Top Stories Tuesday, July 18: NBCUniversal's Peacock Raises Prices First Time Since Launch, Warren Buffett Sells Majority of Activision Blizzard Stake Before Microsoft Deal Approval, Novartis Launches $15B Share Buyback - AstraZeneca (NASDAQ:AZN)

Wall Street Journal

NBCUniversal has announced that Peacock's first price increase since the streaming platform debuted in 2020 will go into effect next month.
The decision to raise prices comes as Peacock's subscriber figures continue to grow. In the first three months of 2023, the platform reached nearly 22 million subscribers, marking a 60% year-over-year increase.
The price hike will take effect on August 17. Peacock's Premium tier (with ads) price will rise by $1, bringing it to $5.99 per month. Meanwhile, the Premium Plus tier (without ads) will rise by $2 to $11.99 per month.

Benzinga

Novartis AG NVS reported Q2 FY23 sales of $13.62 billion, up 7% Y/Y and 9% on constant currency, beating the consensus of $13.17 billion.
The pharma major is also initiating a share buyback program worth up to $15 billion to be completed by year-end 2025, following the completion of its previous share buyback in June 2023.
Novartis also said its board of directors has "unanimously" endorsed the total spin-off of the generics division Sandoz, first announced last year.

Lockheed Martin Corp LMT reported second-quarter FY23 net sales growth of 8.1% year-over-year to $16.69 billion, above the consensus of $15.91 billion.
Adjusted EPS of $6.73 (+6.5% Y/Y) topped the consensus of $6.45.
Lockheed Martin expects net sales of ~$66.25 billion - $66.75 billion (prior view $65 billion -$66 billion) versus the consensus of $65.84 billion.
It sees EPS of ~$27.00 - $27.20 (prior view ~$26.60-$26.90) versus the consensus of $27.15.

Morgan Stanley MS reported Q2 earnings per share of $1.24, beating the consensus of $1.15. Revenues reached $13.46 billion, up 2% Y/Y, vs. expected $13.08 billion and down 7% sequentially.
The bank's profit declined 13% to $2.18 billion as Wall Street's deal-making drought stunted revenue from investment banking.
Revenue from investment banking stood at $1.16 billion, in line with last year.

Toyota Motor Corporation TM will provide hydrogen-powered vehicles to test a high-speed hydrogen refueling station in Abu Dhabi.
For the development, oil giant Abu Dhabi National Oil Company, or ADNOC, announced a partnership with Toyota and Al-Futtaim Motors to test the high-speed hydrogen refueling station using a fleet of clean hydrogen-powered vehicles.
The station, built in Masdar City by ADNOC, will create clean hydrogen from water using an electrolyzer powered by clean grid electricity.

The Bank Of New York Mellon Corporation BK reported a second-quarter total revenue increase of 5% year-over-year to $4.45 billion, beating the consensus of $4.37 billion.
Net interest revenue increased 33% YoY to $1.1 billion due to higher interest rates, and Fee revenue decreased 2% to $3.26 billion, reflecting lower foreign exchange revenue, the impact of the Alcentra divestiture.

Bank of America Corp BAC shares are up Tuesday morning following its second-quarter results that surpassed the Street view.
BAC reported a second-quarter FY23 net income growth of 19% year-over-year to $7.4 billion. EPS for the quarter was $0.88, compared to $0.73 in 2Q22, beating the consensus of $0.84.
Revenue increased 11% Y/Y to $25.33 billion, beating the consensus of $25.05 billion.

The FDA approved AstraZeneca Plc AZN and Sanofi SA's SNY Beyfortus (nirsevimab) for the prevention of respiratory syncytial virus (RSV) lower respiratory tract disease (LRTD) in newborns and infants.
The approval covers newborns and infants during or entering their first RSV season and children up to 24 months of age who remain vulnerable to severe RSV disease through their second RSV season.
Beyfortus will be available in the US before the 2023-2024 RSV season.

Reuters

Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) sold 70% of its exposure to Activision Blizzard Inc ATVI in the second quarter.
Buffett appeared to miss out on some gains when a federal judge said Microsoft Corp MSFT could complete its $68.7 billion takeover of the video game maker.
The Activision investment was a form of arbitrage, with Buffett viewing investors as too pessimistic over the regulatory approval for the merger.

Taiwan Semiconductor Manufacturing Company Ltd TSM shares are trading lower Tuesday amid reports that the company will likely report a 27% decline in second-quarter net profit on Thursday as global economic woes weigh on semiconductor demand. Interestingly, analysts say otherwise.
Taiwan's Fubon Investment analysts expected Q2 to be the bottom of the current downcycle. However, while the situation should improve in Q3, it would be weaker than usual, given continued inventory build-ups.

Bloomberg

Verizon Investigates Lead Contamination Problem

Verizon Communications Inc VZ announced launching an investigation to clarify the extent of potential lead contamination probably linked to its aging phone cables.
The telecom operator is testing various sites where lead was reported to be leaching into the ground from wiring dating back to the early 20th century.
The report noted Verizon saying that lead in the environment may come from various industrial uses other than telecom.

NBCUniversal's Peacock Raises Prices First Time Since Launch, Warren Buffett Sells Majority of Activision Blizzard Stake Before Microsoft Deal Approval, Novartis Launches $15B Share Buyback: Today's Top Stories