Summary: Research analysts at Cantor Fitzgerald cut their FY2024 earnings per share estimates for Gilead Sciences. Several other research firms have also downgraded their ratings and target prices for the stock. Insider selling of Gilead Sciences stock was reported, with significant movements in hedge fund positions. A dividend increase was announced by the company.
Full articleSummary: Apple released OpenELM, a set of large language models designed to run on-device, provided code and training logs, aiming for faster progress in the natural language AI field.
Full articleSummary: IBM announces the FlashSystem 5300 array with PCIe 4 bus, computational drives, and Ice Lake CPUs, along with Storage Assurance program offering hardware and software upgrades covered by SLAs and flat pricing contracts. The FlashSystem 5300 also features enhancements like gen 4 FlashCore Modules with onboard compression, encryption, and ransomware detection using machine learning.
Full articleSummary: Union Pacific Corp. reported first-quarter earnings of $1.64 billion, surpassing Wall Street expectations with a profit of $2.69 per share and revenue of $6.03 billion.
Full articleSummary: JPMorgan Chase unveils its new modern office in Glasgow as a long-term investment in the city, doubling down on their presence in the UK. The company's focus on technology services is highlighted, with a modern, collaborative workspace designed to enhance employee experience and productivity.
Full articleSummary: BlackRock has launched a new product called LifePath Paycheck, providing a simplified way for workers to convert their retirement savings into a regular income stream resembling their pre-retirement paycheck. This new strategy aims to address Americans' fears of running out of money in retirement. Experts highlight the importance of investor participation in the success of this product.
Full articleSummary: GlaxoSmithKline sued Pfizer and BioNTech in Delaware federal court for infringing GSK patents related to mRNA technology in the companies' COVID-19 vaccines. GSK believes its patents provided foundational technology for Pfizer and BioNTech's vaccines and is seeking monetary damages and an ongoing patent-licensing fee.
Full articleSummary: Honeywell International Inc reported quarterly earnings of $2.25 per share, beating analysts' expectations of $2.17 per share.
Full articleSummary: Raytheon, a business of RTX, was awarded a $344 million contract for the development of two missile variants with common guidance section, providing flexibility and cost reductions. The development program is funded by Foreign Military Sales.
Full articleSummary: GlaxoSmithKline sued Pfizer and BioNTech in Delaware federal court for infringing GSK patents related to mRNA technology used in COVID-19 vaccines. GSK claims its patents provided foundational technology for Pfizer and BioNTech's vaccines.
Full articleSummary: The U.S. Federal Reserve is signaling no rush to cut rates due to strong economy and inflation, impacting central banks around the world like Indonesia, Thailand, Philippines, Korea, and Japan. Southeast Asian countries are in a quandary whether to cut rates to boost economy or hold steady to prevent weakening currency against the strong U.S. dollar.
Full articleSummary: Raytheon, an RTX business, has been awarded a $344 million contract for the development of two missile variants – the SM-2 Block IIICU and SM-6 Block IU – aimed at increasing speed and efficiency in production of these weapon systems integral to the defense of the U.S. Navy and allies, with a focus on common guidance section improvements.
Full articleSummary: Coca-Cola collaborates with Microsoft on a five-year strategic partnership focusing on cloud and AI initiatives to drive innovation and productivity globally.
Full articleSummary: Lockheed Martin reported strong first quarter earnings with sales beating estimates, but margins declining in certain segments. The company won the Next Generation Interceptor competition, securing a $17 billion contract. Lockheed Martin reaffirmed its earnings guidance for 2024, expecting low single-digit growth.
Full articleSummary: BlackRock and Temasek's decarbonization-focused fund, Decarbonization Partners Fund I, raised $1.4 billion at its final close, surpassing the $1 billion target. The fund aims to invest in technologies accelerating the transition to a net zero economy by 2050.
Full articleSummary: Oracle announced new artificial intelligence (AI) capabilities within Oracle Fusion Cloud Customer Experience (CX) to help organizations accelerate deal cycles by automating tasks for marketers, sellers, and service agents.
Full articleSummary: Lockheed Martin reported a 13.7% increase in net sales to $17.2 billion in Q1 2024. Despite the sales growth, the company experienced a slight dip in operating profit and diluted earnings per share.
Full articleSummary: BMO Capital Markets raised NextEra Energy's price target to $72 from $70, maintaining an Outperform rating due to the company's strong performance and management guidance. NextEra Energy's stock NYSE:NEE outperformed by approximately 0.90% with positive outlook on demand from data centers and growth in renewable energy sector.
Full articleSummary: Bristol-Myers Squibb Co reported Q1 2024 earnings surpassing revenue estimates, with strategic acquisitions such as Karuna Therapeutics and Mirati Therapeutics. However, faced significant GAAP net loss primarily due to a non-tax-deductible charge related to acquisitions.
Full articleSummary: Union Pacific Corp (NYSE:UNP) reported its first quarter 2024 earnings showing marginal gains despite market challenges, including a slight increase in earnings per share and net income. The company achieved record operating income and net income, with a decrease in total operating revenue but notable improvements in operational efficiency and profitability.
Full articleSummary: New York State Common Retirement Fund decreased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 13.3% during the 4th quarter, according to the company's 13F filing. Other hedge funds also modified their holdings of the company. Wall Street analysts have recently given the stock various ratings, with a consensus rating of 'Moderate Buy'. Simon Property Group announced an increase in its quarterly dividend and a stock repurchase program.
Full articleSummary: US stocks sank after the latest GDP report showed economic growth slowed to 1.6% in the first quarter, leading to concerns about inflation and potential stagflation. Tech stocks also tumbled as investors worried about a slowing economy affecting growth prospects.
Full articleSummary: Emerson Electric Co. shares saw a double-digit share price rise of over 10% in the past couple of months on NYSE, company is inching closer to yearly highs. The valuation model suggests it's priced around 9.2% below intrinsic value. Future expectations show earnings expected to increase by 46% in the next few years.
Full articleSummary: Trident Energy strengthens its presence in Africa through agreements with Chevron and TotalEnergies to acquire shares in several fields offshore Congo, increasing its working interests in Nkossa and Nsoko II fields.
Full articleSummary: Bristol Myers Squibb announced a strategic productivity initiative aiming to generate $1.5 billion in cost savings by the end of 2025, including cutting 2,200 jobs. The company plans to optimize operations, prioritize high-return R&D programs, develop key growth brands, and reduce third-party expenditures. Despite a 6% drop in Opdivo and a 44% sales hit for Abecma, BMS reported a 6% revenue increase in Q1 from the previous year.
Full articleSummary: RTX Corporation, an aerospace and defense specialist, reported impressive Q1 2024 earnings, surpassing analyst expectations with an adjusted EPS of $1.34 (10% increase YoY) and revenue of $19.3B (12% increase YoY). The company also achieved a record backlog of $202B and made strategic divestitures to focus on core operations.
Full articleSummary: Thermo Fisher Scientific Inc. reported better-than-expected first-quarter financial results, raised its FY24 guidance, and received price target updates from analysts.
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