Ford Motor Cuts Prices For F-150 Lightning Truck, Microsoft-Sony Sign Agreement for 'Call of Duty,' Alibaba Stock Slips on China's Q2 GDP Sentiment: Today's Top Stories

Benzinga

US Tech Embargo Has Pushed Beijing for Self-Sufficiency, Drives Local Chip Equipment Firms to Double Profits

• Chinese chip equipment makers Advanced Micro-Fabrication Equipment Inc and Naura Technology Group Co expect a doubling in profits after the U.S. tech embargo forced manufacturers to seek domestic alternatives.
• Advanced Micro-Fab said net income for the first half likely grew 110% - 120%. Naura reported on Friday a 121% - 156% growth in profit to as much as 1.93 billion yuan ($270 million) during the same period.
• Chinese chipmaking gear leaders, much smaller than Applied Materials Inc AMAT or Lam Research Corp LRCX, are amid initiatives to replace equipment involving American components or technology.

BlackRock Plans To Add Proxy Voting Choice To Its Largest ETF

• BlackRock Inc BLK plans to expand its Voting Choice program to its largest ETF – the iShares Core S&P 500 ETF (IVV) with $305 billion in assets under management (AUM), subject to iShares Board approval.
• Over three million IVV shareholder accounts and more than half of BlackRock's index equity AUM will be able to participate in Voting Choice.
• This proposed expansion of BlackRock Voting Choice is expected to be in effect for the 2024 proxy voting season.

Alibaba Shares Are Down After China's Q2 GDP Misses Consensus

• Alibaba Group Holding Limited BABA stock is trading lower Monday as China's second-quarter GDP missed the consensus estimates.
• China's GDP rose 6.3% year-over-year in Q2, trailing the 7.3% growth estimated by economists. The GDP grew by 4.5% in Q1.
• The industrial output growth revved from 3% in the first quarter to 3.8% in the year's first half. 

Ford Motor Announces Price Cuts For F-150 Lightning Truck

• Ford Motor Co F shares are trading lower. The company on Monday announced price cuts for its F-150 Lightning truck.
• Ford said it cut prices on the F-150 Lightning due to increased plant capacity, continued work on scaling production, and improved raw material costs for batteries.
• Ford cut prices on its least expensive model by $9,979. Several other trim packages were cut between $8,479 and $9,479, and its most expensive platinum trim model was cut by just over $6,000. 

Virgin Galactic Reveals Crew Of First Private Astronaut Mission' Galactic 02'

• Virgin Galactic Holdings Inc SPCE has announced the crew of its seventh spaceflight and second commercial spaceflight, 'Galactic 02.'
• Galactic 02 will fly three private passengers to space.
• VSS Unity will carry 80-year-old Jon Goodwin, Olympian, and early Virgin Galactic ticket holder.

Rocket Lab Plans To Launch Mix Of NASA And Commercial Satellites

• Rocket Lab USA Inc RKLB is preparing to launch a mix of satellites for NASA and commercial satellite constellation operators in a mission called "Baby Come Back."
• The mission is scheduled for lift-off between 11:30–13:30 NZST on July 18. Baby Come Back will be Rocket Lab's seventh Electron launch of 2023, the 39th Electron launch overall, and the company's second recovery mission this year. 
• The mission will launch seven satellites to a sun-synchronous orbit for three customers: NASA, Space Flight Laboratory, and Spire Global.

Acumen Pharma's Experimental Alzheimer's Drug Passes Early Safety Test, Shares Double

• Acumen Pharmaceuticals Inc ABOS presented topline results from the Phase 1 INTERCEPT-AD trial of ACU193, the first clinical-stage amyloid beta oligomers (AβO) targeting antibody therapy in early AD, at the Alzheimer's Association International Conference (AAIC) 2023.
• Topline results demonstrated that ACU193 was generally well-tolerated, meeting the primary objective of the Phase 1 study in both single and multiple doses in 60 participants with early AD. 

'Call of Duty' Stays In PlayStation Arsenal As Sony, Microsoft Reportedly Strike 10-Year Deal

• Sony Group Corp SONY and Microsoft Corporation MSFT have reportedly reached a 10-year agreement to keep "Call of Duty" games on PlayStation consoles after the U.S. software giant completes its takeover of Activision Blizzard ATVI.
• "We are pleased to announce that Microsoft and PlayStation have signed a binding agreement to keep Call of Duty on PlayStation following the acquisition of Activision Blizzard," Microsoft Gaming CEO Phil Spencer said on Twitter on Sunday.

Proximus Buys Majority Stake In India's Route Mobile For EUR643M

• Proximus SA BGAOF BGAOY inked a deal to acquire a 58% stake in Route Mobile for INR 59.224 billion (around EUR 643.0 million) through its subsidiary, Proximus Opal. 
• Route Mobile specializes in offering CPaaS services in India, with a market capitalization of EUR1.1 billion. 
• With this deal, Proximus boosted a significant presence in the CPaaS and DI market, with combined annual revenue of around EUR 900 million for Route Mobile and Telesign.

Entain Buys Angstrom Sports, Boosting BetMGM's US Sports Betting Offering

• Entain PLC GMVHF GMVHY plans to acquire Angstrom Sports for a total consideration of £81 million plus contingent payments totaling a maximum of £122 million, payable over three years.
• Angstrom Sports offers sports modeling, forecasting, and data analytics across sports betting products and markets in the U.S.
• The acquisition is expected to boost Entain's position, having a comprehensive suite of analytics, risk, and pricing capabilities for U.S. Sports betting products. 

H&M Forays Into Brazilian Market, Boosting Latin American Presence

• Hennes & Mauritz AB HNNMY HMRZF disclosed launching its online and offline stores in Brazil by 2025.
• The fashion retailer aims to expand its presence in Latin America by initially entering major cities in Southeast Brazil and partnering with Dorben Group. 

American, JetBlue Begin Steps To Cease The Northeast Alliance

• American Airlines Group Inc AAL and JetBlue Airways Corp JBLU have initiated the process of dissolving the pro-competitive, pro-consumer Northeast Alliance.
• They collaborated to stay competitive in the heavily trafficked U.S. Northeast during the COVID-19 pandemic-induced economic uncertainty.
• The collaboration was called the Northeast Alliance, allowing the two airlines to share bookings, routes, and passengers.

 

Reuters

United Airlines Pilots Reach Labor Agreement With Up To 40% Raise

• United Airlines Holdings Inc UAL and its pilots have reached a labor agreement with a substantial pay raise.
• According to the new four-year agreement, the pilots will get a cumulative 34.5% to 40.2% increase in pay raises, Reuters reported. 
• Due to a shortage of pilots in the industry, United pilots gained increased negotiation leverage. Despite high inflation, consumers have continued to spend on travel, exacerbating the issue.

MoonLake's Potential Sale: Stock Price Up Fivefold Since Public Debut In 2022

• MoonLake Immunotherapeutics MLTX has reportedly engaged an investment bank as the Swiss company looks for a potential sale.
• The company focuses on developing antibody-derived treatments for inflammatory skin conditions.
• The is in preliminary talks with pharmaceutical companies interested in a potential acquisition. Citing the sources, Reuters emphasized that a deal isn't guaranteed and wished to remain anonymous. 

 

Nikkei 

Toshiba Plans To Build Supply Chain For Offshore Wind Turbines In Japan

• Japan's Toshiba Corp TOSBF reportedly plans to establish a supply chain for offshore wind power equipment in the country with U.S. manufacturer General Electric Company GE.
• The partners will develop components for production, soliciting smaller companies in Japan's northwest (including Akita and Niigata prefectures) that have conditions suited for offshore wind power.
• Orders for a project in Akita prefecture are due to start as early as 2028.

Photo via Wikimedia Commons