Tesla Recalls Over 17K EVs Over Camera & Seat Belt Issues, University Research Uncovers Unexpected Fluctuations In ChatGPT Capabilities, Juul Seeks FDA Nod For Next-Generation Vaporizer: Today's Top Stories

Vandana Singh
6 min read
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Benzinga

Tesla Recalls More Than 17,000 EVs Over Camera, Seat Belt Issues

  • Tesla Inc (NASDAQ: TSLA) has issued a recall for over 1,300 Model S, X, and Y vehicles made in 2023, citing an issue with the forward-facing front camera, and over 15,000 Model S and X vehicles for problems related to front-row seat belts.

  • According to safety recall reports uploaded on the National Highway Traffic Safety Administration website, the front-facing camera might be misaligned on certain 2023 Model S, X, and Y vehicles, causing emergency braking, forward collision warnings, and lane assist to become unavailable without warning the driver. This could increase the risk of collisions in about 1,337 vehicles.

Is ChatGPT Running Out Of Steam? AI Chatbot's Performance Raises Burnout Concerns

  • OpenAI's ChatGPT appears to be experiencing fluctuations in performance, raising questions about potential burnout.

  • A study conducted by researchers at Stanford University delved into the performance of ChatGPT over several months, focusing on four diverse tasks: solving math problems, answering sensitive questions, generating software code, and visual reasoning.

  • The study revealed wild fluctuations, referred to as drift, in the chatbot's ability to perform these tasks.

Taiwan Semiconductor Stock Falls After Q2 Earnings

  • Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) stock traded lower Thursday after reporting a second-quarter revenue decline of 13.7% year-on-year to $15.68 billion, beating the consensus of $15.49 billion.

  • In Q2, shipments of 5 nm accounted for 30% of total wafer revenue, and 7- nm accounted for 23%. Advanced technologies, defined as 7-nm and more advanced technologies, accounted for 53% of total wafer revenue.

Deutsche Bank Fined For Money Laundering Control Failures: Federal Reserve Slaps Penalty Of $186M

  • The Federal Reserve fined Deutsche Bank (NYSE: DB) and its U.S. affiliates $186 million on Wednesday due to their failure to adequately address issues related to money laundering controls and other flagged deficiencies by the U.S. central bank.

  • The issues that led to this fine were first identified in 2015 and 2017 consent orders, stemming from insufficient controls in Deutsche's relationship with the Estonian branch of Danske Bank.

Blackstone Posts 43% Drop In Q2 Revenues, While Hitting $1 Trillion AUM Milestone

  • Blackstone Inc (NYSE: BX) reported Q2 revenues of $2.35 billion, down 43% Y/Y and missing the consensus of $2.41 billion.

  • Distributable earnings (DE) fell 43% Y/Y to $1.35 billion, mainly on a 64% Y/Y decline in DE from the real estate business.

  • DE per share of $0.93 was in-line with the consensus.

Cigarette Maker Philip Morris Q2 Earnings Beat Estimates On Strong Business Momentum

  • Philip Morris International Inc (NYSE: PM) reported second-quarter FY23 sales growth of 14.5% year-on-year to $8.97 billion, beating the analyst consensus of $8.65 billion.

  • Cigarette and Heated Tobacco unit (HTU) shipment volume in Q2 grew by 3.3% Y/Y, reflecting growth of 26.6% for HTUs and a decline of 0.4% for cigarettes.

  • Adjusted EPS of $1.60 beat the consensus of $1.47.

Johnson & Johnson Q2 Earnings: Lifts Annual Outlook On Strong Sales Growth From MedTech Business

  • Johnson & Johnson (NYSE: JNJ) has reported Q2 FY23 adjusted earnings of $2.80 per share, up 8.1% Y/Y and beating the consensus of $2.62.

  • Sales increased 6.3% to $25.5 billion, beating the consensus of $24.63 billion.

  • Johnson & Johnson expects FY23 adjusted EPS of $10.70 - $10.80 compared to prior guidance of $10.60 - $10.70 and the consensus of $10.65.

Abbott Laboratories Clocks Strong Q2 Growth In Underlying Base Business, Reaffirms FY23 Outlook

  • Abbott Laboratories (NYSE: ABT) has reported Q2 FY23 adjusted EPS of $1.08, down 25% Y/Y, beating the consensus of $1.05. Q2 sales of $9.97 billion decreased 11.4%, beating the consensus of $9.70 billion.

  • Organic sales growth for the underlying base business was 11.5%, led by Medical Devices, Established Pharmaceuticals, and Nutrition.

Johnson & Johnson-Spinoff Kenvue Earnings Debut: Q2 Beats Consensus, Issues Upbeat Outlook

  • Johnson & Johnson's former consumer unit, Kenvue Inc (NYSE: KVUE), reported its first quarterly earnings after being spun off in May.

  • Q2 sales increased 5.4% Y/Y to $4.01 billion, a Y/Y increase of 5.4%, beating the consensus of $3.96 billion. Foreign currency fluctuations negatively impacted net sales by approximately 2.3%. Organic growth increased by 7.7%.

Pfizer's GBS6 Vaccine Candidate Showcases Promising Protection for Infants Against Invasive GBS Disease: Phase 2 Study Reveals

  • Pfizer Inc (NYSE: PFE) announced data from a Phase 2 study investigating its hexavalent capsular polysaccharide (CPS) conjugate Group B Streptococcus (GBS) vaccine candidate, GBS6, being developed for maternal administration to protect infants against invasive GBS disease.

  • GBS6 generated robust maternal antibody responses against the six GBS CPS serotypes included in the vaccine.

American Airlines Q2 Results Exceed Expectations, Raises FY23 Outlook

  • American Airlines Group Inc (NASDAQ: AAL) reported second-quarter FY23 operating revenue growth of 4.7% year-over-year to $14.10 billion, beating the consensus of $13.74 billion. AAL's Q1 adjusted EPS of $1.92 beat the consensus of $1.58.

  • Passenger revenues rose 6.2 Y/Y to $12.98 billion, cargo revenues declined 39.8% to $197 million, and Other increased 1.1% to $880 million.

Frontier Communications Offers $1B Fiber-Backed Bond

  • Frontier Communications Parent Inc (NASDAQ: FYBR) said an indirect subsidiary of the company intends to offer approximately $1.05 billion of secured fiber network revenue term notes.

  • The bond deal can potentially upsize, subject to market conditions and other factors.

  • The notes will be secured by certain Frontier's fiber assets and associated customer contracts in the Dallas metropolitan area.

 

Wall Street Journal

Juul's Next-Generation Vaporizer Seeks FDA Approval Amid Market Uncertainty

  • The e-cigarette maker, Juul Labs Inc, seeks FDA approval for its next-generation vaporizer, already available in the U.K. and Canada. The company is waiting for word on whether its current products can stay on the market.

  • The new device boasts age-verification features and prevents the use of unauthorized refill cartridges. The FDA application includes one flavor, Virginia Tobacco, with a nicotine concentration of 18 mg per mL, similar to the levels sold in the U.K. and Canada.

Proxy Truces On The Rise At Catalent: Elliott Builds Significant Stake, Calls For Board Shake-Up

  • Elliott Investment Management, an activist shareholder, has reportedly acquired a substantial stake in Catalent Inc (NYSE: CTLT). They are now advocating for a significant overhaul of the contract manufacturer's board.

  • While the exact size of Elliott's stake remains undisclosed, the shareholder has been engaging with potential director candidates to form a slate of nominees for a proxy contest.

 

Reuters

Pfizer's North Carolina Plant Severely Damaged By Tornado

  • Pfizer Inc's (NYSE: PFE) plant in Rocky Mount, North Carolina, has reportedly suffered heavy damage from a tornado.

  • The company was assessing the situation to determine the impact on production.

  • The site was one of the largest sterile injectable product facilities. The unit also manufactures products like anti-infectives, neuromuscular blockers, vials, and syringes.

UPS Plans To Offer A Better Deal As Teamsters-Represented Workers Near The Strike

  • United Parcel Service Inc (NYSE: UPS) reportedly plans to return to the negotiation table to avoid a strike. UPS is ready to return to the bargaining table with a better offer for roughly 340,000 Teamsters-represented U.S. workers to avert a potentially economically damaging strike on Aug. 1.

  • The International Brotherhood of Teamsters claimed in a Twitter statement that UPS contacted it on Wednesday with an offer to resume discussions next week.

 

CNBC

Amazon One's Palm-Payment Technology Set to Enhance Shopping Experience, to be Introduced in all Whole Foods Stores by Yead End

  • Amazon.Com Inc (NASDAQ: AMZN) plans to allow shoppers to pay with their palms at all Whole Foods stores by the end of the year.

  • Amazon One is a biometric technology that lets users enter and pay for store items by placing a palm over a scanning device.

  • Shoppers need to connect their palm to a stored credit card. After that, they can pay by simply waving their hand over the kiosk.

Photo by B.Zhou on Shutterstock

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This article Tesla Recalls Over 17K EVs Over Camera & Seat Belt Issues, University Research Uncovers Unexpected Fluctuations In ChatGPT Capabilities, Juul Seeks FDA Nod For Next-Generation Vaporizer: Today's Top Stories originally appeared on Benzinga.com

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