- The U.S. Department of Justice is working to seize $465 million worth of Robinhood Markets Inc (NASDAQ:HOOD) shares associated with Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange.
- The prosecutors are not considering the 56 million Robinhood shares to be a part of the bankruptcy estate, U.S. Attorney Seth Shapiro told Bankruptcy Judge John Dorsey, reported Reuters.
- According to Shapiro, competing claims to the Robinhood shares could be settled in a forfeiture proceeding.
- Meta Platforms Inc.'s (NASDAQ:META) Facebook is apparently working on making private sharing between friends more accessible.
- On Thursday, social media commentator Matt Navarra took to Twitter to share an update stating that Facebook is "leaning into private sharing with friends."
- Navarra's post was accompanied by a screenshot that showed an additional button on a meme post — "Send in Instagram Direct Message."
- Binance.US' proposed $1-billion purchase of beleaguered cryptocurrency platform Voyager Digital Ltd (OTC:VYGVF) is facing a limited objection from the U.S. Securities and Exchange Commission.
- The SEC said that the Changpeng Zhao-led company's purchase agreement doesn't contain details on its ability to close the deal. The regulator sought more information on the company's business operations.
- Largest contract electronics maker Hon Hai Precision Industry Co Ltd (OTC:HNHPF) Foxconn's December revenue dropped 12.3% year-on-year to NT$629.34 billion.
- Foxconn said revenue for December was better than expected and that a "gradual recovery" at its Zhengzhou plant had contributed to "double-digit growth" in revenue for its smart consumer electronics business compared to November.
- Foxconn said production at the factory in China "basically returned to normal" in December.
- Equinor ASA (NYSE:EQNR) has partnered with the German energy company RWE AG (OTC: RWEOY) to develop large-scale value chains for low-carbon hydrogen jointly.
- The partners aim to replace coal-fired power plants with hydrogen-ready gas-fired power plants in Germany.
- They will also build a low-carbon and renewable hydrogen production in Norway to be exported to Germany through pipelines.
- Sony Group Corp (NYSE:SONY) has unveiled the prototype of its electric vehicle brand, Afeela, which it built along with Honda Motor Co Ltd (NYSE:HMC).
- Sony Honda Mobility launched the prototype at the Las Vegas CES 2023 technology trade show.
- Afeela's exterior features a "Media Bar," which allows intelligent mobility to express itself to surrounding people using light, enabling interactive communication between mobility and people.
- British clothing company Next Plc has raised its profit forecast following better-than-anticipated sales in the Christmas period.
- The company noted that the strength of demand for cold weather products in December was partly a result of pent-up demand from an unusually warm October and November.
- Next anticipates the cost price inflation on like-for-like goods to peak at around 8% in the Spring Summer season, which will ease to 6% in the second half.
- Walgreens Boots Alliance Inc's (NASDAQ:WBA) Q1 FY23 sales decreased 1.5% Y/Y to $33.4 billion, up 1.1% on a constant currency basis, beating the consensus of $32.83 billion.
- Adjusted EPS reached $1.16, down 29.9% on a constant currency basis, reflecting higher COVID-19 vaccine volumes, beating the consensus of $1.13.
- The company swung to an operating loss of $6.2 billion compared to an operating income of $1.3 billion a year ago. Operating loss in the quarter reflects a $6.5 billion pre-tax charge for opioid-related claims and litigation.
- Roku Inc (NASDAQ: ROKU) launched a premium Roku TV OLED TV, reflecting its focus on working with leading TV brands to offer TVs a best-in-class streaming experience at affordable prices.
- Roku is the primary streaming hub for many Americans as a dominant maker of streaming boxes and dongles. Its operating system also powers many smart TVs.
- Roku faced growing competition in recent years from companies in the streaming industry.
- Roku derives most of its revenue from advertising. Roku sells all ads viewed on its streaming service, the Roku Channel.
- Dell Technologies Inc (NYSE:DELL) told suppliers to significantly reduce the amount of other "made in China" components in its products to diversify its supply chain amid concerns over U.S.-China tensions.
- Dell's goal is to have all chips used in its products produced in plants located outside China by 2024.
- Dell also asked suppliers of other components like electronic modules, print circuit boards, and product assemblers to help prepare capacity in countries beyond China, like Vietnam.
Wall Street Journal
- The year 2022 was tough for automakers as they had to contend with supply chain challenges and softening consumer demand.
- Industry-wide auto sales fell 8% year-over-year to 13.7 million vehicles in 2022.
- This marked the lowest number since 2011. Sales have come back notably from the 17 million+ mark seen for five years that preceded the COVID-19 pandemic.
- Walgreens Boots Alliance Inc (NASDAQ:WBA) is reportedly the first major national pharmacy chain to say it plans to dispense the abortion pill under the FDA's new rules.
- Other companies that may follow suit include CVS Health Corp (NYSE: CVS) and Rite Aid Corp (NYSE: RAD).
- Tuesday, the FDA said it would allow pharmacies to offer abortion pills, mifepristone, in the U.S. Pharmacies must complete a form for certification to distribute the abortion pills.
- Any pharmacy to become certified to dispense mifepristone, an FDA-approved medication for use up to 10 weeks in pregnancy.
- Ireland Data Protection Commission (DPC) penalized Meta Platforms Inc (NASDAQ: META) €210 million for breaches of the GDPR relating to its Facebook service and €180 million for violations of its Instagram service.
- The inquiries concerned two complaints about the Facebook and Instagram services, each raising the same fundamental issues on 25 May 2018, the date the GDPR came into operation.
- Suppose a significant number of people opt out of ads powered with that behavioral data. In that case, prices for Meta's advertising could fall by 10% – 20% in a worst-case scenario, wiping 12% – 25% from the company's valuation, Morningstar analyst Ali Mogharabi wrote.
- ACI Worldwide Inc (NASDAQ:ACIW) is reportedly discussing a potential sale with private equity firms.
- The payments-software provider said it is working with financial advisers as it fields takeover interest. One of the people said there's no certainty ACI will reach a deal due to shaky leveraged financing markets.
- Samsung Electronics Co, Ltd (OTC:SSNLF) consumer-gadgets Vice Chair and co-CEO Han Jong-hee hoped the current industry downturn that affected the company's profit trajectory would begin to improve in the second half of 2023.
- Analysts expect Samsung to report 7.18 trillion South Korean won ($5.64 billion) in operating profit in the December quarter, down 50% Y/Y. However, some analysts are more bearish than the consensus.
- The pessimism stemmed from a rapid fall in NAND and DRAM memory prices due to demand softness for the products like PCs.
- Analysts expected a rebound in earnings in the second half of 2023 "along with an improving memory cycle and recovery in mobile demand."
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