'Airbnb Has Foundational Cracks', Disney+ Follows Netflix On Subscription Sharing Crackdown, Microsoft's Nadella Criticizes Google's Exclusive Content Deals: Today's Top Stories

Benzinga

Microsoft's Nadella Criticizes Google's Exclusive Content Deals Amid Antitrust Case

• In a significant development, Microsoft Corp's MSFT CEO, Satya Nadella, has voiced concerns over the competitive landscape of content acquisition essential for training artificial intelligence (AI).
• Nadella's remarks came during his testimony in a landmark antitrust trial in the U.S., where he highlighted the challenges posed by exclusive deals that tech giants, notably Alphabet Inc GOOGL GOOG Google, are securing with publishers.

AstraZeneca Settles Heartburn Treatment Lawsuit For One Of Biggest Selling Drug

• AstraZeneca Plc AZN has agreed to pay $425 million to settle U.S. lawsuits related to heartburn and stomach acid treatments Nexium and Prilosec.
• The heartburn treatments have been under litigation, as some users said they caused kidney damage.

Pharma Giants Sanofi, Johnson & Johnson Join Forces To Develop E.coli Vaccine

• Sanofi SA SNY struck a deal with Janssen Pharmaceuticals, a unit of Johnson & Johnson JNJ, to develop and commercialize the vaccine candidate for extraintestinal pathogenic E. coli (9-valent).
• Sanofi will pay J&J's Janssen unit $175 million upfront and development and commercial milestones. Both will co-fund research and development costs. The vaccine is in late-stage clinical trials.

Takeda Withdraws Lung Cancer Drug From US After Failed Confirmatory Trial

• Following discussions with the FDA, Takeda Pharmaceutical Co Ltd TAK will voluntarily withdraw Exkivity (mobocertinib) in the U.S. 
• Takeda intends to similarly initiate voluntary withdrawal globally where Exkivity is approved and is working with regulators in other countries where it is currently available on the next steps.

Retail Giant Target Kicks Off Holiday Shopping Season With Toys Under $25

• Target Corp TGT has kicked off the holiday toy shopping season by offering thousands of affordable, trendy toys and games under $25 across its broad assortment.
• The retailer has also unveiled its affordable Bullseye's Top Toys list and new exclusives through collaborations.

McCormick Stock Falls After Q3 Earnings

• McCormick & Company, Incorporated MKC reported third-quarter FY23 sales growth of 6% year-on-year to $1.684 billion, missing the analyst consensus estimate of $1.70 billion.
• Adjusted EPS of $0.65 was in line with the consensus estimate.
• McCormick reaffirmed FY23 revenue growth guidance of 5% - 7%. The company expects sales growth to be driven primarily by pricing actions, which, in conjunction with cost savings, are expected to offset inflationary pressures. 

Cancer-Focused ALX Oncology Stock Gained Over 100% On Interim Gastric Cancer Data

• ALX Oncology Holdings Inc ALXO released prespecified interim Phase 2 data from its ASPEN-06 trial of evorpacept plus trastuzumab, Cyramza (ramucirumab) and paclitaxel for HER2-positive gastric/gastroesophageal junction cancer. 
• A confirmed overall response rate (ORR) of 52% was demonstrated for evorpacept in combination with trastuzumab + Cyramza + paclitaxel compared to 22% for the control group of trastuzumab + Cyramza + paclitaxel.

Eli Lilly To Acquire Cancer Treatment Focused POINT Biopharma For $1.4B

• Eli Lilly And Co LLY agreed to acquire POINT Biopharma Global Inc PNT at $12.50 per share in cash, an aggregate of approximately $1.4 billion.
• The purchase price payable at closing represents a premium of approximately 87% to POINT's closing stock price on October 2, the last trading day before the announcement, and 68% to the 30-day volume-weighted average price. 

 

Variety

Disney+ Follows Netflix, Clamps Down on Subscription Sharing Amid Strategic Shifts

• Walt Disney Co's DIS Disney+ is tightening its subscription sharing rules, as revealed in a notification to Canadian subscribers. 
• Effective November 1, the company will prohibit sharing subscriptions outside of one's household unless permitted by the service tier. Violating these terms may lead to limited or terminated access to the service. 

 

Reuters

Boeing Sets Eyes On Ambitious 737 Output By Mid-2025, Thanks To Spike In Aircraft Purchases

• Boeing Company BA is reportedly gearing up to elevate the production of its renowned 737 narrowbody aircraft to unprecedented levels by mid-2025, a move reflecting the surge in orders and the firm's rebound post the 737 MAX crisis.
• This aspiration reinstates Boeing's earlier goal, which was interrupted in 2019 due to the global grounding of the MAX following two tragic accidents.

Novo Nordisk Weight Loss Drug Patent Battle Against Viatris - Emerges As Winner

• Novo Nordisk A/S NVO successfully defended two pivotal patent claims linked to the main ingredient in its popular weight-loss and diabetes drugs, Wegovy and Ozempic. 
• Viatris Inc VTRS, via its subsidiary Mylan Pharmaceuticals, had instigated challenges aiming to pave the way for generic versions of these drugs but was thwarted by a decisive ruling from the U.S. Patent Office tribunal.

 

Bloomberg

Japan's Billion-Dollar Boost for Micron Amid Global Tech Turbulence

• The Japanese government has sanctioned a substantial subsidy of ¥192 billion (approximately $1.3 billion) to enhance Micron Technology Inc's MU Hiroshima factory to amplify the production of next-generation chips domestically. 
• Micron, a company rooted in Boise, Idaho, will utilize the funds to incorporate extreme ultraviolet lithography equipment from the Dutch firm ASML Holding NV ASML.

'Airbnb Has Foundational Cracks': CEO Brian Chesky Gets Candid, Proposes Fix

• Airbnb Inc (NASDAQ: ABNB) is navigating through a tumultuous 2023, marked by host unrest, competitive pressures, and stringent regulations. The "Airbnbust" movement saw hosts expressing dissatisfaction publicly, while competitor Vrbo introduced a loyalty program, a feature Airbnb's user base has long desired. 
• In New York City, new regulations on short-term rentals have posed significant challenges, nearly pushing Airbnb out of a previously dominant market.

Delta Uncovers Unauthorized Components In Jets In Growing Industry Scandal

•  Delta Air Lines Inc DAL recently unearthed the presence of unauthorized components within some of its jet engines, joining the ranks of major U.S. airlines that have found fake parts in their machinery.
• While the specific nature of these components remains undisclosed, they represent less than 1% of the over 2,100 engines in Delta's primary fleet.

 

Financial Times

Spotify's CEO Slams Tech Titans Apple And Google, Calls For Swift AI Regulation Overhaul

• Spotify Technology's SPOT CEO, Daniel Ek, has reportedly voiced his concerns over the rapid evolution of artificial intelligence and the dominance of tech giants like Apple Inc AAPLand Alphabet Inc GOOG GOOGL. 
• Ek emphasized the dynamic nature of AI development but raised concerns that current regulations would become outdated because of the pace at which the technology was transforming.

 

Wall Street Journal

Movie "Dumb Money" Unpacked: The Untold Reality of the GameStop Meme Stock Frenzy

• The latest film, "Dumb Money," recounting the infamous January 2021 GameStop Corp GME stock frenzy and the consequential downfall of Melvin Capital, has been greeted with enthusiasm and is seen as a classic underdog tale. However, a deeper examination reveals a contrasting narrative. 
• The film romanticizes a horde of retail investors gleefully watching Melvin Capital's Gabe Plotkin lose, but overlooks the likely financial loss endured by those who jumped on the GameStop bandwagon during its peak.