Top Stories Tuesday, Apr. 11: Twitter Inc Is Officially Defunct, Alibaba Plans to Integrate ChatGPT Like Chatbot Across Products - Alibaba Gr Hldgs (NYSE:BABA), Boeing (NYSE:BA)

Benzinga

Twitter Inc, the parent company of the namesake social media platform, has ceased to exist, and it has now been merged into X Corp., court filings show.
'Chief Twit' Elon Musk also appeared to acknowledge the change early on Tuesday by tweeting out "X."
The development came to light in a court filing of Twitter's corporate disclosure statement in connection with a lawsuit brought about by right-wing activist Laura Loomer. She is fighting against Twitter banning her account in 2019.

Hyundai Motor Company HYMTF plans to invest 24 trillion won ($18.2 billion) by 2030 to boost electrification.
The group, including Hyundai Motor, Kia, and Genesis electric models, expects to expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030.
The investment will be used to upgrade Korea's EV ecosystem and to promote domestic EV production, R&D, infrastructure, and related industries.

Moderna Inc's MRNA first vaccine candidate against influenza is mRNA-1010, which is being developed in adults.
The independent Data and Safety Monitoring Board (DSMB) has completed the first interim efficacy analysis for the second Phase 3 trial (P302) conducted in the Northern Hemisphere to evaluate the safety and non-inferior efficacy compared to a licensed flu vaccine.
The DSMB said mRNA-1010 did not meet the statistical threshold to declare early success.

Goldman Sachs Group Inc GS agreed to pay $15 million to settle U.S. Commodity Futures Trading Commission (CFTC) charges that it failed to make proper disclosures and communicate fairly to swap customers.
In 2015 and 2016, Goldman opportunistically solicited or agreed to enter into same-day swaps only on days and at times that were financially advantageous to Goldman and disadvantageous to its clients.

Newmont Corporation NEM submitted a final revised takeover offer to Newcrest Mining Limited NCMGY, bidding a 46% premium to the closing price of Newcrest shares as on Feb 3, 2023.
The latest offer values Newcrest Mining at $19.5 billion, making it the largest-ever M&A deal in the gold-mining industry.
Newcrest is Australia's largest gold miner, which had rejected the previous offer from Newmont at a $17.5 billion valuation. The company initially proposed the acquisition in February 2023.

CNBC

On Tuesday, Alibaba Group Holding Limited BABA cloud computing unit shared plans to launch its ChatGPT counterpart Tongyi Qianwen.
Alibaba Cloud initially proposed to deploy Tongyi Qianwen with Chinese and English language capabilities on Slack counterpart DingTalk, Alibaba's workplace communication software, and Tmall Genie, a provider of smart home appliances.

Nikkei

Billionaire investor Warren Buffett has set his sights on the far east to put his money to work.
Buffett, who runs the investment holding company Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B), is "very proud" of his investments in Japanese stocks, the billionaire told in an interview with Nikkei.
Berkshire, in Aug. 2020, picked up more than 5% stake in each of Japan's five trading houses, namely Itochu Corp ITOCY, Mitsubishi Corp MSBHF, Mitsui & Co., Ltd MITSY, Sumitomo Corp SSUMY, and Marubeni Corp. MARUY.

Reuters

On Tuesday, Cineworld Group PLC CNNWQ CNWGQ said it had filed a reorganization plan in a Texas bankruptcy court to dissolve existing shareholdings effectively.
The filing formalizes the cinema chain operator's Apr 3 deal that includes plans to cut debt by about $4.53 billion and raise $2.26 billion to emerge from bankruptcy.
Cineworld, which expects to emerge from Chapter 11 in the first half of 2023, said any transaction resulting from the marketing process might delay emergence beyond that point.

Boeing Co BA expects its 737 MAX jet to return to its 2019 production rate of 52 per month in 2025.
The aircraft maker's bestselling jet demand nosedived following two deadly crashes and the COVID-19 pandemic.
Boeing currently builds 31 737 MAX jets per month. The company aims to increase monthly MAX production to 38 in June, 42 by January 2024, and 47 by June 2024.

Last week Friday, a U.S. judge suspended the FDA's approval of mifepristone, effectively banning sales. Executives from over 300 companies, including Pfizer Inc PFE and Biogen Inc BIIB, signed an open letter calling to reverse a federal judge's decision.
The abortion pill has been available since 2000. The letter's authors wrote that the ruling ignores scientific evidence and legal precedent.

Boeing BA reportedly disclosed that 11 Chinese airlines had resumed 737 MAX operations as of Apr 10, a positive indication of its efforts to rebuild its business in the world's second-largest aviation market.
The number of 737 MAX returning to commercial service reached 43, accounting for approximately 45% of the Chinese 737 MAX fleet.
Boeing didn't name the airlines, but Hainan Airlines Holding Co Ltd, Fuzhou Airlines, Lucky Air, and Air China have all flown the jets in the months.

Mitsubishi Heavy Industries Ltd MHVYF has reportedly secured contracts worth $2.84 billion (378 billion yen) from Japan.
Under the contract, Mitsubishi Heavy will develop and build a new missile force to deter China from using military force in East Asia.
The four contracts include land, sea, and air-launched missiles and a hypersonic ballistic warhead that it wants to begin deploying in 2026, the report quoted Japan's Ministry of Defense.

Bloomberg

South Korea penalized Alphabet Inc's GOOG GOOGL Google 42.1 billion won ($32 million) for exploiting its influence in the mobile app market to drive away a local rival.
Google tried to block Korean platform rival One Store Co's growth, Bloomberg cites Korea's Fair Trade Commission's statement.
Google has denied offering benefits to developers who put their apps only on Google Play.

Photo by Ljupco Smokovski via Shutterstock and Wikimedia Commons

Twitter Inc Is Officially Defunct, Alibaba Plans to Integrate ChatGPT Like Chatbot Across Products, Moderna's Flu Shot Study Misses 'Early Success' Criteria: Today's Top Stories