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Reuters
Broadcom CEO ready to allay EU regulators’ concerns over VMware deal
On Friday, U.S. chipmakers Broadcom’s (NASDAQ: AVGO) CEO Hock Tan offers to pitch EU antitrust enforcers on the competitive advantages of his proposed $61 billion takeover of cloud computing firm VMware (New York Stock Exchange: VMW).
Tan will present his arguments to senior European Commission officials, including its deputy director-general for mergers, Guillaume Loriot, as well as counterparts from national competition agencies and lawyers for the EU executive.
VMware President Sumit Dhawan will testify remotely.
turn gasoline
AMC Entertainment Holdings (New York Stock Exchange: asset management company) reported a 21.5% YoY increase in revenue to $954.4 million in the first quarter of FY23, beating consensus estimates of $941.9 million.
Overall attendance rose 21.9% YoY to 47.6 million. Attendance in the US market increased by 25.5% year-on-year to 32.4 million. International market attendance increased 15% year-on-year to 15.3 million.
The average screen decreased 1% year-over-year from 10,099 to 9,998.
India’s richest man enters VR headset wars with $16 device, Apple, Meta back competition
Mark Zuckerberg’s meta platform company (NASDAQ: metadata) and Tim Cook’s apple inc (NASDAQ: NASA) will soon clash violently with the more expensive offerings in the VR headset market. But India’s richest man hopes to once again play a disruptor role in his own turf with a VR headset that costs less than $16.
Reliance IndustriesOwned and led by India’s richest man Mukesh Ambanithis week launched its first virtual reality (VR) headset called JioDive under its subsidiary Reliance Jio.
Why Warner Bros. Discovery Stock Plunged in Premarket Today
Warner Bros. Discovery (NASDAQ: world bank day) reported that 1Q23 revenue (excluding FX) fell 5% YoY to US$10.7bn, missing the consensus estimate of US$10.78bn. EPS lost $(0.44) below the $0.01 consensus.
studio income It was $3.21 billion, on a pro forma consolidated basis, excluding foreign exchange, down 7% year-over-year. Content revenues were down 8% excluding foreign exchange, as higher game revenues from Hogwarts Legacy releases were more than offset by lower TV licensing.
network income was $5.58 billion, excluding the impact of the 2022 Winter Olympics on a pro forma consolidated basis, down 7% excluding foreign exchange.
Lordstown Motors to suspend production of Endurance electric trucks
Lordstown Motor Company (NASDAQ: ride) indicates the expected production of endurance Production of the electric full-size pickup truck will cease “in the near future” due to lack of investment and production delays.
Production of Lordstown’s flagship model, the Endurance, may soon cease, the company said in a Thursday filing.
The company is looking for a strategic partner to expand the program, but noted that its ability to secure additional financing is “extremely limited.”
ABA Calls on SEC to Investigate Short Selling, Abuse
this American Bankers AssociationThe American Banking Association (ABA) on Thursday called on federal regulators to investigate massive short selling in a string of publicly traded bank stocks, saying the stocks were “out of touch with underlying financial realities,” according to reports.
The group said it had also observed “extensive social media engagement,” saying the health of various lenders was at odds with general industry conditions, Reuters reported, citing a letter to the banks. Securities and Exchange Commission Chair Gary Gensler.
Why Dropbox Stock Jumped Friday Morning
dropbox company (NASDAQ: DBX) reported first-quarter 2023 revenue growth of 8.7% YoY and 11.6% YoY in constant currency to $611.1 million, beating consensus estimates of $601.1 million.
Paying users were 17.9 million, compared to 17.09 million a year ago, and average revenue per paying user increased to $138.97 from $134.63 last year.
The company maintains its long-term goal of an adjusted gross margin of 80%-82%, an adjusted operating margin of 30%-32%, and annual free cash flow of more than $1 billion.
Cigna raises annual profit forecast on strong growth, lower healthcare costs
Cigna (New York Stock Exchange: CI) reported 1QFY23 sales of $46.52 billion, up 6% YoY, beating consensus estimates of $45.53 billion, reflecting strong contributions from Evernorth Health Services and Cigna Healthcare.
Cigna’s medical cost ratio — or claims payout as a percentage of premiums — fell to 81.3% from 81.5% due to higher premiums and lower COVID-19 costs.
Adjusted earnings per share were $5.41, down from $6.06 a year ago and above Wall Street expectations of $5.24.
Dogecoin wallet with 1.5M DOGE reinvigorated after 9 years
A Dogecoin The (DOGE/USD) address, containing 1.55 million DOGE, worth approximately $123,155, came to life on Thursday after a 9.3-year hiatus.
The fact that this dormant wallet was reactivated after a long period of inactivity suggests that holders may have acquired the coins not long after Dogecoin was invented.
Last month, some inactive DOGE wallets became active again after being dormant for a long time.
Air France-KLM discusses €500 million financing with Apollo global management
Air France KLM (OTC: soaring) and Apollo Global Management (New York Stock Exchange: Apolipoprotein) is discussing a €500 million financing for a dedicated operating subsidiary with engineering and maintenance assets.
This financing will be non-dilutive and structured through equity-like financing vehicles. Proceeds will be allocated for general corporate purposes.
CNBC
HSBC rejects proposal to spin off Asia business at shareholder meeting
HSBC Holdings plc (New York Stock Exchange: HSBC) reportedly rejected a proposal to spin off its Asian operations into a Hong Kong-listed company at its annual general meeting (AGM) today.
Investors backing the spinoff failed to secure a majority. HSBC’s largest shareholder, Ping An Insurance (Group) Company of China, Ltd. (OTC; PNGAY), supports splitting.
Bloomberg
Jack Ma’s Ant Eye sells stake in Hong Kong banking unit
Alibaba Group Holding Limited (New York Stock Exchange: Baba) Fintech subsidiary Ant Group Considering selling a stake in its virtual banking unit in Hong Kong to win regulators’ confidence in its upcoming initial public offering.
Ant Bank (Hong Kong) Ltd has been in discussions with potential investors to strengthen operations,
Chinese parent company Ant Group has been restructuring its business to win regulatory approval after China abruptly abandoned its IPO in 2020.
BMW issues ‘do not drive’ warning to 90,000 cars with faulty airbags: report
BMW (Bavarian Automobile Works ADR) (OTC: BMW YYA “do not drive” alert has reportedly been issued for 90,000 affected cars and SUVs with faulty airbags.
the move followed Hongdu Automobile Co., Ltd. (New York Stock Exchange: control center) and ford motor company (New York Stock Exchange: f) issued a command like Takata Corporation airbag.
If there is a danger of the airbag exploding Deploy after prolonged exposure to heat and humidity.
Photo via Wikimedia Commons
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This article AMC Entertainment and Warner Bros earnings, Broadcom CEO proposes pitching VMware deal to EU regulators, Apple and Meta Brace VR competition: Today’s headlines originally appeared on Benzinga.com
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