Benzinga - by Vandana Singh, Benzinga Editor.
Benzinga
Why Facebook News is Shutting Down in Europe: What It Means for Users?
- Meta Platforms Inc (NASDAQ: META) announced a significant development regarding Facebook News in the U.K., France, and Germany. The dedicated news tab on Facebook, known as Facebook News, will cease to exist in early December.
- The move is part of Meta's ongoing effort to prioritize features that users express interest in, like short-form videos, to maintain its competitive edge versus TikTok.
- Warner Bros. Discovery Inc (NASDAQ: WBD) stock is trading lower Tuesday as the company disclosed that CEO David Zaslav expects to discuss, among other topics, the impacts of the ongoing WGA and SAG-AFTRA strike at an investor conference on September 6, 2023.
- The company's August 3, 2023, earnings call guidance reflected a resolution of the strikes by early September.
- Semiconductor giant Qualcomm Inc (NASDAQ: QCOM) said it will provide enhanced multi-media and in-car infotainment systems to luxury automakers, including BMW (Bayerische Motoren Werke ADR) (OTC: BMWYY) and Mercedes Benz Group AG (OTC: MBGYY).
- As a part of the companies' continued technology collaboration, Snapdragon Digital Chassis Solutions are designed to help bring the latest in-vehicle technology and features to the new 2024 Mercedes-Benz E-Class Sedan.
- Alibaba Group Holding Limited's (NYSE: BABA) stock is trading lower Tuesday in line with the broader indexes IShares China Large-Cap ETF (FXI) and KraneShares Trust KraneShares CSI China Internet ETF (KWEB) amid reports of China's services activity growing at the slowest pace in eight months in August.
- The company's cloud division explored private fundraising from Chinese state-owned enterprises before its public listing in Hong Kong.
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Samsung Becomes Tesla Cars' Eyes As It Will Now Supply Camera Modules To Elon Musk's EV Company- Samsung Electronics Co Ltd (OTC: SSNLF) has a major new win in its bag – after winning a contract to supply chips to Elon Musk's Tesla Inc (NASDAQ: TSLA), the Korean conglomerate will now supply camera modules as well.
- Samsung has won a contract to supply camera modules to a US electric vehicle company, likely Tesla.
- The Tesla Model S, X, Y, and 3 are expected to be equipped with Samsung's camera modules.
- Manchester United Ltd (NYSE: MANU) shares are trading lower Tuesday following reports that the company will no longer seek to sell the club.
- A source with ties to the family reportedly said negative fan reactions won't influence the owners. Manchester United fans have pushed for a sale for quite some time. The company's board commenced exploring strategic alternatives for the club last November and the company's owners have been reviewing offers from multiple potential buyers since.
- Airbus SE (OTC: EADSY) and Air France-KLM (OTC: AFLYY) (OTC: AFRAD) Air France Industries KLM Engineering & Maintenance have entered exclusive negotiations to establish a joint venture to provide Airbus A350 component maintenance services worldwide.
- Under the JV pact, Air France and Airbus will transfer aircraft components assets belonging to both partners into the joint venture's pool.
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Novo Nordisk's Weight Loss Drug Wegovy In Short Supply, Yet Goes Ahead With UK Launch- On Monday, Novo Nordisk A/S (NYSE: NVO) introduced its popular weight loss drug Wegovy (semaglutide injection) in the U.K., making it accessible through the National Health Service (NHS) weight management scheme for free prescriptions and in the private market.
- However, the company has acknowledged that supply constraints will persist in the foreseeable future.
- Some doctors express discomfort about Wegovy's private availability when substantial demand exists within the NHS.
Financial Times
Renault's Electrifying Leap - Ampere IPO Could Hit $10.8B Valuation
- Renault SA's (OTC: RNLSY) (OTC: RNSDF) CEO Luca de Meo reportedly said its new electric vehicle division Ampere could bring an initial public offering worth up to €10 billion ($10.75 billion) when it floats in the first half of 2024.
- The exact pricing of Ampere's initial public offering has yet to be confirmed.
CNBC
WhatsApp's Transformation - From Messaging Giant to Monetization Challenge
- It's been nearly a decade since Mark Zuckerberg, the founder of Facebook, now rebranded Meta Platforms Inc (NASDAQ: META), revealed the $19 billion deal to acquire the popular messaging app WhatsApp, known for its small-scale business operations.
- Unlike Instagram, WhatsApp does not feature advertisements, an essential aspect of Zuckerberg's primary business model.
- On Friday, Judge Thomas Rose, serving in the U.S. District Court for the Southern District of Ohio, opted to step down from the case on the same day the Revolving Door Project, a nonprofit organization, revealed his ownership of stocks in Johnson & Johnson (NYSE: JNJ) and AstraZeneca Plc (NASDAQ: AZN).
- Judge Rose, appointed during President George W. Bush's tenure, holds stocks valued between $15,000 and $50,000 in J&J and shares in AstraZeneca worth up to $15,000.
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Reuters
Chevron Faces Strike At Its Australian LNG Facilities
- Chevron Corp (NYSE: CVX) Gorgon and Wheatstone liquefied natural gas (LNG) projects (account for over 5% of global LNG capacity) in Australia are likely to face turmoil as workers plan a strike for two weeks from September 14.
- The report quoted the union alliance saying, "The Offshore Alliance is escalating protected industrial action to demonstrate that our bargaining negotiations are far from 'intractable.'
- Barclays PLC (NYSE: BCS) is reportedly mulling the sale of a stake in the U.K. merchants' payment processing unit as the bank is seeking a partner to boost the business.
- The business could be worth at least £2 billion ($2.5 billion), based on an EBITDA of about £300 million and similar deals.
Wall Street Journal
Johnson & Johnson's Growth Strategy Post Tylenol Parent Kenvue Split: Paving the Way for Medical Innovation
- Johnson & Johnson (NYSE: JNJ) is gearing up to use the proceeds from the recent separation of its consumer-health segment Kenvue Inc (NYSE: KVUE) to bolster its growth in pharmaceuticals and medical technology.
- This growth strategy could encompass new acquisitions, enhancement of product offerings, and a deeper dive into robotics.