Summary: The U.S. government's auto safety agency is investigating whether Tesla's Autopilot recall effectively ensures drivers pay attention to the road, after 20 crashes were reported post-recall. The investigation will scrutinize the effectiveness of the online software update in increasing warnings to drivers. Safety advocates express concerns about Autopilot's operation on roads beyond limited access highways.
Full articleSummary: IBM is taking legal action against LzLabs in a London court for alleged breach of contract related to mainframe software development, including reverse-engineering, with similar lawsuits in the US. LzLabs is set to contest the claims, arguing that reverse engineering is permitted by UK and EU law for software compatibility purposes. IBM is seeking damages and prevention from LzLabs selling its SDM platform.
Full articleSummary: Airbus is experiencing strong order intake for its A350 aircraft, with plans to increase production to meet consumer demand. Despite challenges in the supply chain environment, Airbus CFO emphasized that the ramping up of production is due to demand and not Boeing's crisis. Quarterly results slightly missed analysts' expectations.
Full articleSummary: Microsoft and Alphabet reported strong earnings driven by AI and cloud computing, with Alphabet shares surging 12% and Microsoft rising 3.5%. Both companies are benefitting from the growing demand for generative AI and cloud infrastructure among corporate customers.
Full articleSummary: Deep-pocketed investors have adopted a bullish approach towards Pfizer as notable options activities were observed, pointing towards a price range expectation of $17.5 to $35.0 over the last 3 months. Heavyweight investors are divided with 44% leaning bullish and 44% bearish.
Full articleSummary: Vertiv Holdings (VRT) stock has surged an incredible 561% since the start of 2023, with a 20.5% increase just in the past week following stellar first-quarter earnings results and raised full-year guidance driven by data center spending and AI applications.
Full articleSummary: Exxon Mobil Corp. and Chevron Corp. reported disappointing first-quarter performances despite strong production gains in oil projects in Guyana and the Permian Basin. Exxon's cash flow from operations of $14.7 billion was $1 billion higher than forecasts. Chevron's free cash flow missed expectations by $900 million due to higher capital spending.
Full articleSummary: Gilead Sciences removed anti-CD47 monoclonal antibody magrolimab from its pipeline, costing them a $4.9 billion setback. The removal followed setbacks in trials for blood cancers and solid tumors, leading to a muted end for the once promising molecule.
Full articleSummary: The National Highway Traffic Safety Administration has launched a new review of Tesla’s Autopilot system due to safety concerns and post-remedy crash events. Tesla agreed to a recall but disputes NHTSA's criticisms, stating that software updates addressed the issue. NHTSA's review highlights the intense scrutiny Tesla faces from federal regulators and the limitations of the agency's authority.
Full articleSummary: The Federal Reserve's key inflation measure remained high in March, signaling prolonged price increases, leading to doubts of rate cuts. The latest reading may delay future rate reductions.
Full articleSummary: Microsoft Corp. and Google owner Alphabet Inc. reported strong earnings thanks to increased cloud revenue and AI services, with both companies surpassing Wall Street estimates. The rise in cloud computing demand is seen as a positive sign for the overall industry.
Full articleSummary: The National Highway Traffic Safety Administration closed a probe into Tesla's Autopilot but opens a new investigation to assess the effectiveness of a recall fix, citing serious safety gaps and crash outcomes. NHTSA reviewed nearly 1000 crashes and found issues with driver engagement mismatches and system capabilities.
Full articleSummary: Microsoft reported a record third quarter with net income of $21.9 billion and revenues of $61.9 billion, showing significant growth year-over-year driven by the strength of Microsoft Cloud and AI services. The company expects continued growth in various business units, especially in Intelligent Cloud and gaming.
Full articleSummary: Alphabet Inc. reported first-quarter revenue that exceeded analysts’ expectations, buoyed by growth in its cloud computing unit. The company also announced its first-ever dividend and plans to repurchase $70 billion in stock. Alphabet shares jumped 12% in premarket trading on Friday, on track to add over $230 billion in market capitalization.
Full articleSummary: Pfizer's gene therapy treatment for rare genetic bleeding disorder approved by the FDA, priced at $3.5 million, expected to be a one-time treatment
Full articleSummary: Chevron Corporation reported slightly higher earnings for Q1 2024 due to increased oil and gas production, partially offset by weak margins and low natural gas prices. Hess Corporation also reported higher net income for the same period with soaring oil and gas output. Exxon's arbitration claims against Chevron's takeover of Hess's stake in the Stabroek block could delay the acquisition.
Full articleSummary: ExxonMobil shares fell in early trading as the company reported larger profit declines than expected. Lower natural gas prices and slim margins on refined products affected profits, but increased production from investments like Guyana operations boosted revenue. Chevron also saw its stock slip after reporting earnings.
Full articleSummary: Cisco Systems disclosed a cyber intrusion where hackers took advantage of weaknesses in its Adaptive Security Appliances, prompting the company to urge clients to update their software immediately. The hackers, dubbed 'UAT4356,' targeted international government networks through compromised digital security products.
Full articleSummary: Big-money traders have taken a bearish stance on Starbucks (SBUX) with a split sentiment of 80% bearish and 20% bullish. This is reflected in the options trading activity observed, with a focus on puts within a price range of $85.0 to $90.0.
Full articleSummary: United Parcel Service (UPS) had its target price raised by Oppenheimer with an 'outperform' rating, suggesting a 6.48% potential upside. Several other research firms also provided ratings and target prices on UPS stock. UPS reported quarterly earnings, beating the consensus estimate. Institutional investors have been making changes to their positions in the company.
Full articleSummary: Echo45 Advisors LLC raised its stake in JPMorgan Chase & Co. (NYSE:JPM) by 21.4% in the fourth quarter. Analysts have increased their target price on JPM as well as its dividend payout ratio. CEO and insider activity has been reported, with CEO Jennifer Piepszak and insider Lori A. Beer selling shares. Institutional investors have also made changes to their positions in JPM.
Full articleSummary: Bristol Myers Squibb received positive recommendations for Opdivo in Europe and FDA approval in the US for the first-line treatment of urothelial carcinoma.
Full articleSummary: Exxon Mobil and Chevron reported a fall in revenue for the first quarter compared to the same period last year, but both beat Wall Street expectations for revenue. Chevron attributes the revenue drop to lower margins on refined product sales.
Full articleSummary: Wells Fargo upgraded Five Below's outlook from Equal-Weight to Overweight, with an analyst price forecast suggesting 43.49% upside in the stock. Average one-year price target for FIVE is $216.45, projecting an increase of 43.49% from the latest reported closing price. The projected annual revenue is 4,362MM, with an increase of 22.55% expected. However, the put/call ratio of FIVE is 1.13, signaling a bearish outlook.
Full articleSummary: UPS and FedEx are facing challenges in transitioning to electric delivery vehicles due to U.S. supply uncertainties and financial struggles among electric van startups. They are striving to align with environmental goals and U.S. President Joe Biden's climate objectives.
Full articleSummary: Colgate-Palmolive (CL) shares are rising after the company reported strong Q1 results, including a revenue increase of 6.2% and an EPS beat. The company also raised its financial outlook for the year, expecting net sales growth of 2%-5% and mid-to-high-single-digit EPS growth.
Full articleSummary: Intel's first-quarter earnings report showed mixed results, and its guidance for the next quarter fell well below analysts' expectations. Shares of Intel stock are crashing after the earnings report.
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