Sumitomo Seika Chemicals Stock (OTC: SUMKF)

Latest news for Sumitomo Seika Chemicals (OTC:SUMKF) Stock

Sumitomo Seika Chemicals manufactures and sells chemicals and chemical-based products in three segments based on product type. The superabsorbent-polymers segment, which generates the majority of revenue, sells diapers, sanitary napkins, water repellent tape for power and optical cables, and sodium polyacrylate products used as a water-retention agent for agricultural and horticultural use. The chemicals segment sells plastic polymers, latex, and chemical additives used in the production of lithium-ion batteries and pharmaceuticals. The gases segment sells gases for industrial use, which includes electronics production, as well as aerosol propellant gas and nitrous oxide.

SUMITOMO SEIKA CHEMICALS by Sumitomo Seika Chemicals Co. Ltd.

Sumitomo Seika Chemicals Co Ltd

News

Guidance

ALLE

Allegion Raises FY24 Adj EPS Outlook To $7.15 - $7.30 Vs. $7.11 Est.

HSBC analyst Stephen Bersey upgrades Akamai Techs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) from Reduce to Hold and announces $96 price target.

Upgrades

Price Target

Analyst Ratings

AKAM

HSBC Upgrades Akamai Techs to Hold, Announces $96 Price Target

Allegion Raises FY24 Revenue Growth Outlook To 2.5% - 3.5%

Allegion (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLE#NYSE">ALLE</a>) reported quarterly earnings of $1.96 per share which beat the analyst consensus estimate of $1.84 by 6.52 percent. This is a 11.36 percent increase over earnings of $1.76 per share from the same period last year. The company reported quarterly sales of $965.60 million which beat the analyst consensus estimate of $953.55 million by 1.26 percent. This is a 5.82 percent increase over sales of $912.50 million the same period last year.

Earnings

Earnings Beats

Allegion Q2 Adj $1.96 Beats $1.84 Estimate, Sales $965.60M Beat $953.55M Estimate

Goldman Sachs analyst Stephen Laszczyk upgrades Madison Square Garden (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGE#NYSE">MSGE</a>) from Neutral to Buy and raises the price target from $41 to $45.

MSGE

Goldman Sachs Upgrades Madison Square Garden to Buy, Raises Price Target to $45

Goldman Sachs analyst Eric Sheridan upgrades Spotify Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) from Neutral to Buy and raises the price target from $320 to $425.

SPOT

Goldman Sachs Upgrades Spotify Technology to Buy, Raises Price Target to $425

Shares of Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) rose sharply in today's pre-market trading after the company reported <a href="https://www.benzinga.com/markets/equities/24/07/39916454/whats-going-on-with-enphase-energy-enph-stock">second-quarter financial results</a>.
Enphase Energy reported second-quarter revenue of $303.46 million, missing the consensus estimate of $309.67 million, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. The company reported adjusted earnings of 43 cents per share, missing analyst estimates of 48 cents per share.
Enphase Energy shares gained 6.2% to $110.10 in pre-market trading.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Dermata Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRMA#NASDAQ">DRMA</a>) rose 146.2% to $3.20 in pre-market trading after falling over 22% on Tuesday.</li>
<li>NuZee, Inc.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUZE#NASDAQ">NUZE</a>) gained 87.4% to $1.93 in pre-market trading.</li>
<li>Regencell Bioscience Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGC#NASDAQ">RGC</a>) shares climbed 65.4% to $24.74 in pre-market trading after jumping 344% on Tuesday.</li>
<li>Allarity Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALLR#NASDAQ">ALLR</a>) gained 41.1% to $0.2350 in pre-market trading. Allarity Therapeutics revealed on Monday it received a "Wells Notice" from the U.S. Securities and Exchange Commission (SEC).</li>
<li>NewGenIvf Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NIVF#NASDAQ">NIVF</a>) shares gained 30.1% to $1.12 in pre-market trading after the company announced steady progress in its due diligence efforts in its proposed reverse merger with COVIRIX Medical and anticipates completion by the end of August 2024.</li>
<li>Perfect Moment Ltd.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PMNT#NASDAQ">PMNT</a>) gained 19% to $2.20 in pre-market trading after gaining around 9% on Tuesday.</li>
<li>ENGlobal Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENG#NASDAQ">ENG</a>) shares gained 15% to $2.00 in pre-market trading.</li>
<li>1847 Holdings LLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFSH#NYSE">EFSH</a>) shares gained 14.4% to $2.30 in pre-market trading after falling over 17% on Tuesday. 1847 Holdings recently announced a 1-for-13 reverse split.</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) shares surged 5.3% to $110.90 in pre-market trading after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance above estimates.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Azitra, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZTR#NYSE">AZTR</a>) shares fell 74.7% to $1.26 in pre-market trading. Azitra announced the pricing of $10.0 million public offering.</li>
<li>Conn&#8217;s, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CONN#NASDAQ">CONN</a>) shares fell 34.9% to $0.33 in pre-market trading as the company announced plans to close 71 locations across 13 states.</li>
<li>Verastem, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSTM#NASDAQ">VSTM</a>) shares fell 27.6% to $2.60 in pre-market trading after the company reported pricing of $55.0 million public offering of common stock, warrants and pre-funded warrants.</li>
<li>ATI Physical Therapy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATIP#NYSE">ATIP</a>) shares declined 25.7% to $4.55 in pre-market trading after gaining around 5% on Tuesday.</li>
<li>Volato Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOAR#NYSE">SOAR</a>) shares fell 25.2% to $0.4408 in pre-market trading after gaining around 23% on Tuesday.</li>
<li>Chijet Motor Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CJET#NASDAQ">CJET</a>) fell 21.1% to $4.01 in pre-market trading after jumping 55% on Tuesday.</li>
<li>AtlasClear Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATCH#NASDAQ">ATCH</a>) shares declined 20.6% to $0.44 in pre-market trading after gaining 11% on Tuesday.</li>
<li>Wheels Up Experience Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UP#NYSE">UP</a>) fell 9.8% to $3.00 in pre-market trading. Wheels Up Experience will release its second quarter financial results on Thursday, Aug. 8.</li>
<li>SFL Corporation Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFL#NYSE">SFL</a>) shares dipped 9.3% to $12.65 in pre-market trading after the company announced an offering of 8 million common shares.</li>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares fell 7.2% to $228.56 in pre-market trading. Tesla reported weaker-than-expected earnings for its second quarter, while sales topped estimates. The company reported second-quarter deliveries of 443,956 vehicles and production of 410,831 vehicles, down 5% and 14% year-over-year, respectively.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/news/earnings/24/07/39924118/tesla-at-t-and-3-stocks-to-watch-heading-into-wednesday">Tesla, AT&amp;T And 3 Stocks To Watch Heading Into Wednesday</a></li>
</ul>

Pre-Market Outlook

Markets

Movers

Trading Ideas

ALLR

ATCH

ATIP

AZTR

CJET

CONN

DRMA

EFSH

ENPH

NIVF

NUZE

PMNT

SOAR

TSLA

VSTM

Why Enphase Energy Shares Are Trading Higher; Here Are 20 Stocks Moving Premarket

Baird analyst Timothy Wojs initiates coverage on AAON (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAON#NASDAQ">AAON</a>) with a Neutral rating and announces Price Target of $100.

Initiation

AAON

Baird Initiates Coverage On AAON with Neutral Rating, Announces Price Target of $100

Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) reported<a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more"> second-quarter earnings and revenue that exceeded expectations</a> but some key metrics trailed, including YouTube ad revenue, came to light. Management comments on the margin trajectory also did not augur well with investors, sending the stock down in after-hours trading.
Munster&#8217;s Key Earnings Takeaways: Deepwater Asset Management&#8217;s Gene Munster noted that Search business revenue climbed 14% year-over-year, the same rate as in the first quarter, and Cloud revenue growth accelerated slightly from 28% to 29%. YouTube ad revenue climbed 13% but at a slower pace than the 21% growth reported for the first quarter.
He noted that the capex was $13.19 billion, terming it as good news as the company builds out its artificial intelligence future.
See Also: <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">Top Performing Artificial Intelligence Stocks</a>
Earnings Call takeaways: Ahead of the earnings, the tech venture capitalist listed the following as key focus areas on the call and here are the key takeaways on each of these:
SGE Traction: Munster sees Search Generative Experience (SGE) expanding the universe of queries, Munster said. &#8220;I believe Sundar is correct that SGE will expand the number of queries and ultimately create new monetization opportunities that more than offset the lost traditional search revenue.&#8221; 
On the call, the CEO said with AI, Search delivered better responses on more types of search queries and introduced new ways to search.
&#8220;We are pleased to see the positive trends from our testing continue as we roll out AI Overviews, including increases in Search usage and increased user satisfaction with the results,&#8221; Pichai said. He also noted higher engagement from younger users, aged 18-24 years when using Search With AI Overviews.
CapEx: Ahead of the results, Munster said he expected CapEx to grow somewhere between 70% and 80% in 2024, with the company likely exiting 2024 at about $60 billion compared to $32 billion in 2023. CFO Ruth Porat said on the call that the second-quarter capex was $13 billion, driven by investment in the company&#8217;s technical infrastructure, primarily in servers followed by data centers. She also sees quarterly capex to be roughly at or above the first-quarter level of $12 billion, with the low-end estimates suggesting capex of at least $49 billion for the rest of the year.
Following the call, Munster said he expects analysts to bump up CapEx estimates by 50-55%, up from the previous expectations of 45%. &#8220;Ultimately, I believe they&#8217;ll grow CapEx at +70% because if they don&#8217;t, they run the risk of losing their grip on the future,&#8221; he added.
Macro state of the ad market: &#8220;Google is a bellwether for anything advertising-related, especially Meta Platform, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) business,&#8221; Munster said, adding that it is also a general read on the state of the economy. Alphabet noted on the call that there has been a shift in brand advertising budgets from linear TV to YouTube. &#8220;Our largest advertisers across verticals, including retail, entertainment, telco, and home and personal care, are partnering with creators on ads and organic integrations,&#8221; it said.
The company attributed the 14% growth in Google Search and other advertising revenue to growth in retail followed by the financial services vertical.&nbsp;Ahead of the results, Wedbush&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39884110/alphabet-set-to-report-strong-q2-results-with-increased-search-revenue-analyst-bull">Daniel Ives modeled 12.8% growth for the business.</a>
Alphabet said, &#8220;As we look forward to the third quarter, we will be lapping the increasing strength in advertising revenues in the second half of 2023, in part from APAC-based retailers.&#8221;
In premarket trading on Wednesday, the stock fell 3.04% to $176.27, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/39922907/sundar-pichai-opens-up-on-why-google-is-holding-on-to-cookies-we-now-believe-user-choice-is-the-best">Sundar Pichai Opens Up On Why Google Is Holding On To Cookies: &#8216;We Now Believe User Choice Is The Best Path Forward&#8217;</a></li>
</ul>
Image Via Shutterstock

Analyst Color

Equities

Tech

GOOG

GOOGL

Alphabet Investors Fret Over Margin Impact Of Higher AI-related Capex, But Fund Manager Says Not Spending Enough Exposes Google's Parent To Risk Of 'Losing Their Grip On The Future'

<a href="https://www.bloomberg.com/news/articles/2024-07-24/bitcoin-reward-firm-fold-said-to-near-deal-with-betsy-cohen-spac?embedded-checkout=true" title="https://www.bloomberg.com/news/articles/2024-07-24/bitcoin-reward-firm-fold-said-to-near-deal-with-betsy-cohen-spac?embedded-checkout=true">https://www.bloomberg.com/news/articles/2024-07-24/bitcoin-reward-firm-fold-said-to-near-deal-with-betsy-cohen-spac?embedded-checkout=true</a>

EMLD

Bloomberg Reported Earlier, Bitcoin Reward Firm Fold Said To Near Deal With Betsy Cohen SPAC FTAC Emerald

Tesla Inc. CEO and xAI founder Elon Musk has publicly expressed his support for Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO and his arch-rival Mark Zuckerberg&#8217;s views on the ongoing debate over <a href="https://www.benzinga.com/news/24/03/37503396/elon-musk-retorts-with-change-your-name-after-openai-assembles-all-star-cast-to-respond-to-lawsuit">open source</a> versus closed source AI models.
What Happened: Musk&#8217;s support for Zuckerberg&#8217;s stance on <a href="https://www.benzinga.com/news/24/03/37605652/sam-altmans-openai-rubbishes-non-profit-founding-agreement-as-fiction-conjured-by-elon-musk">open-source AI models</a> came after a user on X, formerly Twitter, shared a comment from Meta CEO&#8217;s blog post which was posted on Tuesday.
In the blog post, Zuckerberg criticized closed model providers for lobbying against open source. In response to the user, Musk said, &#8220;+1 for Zuck,&#8221; suggesting his agreement with the Facebook founder&#8217;s stance.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39902838/broadcom-to-challenge-nvidia-dominance-analyst-says-jensen-huang-led-chip-giants-competitor-is-catch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Broadcom To Challenge Nvidia Dominance? Analyst Says Jensen Huang-Led Chip Giant&#8217;s Competitor Is &#8216;Catching Up&#8217;</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">+1 for Zuck
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1815854477859029200?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Musk&#8217;s endorsement of Zuckerberg&#8217;s viewpoint is noteworthy given his history as the Meta CEO. The two tech moguls <a href="https://www.benzinga.com/news/management/24/02/36922961/musk-vs-zuckerberg-though-billionaires-didnt-fight-in-cage-rivalry-heats-up-as-meta-is-now-worth-">got embroiled in a heated controversy</a> after Meta launched Threads as a rival to Twitter, the social media platform Musk acquired in 2022.
However, Musk&#8217;s support for Zuckerberg&#8217;s stance comes after a series of public criticisms against ChatGPT-parent OpenAI, an AI organization he co-founded with Sam Altman and others in 2015. 
Musk has repeatedly expressed dissatisfaction with <a href="https://www.benzinga.com/news/24/02/37179799/elon-musk-taunts-sam-altman-and-openai-over-open-image">OpenAI&#8217;s transition from a non-profit</a>, open-source model to a profit-oriented, closed-source structure.
Previously, Meta&#8217;s Chief AI Scientist, Yann LeCun, also expressed disagreement with OpenAI&#8217;s early investor, Vinod Khosla, over his <a href="https://www.benzinga.com/news/24/05/38782945/metas-chief-ai-scientist-clashes-with-early-openai-investor-vinod-khosla-clearly-can-profit-financia">support for closed-source AI</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39881748/elon-musks-xai-flips-the-switch-on-100k-nvidia-h100-gpus-worth-up-to-4b-in-memphis-supercluster-most?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s xAI Flips The Switch On 100K Nvidia H100 GPUs Worth Up To $4B In Memphis Supercluster: &#8216;Most Powerful AI Training Cluster In The World&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock

Elon Musk Agrees With Arch-Rival Mark Zuckerberg After Meta CEO Slams Closed Providers Like OpenAI For Lobbying Against Open Source AI: '+1 For Zuck'

Piper Sandler analyst Arvind Ramnani maintains Visa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) with a Overweight and lowers the price target from $322 to $319.

Piper Sandler Maintains Overweight on Visa, Lowers Price Target to $319

Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) reported quarterly earnings of $9.80 per share which beat the analyst consensus estimate of $9.36 by 4.7 percent. This is a 16.45 percent decrease over earnings of $11.73 per share from the same period last year. The company reported quarterly sales of $4.70 billion which missed the analyst consensus estimate of $4.71 billion by 0.30 percent. This is a 3.01 percent increase over sales of $4.56 billion the same period last year.

Earnings Misses

Group 1 Automotive Q2 Adj $9.80 Beats $9.36 Estimate, Sales $4.70B Miss $4.71B Estimate

<a href="https://www.reuters.com/business/autos-transportation/rivian-face-trial-tesla-trade-secrets-theft-case-judge-says-2024-07-24/" title="https://www.reuters.com/business/autos-transportation/rivian-face-trial-tesla-trade-secrets-theft-case-judge-says-2024-07-24/">https://www.reuters.com/business/autos-transportation/rivian-face-trial-tesla-trade-secrets-theft-case-judge-says-2024-07-24/</a>

Legal

RIVN

Reuters Reported Earlier, Rivian To Face Trial In Tesla Trade Secrets Theft Case

Piper Sandler analyst Clarke Jeffries maintains Shopify (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) with a Neutral and raises the price target from $63 to $67.

SHOP

Piper Sandler Maintains Neutral on Shopify, Raises Price Target to $67

New CEO Appointment:
For the past 10 years, Nadav Zafrir has been a co-founder and managing partner at Team8, a global venture creation and venture capital fund. Team8 establishes and invests in companies focused on
New CEO Appointment:
For the past 10 years, Nadav Zafrir has been a co-founder and managing partner at Team8, a global venture creation and venture capital fund. Team8 establishes and invests in companies focused on cyber security, Data &amp; AI, Fintech and digital health. He built, invested and chaired 17 cyber security companies in addition to dozens of other technology companies he has consulted and mentored. He previously served 25 years in the IDF, retiring as a Brigadier General. Since 2019, he has served as Chairman of the Board of SolarEdge Technologies, a Nasdaq traded smart energy company. Mr. Zafrir will assume the CEO role in December 2024 and will join Check Point&#39;s Board of Directors upon shareholder approval at Check Point&#39;s next Annual General Meeting. Gil Shwed will become Executive Chairman of the Board.
&quot;We are concluding a thorough CEO search process after examining candidates from around the world and found the perfect individual. Nadav has been a key leader in the global cyber security ecosystem for over a decade. Having lived in New York and Tel Aviv, he became one of the most respected figures within the global CISO community. He established and led multiple cyber security companies and partnered with the world&#39;s largest security vendors. I admire his achievements and leadership skills and I am excited about his appointment, and believe he is the right leader to take Check Point to new heights,&quot; concluded Mr. Shwed.

Management

CHKP

Check Point Tapped Nadav Zafrir As CEO, Effective December 2024, Gil Shwed, Founder & CEO, Will Transition To Executive Chairman

Check Point Software Q2 2024 Adj EPS $2.17 Beats $2.16 Estimate, Sales $627.400M Beat $623.266M Estimate

<a href="https://www.cnmc.es/prensa/incoacion-apple-20240724" title="https://www.cnmc.es/prensa/incoacion-apple-20240724">https://www.cnmc.es/prensa/incoacion-apple-20240724</a>

AAPL

Spain's CNMC Earlier Announced Investigation Of Apple For Possible Anti-Competitive Practices Related To App Store

Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has launched online pharmacy and drug delivery services in Japan, expanding its presence in the company&#8217;s global healthcare industry.
What Happened: Amazon has launched online prescription and medicine delivery services in Japan, in collaboration with approximately 2,500 drug stores nationwide. This initiative, introduced on Tuesday, will allow consumers to obtain their medications without visiting a physical pharmacy, <a href="https://japantoday.com/category/national/update1-amazon-begins-online-pharmacy-drug-delivery-services-in-japan">reported</a> Japan Today.
The Amazon Pharmacy service, already available outside Japan, enables consumers to receive electronic prescriptions after an online diagnosis through the CLINICS comprehensive healthcare app, or at a hospital or clinic. This service is primarily targeted at individuals with chronic health conditions who regularly require prescription refills.
Users of the service can receive guidance on medication administration through video chats with pharmacists, accessed via their Amazon accounts. They can also choose to have their medications delivered to their homes or pick them up from nearby pharmacies.
The Amazon Japan executive expressed the company&#8217;s commitment to providing personalized healthcare services and plans to collaborate with more pharmacies, including small- and medium-sized ones.
See Also: <a href="https://www.benzinga.com/markets/24/07/39877083/elon-musk-may-have-endorsed-trump-but-tesla-would-have-done-even-worse-without-bidens-7-5k-ev-tax-cr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk May Have Endorsed Trump, But Tesla Would Have Done &#8216;Even Worse&#8217; Without Biden&#8217;s $7.5K EV Tax Credit, Says Fund Manager</a>
Why It Matters: This recent development in Japan follows Amazon&#8217;s expansion of its RxPass subscription service to over 50 <a href="https://www.benzinga.com/news/24/06/39382137/amazon-expands-rxpass-to-medicare-members-a-closer-look-at-savings">million Medicare beneficiaries</a> in the U.S. This expansion aimed to provide affordable access to medications for a broader audience.
Amazon&#8217;s pharmacy unit has been making significant strides, including a partnership with Eli Lilly and Co. for the <a href="https://www.benzinga.com/general/biotech/24/03/37657277/obesity-drugs-on-amazon-eli-lilly-partners-with-amazons-pharmacy-unit-to-deliver-drug-prescriptio">delivery of obesity drugs</a>. This partnership marked a significant step in expanding access to vital medications, with Amazon Pharmacy becoming a third-party dispensing provider for LillyDirect Pharmacy Solutions.
However, Amazon&#8217;s foray into the pharmaceutical industry was <a href="https://www.benzinga.com/general/biotech/24/02/36971965/amazon-implements-major-job-cuts-in-one-medical-and-pharmacy-units-to-save-100m">not without its challenges</a>. The company had to implement major job cuts in its One Medical and Pharmacy units to save $100 million. Despite this, Amazon&#8217;s pharmacy unit has continued to expand its services, with the recent launch in Japan being a significant step in its global expansion.
Price Action: Amazon&#8217;s stock closed at $186.41 on Tuesday, up 2.11% for the day. In pre-market trading, the stock is slightly dipped by 0.059%. Year to date, Amazon's stock has risen by $36.48, reflecting a significant increase of 24.33%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/general/entertainment/24/07/39891426/amc-entertainment-stock-halted-movie-theater-chain-announces-restructuring-of-debt-load-ada?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AMC Entertainment Announces Restructuring Of Debt Load, Adam Aron Says Box Office Challenges Are In &#8216;Rearview Mirror&#8217;</a></li>
</ul>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Amazon Expands Into Japan's Pharmacy Market With Online Drug Delivery Services

GILD

Gilead Sciences Announced Phase 3 Purpose 1 Trial Data, Showing Zero Infections And 100% Efficacy And Superiority Of Lenacapavir To Background HIV Incidence For The Investigational Use Of HIV Prevention In Cisgender Women

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Sumitomo Seika Chemicals

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