CNN Taps Former New York Times Exec Mark Thompson Help Ratings, YouTube Rolls Out Hum-to-Search Feature, Customers Allege Burger King Whoppers 35% Smaller Than Advertised: Today's Top Stories

Benzinga - by Vandana Singh, Benzinga Editor.

Benzinga

CNN Gets A New Chief - Can Former New York Times Exec Mark Thompson Help CNN Ratings?

• Warner Bros. Discovery Inc (NASDAQ: WBD) reached a decision to appoint Mark Thompson, previously a senior executive at both the New York Times and the BBC, as the next leader of CNN.
• Following a period of upheaval and changes in leadership, Thompson's appointment as CEO could be a strategic move to combat CNN's prolonged ratings decline.

• Hyundai Motor Co., Ltd. (OTC: HYMTF) (OTC: HYMLF) inked a memorandum of understanding with Korea Zinc, aiming for a comprehensive collaboration across the nickel value chain in making electric car batteries.
• As part of the collaboration, HMG Global, an overseas joint venture established collaboratively by Hyundai Motor, Kia Motors Corp (OTC: KIMTF), and Hyundai Mobis, plans to acquire a 5% stake in Korea Zinc for around $399 million.

• Toyota Motor Corp (NYSE: TM) said its total global production increased 10% in July to 918,347 vehicles, including subsidiaries Daihatsu Motor Co and Hino Motors Ltd.
• Worldwide sales, including subsidiaries, grew 5.2% to 918,345 units.
• For Toyota, July's global production rose 14.6% to 809,400 vehicles, and sales improved 7.8% to 859,506 vehicles.

• JetBlue Airways Corp (NASDAQ: JBLU) disclosed a new daily non-stop flight from New York to Amsterdam to boost its presence in the transatlantic region.
• As an introductory offer, JetBlue offered limited roundtrip fares for U.S.-originating and Netherlands-originating travelers.
• The move follows the airline's successful launch of London flights in August 2021 and Paris in June 2023.

New York Post

Humm The Song To Search on YouTube - Alphabet Rolls Out Hum-to-Search Feature

• Last week, Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google shared plans to trial a brand-new feature for a smoother song-searching experience on YouTube.
• Android users can search for songs on YouTube by humming or singing under the new feature.
• Users in the beta group can toggle the new feature from YouTube's voice search and "hum or record the song you're searching for three or more seconds."

Financial Times

Amazon Under Scrutiny: FDA Highlights Unapproved Drug Sales, Third Strike in a Year

• The U.S. Food and Drug Administration slammed Amazon.Com Inc (NASDAQ: AMZN) for listing "unauthorized" drugs on its platform.
• In a letter to CEO Andy Jassy, the FDA highlighted the sale of medications to treat molluscum contagiosum, a skin lesion-causing condition.
• The FDA identified Amazon's distribution of four such products via third-party sellers despite no sanctioned over-the-counter treatments for this condition.

Wall Street Journal

US Steel's Bid Review Buzz: Evaluates Confidential Buyout Offers

• United States Steel Corp (NYSE: X) has reportedly engaged in confidentiality agreements with several interested parties and has begun sharing due diligence information.
• This strategic move comes as U.S. Steel evaluates bids for the entire company or specific parts of its operations.
• In a letter addressed to shareholders, Chief Executive David Burritt and Chairman David Sutherland highlighted the company's receipt of "multiple unsolicited proposals."

Reuters

Walmart's Mixed Messages: Wage Increases Followed by Voluntary Pay Cuts for Pharmacists

• Walmart Inc (NYSE: WMT) is reportedly asking some of its 16,000 pharmacists across the U.S. to take voluntary pay reduction.
• The company aims to lower costs by reducing the working hours.
• Walmart said that the hours reduction reflects dropoff in demand for drugs during the summer and requests from pharmacists for a better work-life balance.

• A recent legal case involving Burger King has taken a significant turn as a U.S. District Judge, Roy Altman, rejected Burger King's attempt to dismiss a lawsuit alleging that the fast-food chain deceived customers by portraying its Whopper sandwich as larger than it truly is.
• In the proposed class action, the customers accused Burger King of showcasing burgers on their menu with overflowing ingredients that create an illusion of being 35% larger and having more than double the meat content compared to what is actually served.
• In his recent decision, Judge Altman also permitted the customers to pursue claims based on negligence and unjust enrichment.

• Chevron Corporation (NYSE: CVX) has reportedly evacuated staff from three U.S. Gulf of Mexico oil production platforms to protect from Hurricane Idalia. Chevron removed all staff from its Genesis platform.
• However, the company withdrew only the non-essential workers from its Blind Faith and Petronius platforms. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities.

Earnings

Beaten Down Specialty Home Goods Retailer Conn's Modifies Store Expansion Plans for FY24 After Mixed Q2 Performance

• Conn's Inc (NASDAQ: CONN) reported a second-quarter FY24 revenue decline of 11.5% year-over-year to $306.9 million, missing the consensus of $308.2 million. Adjusted EPS loss of $(1.39) beat the consensus loss of $(1.53).
• Retail revenues decreased by 12% Y/Y, primarily driven by a decrease in same-store sales.

• PVH Corp (NYSE: PVH) reported second-quarter FY23 sales growth of 4% year-on-year to $2.21 billion, beating the analyst consensus of $2.19 billion.
• The increase was driven by growth in the Tommy Hilfiger and Calvin Klein businesses and included strong performance in the company's international businesses, particularly in the Asia Pacific region.
• Adjusted EPS of $1.98 beat the analyst consensus of $1.75.
• Outlook: PVH continues to see FY23 revenue increase of 3%-4%.

Read the original article on Benzinga