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Oracle Warns on TikTok Ban
In its annual report released Monday, software firm Oracle [ORCL] said that a TikTok ban could impact its revenues and profits; Oracle provides cloud infrastructure for the social media app. Meanwhile, Reuters reported that the US Commerce Department is investigating the activities of China Mobile [0941:HK], China Telecom [0728:HK] and China Unicom [0762:HK], China’s largest state-controlled telecom carriers, over fears they are passing US cloud data to Beijing.
Airbus Scales Back Estimates
The Airbus [AIR:PA] share price dropped by 12% Tuesday on news that it is cutting its targets for 2024. The firm now expects that its adjusted earnings before interest and taxes will be some €5.5bn, down from €6.5–7bn estimated on 25 April. It also said it would deliver only 770 aircraft this year, down from a previous estimate of 800. Elsewhere, Boeing [BA] has offered to acquire Spirit AeroSystems [SPR] for some $35 per share, Bloomberg reported.
EV Stocks: Latest News
Having met with a rather muted response in Japan, China’s BYD [1211:HK] has launched its third electric vehicle (EV) in the country, the Seal sedan, which went on sale Tuesday for ¥5.3m. Elsewhere, Ferrari [RACE] CEO Benedetto Vigna told CNBC that the firm’s forthcoming all-electric model has “the driving traits” of its gas-powered models. Lastly, as part of cost-cutting efforts, Rivian [RIVN] has reduced the material costs of production by 35%, Reuters reported.
SolarEdge Under Pressure
Announcing that it will offer $300m in convertible senior notes due in 2029, the smart technology firm [SEDG] also said that it may not receive the $11.4m it is owed by its client PM&M Electric, which has filed for Chapter 7 bankruptcy. SolarEdge now expects negative free cash flow of approximately $150m for Q2, as a result of factors including extensions of credit to customers and higher-than-expected working capital requirements.
Wegovy Green Light in China
Novo Nordisk's [NVO] blockbuster weightloss drug Wegovy has been approved in China, it announced Tuesday. The country has the highest number of overweight people in the world. BenevolentAI [BAI:AS] said that its collaboration with AstraZeneca [AZN] has led to a novel autoimmune target being added to its discovery portfolio. Lastly, AstraZeneca’s cancer drug Imfinzi has failed tests of its potential as a follow-up therapy for patients with a type of early-stage lung cancer.
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