Benzinga - by Vandana Singh, Benzinga Editor.
Bloomberg
Apple and Suppliers Face Unanticipated Sales Slump Despite New Launches
- In a surprising turn of events, Apple Inc (NASDAQ: AAPL) and its key suppliers in Taiwan are facing a significant sales slump despite the recent launch of the new iPhone and various Android devices.
- Taiwan Semiconductor Manufacturing Co (NYSE: TSM), the leading contract chipmaker, experienced a 13.4% sales drop, a figure that, while concerning, is better than initially feared.
- Arm Holdings Plc (NASDAQ: ARM), a leading British semiconductor firm, is facing a potential challenge in its largest market. Several of its critical former employees from its Chinese venture have founded a new chip design company, Borui Jingxin, with the support of the local government.
- This move comes after Arm raised $5 billion in an initial public offering.
Benzinga
Goldman Sachs Divests GreenSky Platform To Sixth Street-Led Consortium, Anticipates Earnings Impact In Q3
- Goldman Sachs Group Inc (NYSE: GS) plans to sell the GreenSky platform and associated loan assets to a consortium of institutional investors led by Sixth Street.
- Goldman did not disclose the selling price. Goldman is poised to absorb an instant blow to its third-quarter earnings as a direct fallout from the GreenSky transaction.
- The deal will result in a $(0.19) earnings per share impact on Goldman Sachs' Q3, expected next week.
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- OpGen Inc (NASDAQ: OPGN) stock is trading higher following two SEC filings from the precision medicine company.
- The company has received an advanced payment of €750,000 related to the sale of certain Unyvero A50 systems by Curetis to a strategic partner.
- OpGen also announced a Preferred Stock Purchase Agreement. It signed an agreement with a certain investor to acquire 1,000 shares priced at $1,000 each, with gross proceeds of $1 million.
Reuters
ChatGPT Parent OpenAI Aims At Budget-Friendly AI Innovations To Bring Down Costs
- ChatGPT parent OpenAI will showcase significant enhancements for developers in the coming month.
- These updates aim to reduce the cost and increase the speed of creating software applications, marking a strategic move to attract more businesses to integrate its AI technology.
- Introducing memory storage to developer tools is a pivotal update, promising a drastic cost reduction for application creators.
- Illumina Inc (NASDAQ: ILMN) reportedly said it will divest its controversial acquisition of Grail as expeditiously as possible if the life sciences company loses either of the final appeals in U.S. or European courts.
- Illumina is expected to get an order from EU antitrust later this week to sell Grail, which develops blood-based early cancer detection tests.
- Germany's federal drug regulator, BfArM, has warned pharmacies and drug distributors in response to discovering counterfeit batches of Novo Nordisk's (NYSE: NVO) diabetes medication, Ozempic.
- Last week, authorities in the southwestern city of Freiburg's vicinity disclosed the discovery of counterfeit Ozempic but withheld specific details to protect an ongoing investigation by prosecutors.
- According to BfArM, the counterfeit injection pens closely resemble the authentic ones in terms of packaging but can be easily distinguished when compared to the design of the original product.
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Earnings
Domino's Pizza Reports Q3 Earnings
- Domino's Pizza Inc (NYSE: DPZ) reported a third-quarter FY23 sales decline of 3.9% year-on-year to $1.03 billion, missing the analyst consensus of $1.05 billion.
- The revenue decrease was primarily due to lower supply chain and U.S. Company-owned store revenues. The decline in supply chain revenues was attributable to reduced market basket pricing to stores and lower order volumes.
- Domino's sees FY23 global net store growth to trend at or slightly below the low-end of its 5% to 7% two- to three-year outlook.
- Walgreens Boots Alliance Inc's (NASDAQ: WBA) Q4 FY23 sales increased 9.2% Y/Y to $35.4 billion, up 8.3% on a constant currency basis, beating the consensus of $34.82 billion.
- Adjusted EPS decreased 18% to $0.67, reflecting a 23.5% headwind from significantly lower COVID-19 vaccine and testing volumes, missing the consensus of $0.69.
- Walgreens Boots Alliance forecasts FY24 adjusted EPS of $3.20-$3.50 compared to the consensus Of $3.73, and down from $3.98 in FY23.
- Delta Air Lines Inc (NYSE: DAL) reported a Q3 FY23 adjusted operating revenue growth of 13% Y/Y to $14.55 billion and operating revenue of $15.49 billion, beating the consensus of $14.54 billion.
- Total passenger revenue was $13.1 billion, a 14% increase Y/Y. Cargo revenue decreased 36% Y/Y to $154 million.
- Delta Air Lines expects Q4 revenue growth of 9% - 12%, adjusted EPS of $1.05 - $1.30 versus $1.11 estimate and an adjusted operating margin of 9% - 11%.
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Infosys Reports Q2 Earnings- Infosys Ltd (NYSE: INFY) reported second-quarter revenue growth of 3.6% year-on-year to $4.72 billion, beating the consensus of $4.61 billion.
- Revenues in CC terms grew by 2.5% Y/Y and 2.3% Q/Q. TCV of significant deal win was $7.7 billion.
- FY24 Revenue Outlook: Infosys cuts expectations - expects revenue growth of 1.0% - 2.5% in constant currency (prior 1.0% - 3.5%) vs. consensus $18.71 billion.