First Solar's Internal Audit Reveals Instances Of Forced Labor, Philips Recalls Faulty Ventilators, Home Depot's Q2 Performance: Today's Top Stories

Benzinga

Home Depot's Q2 Performance: Revenue Dip, New Stock Buyback And More

• Home improvement retailer Home Depot Inc HD reported a second-quarter FY23 sales decline of 2% year-on-year to $42.92 billion, beating the analyst consensus of $42.25 billion.
• EPS of $4.65 beat the analyst consensus of $4.46. The average ticket in Q2 was $90.07, a 0.1% growth, and sales per retail square foot declined 2.3% to $684.65.
• Home Depot sees sales and a comparable sales decline of 2% - 5% (representing sales of $149.533 billion-$154.255 billion) vs. the $152.28 billion estimate.

Philips Recalls Faulty Ventilators, FDA Identifies Dust Issue As 'Most Serious'

• Koninklijke Philips N.V. PHG is recalling several ventilators after detecting dust and dirt from the environment in the air path of some devices.
• The U.S. Food and Drug Administration (FDA) classified the recall of Philips' respiratory machines as its most serious type, as their use could cause serious injuries or death.

This Spotify Rival From China Just Saw Its MAUs Dip in Q2, Stock Slides

• Tencent Music Entertainment Group TME reported second-quarter revenue growth of 5.5% year-over-year to $1.01 billion, missing the consensus of $1.03 billion. 
• Adjusted EPADS of $0.13 missed the consensus of $0.14.
• Revenues from social entertainment services and others increased by 24.6% Y/Y to $419 million.

Cardinal Health Q4 Earnings Surpass Estimates, Raises 2024 Forecast

• Cardinal Health Inc CAH reported Q4 FY23 adjusted EPS of $1.55, up 48% Y/Y, beating the consensus of $1.48.
• Sales increased 13% to $53.45 billion, beating the consensus of $52.41 billion.
• Cardinal Health raised its FY24 adjusted EPS guidance to $6.50-$6.75 from prior guidance of $6.45-$6.70 versus consensus of $6.59.

FDA Approves Pfizer's Blood Cancer Therapy For Heavily Pretreated Patients

• The FDA granted accelerated approval to Pfizer Inc's PFE Elrexfio (elranatamab-bcmm) for adult patients with relapsed or refractory multiple myeloma (RRMM) who have received at least four prior lines of therapy. 
• Approval was based on the single-arm Phase 2 MagnetisMM-3 trial results, and continued approval for this indication is contingent upon verification of clinical benefit in a confirmatory trial(s). 

LatAm Logistic Properties To Go Public Via 578M SPAC Merger

• LatAm Logistic Properties S.A. (d/b/a LatAm Logistic Properties) ("LLP"), a developer, owner, and manager of institutional quality, class A industrial and logistics real estate in Central and South America, agreed to go public via special purpose acquisition company (SPAC) merger with Two TWOA.
• The combined company will have an estimated post-transaction enterprise value of $578 million, based on a pre-money equity value of LLP of $286 million, with a minimum of $25 million in net cash proceeds from the business combination and assuming 70% redemptions by TWOA's existing public shareholders. 

Receiving Spam From Your Credit Score Provider? US FTC Just Penalized One For Spamming You

• The U.S. Federal Trade Commission has charged data analytics and credit reporting company Experian plc EXPGY EXPGF for spamming consumers.
• Experian was called out for sending consumers unsolicited emails without offering them a way to opt out of such messages, as required under the CAN-SPAM Act.
• FTC will require Experian Consumer Services (ECS), which offers consumers access to their Experian credit information, to pay $650,000 to settle the charges.

Amazon's Devices Chief Announces Retirement

• David Limp, the driving force behind Amazon.Com Inc's AMZN device division, has shared his plans to depart in the upcoming months after a career spanning 13 years in the company. 
• Limp's move marks another significant exit from the company's leadership since Andy Jassy assumed the CEO role two years prior.
• Such high-profile departures have become more frequent since Jassy's takeover, raising questions about the company's internal dynamics and future direction.

New York Times

First Solar's Internal Audit Reveals Instances Of Forced Labor

• First Solar, Inc FSLR stock is trading lower Tuesday after findings from its internal audit revealed instances of forced labor among migrant workers in its Malaysian operations. 
• The audit, part of the company's sustainability report, identified that four subcontracting firms in Malaysia had imposed recruitment fees on these workers in their native countries and had unjustly retained their salaries and passports.
• These revelations come at a time when concerns about forced labor in the solar panel manufacturing sector, predominantly based in Asia, are escalating.

Reuters

Ryanair Forecasts To Breeze Past Monthly Passenger Record In August

• Ryanair Holdings Plc RYAAY expects August traffic to marginally exceed the record 18.7 million passengers it flew last month.
• RYAAY's September and October bookings are expected to be precise as forecasted, Reuters reported, referring to a statement from Eddie Wilson, the head of Ryanair DAC, the largest airline in the group.
• "It should be slightly more (than July)... people are still travelling," said Wilson, as noted by Reuters.