Morning Brew: Johnson & Johnson's Ottava Delay, Uber's Q3 Miss, and Intel's Foundry Business
The MedTech unit of Johnson & Johnson (NYSE:JNJ) announced plans to seek FDA clearance in 2024 for its Ottava robotic surgical system. This marks a delay due to technical issues and COVID-related disruptions. The Ottava system, which incorporates four robotic arms into a standard-size surgical table, is set to compete with Intuitive Surgical (NASDAQ:ISRG) and Medtronic (NYSE:MDT).
Uber Technologies (NYSE:UBER) reported a Q3 top and bottom line miss, causing its shares to turn lower. The company stated that its revenue and gross bookings metrics were impacted due to changes in its business model in some countries. Meanwhile, Datadog (NASDAQ:DDOG) shares surged after the cloud monitoring services provider issued guidance well above estimates.
Intel (NASDAQ:INTC) shares rose following positive comments from the company's CEO about its nascent foundry business. The company's 18A advanced node is expected to go into test production early next year, positioning Intel against foundry heavyweights such as Taiwan Semiconductor (NYSE:TSM), Samsung (SSNLF), and GlobalFoundries (NASDAQ:GFS).
Air Lease (NYSE:AL) expressed doubts that Boeing (NYSE:BA) and Airbus (EADSY) will meet their year-end targets for plane deliveries due to manufacturing issues among their suppliers. This has resulted in a supply-demand imbalance among airlines, benefiting companies like Air Lease.
Lumen Technologies (NYSE:LUMN) announced a ~$110M contract from the U.S. Defense Information Systems Agency (DISA) to provide secure, mission-critical network services to the U.S. Department of Defense. The contract is an extension of an existing network service with DISA.
Datadog (NASDAQ:DDOG) reported strong third-quarter earnings and an optimistic outlook for the coming period, causing its shares to rise. The company's adjusted earnings for the third quarter beat the average analyst estimate.
Celsius Holdings (NASDAQ:CELH) reported record revenue and earnings for the third quarter, causing its shares to gain. The company's top-line growth was driven primarily by North American revenue due to expansion in total distribution points and higher SKUs per location.
BioMarin (NASDAQ:BMRN) shares jumped following a report that activist investor Elliott Management has built a stake in the biotech firm. The nature of the talks between Elliott and BioMarin could not be learned.
DigitalOcean (NYSE:DOCN) received a double-upgrade at Goldman Sachs to Buy from Sell due to significant stock underperformance. The firm maintained its 12-month price target of $33 on the stock.
Chinese internet search giant Baidu (NASDAQ:BIDU) ordered artificial intelligence chips from Huawei Technologies, suggesting that U.S. pressure is prompting Chinese acceptance of the company's products as an alternative to that from Nvidia (NASDAQ:NVDA).
Air Products and Chemicals (NYSE:APD) reported Q4 Non-GAAP EPS of $3.15, beating estimates by $0.04. However, revenue of $3.2B missed by $150M.
Tesla (NASDAQ:TSLA) plans to raise the price of Model Y variants in China following a refresh of the model in October. The exact timing of the price changes has not been decided.
Uber Technologies (NYSE:UBER) reported gross bookings of $35.28B for the quarter, falling short of the $34.48B consensus. The company's adjusted EBITDA came in at $1.09B, up from $516M a year ago.
This article first appeared on GuruFocus.
