhere, PayPal received intense backlash after a policy update that read customers could pay $2,500 in damages for spreading 'misinformation."
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Elon Musk and Twitter Inc may agree to end their litigation in the coming days, clearing the way for Musk to close his $44 billion deal for the social media firm. Elsewhere, General Electric is laying off workers, while Ford Motor is raising electric vehicle prices amid supply chain snags and inflation.
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Supply chains and too much inventory continue to hammer Nike. Elsewhere, Intel Corp's self-driving unit Mobileye unveiled its filing for a U.S. initial public offering, testing support for a high-profile stock debut even as the market for new issues has virtually collapsed. Lastly, Tesla on Sunday reported it delivered 343,830 vehicles in the third quarter.
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Netflix stock surges on double upgrade as Wall Street cheers on ad tier, while Toyota's global vehicle production grew at a record pace, rising 44.3% in August. Elsewhere, Biogen shares soared on Wednesday on landmark Alzheimer's data, adding more than $10 billion to its market capitalization.
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While analysts are preparing for disappointing results for Nike's first-quarter earnings report Thursday afternoon, Shares in Apple’s Asian suppliers extended losses on Wednesday after the firm told suppliers to pull back assembly efforts. In the latest Twitter-Musk news, Twitter's lawyer argues Musk has not backed up claims of fake accounts.
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Meta Platforms is quietly nudging out a number of staffers as it aims to tackle stalling growth via reorganization. Elsewhere, Qualcomm-backed drone maker IdeaForge Technology weighs a $125 IPO in India, while Chinese electric vehicle maker Xpeng reveals pricing and specs for its latest G9 flagship G9 electric SUV.
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Boeing plans to cut about 150 finance jobs as the planemaker focus more on product development and manufacturing. Meanwhile, CVS and Walmart reached a $147.5 million opioid settlement in West Virginia over claims of lax oversight of prescription pills sold, and GM takes the slow lane in the great EV race.
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Nvidia is on sale, and Cathie Wood's ARK Investment Management LLC is a big buyer. Elsewhere, Nio's Hungary Plant ships its first Battery Swap Station to Germany while Ford sees inflation lifting quarterly supply costs about $1 billion higher than expected.
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FedEx witnessed an $11 billion loss in market value last week after pulling its forecast, while Adobe investors are spooked by the design software company's latest acquisition of Figma. In more positive news, Apple counts on upscale shoppers as its latest iPhone hits stores Friday.
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In a rebuff to Disney, Comcast CEO Brian Roberts signaled that the company will seek market value for its minority one-third stake in Hulu. Over in China, Tesla is reevaluating how it sells electric cars, and Amazon opens the Email marketing Floodgates in the US to try to boost sales.
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It's been a busy week so far for the US as the US Commerce Department signed a deal with Google to develop chips for researchers, and Senator Lindsay Graham thinks social media companies need a license to operate. Moving over to Roblox, Morgan Stanley believes its immersive ads execution will be challenging.
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Over at the House of Mouse, Walt Disney Co on Sunday sketched the contours of a plan for how the entertainment conglomerate will use technology to enhance storytelling for the next 100 years. Investment banks are set to make a record-breaking $20 billion trading and financing commodities in 2022, and Warren Buffett buys more shares of Occidental Petroleum.
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Meme stock favorite GameStop reported its latest quarterly earnings and announced its crypto partnership with FTX. Moving on to the automotive industry, General Motors is targeting China's urban elite to generate some buzz around its American brands, while Rio Tinto reached a definitive agreement with Canadian miner Turquoise Hill to acquire all its remaining shares.
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Watch the latest whistleblower investigations as the battle over Elon Musk's bid to end his $44 billion deal for Twitter Inc. continues. Elsewhere, CEO Sundar Pichai says Google is "pro-competitive," defending the company against claims of violation of antitrust laws, while Verizon still seems to attract investors despite a miserable 2022.
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Beating Amazon.com to it, CVS Health Corp agreed to buy home healthcare services company Signify Health for about $8 billion in cash. Apple benefits from its iOS privacy change and turning to Russia - Deputy CEO Vitaly Markelov said Gazprom has started producing its first liquefied natural gas at a plant near the Nord Stream Pipeline.
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A General Motors and LG Energy Solution $2.3 billion JV battery production plant in Ohio has begun operations. Nvidia Corp. fell in late trading after warning that new rules governing the export of artificial intelligence chips to China may affect hundreds of millions of dollars in revenue, and Bed Bath & Beyond stock tanked over 20% after its latest press release.
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In the latest Netflix viewing, the streaming giant poaches Snap Inc's top executives to lead its advertising sales team. Ryanair remains 'hopeful' of profit returning to pre-COVID levels, while HP is still struggling with a post-pandemic PC hangover.
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Keeping you up to date on supply shortages, Toyota Motor Corp.’s global output sank for the fourth straight month as the semiconductor drought hurt production. Shares of Plug Power surged as much as 14.7% after Amazon.com agreed to supply enough Green Hydrogen to run 30,000 forklifts and DELL exits Russia.
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Both Nvidia Corp. and Salesforce Inc. gave disappointing forecasts in their latest earnings reports, while Microsoft's Phil Spencer sees progress toward Activision deal approval.
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In a whistleblower complaint, former security chief Peiter Zatko accuses Twitter of misleading federal regulators about its defenses against hackers and spam accounts. Elsewhere, JPMorgan sees the S&P 500 hitting 4,800 by the end of 2022, while HBO Max scraps six upcoming projects as the cost-cutting frenzy continues.
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Zoom on Monday, cut its annual profit and revenue forecasts, while Ford Motor said it will cut a total of 3,000 salaried and contract jobs. Turning meme stock news, AMC Entertainment Holdings' shares tumbled nearly 30% after UK-based Cineworld's warning of a possible bankruptcy spooked investors.
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Asset manager BlackRock warned the U.S. Securities and Exchange Commission this week that its proposed rules aimed at fighting "greenwashing" by fund managers will confuse investors. Over at General Motors, the company is reinstating its dividend at a sharply reduced level, while UnitedHealth Group, Amazon, CVS Health, and Option C Health are all competing to acquire Signify Health.
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In the latest earnings reports, Cisco Systems gave a positive forecast for first-quarter sales, while Target is betting heavily on a dramatic financial comeback the rest of this year. Elsewhere, IBM Spinoff Kyndryl Is Betting on Amazon, Microsoft, and Google for Growth.
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Walmart Jumps Most Since 2020 After Tempering Gloom Over Profit and according to experts, 3M Faces $100 Billion in Losses From Veterans' Earplug Suits. We wrap the news broadcast up with Meme stock Bed Bath & Beyond, which soared 60% after investor Ryan Cohen's latest bet.
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