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Elon Musk Plans Next Starship Launch Within Just 2 Months After Failed Debut
- SpaceX CEO Elon Musk on Saturday said that Starship could be ready to launch again in 1 to 2 months.
- Starship can be ready to launch again in 1 to 2 months post-repairs of damage at the Starbase launch site, said Elon Musk in a Twitter reply on Saturday. Musk was responding to Eric Berger, Senior Space Editor at tech publication Ars Technica.
- Berger noted in his tweet that a former senior SpaceX employee told him that the damage at Starbase in Boca Chica following the first launch test of Starship could be repaired and a flame diverter installed in 4 to 6 months.
- Eli Lilly And Co (NYSE: LLY) will divest Baqsimi, its nasal treatment for severe hypoglycemia in people with diabetes.
- California-based Amphastar Pharmaceuticals Inc (NASDAQ: AMPH) will buy it for $500 million in cash, another $125 million at the one-year mark, and up to $450 million in sales-based milestones.
- The rescue treatment was launched by Lilly in 2019 and generated $139.3 million in sales last year, the company said, and is available in 27 countries.
- Koninklijke Philips N.V. PHG shares are up Monday premarket following its first-quarter FY23 results. It reported a first-quarter comparable sales growth of 6% year-on-year to €4.2 billion, mainly driven by the Diagnosis & Treatment businesses.
- Philips Respironics has produced more than 95% of the new replacement devices and repair kits required for the remediation of the registered devices.
- Philips Respironics earmarked €575 million related to the anticipated resolution of the Respironics recall-related economic loss class action in the U.S.
- Coca-Cola Co (NYSE: KO) shares are up Monday morning following its Street-beating first-quarter performance. The company also revealed confidence in its ability to deliver on 2023 objectives.
- KO reported first-quarter FY23 sales growth of 5% year-on-year to $10.98 billion, beating the consensus of $10.80 billion.
- Adjusted EPS of $0.68 beat the analyst consensus of $0.64.
- Gross profit rose 4% to $6.6 billion with a profit margin of 60.7%.
Reuters
Jeff Shell Steps Down As CEO Of NBCUniversal Following Confession Of 'Inappropriate Relationship'
- Jeff Shell exited as the CEO of NBCUniversal, a Comcast Corporation (NASDAQ: CMCSA)-owned company, with immediate effect.
- Shell said Sunday, "I had an inappropriate relationship with a woman in the company, which I deeply regret," reported Reuters.
- "I'm truly sorry I let my Comcast and NBCUniversal colleagues down."
Financial Times
British Chip Designer Arm Seeks Manufacturing Partners To Develop New Advanced Chip, Spark Fear In Competitors
- Softbank Group Corp (OTC: SFTBF) (OTC: SFTBY) owned British chip designer Arm Ltd is developing its chip to drive profits and attract investors to a U.S. initial public offering.
- Arm proposes collaborating with manufacturing partners to develop the new chip.
- Arm, which traditionally sells its blueprint designs to chip manufacturers, expects the prototype to demonstrate the power and capabilities of its designs to the broader market.
- The White House urged South Korea not to fill any market gap in China if Beijing bans Micron Technology Inc (NASDAQ: MU) from selling chips.
- The U.S. has asked Seoul to encourage Samsung Electronics Co Ltd (OTC: SSNLF) and SK Hynix to hold back from boosting sales to China if it bans Micron from selling under an ongoing investigation.
Bloomberg
LVMH Market Value Exceeds $500B; First European Company To Hit The Milestone
- LVMH-Moet Hennessy Louis Vuitton (OTC: LVMHF), the French fashion giant, has become the first European company to surpass the $500 billion market value.
- After reopening from pandemic lockdowns and strength in Euro, the company's thriving sales in China helped it achieve this milestone.
- The positive news comes less than two weeks after LVMH became one of the ten biggest companies globally.
- A slow and erratic recovery from the pandemic recession and competition from rivals PDD Holdings Inc (NASDAQ: PDD) and ByteDance Ltd prompted estimate cuts from the likes of Goldman Sachs Group Inc (NYSE: GS) and UBS Group AG (NYSE: UBS). Analysts now expect JD.Com, Inc's (NASDAQ: JD) revenue growth to slow to 5.8% in 2023 from 10% in 2022, well below a projected gain of 28% for PDD.
- "Investors who want to do some rebalancing within the Chinese tech sector would choose to long Alibaba Group Holding Limited (NYSE: BABA) or Tencent Holding Ltd (OTC: TCEHY) to bet on a sharper business turnaround," said Kenny Wen, head of the investment strategy at KGI Asia Ltd.
Wall Street Journal
Johnson & Johnson Unleashes Kenvue: Tylenol to Neutrogena, $40B Revenue Unit Spinoff Preps for IPO Blitz
- Johnson & Johnson (NYSE: JNJ) is reportedly readying an investor roadshow to pitch shares of its consumer-healthcare spinoff business, dubbed Kenvue, as early as Monday.
- Kenvue plans to start meeting with prospective investors with a goal to raise over $3.5 billion in the offering at a valuation of about $40 billion for Kenvue, its soon-to-be spun-off consumer business, which sells products like Tylenol, Band-Aids, and skin-care brands like Aveeno and Neutrogena.
- In 2022, the division generated $14.95 billion, around 15% of JNJ's total revenues.
TechCrunch
Walmart Owned Indian Fintech PhonePe Eyes App Store, Compete With Google Play In Dominated Region
- Walmart Inc (NYSE: WMT) backed Indian fintech firm PhonePe is preparing to launch a dedicated app store for Android users in India.
- The app store, designed to offer hyper-localized services based on customer context, aims to assist developers with "high-quality" user acquisition through multilingual solutions.
- The app store will offer a "premiere experience for millions of users with high-quality advertisements and custom targeting," support for 12 languages, and 24×7 live chat.
CNBC
Walmart Divests Plus-Size Clothing Brand Eloquii For Undisclosed Sum
- Walmart plans to sell its plus-size fashion brand Eloquii Inc to FullBeauty Brands. The financial terms of the transaction were not disclosed.
- The retail giant acquired Eloquii in 2018 to boost its digital apparel brands.
- "Eloquii joined Walmart's portfolio of digitally native vertical brands to expand our Women's assortment in sizes 14+ and offer unique and differentiated products in an underserved but growing segment," a spokesperson for Walmart said.
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