Top Stories Monday, July 24: Tesla's India Move, Adidas Receives Orders For Massive Unsold Yeezy Inventory, Spotify Raises Subscription Prices - Apple (NASDAQ:AAPL), adidas (OTC:ADDYY)

Wall Street Journal

AT&T Inc T and Verizon Communications Inc VZ struggled with toxic lead in their telephone lines and heavy debt loads as they reported their quarterly earnings.
The issue of toxic lead in their networks emerged after a report triggered uncertainty among investors about potential environmental obligations and legal liabilities.

Financial Times

Sportswear giant Adidas AG ADDYY received more than €508 million (US$565 million) worth of orders for its 4 million pairs of unsold Yeezy shoes.
There's an overwhelming demand for the first tranche of online sales, expected to save the company from a large write-off on its stock.
Adidas had stopped selling Yeezy shoes after its partnership with rapper Kanye West, who now goes by Ye, ended due to the singer's antisemitic remarks.
Losing Yeezy had cost the footwear company a whopping $440 million in Q1 of 2023.

Semafor

Barry Diller's IAC Inc IAC and significant publishers, including industry giants like New York Times Co NYT, News Corp NWSA, and Axel Springer, are forming a coalition to address AI platform concerns, considering a possible lawsuit and legislative action.
IAC CEO Joey Levin is playing a prominent role in the coalition, emphasizing that the implications of AI taking over media content could be more significant than just sci-fi fears of AI taking over the world.

Reuters

Tesla Inc TSLA representatives will likely meet India's commerce minister in July to discuss plans to build a factory to produce a fresh $24,000 car.
Tesla has expressed an interest in building a factory in India that would produce low-cost electric vehicles (EVs) for the local market and export.
The highly awaited meeting followed the June meeting between Elon Musk and India's Prime Minister Narendra Modi when the latter promised significant investment in the country.

Spotify Technology S.A. SPOT stock hogged investor attention Monday as it shared plans to boost the prices for its premium plans by $1 each in the U.S.
The Apple Inc AAPL Apple Music and Amazon.com Inc AMZN Amazon Music rivals have faced pressure to focus on profitability over user growth as recession-wary customers cut unnecessary spending.

CME Group Inc CME reportedly plans to terminate about 100 positions, or 3% of its workforce, while reallocating some jobs.
The Chicago, Illinois-based company plans to reallocate most of those positions to new, cloud-focused technology roles.
However, the overall headcount of the firm will remain the same.

Benzinga

Domino's Pizza Inc DPZ reported a second-quarter FY23 sales decline of 3.8% year-on-year to $1.02 billion, missing the analyst consensus of $1.07 billion.
The revenue decrease was primarily due to lower supply chain revenues attributable to the reduction in the company's market basket pricing to stores and lower order volumes.

Oil giant Chevron Corp CVX on Sunday released a preview of its second-quarter results that showed adjusted earnings declining 47% year-over-year but ahead of the consensus estimate. The oil giant also announced a slew of management changes, including the extension of the tenure of its chief executive officer and the retirement of its chief financial officer.
The San Ramon, California-based company reported adjusted earnings per share of $3.08 compared to the year ago's $5.82 and the previous quarter's $3.55.
The results exceeded the consensus estimate of $2.99 per share.

Koninklijke Philips N.V. PHG stock is trading lower Monday after it reported a second-quarter comparable sales growth of 9% year-on-year to €4.47 billion ($4.87 billion), driven by growth across all segments and geographies.
Adjusted EPS was €0.28 ($0.305).
Based on Philips' improved performance in the first half of the year, and solid order book, the company now expects to deliver mid-single-digit comparable sales growth and an Adjusted EBITA margin at the upper end of the high-single-digit range for the full year 2023.

Alnylam Pharmaceuticals Inc ALNY entered a strategic agreement with Roche Holdings AG RHHBY to develop and commercialize zilebesiran.
Zilebesiran, Alnylam's investigational RNAi therapeutic for the treatment of hypertension, is currently in Phase 2 of development.
The partnership allows for a bold development plan to disrupt the hypertension treatment paradigm globally while advancing Alnylam's P5x25 strategy.

The FDA approved BD's (Becton, Dickinson, and Company) BDX BD Alaris Infusion System with 510(k) clearance, which enables both remediation and a return to full commercial operations for the most comprehensive infusion system available in the U.S.
In 2020, the company initiated an FDA Class I recall for the infusion pumps. The recall centered around multiple system, software, and use-related errors.
The company applied for a new FDA clearance for the pumps in April 2021. It started a remediation effort in July 2021.

ViiV Healthcare received a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use, recommending marketing authorization for cabotegravir long-acting (LA) injectable and tablets for HIV prevention.
ViiV Healthcare is majority owned by GSK plc GSK, Pfizer Inc PFE, and Shionogi.
The positive opinion is supported by data from two international phase 2b/3 studies, HPTN 083 and HPTN 084.

Bloomberg

International Consolidated Airlines Group SA ICAGY announces investment into Nova Pangaea Technologies (NPT), a Teesside-based cleantech company. Financial terms not disclosed.
NPT technology develops advanced biofuels used to produce Sustainable Aviation Fuel from non-food agricultural waste and wood residues.
The deal will make IAG a minority shareholder in Nova Pangaea.

Tesla's India Move, Adidas Receives Orders For Massive Unsold Yeezy Inventory, Spotify Raises Subscription Prices: Today's Top Stories