Reuters

Broadcom CEO Prepares To Allay Concerns Of EU Regulators Over VMware Deal

• On Friday, U.S. chipmaker Broadcom Inc’s (NASDAQ: AVGO) CEO Hock Tan proposes to pitch EU antitrust enforcers concerning the pro-competitiveness of his proposed $61 billion bid for cloud computing agency VMware Inc (NYSE: VMW).

• Tan will current his arguments to senior European Commission officers, together with its deputy director basic for mergers Guillaume Loriot, and their counterparts from nationwide competitors companies and legal professionals from the EU govt.

• VMware President Sumit Dhawan will seem remotely on the listening to.

Benzinga

AMC Entertainment Q1 Earnings: Theater Chain Beats Expectations As Avatar, Marvel Franchises Help Maintain Winning Streak

• AMC Entertainment Holdings Inc (NYSE: AMC) reported first-quarter FY23 income development of 21.5% year-on-year to $954.4 million, beating the consensus of $941.9 million.

• Overall attendance improved by 21.9% Y/Y to 47.6 million. U.S. markets attendance elevated by 25.5% Y/Y to 32.4 million. International markets attendance grew by 15% Y/Y to fifteen.3 million.

• Average screens fell 1% year-on-year to 9,998 from 10,099.

Apple, Meta Brace For Competition As India’s Richest Man Enters VR Headset Battle With A $16 Device

• Mark Zuckerberg’s Meta Platforms Inc (NASDAQ: META) and Tim Cook’s Apple Inc (NASDAQ: AAPL) will quickly conflict fiercely with costly choices within the VR headset market. But India’s richest man is seeking to play disruptor as soon as once more on his house turf with a VR headset that prices just below $16.

• Reliance Industries, owned and led by India’s richest man Mukesh Ambani, this week launched its first-ever digital actuality (VR) headset known as JioDive beneath its subsidiary Reliance Jio.

Why Warner Bros. Discovery Stock Is Tumbling Premarket Today

• Warner Bros. Discovery Inc (NASDAQ: WBD) reported a first-quarter FY23 income decline of 5% ex-FX year-on-year to $10.70 billion, lacking the consensus of $10.78 billion. EPS lack of $(0.44) missed the consensus of $0.01.

• Studios revenues had been $3.21 billion, down by 7% ex-FX Y/Y on a professional forma mixed foundation. Content income decreased 8% ex-FX, as larger video games income from the discharge of Hogwarts Legacy was greater than offset by decrease TV licensing.

• Networks revenues had been $5.58 billion, down by 7% ex-FX, excluding the influence of the 2022 Winter Olympic Games on a professional forma mixed foundation.

Story continues

Lordstown Motors To Hit The Brakes On Endurance Electric Truck Production

• Lordstown Motors Corp (NASDAQ: RIDE) mentioned it expects the manufacturing of its Endurance electrical full-size pickup truck to cease “in the near future,” given the shortage of funding and manufacturing delays.

• The firm mentioned in a submitting on Thursday that the manufacturing of Endurance — Lordstown’s flagship car — might stop quickly.

• The firm is in search of strategic companions to scale this system however famous that its potential to acquire extra financing is “extremely limited.”

American Bankers Association Calls On SEC To Probe Short Selling, Abusive Practices

• The American Bankers Association, or ABA, reportedly known as on federal regulators on Thursday to probe a spate of great quick gross sales of publicly traded banking shares that it mentioned had been “disconnected from the underlying financial realities.”

• The group said it had additionally noticed “extensive social media engagement” in regards to the well being of varied lenders that was out of step with basic trade situations, reported Reuters, citing a letter written to the Securities and Exchange Commission Chair Gary Gensler.

Why Dropbox Shares Are Up Friday Morning

• Dropbox Inc (NASDAQ: DBX) reported Q1 2023 revenues development of 8.7% Y/Y and 11.6% Y/Y fixed forex, to $611.1 Million, beating the consensus of $601.1 million.

• Paying customers stood at 17.90 million, vs. 17.09 million a yr in the past, and common income per paying consumer elevated to $138.97 from $134.63 the prior yr.

• The firm maintained a long-term goal of an adjusted gross margin of 80%-82%, an adjusted working margin of 30%-32%, and an annual free money circulation of over $1 billion.

Cigna Raised Annual Profit Forecast On Strong Growth, Lower Medical Costs

• Cigna Corporation (NYSE: CI) has reported Q1 FY23 gross sales of $46.52 billion, up 6% Y/Y, beating the consensus of $45.53 billion, reflecting robust contributions from Evernorth Health Services and Cigna Healthcare.

• Cigna noticed its medical price ratio – or spending on claims as a share of premiums – fall to 81.3% from 81.5% resulting from larger premiums and decrease COVID-19 prices.

• The adjusted EPS of $5.41, down from $6.06 a yr in the past, got here above the Wall Street estimate of $5.24.

Dogecoin Wallet With 1.5M DOGE Springs To Life After 9 Years

• A Dogecoin (DOGE/USD) tackle containing 1.55 million DOGE value roughly $123,155 on Thursday woke up after remaining dormant for 9.3 years.

• The proven fact that this dormant pockets was reactivated after such an extended interval of stagnancy means that the holders might have acquired the cash shortly after Dogecoin’s invention.

• Last month, plenty of inactive DOGE wallets sprang again to life after remaining dormant for prolonged intervals.

Air France-KLM In Discussions With Apollo Global Management For €500M Financing

• Air France-KLM (OTC: AFLYY) and Apollo Global Management Inc (NYSE: APO) are in talks a few €500 million financing of a devoted working affiliate proudly owning Engineering and Maintenance belongings.

• This financing might be non-dilutive, structured by way of a quasi-equity financing instrument. Proceeds might be allotted to basic company functions.

CNBC

HSBC Defeats Proposal Regarding Asian Business Spinoff At Shareholder Meeting

• HSBC Holdings PLC (NYSE: HSBC) reportedly defeated the proposal on the potential spinoff of its Asian enterprise right into a Hong Kong-listed firm in at the moment’s annual basic assembly (AGM).

• Investors in help of the spinoff did not get the bulk votes. HSBC’s largest shareholder, Ping An Insurance (Group) Co. of China Ltd (OTC; PNGAY), supported the spinoff.

Bloomberg

Jack Ma’s Ant Eyes Stake Sell In Hong Kong Banking Unit

• Alibaba Group Holding Limited’s (NYSE: BABA) fintech affiliate Ant Group Co Ltd weighed promoting a stake in its digital banking unit in Hong Kong to win regulatory confidence for its impending preliminary public providing.

• Ant Bank (Hong Kong) Ltd has been discussing with potential traders to bolster operations,

• China’s mum or dad Ant Group has been restructuring operations to win the regulators after the nation abruptly dumped its IPO in 2020.

BMW Issues ‘Do Not Drive’ Warning For 90,000 Cars With Faulty Airbags: Report

• BMW (Bayerische Motoren Werke ADR) (OTC: BMWYY) has reportedly issued a “do not drive” alert for the 90,000 affected sedans and SUVs with defective airbags.

• The transfer comes after Hondo Motor Co Ltd (NYSE: HMC) and Ford Motor Co (NYSE: F) issued related orders about Takata Corp airbags.

• The airbags maintain the chance of explosion if deployed after long-term publicity to excessive warmth and humidity.

Photo by way of Wikimedia Commons

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This article AMC Entertainment & Warner Bros Earnings, Broadcom CEO Proposes To Pitch EU Regulators Over VMware Deal, Apple & Meta Brace For Virtual Reality Competition: Today’s Top Stories initially appeared on Benzinga.com

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