Intel's Self-Driving Tech Firm Raises Over $800M In IPO, Alphabet Misses Q3 Earnings Expectations, Lyft Cuts Price For Monthly Subscription Plan: Top Stories Wednesday, Oct. 26

Benzinga

Alphabet Misses On Q3 Revenue, EPS; YouTube, Network Revenue Decline. Here’s What’s Next

• Technology giantAlphabet IncGOOG GOOGL reported third-quarter financial results, sending the stock sharply lower during after-hours trading.
• Alphabet reported third-quarter revenue of $69.09 billion, up 6% year-over-year. The total came in below Street estimates of $70.9 billion.
• The company reported earnings per share of $1.06, which missed an estimated $1.27.

LinkedIn Goes On Fake-Profile Hunt After Reports Of Phony Apple, Amazon Employee Accounts

• Microsoft Corporation’sMSFT social networking platformLinkedInhas rolled out new profile features to detect and remove fake accounts.
• On Tuesday, LinkedIn introduced a series of features while also strengthening its automated system to keep “inauthentic profiles and activity off” the platform.

Lyft Goes Aggressive To Win Higher Market Share, Slashes Fee By Almost 50%

• Lyft IncLYFT relaunched Lyft Pink, its monthly subscription plan, at half its previous price.
• At $9.99 per month or $99 per year, the new bouquet offers perks like free priority pickups and a discount of “at least” 5% on Preferred, Lux, and XL rides.
• The new terms include three free cancellations per month, a free monthly bike or scooter unlock, free Sixt car rental upgrades, roadside assistance for one’s car up to four times per year, and Grubhub+ discounts.

Intel Raises $861M From Its Self-Driving Technology Mobileye’s IPO, Starts Trading Today

• Intel CorpINTC owned self-driving technology companyMobileye Global Incpriced 41 million shares at $21 per share to raise $861 million.
• Private equity firm General Atlantic agreed to buy $100 million worth of shares in a private placement in conjunction with the IPO.

Clorox Recalls Some Pine-Sol Brand Cleaners Due To Risk of Bacteria Exposure

• Clorox CoCLX is recalling several of its Pine-Sol cleaning products after the U.S. consumer safety regulator discovered bacteria.
• The Consumer Product Safety Commission (CPSC) said that testing has identified bacteria in recalled products, including those produced between January 2021 and September 2022.

AstraZeneca Touts Positive Data From Two Experimental Drugs In Breast Cancer Settings

• AstraZeneca PlcAZN shared positive topline data from the CAPItello-291 Phase 3 trial of capivasertib in combination with Faslodex (fulvestrant) in advanced or metastatic breast cancer patients, following recurrence or progression on or after endocrine therapy.
• The capivasertib + Faslodex combo demonstrated a statistically significant and clinically meaningful improvement in progression-free survival (PFS) versus placebo plus Faslodex.
• AstraZeneca also reported topline data from the SERENA-2 Phase 2 trial of camizestrant that met the primary endpoint of demonstrating a statistically significant and clinically meaningful PFS benefit.

Boeing Defense Business Hit By $2.8B Losses, Expects Positive Free Cash Flow For FY22

• Boeing Co’sBA Defense, Space & Security unit recorded $2.8 billion of losses on certain fixed-price development programs, driven by higher estimated manufacturing and supply chain costs, as well as technical challenges.
• Q3 sales for the unit decreased 20% to $5.31 billion.
• Overall sales increased 4% to $15.96 billion, missing the consensus of $17.83 billion. Adjusted loss per share widened to $6.18 from $0.60 a year ago.

Reuters

Despite Slowdown In Chinese Luxury Goods Market, Tapestry Willing To Tap Small Cities

• In an unusual expansion in China,Tapestry IncTPR+ Free Alerts
• is looking to open stores for the American brand Coach in the coming 12 months.
• Tapestry is willing to enter lower-tier cities where most Western competitors are reluctant to tread and amid a deep slump in Chinese luxury sales.
• The company plans to look at other tier-four cities as candidates for the 30 new stores this financial year.

Mercedes-Benz Plans To Quit Russian Market, Divest Shares To Local Investor

• Mercedes-Benz Group ADR(OTC:MBGYY) has become the latest car maker to exit Russia.
• The luxury car producer will pull out from the Russian market and sell shares in itsindustrial and financial services subsidiaries to a local investor.
• However, the exit plan would not affect Mercedes’ stake inRussian truck maker Kamaz.

Bloomberg

Audi Jumps Formula Bandwagon To Take Upon Mercedes-Benz

• Volkswagen AGVWAGY VWAPY Audi chose Sauber as a strategic partner for the project and plans to acquire a stake in the Sauber Group.
• While Audi creates the power unit at Audi’s Motorsport Competence Center in Neuburg an der Donau, Sauber will develop and manufacture the race car at its site in Hinwil (Switzerland).
• VW CEO Herbert Diess said becoming part of F1 was the most critical lever to boost brand value for Audi and Porsche.
• The technology change is a unique opportunity to start competing in the franchise ruled byMercedes-Benz Group AGDMLRY.

Heineken Hints At Shrinking Consumer Demand

• Dutch brewerHeineken N.V.HEINY has hinted at a weakness in consumer demand following its third-quarter FY22 earnings.
• Beer volume organic growth of 8.9% for Q3, was below the 11.8% average analyst estimate.
• Heineken’s net profit for the first nine months dropped 29% from a year earlier to €2.20 billion.

Wall Street Journal

Warner Bros. Discovery Poach Marvel Veterans To Add Spark To Superman And Other Superheroes

• Warner Bros. Discovery, IncWBD appointed a veteran director-producer team of James Gunn and Peter Safran to the new roles of Co-Chair and CEOs of DC Studios effective on November 1.
• Gunn and Safran have extensive experience with the superhero genre, bringing some of the Marvel Cinematic Universe and DC Universe’s most popular characters to life.
• WBD CEO David Zaslav has said he wants to put in place a 10-year-plan to rebuild DC and make it better compete withWalt Disney CoDIS DIS Marvel Studios.

Photo by Spencer E Holtaway via Flickr.