Qualcomm (QCOM, Financial) has introduced its latest chip architecture, the Snapdragon XR2+ Gen 2, positioning itself to compete with Apple's (AAPL, Financial) anticipated Vision Pro mixed reality headsets. The new chip promises enhanced visual clarity with 4.3K spatial computing at 90 frames per second and boasts a 15% and 20% increase in GPU and CPU frequencies, respectively. Qualcomm's advancement aims to elevate the XR experience with life-like overlays and virtual desktops, according to Hugo Swart, Qualcomm vice president and general manager.
AbbVie's (ABBV, Financial) stock experienced a slight drop after CVS Health announced the removal of AbbVie's anti-inflammatory drug Humira from its major national commercial formularies, favoring biosimilars instead. Despite this, Humira will remain on CVS' Choice and Standard Opt Out commercial formularies, and AbbVie will supply a specific volume of Humira co-branded with CVS' new Cordavis biosimilar unit.
PayPal Holdings (PYPL, Financial) saw its shares trend lower premarket after Oppenheimer downgraded the company to Market Perform from Outperform, citing profitability concerns amidst a product portfolio shift. The analyst predicts challenges in increasing operating margins and foresees difficulty in expanding PYPL's price-to-earnings multiple in the near term.
Walgreens Boots Alliance (WBA, Financial) announced a significant cut in its quarterly dividend, reducing it by 47.9% to $0.25 per share. CEO Tim Wentworth explained that the decision was made to strengthen the company's long-term balance sheet and cash position. Walgreens also reported a revenue beat in its Q1 FY24, driven by a jump in sales from its healthcare segment.
Amid global conflicts, the defense production sector is under the spotlight, with countries and companies ramping up their arsenals and fast-tracking new technologies. BAE Systems (BAESY, Financial) has resumed production of M777 howitzer parts for the U.S. Army, marking a significant return to traditional arms manufacturing.
Apple (AAPL, Financial) is expected to significantly upgrade the camera in its 2025 iPhone 17 line, with a 24-megapixel front-facing camera and a six-element lens, according to analyst Ming-Chi Kuo. This follows concerns about sales of the upcoming iPhone 15.
Mobileye Global (MBLY, Financial) saw its stock price drop by 24% in pre-market trading as the company updated its FY 2023 guidance, indicating a temporary impact on profitability due to lower-than-expected volumes in the EyeQ SoC business.
Callon Petroleum (CPE, Financial) surged pre-market after APA Corp. (APA, Financial) agreed to acquire the company in an all-stock deal, enhancing APA's presence in the Permian Basin and significantly increasing its production capabilities.
Eli Lilly (LLY, Financial) announced a new home delivery service for its weight-loss, diabetes, and migraine drugs, aiming to streamline access to its medications through LillyDirect Pharmacy Solutions.
BlackRock has expressed a bullish stance on AI-related opportunities, overweighting the theme in developed market stocks and anticipating tech sector earnings resilience to drive U.S. corporate profit growth in 2024.
Crypto miner Marathon Digital (MARA, Financial) reported record bitcoin production in December 2023, attributing the increase to hash rate growth and efficiency gains. The company aims to continue expanding its operational hash rate in the coming years.
TikTok (BDNCE, Financial) is setting ambitious goals to expand its U.S. e-commerce business, aiming to significantly increase its merchandise volume and establish an online store in the U.S. and Latin America.
Peloton (PTON, Financial) shares rose after announcing an exclusive partnership with TikTok, which will feature Peloton's workout content on the social media platform, marking a new venture outside of Peloton's own channels.
Verizon (VZ, Financial) received an upgrade from Wolfe Research, which anticipates improved subscriber growth and a strategic shift that could lead to a stronger financial position for the telecom giant.
