Bitcoin's ETF Approval Rumor, Pfizer Slashes Annual Outlook, Activist Shareholder Shakes Up News Corp's Status Quo: Today's Top Stories

Benzinga

Bitcoin Spiked On False ETF Approval Rumor

• Bitcoin (BTC/USD), the ace cryptocurrency, spiked on unverified reports of the approval of an iShares Bitcoin ETF.
• BlackRock said the information is false, according to Fox Business journalist Eleanor Terrett. 
• The company's Bitcoin ETF application is still under review, BlackRock, which owns iShares, told Fox.

Albemarle Backs Out Of Acquisition Offer For Australia's Liontown Resources

• Mining giant Albemarle Corporation (NYSE: ALB) said it will not pursue a binding agreement to purchase Liontown Resources Ltd (OTC: LINRF) and has withdrawn its non-binding offer to Liontown's Board of Directors. 
• The decision comes as Albemarle nears the end of its exclusive due diligence process.
• Albemarle cited the growing complexities associated with the proposed transaction as a factor in its decision.  

Pfizer Cuts Annual Revenue Guidance By $9B Amid COVID-19 Vaccine Sales Slump, BioNTech Warns €900M Write-Offs

• Friday, Pfizer Inc (NYSE: PFE) slashed its full-year earnings and revenue guidance, citing decreasing demand for its COVID-19 products.
• The company now expects 2023 sales of $58 billion-$61 billion, down from its previous guidance of $67 billion-$70 billion versus consensus of $66.0 billion.
• BioNTech SE (NASDAQ: BNTX) flagged write-downs of up to €900 million, reflecting similar charges to Pfizer.

Drug Retailer Rite Aid Grappling With Lawsuits Files For Bankruptcy

• Rite Aid Corporation (NYSE: RAD) filed for Chapter 11 bankruptcy protection in New Jersey and said it would begin restructuring to reduce its debt. Elixir Insurance is not included in the Chapter 11 process.
• Rite Aid is evaluating its store portfolio, and in connection with the court-supervised process, the company will close additional underperforming stores. 
• Rite Aid also said lenders agreed to provide $3.45 billion in new funding to "provide sufficient liquidity" as it embarks on its restructuring plan.

AstraZeneca's Tagrisso-Chemo Combo Under FDA Priority Review For The Most Common Form Of Lung Cancer

• AstraZeneca Plc's (NASDAQ: AZN) supplemental New Drug Application for Tagrisso (osimertinib) in combination with chemotherapy has been accepted and granted Priority Review in the U.S. for locally advanced or metastatic epidermal growth factor receptor-mutated (EGFRm) non-small cell lung cancer (NSCLC).
• The Prescription Drug User Fee Act date, the FDA action date for their regulatory decision, is anticipated during the first quarter of 2024.

Honeywell Projects New Business Jet Deliveries To Shoot Up 10% In 2024: Here's Details

• Yesterday, Honeywell International Inc (NYSE: HON) disclosed an encouraging Global Business Aviation Outlook, highlighting strong global demand for new business jets. As per the survey, the company saw higher five-year new jet purchase plans, up 2ppt vs. a year ago. 
• 10-year Outlook: The company expects global demand for new business jets to stay strong over the coming decade, with projected deliveries of up to 8,500 new planes worth $278 billion from 2024 to 2033 (same as the 10-year outlook a year ago).

WeWork Names David Tolley As CEO Amid Ongoing Transformation Efforts

• WeWork Inc (NYSE: WE) has appointed David Tolley as its Chief Executive Officer. Tolley has been a WeWork Board member since February 2023, and interim Chief Executive Officer since May 2023.
• In May, Sandeep Mathrani stepped down as Chairman, CEO, and as a director.

 

Financial Times

Novavax Faces Setback, European Authority Delays Decision On Variant-Tailored COVID-19 Vaccine

• Novavax Inc (NASDAQ: NVAX) faces a setback as the European Medicines Agency (EMA) delays a decision on its variant-tailored COVID-19 vaccine. 
• The EMA's questions center around the vaccine's potency and ensuring consistency across different production sites. The EMA is expected to provide its approval within four weeks. 

 

Wall Street Journal

Activist Shareholder Shakes Up News Corp's Status Quo

• Activist shareholder Starboard Value has acquired a significant stake in News Corp (NASDAQ: NWSA), aiming to instigate strategic and governance reforms at the media conglomerate. 
• The move is part of a broader strategy to enhance the company's market value, which Starboard believes is undervalued due to its complex corporate structure.
• Starboard's intervention will likely advocate for the spin-off of News Corp's digital real estate division, including its interests in REA Group and Realtor.com parent Move Inc. 

Goldman Sachs Wants to Opt Out Of Consumer Lending - Including Apple Card, General Motors Card

• Goldman Sachs Group Inc (NYSE: GS) is reportedly reconsidering its venture into consumer lending, a move initiated by launching a joint savings account with Apple Inc (NASDAQ: AAPL). 
• The bank is now facing internal dissent and operational challenges, prompting a reevaluation of this strategic direction.
• The bank's change of heart stems from the operational and financial challenges encountered since the launch of the Apple credit card and other consumer lending products.

 

Bloomberg

Qatari Group Pulls Away From Acquiring Manchester United

• Manchester United Plc (NYSE: MANU) shares fell nearly 10% during premarket trading on Monday as investors digested the news of the Qatari group's decision to reportedly pull away from acquiring the football giant.
• The acquisition process was plagued by a series of hiccups, with bidders unable to meet the whopping £6 billion ($7.3 billion) valuation set by the Glazer family, leading to internal rifts over the decision to sell and the desired selling price. Minority stakeholders also raised alarms, hinting at possible legal actions.

Apple Navigates Executive Turnover, Eyes Vision Pro Affordability

• Apple Inc (NASDAQ: AAPL) is undergoing a significant reshuffling within its executive ranks, elevating several individuals to vice president positions among several departures over the past months. 
• The move comes as the tech giant is also focusing on reducing the price of the Vision Pro and enhancing the in-store iPhone purchasing experience.
• The tech giant has witnessed the exit of about a dozen vice presidents in 2022 and 2023, leading to a wave of promotions to replenish its leadership. 

 

CNBC

Nationwide Walkout Looms for Walgreens, CVS Pharmacy Staff Over Working Conditions

• Walgreens Boots Alliance Inc (NASDAQ: WBA) and CVS Health Corp (NYSE: CVS) CVS pharmacy staff are reportedly planning a nationwide walkout and multiple rallies in late October to protest poor working conditions. 
• The discontent among retail pharmacy employees has been mounting due to understaffing and increased work expectations, exacerbated by the demands of the COVID-19 pandemic.
• Some Walgreens and CVS employees have already engaged in separate walkouts. A Walgreens organizer confirmed that the nationwide walkout is scheduled for October 30 to November 1, with discussions underway to involve pharmacy staff from other retail chains.