Top Stories Wednesday, May 17: Apple Thwarts $2B In Fraud Transactions, UBS Takes $17B Hit From 'Hasty Credit Suisse Takeover,' Verizon Streamlines Unlimited Data Plans - AstraZeneca (NASDAQ:AZN), AbbVie (NYSE:ABBV)

Benzinga

On Tuesday, Apple announced that its App Store thwarted potential fraudulent transactions amounting to over $2 billion in 2022, alongside rejecting approximately 1.7 million app submissions for failing to meet the privacy and security standards of the app marketplace.
The company underscored that it safeguarded users from almost 57,000 questionable apps from unofficial stores lacking the same inherent privacy and security features as the App Store in 2022.
Additionally, Apple stated that 400,000 app submissions were rejected, citing privacy violations.

UBS Group AG UBS said it expects a financial hit of $17 billion from the acquisition of Credit Suisse Group AG CS in a regulatory filing issued yesterday.
The Swiss banking giant commented it was rushed into the emergency takeover by Swiss governmental authorities, which may have affected its "ability to fully evaluate Credit Suisse's assets and liabilities."
UBS expects a negative impact of around $13 billion from fair value adjustments of the new combined entity's assets and liabilities and litigation and regulatory costs expenses of about $4 billion.

Target Corp TGT reported first-quarter FY23 sales growth of 0.6% year-on-year to $25.32 billion, beating the analyst consensus estimate of $25.29 billion.
Comparable store sales increased by 0.7%, while comparable digital sales declined by 3.4%.
"As we look ahead, we now expect shrink will reduce this year's profitability by more than $500 million compared with last year," said Brian Cornell, chairman and CEO of Target.
"While there are many potential sources of inventory shrink, theft, and organized retail crime are increasingly important drivers of the issue."

Siemens AG (OTC: SIEGY) reported Q2 FY23 revenue growth of 14% Y/Y (+15% Y/Y on a comparable basis) to €19.4 billion.
Orders rose 13% Y/Y (+15% Y/Y on a comparable basis) to €23.6 billion, led by increased large orders in the Mobility business.
Siemens raised FY23 guidance again and now expects comparable revenue growth (net of currency translation and portfolio effects) of 9% to 11% (vs. +7% to 10% expected earlier).

Wefox, the Berlin-based insurtech, raised $110 million in a new round of funding.
JPMorgan Chase & Co JPM and Barclays PLC BCS provided $55 million in a revolving credit facility, and an additional $55 million in equity was raised from existing and new investors.
The company stated that the funding comes on the heels of Wefox delivering a record first-quarter financial performance and signals the company's clear path toward profitability.
The company said it maintained its $4.5 billion valuation from a July funding round somewhat rare in today's market, with many fintechs seeing their valuations slump drastically.

Wall Street Journal

Verizon Communications Inc VZ is pruning the cost and number of its wireless plans to simplify customers' options amid cutthroat competition.
It is reducing its lineup of unlimited mobile plans from six to two. It is dropping its most expensive data plans.
Verizon's previous lineup ranged in monthly price from $30 a line to $55 a line for plans with four lines. For a single line, its monthly plans were between $65 - $90.

Roche Holdings AG's RHHBY Phase 2 FENopta study of oral fenebrutinib for relapsing forms of multiple sclerosis (RMS) met its primary and secondary endpoints.
The data showed oral fenebrutinib significantly reduced magnetic resonance imaging (MRI) markers of MS disease activity in the brain compared to placebo.
Additionally, pre-clinical data have shown fenebrutinib to be potent and highly selective, and it is the only reversible inhibitor currently in Phase 3 trials for MS.

Reuters

As a part of the $8.9 billion effort to settle claims related to talc products, Johnson & Johnson JNJ has earmarked $400 million to end claims alleging it violated state unfair business practices and consumer protection laws by misleading consumers about the safety of its talc products.
The highest payments under the settlement would be $500,000 for people diagnosed with terminal mesothelioma before age 45 and $260,000 for people diagnosed with terminal ovarian cancer before age 45.

Shell PLC SHEL has reportedly collaborated with big-data analytics firm SparkCognition to use AI technology in deep-sea exploration.
The company will use SparkCognition capabilities to identify new oil reservoirs by analyzing vast seismic data.
The technology is expected to boost operational efficiency and production by reducing explorations to below nine days from nine months.

ON Semiconductor Corp ON looks to invest $2 billion in boosting the production of silicon carbide chips catering to electric vehicles.
ON is weighing the expansion in the U.S., the Czech Republic, or Korea, where it already has factories
In an interview, ON CEO Hassane El-Khoury said the firm's silicon carbide chip production centers on one of its Bucheon, South Korea factories.

Politico

AstraZeneca Plc AZN has decided to leave a U.S. drug lobby group, the Pharmaceutical Research and Manufacturers of America (PhRMA), making it the third company to leave the group in the last six months.
AstraZeneca decided not to continue its membership after a recent assessment of whether it was "the most productive and effective use of (company) resources.
The European company's exodus follows AbbVie Inc ABBV and Teva Pharmaceutical Industries Ltd TEVA exit from the influential trade group.

Apple Thwarts $2B In Fraud Transactions, UBS Takes $17B Hit From 'Hasty Credit Suisse Takeover,' Verizon Streamlines Unlimited Data Plans: Today's Top Stories