Apple (AAPL, Financial) has announced the launch of its Vision Pro mixed reality headset, set to redefine consumer electronics with its advanced features and magical user interface. The device, priced at $3,499 for the 256GB model, will be available for pre-order on January 19, with a release date of February 2. Apple's CEO Tim Cook heralded the arrival of spatial computing, emphasizing the transformative potential of the Vision Pro, which will also support readers and prescription lenses at additional costs. This launch marks Apple's most significant product introduction in nearly a decade, with availability both online and in U.S. Apple Stores.
Moderna (MRNA, Financial) has reported a stronger-than-expected performance in its COVID-19 vaccine sales for 2023, totaling approximately $6.7 billion. This figure surpasses the company's previous guidance of $6 billion and includes deferred revenue from its collaboration with GAVI, The Vaccine Alliance. With over $13 billion in cash and investments at the end of the year, Moderna is preparing for the launch of its second product, an mRNA-based RSV vaccine, anticipated for this year. The company has also seen an increase in its U.S. market share for COVID-19 vaccines and is planning for sales growth and breakeven in the coming years.
Boeing (BA, Financial) faces challenges as its 737 Max 9 jets were grounded following an incident involving an Alaska Airlines flight, which saw a door plug blow out, causing rapid depressurization. The grounding has impacted Boeing's stock, with analysts from Morgan Stanley expressing concerns about the company's product quality and execution challenges. The incident has led to a temporary grounding of 171 Boeing 737 Max 9 aircraft worldwide, as investigations are underway. This has also affected shares of Spirit AeroSystems (SPR), Boeing's parts supplier, which saw a significant retreat in stock value.
Johnson & Johnson (JNJ, Financial) has entered into an agreement to acquire Ambrx Biopharma (AMAM) for an equity value of approximately $2 billion. This acquisition will enhance JNJ's pipeline with several antibody-drug conjugate candidates, including ARX517, targeted at metastatic castration-resistant prostate cancer. The transaction is expected to close in the first half of 2024 and will see a collaboration between scientists from both companies to accelerate clinical studies.
Crocs (CROX, Financial) has projected record revenue for 2023, anticipating approximately $3.95 billion, which represents an 11% growth from the previous year. The company has also managed to significantly reduce its net debt, positioning itself for strategic investments and long-term growth. Crocs expects its fourth-quarter revenue to exceed previous guidance, with the Crocs Brand expected to grow nearly 10%.
Enterprise Products Partners (EPD, Financial) has declared a quarterly dividend increase, signaling confidence in its financial stability and growth prospects. The company's dividend yield remains attractive, and it continues to focus on capital projects and market expansion, particularly in the Permian Basin.
Workers at a Costco (COST, Financial) store in Norfolk, Virginia, have voted to join the Teamsters union, marking the first successful unionization at a Costco location in over two decades. This move reflects the changing dynamics in the retail sector, where even companies with strong reputations for worker-friendly policies are seeing increased union activity.
Cadence Design Systems (CDNS, Financial) and Synopsys (SNPS, Financial) are favored over Arm Holdings (ARM) in the electronic design automation and intellectual property space, according to Needham. Cadence is expected to reach significant financial milestones ahead of Arm, and there is speculation about Synopsys bidding for Anysys (ANSS), which could be a long-term positive for the company.
Newell Brands (NWL, Financial) has announced a restructuring plan aimed at achieving significant annualized pre-tax savings. The plan includes reducing office roles and optimizing the company's real estate footprint, with an emphasis on investing in its largest and most profitable brands.
Merck (MRK) has confirmed its acquisition of Harpoon Therapeutics (HARP, Financial) for approximately $680 million, with Harpoon's shares surging premarket. The deal focuses on expanding Merck's immunotherapy portfolio, with Harpoon's lead candidate, HPN328, currently in clinical trials for advanced cancer.
Nvidia (NVDA, Financial) is set to begin mass production of its H20 artificial intelligence chip for China in the second quarter of 2024. The chip complies with U.S. export restrictions and is part of Nvidia's efforts to navigate the tightening export controls while maintaining its presence in the Chinese market.
Crude oil prices have declined following Saudi Arabia's decision to cut crude prices due to subdued demand from China and increased global supplies. Despite the price cuts, geopolitical tensions and supply disruptions continue to provide some support to the oil market.
Schrödinger (SDGR, Financial) has expanded its software agreement with Eli Lilly, providing the pharmaceutical giant with access to Schrödinger’s technologies to accelerate drug discovery. Schrödinger also outlined its plans for advancing its proprietary pipeline and clinical studies.
Stock futures have shown a decline as investors await inflation data and bank earnings. Among the biggest stock movers, Harpoon Therapeutics (HARP, Financial) and Heron Therapeutics (HRTX, Financial) have seen significant gains, with Harpoon potentially being acquired by Merck (MRK) and Heron partnering with CrossLink Life Sciences.
