Meta Criticized For Providing Extra Protection To Certain Users, Twitter HQ Bedrooms Under Regulatory Scrutiny, Juul Settles Over 5,000 Lawsuits: Top Stories Wednesday, Dec. 07

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Microsoft Announces '10-Year Commitment' To Bring 'Call Of Duty' To Nintendo Consoles

• Microsoft Corporation (NASDAQ:MSFT) (NASDAQ: MSFT) has announced a 10-year deal to bring 'Call of Duty' to Nintendo (OTC: NTDOY) consoles following the acquisition of Activision Blizzard (NASDAQ:ATVI) (NASDAQ: ATVI).
• Xbox chief Phil Spencer took to Twitter to share the news about Microsoft's new deal.
• In a subsequent tweet, Spencer said that "Microsoft has committed to continue to offer Call of Duty on Steam simultaneously to Xbox after we have closed the merger with Activision Blizzard King."

• Meta Platforms Inc (NASDAQ: META) faced the heat from the company-appointed oversight board for policies that treat users unequally.
• The oversight board published its policy advisory opinion on Meta's 'cross-check' program, saying they found "several shortcomings."
• The board stated that Meta's cross-check program is structured to satisfy business concerns. "By providing extra protection to certain users," the cross-check program allows violating content on Facebook and Instagram to remain, which would otherwise be removed quickly.

• U.S. District Judge Robin Rosenberg in Florida has dismissed about 50,000 claims associated with GSK Plc (NYSE: GSK), Pfizer Inc (NYSE:PFE) (NYSE: PFE), Sanofi SA (NASDAQ: SNY), and Boehringer Ingelheim, claiming that the heartburn drug Zantac caused cancer, as a judge found the claims were not backed by solid science.
• The move does not directly affect tens of thousands of similar cases pending in state courts around the country.
• The first state trial is currently scheduled to begin in February in California.

Bloomberg

Elon Musk Conceived Twitter HQ Bedrooms Draw Regulatory Scrutiny

• Elon Musk blasted San Francisco Mayor London Breed for investigating Twitter Inc (NYSE:TWTR) for setting up bedrooms at its headquarters.
• Musk called the attack unfair as it was "providing beds for tired employees."
• Twitter recently turned several conference rooms at the office into makeshift bedrooms, complete with furniture like bedside tables and armchairs.

• Apple Inc (NASDAQ:AAPL) (NASDAQ: AAPL) CEO Tim Cook eyed building chips in the U.S. for the first time in nearly a decade to reduce dependence on international territories.
• Cook said Apple would expand its relationship with crucial supplier Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) at a TSMC facility under construction in Phoenix.
• Cook voiced his plans to deepen relations with its existing supplier when the U.S. factory opens in 2024 and as TSMC forms new and deeper roots in America.

• Murata Manufacturing Inc (OTC: MRAAF) (OTC: MRAAY) expects Apple Inc to curtail iPhone 14 production further in the coming months because of weak demand.
• "Judging by handset availability in stores, I see a downward revision happening," Murata President Norio Nakajima said in an interview. "I hope that it won't be too deep."
• Nakajima's comments reflect slowing consumer spending due to rising interest rates, elevated inflation, and sputtering economic growth.

Reuters

Taiwan Semiconductor Projects $10B In Revenue From Arizona Plant

• Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) expects $10 billion in annual revenue from Arizona chip plants.
• TSMC eyed a second chip plant in Arizona and tripled its initial investment to $40 billion.
• The first chip fabrication facility, or fab, will be operational by 2024. The second facility nearby will make the most advanced chips currently in production, called "3-nm," by 2026.
• Liu said the two plants would create 13,000 high-paying tech jobs, including 4,500 under TSMC.

• U.S. lawmakers refused to add an extension to an annual defense bill to exempt Boeing Co (NYSE: BA) from a year-end regulatory change for 737 Max 7 and Max 10 versions of aircraft.
• There is a slim chance the defense bill could be changed before final passage, and Boeing is still attempting to convince lawmakers. Reuters sources reported that the issue may slip into 2023.

• BlackRock Inc (NYSE:BLK)'s (NYSE: BLK) Chief Financial Officer Gary Shedlin said the company is putting a stop to hiring and reducing expenses during a financial conference hosted by Goldman Sachs.
• "We're trying to be a little more prudent," he said, adding that these measures will put BlackRock in a better position next year, Reuters reported.
• Shedlin added that BlackRock witnessed some weakness in retail mutual funds, with some short-term performance challenges.

• Toyota Motor Corp's (NYSE: TM) leasing unit KINTO will offer software updates for safety on its new car, Prius.
• The customers will be required to choose a service through the program, slashing the monthly lease payments by 10%.
• Through this initiative, Toyota plans to cut lease prices and conserve used-car values in Japan.

Wall Street Journal

Macro Conditions Engulf BuzzFeed, To Downsize 12% Workforce

• BuzzFeed Inc (NASDAQ: BZFD) disclosed plans to downsize 12% of its workforce as worsening economic conditions and challenges in the digital-media business weighed on its business.
• The cuts will impact just under 180 employees, primarily across sales, tech, studio production, BuzzFeed.com, and Complex Networks.
• "In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure," CEO Jonah Peretti wrote.

• Partly owned by Altria Group (NYSE:MO) Inc (NYSE: MO), Juul Labs reached settlements with about 10,000 plaintiffs covering more than 5,000 cases in California. Juul did not disclose the settlement amount.
• The company has obtained equity investment to fund it.
• Juul's CEO's letter said the settlement "addresses the vast majority of outstanding litigation facing our company."

CNBC

Morgan Stanley (NYSE:MS) Layoff 2% Of Its Employees Due To Slowing Business

• Morgan Stanley (NYSE: MS) has trimmed its workforce by about 2%, affecting around 1,600 positions.
• CNBC first reported the job cuts. The move follows workforce reductions at Goldman Sachs Group Inc (NYSE:GS) (NYSE: GS) and Citigroup Inc (NYSE: NYSE:C).
• According to a quarterly filing, the bank had more than 81,000 employees worldwide as of Sept. 30.

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