SpaceX On Par With Intel, Disney; US Weight Loss Drugs Pricier; Moderna, Pfizer's Shot Effective Against New Variant: Today's Top Stories

Benzinga

Moderna Inc MRNA announced that preliminary clinical trial data confirm its updated COVID-19 vaccine for the fall 2023 vaccination season showed a significant boost in neutralizing antibodies against EG.5 and FL.1.5.1 variants.
Pfizer Inc PFE also said that its updated COVID-19 shot showed neutralizing activity against the "Eris" subvariant in a study conducted on mice.
The World Health Organization (WHO) recently classified the EG.5, or "Eris," strain as a variant of interest.

Novartis AG NVS said the planned spin-off of its Sandoz unit is expected to occur on Oct. 4, ending an era for the Swiss pharmaceutical giant in which generic and prescription drugs businesses coexisted.
Novartis said the separation will occur through a proposed distribution of Sandoz shares to its existing shareholders. Novartis shareholders will get one Sandoz share for every five Novartis shares held and one Sandoz ADR for every five Novartis ADRs.

Bloomberg

Amazon.com Inc. AMZN is bolstering its social commerce capabilities, courting influencers to craft numerous videos for its shopping platform.
As per screenshots of this correspondence surfacing online, the company offers up to $12,500 to individual creators for 500 videos that align with Amazon's specifications.
In 2022, the e-commerce leader launched Inspire, an immersive platform reminiscent of TikTok, tailored to display photos and videos that align with consumer preferences.

Instacart Inc is reportedly gearing up for a public debut. The titan in online grocery delivery in the U.S. is contemplating an initial public offering (IPO) by September.
The grocery delivery and pick-up service provider might roll out its IPO plans to the SEC by next week. These moves suggest a renewed interest in U.S. listings in the market.
Instacart's listing could breathe life into a simmering market.

Digital-first consumer goods company Honest Company Inc HNST has brought in an experienced Amazon executive, Carla Vernón, to help wade through the choppy waters.
The company's turnaround strategy relies heavily on another retail giant, Walmart Inc WMT.

CNBC

A recent health policy organization KFF analysis highlighted that weight-loss drugs are considerably pricier in the U.S. than in other affluent countries.
Due to their prohibitive costs, averaging around $1,000 monthly for prolonged treatments, many U.S. insurers exclude these medications from their coverage.
This pricing disparity puts a financial burden on the vast segment of the American population dealing with obesity, making these GLP-1 agonists inaccessible for many.

Wall Street Journal

Elon Musk's pioneering rocket firm, SpaceX, witnessed a turn in its financial performance, registering a modest profit in the initial three months of 2023 after two consecutive years of losses.
SpaceX, a private enterprise, posted a profit of $55 million from $1.5 billion in revenue.
SpaceX's rapid expansion pegs its value around $150 billion, equating to industry stalwarts like Intel Corporation INTC and Walt Disney Company DIS.

With an annual toll of $200 billion due to health complications like diabetes and heart disease, the surging obesity crisis has adversely impacted Americans regarding health and the economy.
Historically, industries related to obesity management remained largely unperturbed. But with recent studies showing the potential of drugs like Wegovy to prevent heart issues, manufacturers of medical equipment related to obesity complications have seen their stocks dip.

Reuters

YELLOW CORP NEW COM YELL attorney Allyson Smith reportedly disclosed getting an acquisition offer from Estes Express.
Trucking Firm Estes Express proposed a $1.3 billion offer to buy Yellow Corp's shipment center.
As a part of the bid, Estes had offered to provide a bankruptcy loan.

The Information

Microsoft Corp MSFT looks to start selling a new version of Databricks software that helps customers make AI apps for their businesses.
Microsoft would sell the software through its Azure cloud-server unit.
Databricks helps companies make AI models from scratch or repurpose open-source models as an option to licensing OpenAI's proprietary ones.
In July, Microsoft shared an aggressive spending plan to meet demand for its AI services.

Earnings

XPeng Inc XPEV reported a second-quarter FY23 sales decline of 31.9% year-on-year, to RMB5.06 billion ($698.2 million), beating the consensus of $694.3 million.
Non-GAAP net loss per ADS of $(0.43) missed the consensus loss of $(0.31).
Revenues from vehicle sales decreased 36.2% Y/Y to $610.2 million, mainly attributable to lower vehicle deliveries and the discontinuation of new energy vehicle subsidies.
XPeng sees Q3 vehicle deliveries of 39,000 – 41,000, up 31.9% - 38.7% Y/Y.
The company expects Q3 revenue of RMB8.5 billion - RMB9.0 billion, up 24.6% - 31.9% Y/Y, vs. the consensus of $1.34 billion.

Estee Lauder Companies Inc EL reported fourth-quarter FY23 sales growth of 1% year-on-year to $3.61 billion, beating the analyst consensus of $3.47 billion.
Adjusted EPS of $0.07 beat the analyst consensus of $(0.03).
Outlook: Estee Lauder sees FY24 adjusted EPS of $3.50-$3.75, against the consensus of $4.83. EL sees FY24 sales growth of 5% - 7%.
Estee Lauder expects Q1 FY24 adjusted EPS of $(0.31) - $(0.21) against the consensus of $0.99. Q1 FY24 revenue to decline 12% - 10%.

Deere & Co DE reported Q3 FY23 net sales and revenue growth of 12% Y/Y to $15.80 billion, beating the consensus of $14.25 billion.
EPS of $10.20 surpassed the consensus of $8.20.
Guidance: Deere raised its FY23 outlook for net income to $9.75 billion-$10.00 billion from $9.25 billion-$9.50 billion.

Buckle Inc BKE reported a second-quarter FY23 sales decrease of 3.2% year-on-year to $292.43 million, beating the analyst consensus of $290.36 million.
EPS of $0.92 beat the analyst consensus of $0.81.

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