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Elon Musk Plans Next Starship Launch Within Two Months, NBCUniversal CEO Resigns Amid 'Inappropriate Relationship, Micron Tech Caught Between US-China Tensions: Today's Top Stories


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 Divests Its Low Blood Sugar Drug To Amphastar For $500M

  • 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.

Why Philips Shares Are Soaring Monday Morning

  • 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's Q1 Performance: Tops Expectations, Sees Volume And Margin Uptick, Reaffirms Outlook

  • 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%.



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.

Micron Tech Gets Caught In US-China Tensions, Lands South Korea In Sticky Situation

  • 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.



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.

JD.com Fails To Impress Investors, They Flock To Alibaba For Sharper Turnaround

  • 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.



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.



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.

Photo by Fernandi Putra and Vitaliy Karimov via Shutterstock and Courtesy Photo on Wikimedia Commons

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This article Elon Musk Plans Next Starship Launch Within Two Months, NBCUniversal CEO Resigns Amid 'Inappropriate Relationship, Micron Tech Caught Between US-China Tensions: Today's Top Stories originally appeared on Benzinga.com


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