Home » Top Business News Stories Tuesday, October 25 – Bitcoin (BTC/USD), Ethereum (ETH/USD)

Top Business News Stories Tuesday, October 25 – Bitcoin (BTC/USD), Ethereum (ETH/USD)

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benzinga

Tesla Bull Lowers Price Target: Geopolitical Issues and US-China Economic Ties Keep Shares Unsettled

  • Tesla Inc. TSLA Shares are under pressure due to the soft patch the company is witnessing amid tough economic and geopolitical conditions.
  • Morgan Stanley The analyst and the Tesla bull Adam Jonas It lowered its price target on Tesla stock from $350 to $330, but maintained its Overweight rating and continued to position the name as a core holding.

Elon Musk’s affair with Dogecoin continues as Twitter considers cryptocurrency wallet

  • Twitter Inc. TWTR Security researchers are reportedly working on a cryptocurrency wallet that supports cryptocurrency deposits and withdrawals. Jane Wong.
  • The social media platform recently launched a feature called “Tips”. This allows users to link third-party payment services and post their own opinions. Bitcoin (BTC/USD) or ethereum Add an (ETH/USD) wallet to your account and allow your followers and supporters to tip their cryptocurrencies.

Amazon succeeds in reversing coalition tides to its advantage

  • Amazon.com, Inc. AMZN A worker at a company’s warehouse in Southern California who supported joining a union.
  • According to the National Labor Relations Board, the union has withdrawn its petition for an election at a warehouse in Moreno Valley, California.
  • The Moreno Valley facility, called ONT8, is a key hub for Seattle-based e-commerce companies that rely heavily on imports from the ports of Los Angeles and Long Beach.

Novartis records quarterly sales decline of 4%, reinvigorating Sandoz earnings outlook

  • Novartis AG NVS reported core EPS of $1.58 in the third quarter of fiscal 2022, compared with $1.71 a year ago, above consensus of $1.57.
  • Net sales of $12.54 billion were down 4% year over year and up 4% on a constant currency (CC) basis, missing the consensus of $12.99 billion.
  • Operating income was $2.2 billion (-33%, -23% cc). This was primarily due to higher impairment charges ($0.5 billion) and higher restructuring charges ($0.4 billion).

AstraZeneca’s Fasenra fails late-stage trial in patients with esophageal inflammation

  • AstraZeneca AZN presents topline data from the MESSINA Phase 3 study Fasenra (benralizumab) in patients aged 12 years and older with eosinophilic esophagitis (EoE).
  • The data showed that Fasenra did not meet one of its two primary endpoints.

GE’s third-quarter earnings fall short of expectations, plans to restructure Vernova division

  • General Electric Company GE reported third-quarter 2022 adjusted revenue of $18.4 billion, up 7% organically, and GAAP total revenue of $19.1 billion, with consensus of $18.72 billion.
  • Total orders were $20 billion, down 9% year-over-year, down 7% on an organic basis.
  • Adjusted EPS was $0.35, down from $0.53 a year ago and the consensus $0.50.

UPS Posts Third Quarter Earnings In A Mixed Bag With Higher Shipping Rates.Stick to annual guidance

  • United Parcel Service Co., Ltd. UPS reported third-quarter 2022 revenue of $24.2 billion, +4.2% year-on-year, just below consensus of $24.42 billion.
  • Adjusted EPS improved 10.3% year-over-year to $2.99, above consensus of $2.87.
  • Consolidated operating income was $3.1 billion, up 7.5%, up 6% on an adjusted basis.

Impairment charges weigh heavily on HSBC’s third quarter earnings

  • HSBC Holdings plc HSBC has appointed Georges Elhedery as its new Chief Financial Officer effective January 1, 2023.
  • Greg Guyett has been appointed Chief Executive Officer of Global Banking and Markets, effective immediately.
  • The bank reported an after-tax profit of $2.56 billion, down from $4.24 billion a year ago, while pre-tax profit declined to $3.1 billion from $5.4 billion.
  • The results included a $2.4 billion impairment charge related to the reclassification of the French retail banking business to held-for-sale, a net charge for expected credit losses and other credit impairment charges.

wall street journal

Warner Bros. Discovery Sees Up To $4.3 Billion In Restructuring From Deal With Discovery AT&T

  • Warner Bros. Discovery, Inc. WBDMore Post-merger cost-cutting efforts could result in pre-tax restructuring charges of $3.2 billion to $4.3 billion through 2024. Discovery Co., Ltd. When AT&T’s T. warner media unit.
  • New management struggled to deliver on promises of $3 billion in cost savings from the merger.

Juul Seeks Potential Relief With Investments From Top Investors

  • Altria Group Inc. mo-supported Joule Lab Co., Ltd. It is reportedly in talks with top-tier investors, including Nick Pritzker and Riaz Valani. They are considering putting money into a company that may avoid filing for bankruptcy.
  • Pritzker and Valani are early investors in Juul, longtime directors, and one of the company’s largest shareholders.

bloomberg

FTC fines Uber delivery company CEO for data hack

  • of Federal Trade Commission Punished Alcohol Delivery Company Drizzly Co., Ltd. CEO Cory Rellas for alleged security breaches related to a 2020 data breach that exposed the personal information of 2.5 million consumers.
  • The proposed order obliged Drizly, a subsidiary of Drizly Uber Technologies Inc. uberdiscard unnecessary data and limit the information the Company can collect and retain.
  • In 2020, Drizly admitted that hackers obtained some customer data.

financial times

Taiwan Semiconductor’s Numero Uno Position Hits This Key Obstacle

  • Taiwan Semiconductor Manufacturing Company Limited TSM CEO CC Wei grimaced when his presentation at a recent tech symposium reflected its poor performance.
  • Wei’s presentation showed that even shrinking the chip even further, creating circuits about 1/4 billionth of a meter wide, only improved performance by 2%.
  • “Relying on transistors alone is no longer sufficient to meet our demands today. [the requirements of] It’s a product that you design,” said Wei.

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