Elon Musk-Backed Neuralink Starts Participant Enrollment For Paralysis, Eli Lilly Cracks Down on Counterfeit Weight Loss Drugs, Meta Looks to Capitalize on India's In-App Payment Surge: Today's Top Stories

Benzinga

Elon Musk-Backed Brain Implant Firm Neuralink Starts Participant Enrollment In Brain Implant Human Trial For Paralysis

• Elon Musk's brain-computer interface company, Neuralink, has initiated recruiting its first test subjects for human trials aimed at assisting individuals with paralysis in controlling devices.
• Neuralink announced that it has obtained approval from an independent institutional review board and the initial hospital site, enabling the commencement of recruitment for its first-in-human clinical trial known as "The PRIME Study" (Precise Robotically Implanted Brain-Computer Interface).

FDA Rejects EpiPen Alternative - ARS Pharmaceuticals' Allergic Reaction Nasal Spray

• The FDA issued a Complete Response Letter regarding ARS Pharmaceuticals Inc's SPRY New Drug Application (NDA) for neffy (epinephrine nasal spray) in the treatment of Allergic Reactions (Type I), including anaphylaxis (fatal allergic reaction) for adults and children ≥30 kg. 
• ARS Pharma's Neffy is to be an alternative to EpiPen and other autoinjectors like Sanofi SA's SNY Auvi-Q filled with epinephrine.

Eli Lilly Cracks Down on Counterfeit Mounjaro Weight Loss and Diabetes Drugs, Sues Lawsuit Against Clinics

• Eli Lilly And Co LLY has taken legal action against ten entities in the U.S., including medical spas, wellness centers, and compounding pharmacies, alleging that they have been selling unauthorized, less expensive versions of its diabetes drug, Mounjaro (tirzepatide). 
• Eli Lilly has lodged four distinct lawsuits in federal courts in Florida and Texas. These lawsuits aim to obtain court orders that prevent Better Life Pharmacy, ReviveRX, Rx Compound Store, and Wells Pharmacy Network from marketing tirzepatide and seek unspecified monetary damages. 

Pillsbury Maker's Q1 Performance Exceeds Expectations, Anticipates Moderate Input Cost Inflation and Stable Supply Chain in 2024

• General Mills Inc GIS reported first-quarter FY24 sales growth of 4% year-on-year to $4.90 billion, beating the analyst consensus of $4.88 billion. Adjusted EPS of $1.09 topped the consensus of $1.08. 
• Outlook: General Mills reaffirmed its FY24 organic sales growth outlook of 3% - 4%.

Boeing Pegs China 20-Year Demand Forecast To 8,560 New Planes Due To Robust Demand

• Boeing Co BA has anticipated that China will require 8,560 new commercial airplanes through 2042.
• The company arrived at the figure considering the possible economic growth well above the global average and increasing demand for domestic air travel. 

Coty Raises FY24 Forecasts

• Following the sizzling debut of its Burberry Goddess scent and other blockbuster releases, Coty Inc COTY has confidently amped up its FY24 forecasts.
• The company is now expecting core LFL sales growth in the first half of FY24 of +10-12% (prior view: +8-10%). 

 

Wall Street Journal

Tobacco Giant Philip Morris Rethinks Pharma Dive, Mulls Vectura Stake Sale Amid Challenges

• Philip Morris International Inc PM is reportedly mulling to sell a stake in its U.K.-based Vectura pharmaceuticals unit.
• The tobacco company is searching for a new partner to make the business work, possibly by selling a majority or minority stake.

Goldman Sachs To Sell Consumer Lending Business GreenSky

• Goldman Sachs Group Inc GS is reportedly in advanced talks to divest its specialty lender, GreenSky, to a consortium of investment firms.
• The consortium includes Sixth Street, Pacific Investment Management and KKR & Co Inc KKR.
• If a deal is reached, it is expected to be of $500 million worth, which is less than one-third of what Goldman paid for the business just a year and a half ago.

 

Financial Times

WhatsApp's Payment Revolution: Meta Looks to Capitalize on India's In-App Payment Surge

• Millions of WhatsApp users in India can now make in-app payments for products and services, a move by parent company Meta Platforms Inc META to boost revenue from the messaging service in one of its largest markets. 
• Businesses can accept payments through credit and debit cards, WhatsApp Pay, and India's digital payments network UPI. 
• Meta will likely benefit from increased business engagement on WhatsApp, as companies pay to message their customers.

 

Bloomberg

Antitrust Trial Exposes Google's Battle Against Amazon for Advertising Supremacy

• Amid a federal antitrust trial, Jerry Dischler, Alphabet Inc GOOG GOOGL Google's VP for advertising products, expressed concerns about the company's market share. 
• He admitted that Google's search ads were no longer necessary for advertisers and highlighted increasing competition from newcomers like TikTok and Amazon.Com Inc AMZN.

Apple Workers in France Call for 7% Pay Hike, Strike Coincides with iPhone 15 Release

• Unions representing Apple Inc AAPL Store employees in France demand a 7% pay increase during the iPhone 15 launch, coinciding with the new model's release. The group of unions includes CGT, Unsa, CFDT, and CFTC.
• They argue that this raise is essential to counter inflation. Apple France has offered a 4.5% pay increase in response to the demand.

Ford Says UK Petrol-Car Ban Delay Could Risk EV Transition

• Ford Motor Co F reportedly said the process of the electric car transition could suffer a setback if the U.K. government keeps delaying the petrol and diesel car sales ban.
• The development comes as the U.K. Prime Minister considers rolling back some green-energy policies, including a possible five-year delay to the planned ban on petrol and diesel car sales by 2030.

Intel CEO Stresses Role in AI Boom, Taking on Nvidia in Accelerator Tech at Innovation Conference

• During the annual Innovation conference, Intel Corp's INTC CEO, Pat Gelsinger, emphasized the significance of Intel's technology in the burgeoning artificial intelligence (AI) computing industry. 
• He believes that AI's impact will extend beyond data centers to areas like personal computers, revitalizing the PC market.

Meta's Threads Censorship Raises Concerns About Real-Time Engagement And User Appeal

• Meta Platforms Inc's META Twitter-like app, Threads, is facing flak for blocking standard search terms, limiting its usefulness. Users searching for words like "Covid," "vaccines," or even "sexual assault" on the platform receive no results. 
• The lack of results raised concerns about Threads' ability to provide real-time information and cater to diverse discussions.

 

Reuters 

Huawei's HiSilicon Bypasses Export Controls, Posing Competition to Apple and Nvidia with Surveillance Chip Shipments

• In a notable development, a unit of Huawei Technologies Co, Ltd has begun shipping surveillance camera chips, signaling the company's ability to navigate around four years of stringent U.S. export controls. 
• These shipments from Huawei's HiSilicon chip design unit commenced this year, potentially impacting the market, with some of the customers being Chinese.

Qantas' Ex-CEO Takes 900% Salary Hike But Faces Bonus Reduction Due To Scandal

• Australia's Qantas Airways Ltd QABSY former CEO Alan Joyce reportedly saw a significant increase in his pay, rising by 872% in FY23, as he cashed in long-term incentives upon retiring.
• This substantial increase was primarily due to years' worth of long-term incentives that Joyce cashed in as they vested.

 

CNBC

Stock Trading Feature For iPhones? A Financial Service Apple And Goldman Sachs Almost Delivered

• Apple Inc's AAPL plans to introduce a stock trading feature for iPhone users were reportedly in the works as equities surged in 2020, aligning with the rise of trading apps like Robinhood Markets Inc HOOD Robinhood. 
• While details of the project have emerged, it was put on hold last year due to market downturns. 

Pinterest Stock Rallies On Anticipated Accelerated Revenue Growth

• Pinterest, Inc PINS stock traded higher Wednesday, maintaining the Tuesday rally after executives announced their anticipated accelerated year-over-year revenue growth following a slowdown in 2022 and 2023.
• During its first investor day, the company projected a compound annual growth rate in the mid to high teens over the next three to five years, a significant increase compared to the previous guidance of high single-digit growth in the third quarter.