Elon Musk-Backed Neuralink Starts Participant Enrollment For Paralysis, Eli Lilly Cracks Down on Counterfeit Weight Loss Drugs, Meta Looks to Capitalize on India's In-App Payment Surge: Today's Top Stories

Benzinga - by Vandana Singh, Benzinga Editor.

Benzinga

Elon Musk-Backed Brain Implant Firm Neuralink Starts Participant Enrollment In Brain Implant Human Trial For Paralysis

• Elon Musk's brain-computer interface company, Neuralink, has initiated recruiting its first test subjects for human trials aimed at assisting individuals with paralysis in controlling devices.
• Neuralink announced that it has obtained approval from an independent institutional review board and the initial hospital site, enabling the commencement of recruitment for its first-in-human clinical trial known as "The PRIME Study" (Precise Robotically Implanted Brain-Computer Interface).

• The FDA issued a Complete Response Letter regarding ARS Pharmaceuticals Inc's (NASDAQ: SPRY) New Drug Application (NDA) for neffy (epinephrine nasal spray) in the treatment of Allergic Reactions (Type I), including anaphylaxis (fatal allergic reaction) for adults and children ≥30 kg.
• ARS Pharma's Neffy is to be an alternative to EpiPen and other autoinjectors like Sanofi SA's (NASDAQ: SNY) Auvi-Q filled with epinephrine.

• Eli Lilly And Co (NYSE: LLY) has taken legal action against ten entities in the U.S., including medical spas, wellness centers, and compounding pharmacies, alleging that they have been selling unauthorized, less expensive versions of its diabetes drug, Mounjaro (tirzepatide).
• Eli Lilly has lodged four distinct lawsuits in federal courts in Florida and Texas. These lawsuits aim to obtain court orders that prevent Better Life Pharmacy, ReviveRX, Rx Compound Store, and Wells Pharmacy Network from marketing tirzepatide and seek unspecified monetary damages.

• General Mills Inc (NYSE: GIS) reported first-quarter FY24 sales growth of 4% year-on-year to $4.90 billion, beating the analyst consensus of $4.88 billion. Adjusted EPS of $1.09 topped the consensus of $1.08.
• Outlook: General Mills reaffirmed its FY24 organic sales growth outlook of 3% - 4%.

• Boeing Co (NYSE: BA) has anticipated that China will require 8,560 new commercial airplanes through 2042.
• The company arrived at the figure considering the possible economic growth well above the global average and increasing demand for domestic air travel.

• Following the sizzling debut of its Burberry Goddess scent and other blockbuster releases, Coty Inc (NYSE: COTY) has confidently amped up its FY24 forecasts.
• The company is now expecting core LFL sales growth in the first half of FY24 of +10-12% (prior view: +8-10%).

Wall Street Journal

Tobacco Giant Philip Morris Rethinks Pharma Dive, Mulls Vectura Stake Sale Amid Challenges

• Philip Morris International Inc (NYSE: PM) is reportedly mulling to sell a stake in its U.K.-based Vectura pharmaceuticals unit.
• The tobacco company is searching for a new partner to make the business work, possibly by selling a majority or minority stake.

• Goldman Sachs Group Inc (NYSE: GS) is reportedly in advanced talks to divest its specialty lender, GreenSky, to a consortium of investment firms.
• The consortium includes Sixth Street, Pacific Investment Management and KKR & Co Inc (NYSE: KKR).
• If a deal is reached, it is expected to be of $500 million worth, which is less than one-third of what Goldman paid for the business just a year and a half ago.

Financial Times

WhatsApp's Payment Revolution: Meta Looks to Capitalize on India's In-App Payment Surge

• Millions of WhatsApp users in India can now make in-app payments for products and services, a move by parent company Meta Platforms Inc (NASDAQ: META) to boost revenue from the messaging service in one of its largest markets.
• Businesses can accept payments through credit and debit cards, WhatsApp Pay, and India's digital payments network UPI.
• Meta will likely benefit from increased business engagement on WhatsApp, as companies pay to message their customers.

Bloomberg

Antitrust Trial Exposes Google's Battle Against Amazon for Advertising Supremacy

• Amid a federal antitrust trial, Jerry Dischler, Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google's VP for advertising products, expressed concerns about the company's market share.
• He admitted that Google's search ads were no longer necessary for advertisers and highlighted increasing competition from newcomers like TikTok and Amazon.Com Inc (NASDAQ: AMZN).

• Unions representing Apple Inc (NASDAQ: AAPL) Store employees in France demand a 7% pay increase during the iPhone 15 launch, coinciding with the new model's release. The group of unions includes CGT, Unsa, CFDT, and CFTC.
• They argue that this raise is essential to counter inflation. Apple France has offered a 4.5% pay increase in response to the demand.

• Ford Motor Co (NYSE: F) reportedly said the process of the electric car transition could suffer a setback if the U.K. government keeps delaying the petrol and diesel car sales ban.
• The development comes as the U.K. Prime Minister considers rolling back some green-energy policies, including a possible five-year delay to the planned ban on petrol and diesel car sales by 2030.

• During the annual Innovation conference, Intel Corp's (NASDAQ: INTC) CEO, Pat Gelsinger, emphasized the significance of Intel's technology in the burgeoning artificial intelligence (AI) computing industry.
• He believes that AI's impact will extend beyond data centers to areas like personal computers, revitalizing the PC market.

• Meta Platforms Inc's (NASDAQ: META) Twitter-like app, Threads, is facing flak for blocking standard search terms, limiting its usefulness. Users searching for words like "Covid," "vaccines," or even "sexual assault" on the platform receive no results.
• The lack of results raised concerns about Threads' ability to provide real-time information and cater to diverse discussions.

Reuters

Huawei's HiSilicon Bypasses Export Controls, Posing Competition to Apple and Nvidia with Surveillance Chip Shipments

• In a notable development, a unit of Huawei Technologies Co, Ltd has begun shipping surveillance camera chips, signaling the company's ability to navigate around four years of stringent U.S. export controls.
• These shipments from Huawei's HiSilicon chip design unit commenced this year, potentially impacting the market, with some of the customers being Chinese.

• Australia's Qantas Airways Ltd (OTC: QABSY) former CEO Alan Joyce reportedly saw a significant increase in his pay, rising by 872% in FY23, as he cashed in long-term incentives upon retiring.
• This substantial increase was primarily due to years' worth of long-term incentives that Joyce cashed in as they vested.

CNBC

Stock Trading Feature For iPhones? A Financial Service Apple And Goldman Sachs Almost Delivered

• Apple Inc's (NASDAQ: AAPL) plans to introduce a stock trading feature for iPhone users were reportedly in the works as equities surged in 2020, aligning with the rise of trading apps like Robinhood Markets Inc (NASDAQ: HOOD) Robinhood.
• While details of the project have emerged, it was put on hold last year due to market downturns.

• Pinterest, Inc (NYSE: PINS) stock traded higher Wednesday, maintaining the Tuesday rally after executives announced their anticipated accelerated year-over-year revenue growth following a slowdown in 2022 and 2023.
• During its first investor day, the company projected a compound annual growth rate in the mid to high teens over the next three to five years, a significant increase compared to the previous guidance of high single-digit growth in the third quarter.

Read the original article on Benzinga