Baidu Says Ernie Bot Beats ChatGPT, Meta's WhatsApp Business Soars Past 200M Users, Walgreens Earnings Disappointment: Today's Top Stories

CNBC

ChatGPT Vs. Baidu's Ernie Bot - Chinese Tech Giant Says Ernie Beat ChatGPT

• Baidu Inc BIDU said the artificial intelligence model underpinning its chatbot outperformed OpenAI's ChatGPT in several key areas.
• The Chinese search engine firm has publicly tested the Ernie Bot in China since the company revealed it in March. 
• Baidu said Ernie 3.5 surpassed ChatGPT in several benchmark tests. ChatGPT is based on OpenAI’s GPT 3.5 model.

Ford Conducts Engineering Jobs Cut In US, Canada

• Ford Motor Co F reportedly plans to commence layoffs this week in its engineering sections in the U.S. and Canada.
• The job loss is expected to affect all three of its business units.
• The move comes as the auto manufacturing giant seeks to cut costs to realign its operations.
• In its filing in May, Ford said it expected to take between $1.5 billion and $2 billion in charges for employee separations and supplier settlements.

 

TechCrunch

Meta's WhatsApp Business Soars Past 200M Users, Boosts Ad And Payment Capabilities

• Meta Platforms, Inc's META WhatsApp Business app, designed specifically for small businesses, has exceeded 200 million monthly active users — up from 50 million in 2020.
• Today, WhatsApp Business users can create "click-to-WhatsApp" ads without a Facebook account.
• Sellers can create, purchase, and publish ads for Facebook and Instagram directly from within the app.

 

Wall Street Journal

Robinhood To Cut 7% Of Its Full-Time Staff After Two Rounds Of Layoffs In Past Year

• Robinhood Markets Inc HOOD is cutting about 7% of its full-time staff in response to a slowdown in customer trading activity and reduced customer engagement.
• The company is making these layoffs to adjust to volumes and align team structures. The decrease in customer trading activity and engagement could be attributed to factors such as higher costs of commodities and a downturn in the cryptocurrency market.

 

Reuters

General Dynamics, Rheinmetall Compete For ~$45B US Army Vehicle Contract

• General Dynamics Corporation GD and American Rheinmetall reportedly compete to replace the Bradley fighting vehicle, a tracked armored fighting vehicle platform.
• The U.S. Army had selected General Dynamics and American Rheinmetall to compete to replace the Bradley fighting vehicle in a deal that could be worth more than $45 billion to the winner.
• The proposed platform has been named the XM30 Mechanized Infantry Combat Vehicle.

TotalEnergies' Uganda And Tanzania Projects Face Lawsuit By Activist Groups

• TotalEnergies SE TTE got sued by five activist groups for a second time for its Uganda and Tanzania projects in a Paris civil court. 
• The French and Ugandan activist groups accused the French oil major company of environmental hazards from its Tilenga oil development and the $3.5 billion East African Crude Oil Pipeline.

Former Audi Boss Sentenced In Volkswagen Diesel Scandal

• Former Chairman of Volkswagen (OTC: VWAGY) owned Audi, Rupert Stadler, has been given a suspended sentence of one year and nine months by a German court for fraud by negligence.
• The sentence for the 2015 diesel scandal has made Stadler the first former Volkswagen board member to get a sentence,
• He was fined €1.1 million ($1.20 million) towards the state treasury and non-governmental organizations.

Shareholders Back Nissan Leadership Despite Surveillance Controversy and Renault Deal Strains

• Nissan Motor Co, Ltd NSANF NSANY shareholders re-elected its CEO and other board nominees on Tuesday at an annual meeting amid internal discord.
• The Japanese automaker is investigating claims that CEO Makoto Uchida conducted surveillance of his deputy Ashwani Gupta. The shareholder meeting follows a new deal with alliance partner Renault SA RNLSY, causing additional strain between Uchida, who supported the agreement, and Gupta, who had concerns about specific terms.

 

Benzinga

Virgin Galactic Sets Date For 1st Commercial Spaceflight After Long Wait

• Richard Branson's space travel company Virgin Galactic Holdings Inc SPCE, said it would start commercial spaceflight with Galactic 01, expected to launch on June 29.
• Virgin Galactic will embark on a research mission for the Italian Air Force as its first commercial mission. The crew includes personnel from the Italian Air Force and the National Research Council of Italy.
• Col. Walter Villadei, Lt.Col. Angelo Landolfi, and Pantaleone Carlucci will board VSS Unity for a 90-minute flight and conduct 13 scientific research experiments, Galactic said in a statement.

Lordstown Motors Drives Into Bankruptcy After Foxconn Investment Fallout

• EV maker Lordstown Motors Corp RIDE filed for bankruptcy protection on Tuesday following a drawn-out dispute over a $170 million investment with Foxconn.
• The company said it started the sale process for its Endurance all-electric pickup truck and other related assets and has filed litigation against Hon Hai Precision Industry Co Ltd and its affiliate Foxconn Ventures Pte Ltd in the U.S. Bankruptcy Court for the District of Delaware.
• Foxconn failed to live up to its financial commitments, thereby damaging the company and its prospects.

Second Most Prevalent Bacterial Sexually Transmitted Infection: GSK's Gonorrhea Vaccine Secures FDA Track

• The FDA has granted Fast Track designation to GSK plc's GSK investigational vaccine for Neisseria gonorrhea. The vaccine is currently in an ongoing Phase 2 trial.
• The trial aims to demonstrate proof of concept by assessing the vaccine's efficacy in healthy adults aged 18 to 50, considered at risk of gonorrhea.
• Gonorrhea is the second most prevalent bacterial sexually transmitted infection worldwide, with an estimated 82 million new cases yearly.

Thomson Reuters Buys Casetext To Up The AI Game

• Thomson Reuters Corp TRI inked a deal to acquire Casetext for $650 million in cash.
• Casetext is a California-based technology provider for legal professionals and uses advanced AI and machine learning to aid them in offering higher-quality representation to clients. 
• The acquisition will complement Thomson Reuters' AI roadmap and build on its recent initiatives.

Alibaba's Freshippo Targets Hong Kong IPO, Marks Its First Spin-Off Listing

• Alibaba Group Holding Limited's BABA grocery arm, Freshippo, will likely go public on the Hong Kong stock exchange by mid-November. 
• The IPO would make it the first Alibaba subsidiary to list independently after its highly publicized restructuring plans. 
• Freshippo offers Walmart Inc WMT Sam's Club-like supermarket experience with a dine-in restaurant and 30-minute home delivery.

Walgreens Boots Stock Plunges After Q3 Earnings 

• Walgreens Boots Alliance Inc's WBA Q3 FY23 sales increased 8.6% Y/Y to $35.4 billion, up 8.9% on a constant currency basis, beating the consensus of $34.25 billion.
• Q3 reported EPS was $0.14, a decrease of $0.20 from the year-ago quarter. Adjusted EPS increased 3.3% to $1.00, up 3.6% on a constant currency basis, reflecting a 19.5% headwind from significantly lower COVID-19 vaccine and testing volumes, missing the consensus of $1.07.
• Walgreens has lowered its FY23 adjusted EPS guidance to $4.00-$4.05 from the previous $4.45 - $4.65 (versus the consensus of $4.45) to account for consumer and category conditions, lower COVID-19 contribution, and a more cautious macroeconomic forward view.

Manchester United Clocks 11% Revenue Growth In Q3; Boosts Outlook Ahead Of Potential Sale

• Manchester United PLC MANU reported third-quarter FY23 sales growth of 11.3% year-on-year to $206.53 million (£170 million), beating the analyst consensus of $173.69 million.
• Adjusted basic loss per share for the period narrowed to (7.41) pence versus (13.75) pence last year. Adjusted EPS loss of $(0.09) missed the consensus of $(0.05).
• Manchester raised FY23 revenue guidance to £630 million - £640 million from £590 million - £610 million previously.

Delta Air Lines Investor Day 2023: Revises FY23 Outlook, Reiterates FY24 Targets

• Delta Air Lines Inc DAL revised its FY23 outlook and reiterated its FY24 targets in its Investor Day 2023 presentation.
• The airline mentioned that the air travel revenue is returning to Long-Term Trend, with Industry Revenue to, from, and within the U.S. as % of GDP.
• The historical average was 1.3%, for 2022, it reached 1.2%, and for FY23, it is estimated to reach 1.3%.

 

Bloomberg

Lufthansa Begins Critical Week Of Negotiations With Pilot Union

• German carrier Deutsche Lufthansa AG DLAKY DLAKF reportedly has entered decisive talks with its pilots' union.
• Lufthansa enters decisive talks with its pilots' union as the German airline races to reach an agreement by the end of the week to avert the threat of a strike during the crucial summer travel season.
• Last week, Lufthansa presented an offer to the union, which labor officials rejected as "absolutely insufficient."