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SPY

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BENZINGA BRIEFS


 * AMERICAN AIRLINES PILOT POISED TO RECEIVE 19% PAY HIKE OVER TWO YEARS
   
   7 minutes ago
    * American Airlines Group Inc (NASDAQ:AAL) has offered to increase the pay
      for its pilot by 19% over two years in a new contract.
    * American pilots will get a 12% raise when the contract is signed, with
      another 5% hike after a year and another 2% after two years.
    * The latest proposal compares the company's June offer to hike base pay by
      about 17% through 2024, which could cost the airline more than $2 billion,
      Reuters reported citing a draft agreement.
    * The American Airlines pilot union board has yet to review and approve the
      draft agreement. 
    * Also Read: American Airlines Plans To Do Away With First-Class Seats On
      International Flights.
    * If approved, the hike could act as a benchmark for contract negotiations
      at rivals United Airlines Holdings Inc (NASDAQ: UAL) and Delta Air Lines
      Inc (NYSE: DAL).
    * American Airlines has also offered another up to 3% increase in pay rates
      to match any salary increases at United and Delta.
    * Last week, American Airlines reported 50% Revenue Growth In Q3, Aided By
      the Pandemic Recovery.
    * Price Action: AAL shares closed at $14.29 on Thursday.
   
   READ MORE
   AAL
   DAL+0.04%
   UAL


 * HOME APPLIANCE MAKER ELECTROLUX TO CUT JOBS AS DEMAND WANES
   
   13 minutes ago
    * Swedish home appliance manufacturer Electrolux AB (OTC:ELUXY) has
      initiated a cost reduction plan and North American turnaround program in
      the wake of a demand slump.
    * The proposed plan is expected to affect 3,500 – 4,000 positions.
    * The company said it would take a restructuring charge of SEK 1.2 billion -
      SEK 1.5 billion in the final three months of 2022.
    * The cost reduction from the program includes and replaces the previously
      communicated benefits from the SEK 8 billion global re-engineering
      investments.
    * The cost reduction element will focus on three areas: eliminating cost
      inefficiencies in the supply chain, leveraging the organizational changes
      that took effect on July 1 this year, and optimizing R&D and marketing
      investments.
    * Total savings from the program are estimated to be more than SEK 7
      billion.
    * The company reported an operating loss in the third quarter of SEK (385)
      million.
    * Price Action: ELUXY shares closed higher by 1.98% at $23.74 on Thursday.
   
   READ MORE
   ELUXY


 * TESLA'S AUTOPILOT DRAWS REGULATORY IRE FROM DOJ AND SEC
   
   17 minutes ago
    * Federal prosecutors and securities regulators investigated whether Tesla
      Inc (NASDAQ:TSLA) misled consumers and investors about the performance of
      its advanced driver-assistance system, the Wall Street Journal reported.
    * The Justice Department scrutinized Tesla's statements about the safety and
      functionality of the system known as Autopilot. The SEC conducted a
      similar civil investigation.
    * Tesla's Autopilot system helps drivers with tasks such as steering and
      maintaining a safe distance from other vehicles on the highway, but it
      does not make cars autonomous.
    * The U.S. auto-safety regulator and the California Department of Motor
      Vehicles also scrutinized Autopilot.
    * Tesla told drivers to pay attention to the road and keep their hands on
      the wheel, but it's public messaging has often appeared inconsistent with
      that guidance. 
    * The DOJ's criminal investigation involves authorities in Washington and
      San Francisco. 
    * The SEC can enforce civil investor-protection laws.
    * The National Highway Traffic Safety Administration, the federal
      auto-safety regulator, launched an investigation of Autopilot last year
      after a series of crashes involving Teslas and first-responder vehicles
      stopped at emergency scenes. The agency recently escalated that probe. 
    * This summer, the California DMV accused Tesla of falsely advertising its
      vehicles as autonomous. 
    * Tesla has said driving with Autopilot engaged is safer than doing so
      without it. 
    * Tesla CEO Elon Musk has frequently stated that Tesla's automated driving
      software is safe but also safer than anything of which a human driver is
      capable.
    * Tesla will soon launch an updated version of its "Full Self-Driving"
      software that will enable users to travel without touching the steering
      wheel.
    * Price Action: TSLA shares traded lower by 0.54% at $223.87 in the
      premarket on the last check Friday.
    * Photo by Blomst via Pixabay
   
   READ MORE
   TSLA


 * DUPIXENT, FLU VACCINE DEMAND BOOST SANOFI'S Q3 EARNINGS, LIFTS ANNUAL OUTLOOK
   
   27 minutes ago
    * Sanofi SA (NASDAQ:SNY) said it now expects 2022 adjusted earnings per
      share to grow by about 16%. The positive currency impact on 2022 business
      EPS is estimated at +9.5% to +10.5%. It had previously forecast growth of
      15%.
    * The company reported Q3 sales of €12.48 billion, +19.7% Y/Y supported by
      the strong performance of specialty care driven by Dupixent, Flu vaccines,
      and core assets from General Medicines.
    * Dupixent sales increased 44.5% to €2.3 billion.
    * Related: Sanofi Ends Development Of Breast Cancer Drug Amcenestrant After
      Trial Failure.
    * It also reported a 26.5% rise in third-quarter business operating income,
      or adjusted earnings before interest and tax, to €4.5 billion.
    * Sanofi wrote off €1.56 billion, the value of the most advanced drug
      project of Synthorx that Sanofi agreed to acquire for $2.5 billion in
      2019. 
    * Sales from influenza vaccines jumped by a currency-adjusted 32.4% to €1.99
      billion, mainly driven by higher influenza vaccine sales.
    * Price Action: SNY shares closed 1.13% higher at $42.05 during after-hours
      trading on Thursday.
   
   READ MORE
   SNY


 * EXXON BOOSTS QUARTERLY DIVIDEND AFTER FOUR FOLD INCREASE IN Q3 EARNINGS
   
   53 minutes ago
    * Exxon Mobil Corp (NYSE:XOM) has posted a Q3 profit of $4.45 per share, a
      robust increase over $1.58 a year ago versus the consensus of $3.65. But
      the company's revenue, at $112.07 billion, jumped 52% Y/Y, missing the
      $115.60 billion analysts were expecting.
    * Q3 earnings and cash flow from operating activities increased to $19.7
      billion and $24.4 billion, respectively, as strong volume performance,
      including record refining volumes, cost control, and higher natural gas
      realizations, more than offset lower crude realizations and weaker
      industry refining margins.
    * Also Read: Exxon Mobil Shows Initial Interest In Denbury Takeover.
    * The oil giant raised the quarterly by $0.03 to $0.91 per share, payable on
      December 9th. The company said that the increase reflects confidence in
      its strategy, business performance, and financial strength.
    * Exxon kept its capital investments at $5.73 billion for Q3 and $15.24
      billion in 9M.
    * The Permian delivered record production in the quarter of nearly 560,000
      oil-equivalent barrels a day.
    * Oil-equivalent production in the third quarter was 3.7 million barrels per
      day, +1.39% Y/Y.
    * Price Action: XOM shares are up 0.68% at $106.60 during the premarket
      session on the last check Friday.
   
   READ MORE
   XOM+0.20%


 * FORD ORDERED TO PAY $105M TO VERSATA SOFTWARE FOR LICENSE BREACH: REPORT
   
   59 minutes ago
    * Ford Motor Co (NYSE:F) has been ordered to pay Versata Software Inc $104.6
      million by a federal jury in Detroit for a license contract breach.
    * Ford was accused of a 2004 licensing contract breach and misappropriating
      trade secrets, Reuters reported. The company was held liable after a
      fifteen-day trial.
    * Versata said it had licensed its automotive software to Ford from 1998 –
      2015. Through the software, Ford's engineers and marketing agents came
      together to design vehicles with "seamless real time updates" worldwide.
    * Dejected of paying huge amounts in licensing fees, Ford is said to have
      copied Versata's software, the report added.
    * "While we respect the jury's decision, we believe the facts and the law do
      not support this outcome," the report cited Ford. "Ford will appeal the
      verdict."
    * Also Read: Ford Q3 Earnings Highlights: Revenue Beat, EPS Miss, Electric
      Vehicle Update And More
    * Price Action: F shares are trading lower by 0.54% at $12.93 in premarket
      on the last check Friday.
    * Photo Via Company
   
   READ MORE
   F+0.23%


 * TAL EDUCATION Q2 EARNINGS BEAT ESTIMATES
   
   1 hour ago
    * TAL Education Group (NYSE:TAL) reported a second-quarter FY23 sales
      decline of 79.6% year-on-year to $294.06 million, beating the consensus of
      $242.62 million.
    * Operating costs and expenses declined 84% Y/Y to $292.4 million.
    * The gross profit decreased 69% Y/Y to $176.9 million with a gross margin
      of 60.1%.
    * The company's income from operations totaled $14.9 million compared to a
      loss from operations of $(379.9) million last year.
    * The company held $3.1 billion in cash and equivalents as of August 31,
      2022.
    * Adjusted EPS of $0.04 beat the analyst consensus of $0.01.
    * "We will continue to invest in learning services, learning content
      solutions and learning technology solutions to lay the foundation for
      long-term growth." said CEO Alex Peng.
    * Price Action: TAL shares are trading higher by 2.52% at $4.07 in premarket
      on the last check Friday.
   
   READ MORE
   TAL+0.13%


 * HUAWEI'S ERSTWHILE REVENUE TRAJECTORY SHOWS REVERSAL AMID US SANCTIONS
   
   1 hour ago
    * Huawei Technologies Co recorded its second straight quarter of higher
      revenue during the third quarter, reflecting signs of stabilization
      following years of U.S. embargo on sales of its telecom equipment.
    * Revenue at the Chinese telecom giant rose 6.5% to 144.2 billion yuan, or
      $20 billion, during the third quarter compared with a year
      ago, WSJ reported.
    * Also Read: US-China Tensions Boil As Taiwan's TSMC Also Joins Embargo
      After NVidia and AMD
    * Huawei's main business line selling telecommunications equipment grew,
      while a longtime decline in its consumer-device business had slowed.
    * The results marked a reversal from more than a year of dwindling revenue
      driven by plunging smartphone sales and restrictions on sales of its
      telecom equipment.
    * The U.S. embargo ruined the company's smartphone business, its primary
      revenue driver. It has also dented its business of selling telecom
      equipment.
    * Huawei developed an array of new business lines less dependent on chips
      like cloud-computing services, autonomous-driving components, smartphone
      software, and consumer gadgets like smartwatches and tablets, the report
      added. However, the new businesses failed to offset the steep drop in
      smartphone sales. 
    * Huawei also invested heavily in China's fast-growing chip-manufacturing
      industry via its investment arm Hubble Technology Investment Co.
    * The U.S. has long viewed Huawei as a national-security threat and has said
      Beijing can use Huawei equipment to spy, which the company denied.
    * Huawei sold some businesses, including its Honor brand of budget
      smartphones, to cope with the restrictions on its access to chips.
    * Huawei aimed to relaunch 5G phones by 2022 to overcome the U.S.
      sanctions and win back market share.
    * Huawei reworked its phones to use less advanced chips made by Chinese
      companies that will enable 5G.
    * In September, Huawei launched its latest flagship smartphone with
      satellite communications capabilities, ahead of Apple Inc (NASDAQ:AAPL)
      and Samsung Electronics Co, Ltd (OTC:SSNLF).
    * Price Action: AAPL shares closed lower by 3.05% at $144.80 on Thursday.
   
   READ MORE
   AAPL
   SSNLF


 * COMTECH BAGS OVER $50M ON EXISTING US MILITARY DEAL
   
   1 hour ago
    * Comtech Telecommunications Corp (NASDAQ:CMTL), during its first quarter of
      fiscal 2023, won over $50.0 million of incremental funding on an existing
      contract to provide next-generation troposcatter systems in support of the
      U.S. military. 
    * For over 50 years, Comtech has designed and supplied modernized
      troposcatter technologies.
    * In October, Comtech won over a $30 million contract with a multinational
      data networking and telecommunications equipment company for their text
      messaging platform.
    * "We have been working with this customer of over 20 years to supply
      reliable text messaging services. In 2019, we started working on migration
      of our in-network messaging application to a cloud-native,
      architecture-based messaging platform," said Jay F. Whitehurst, President
      of Comtech Trusted Location. "We are pleased to announce that we have
      entered into a global licensing agreement with our partner and have inked
      a multi-year deal to provide a containerized messaging platform to a major
      tier-1 US-based mobile network operator."
    * Price Action: CMTL shares closed higher by 0.81% at $9.96 on Thursday.
   
   READ MORE
   CMTL


 * JUSTICE DEPARTMENT LAUNCHES PROBE INTO POULTRY COMPANIES' PAYMENT PRACTICES:
   REPORT
   
   2 hours ago
    * The U.S. Justice Department has launched an investigation into the method
      of payments made to chicken farmers by poultry companies.
    * Pilgrim’s Pride Corp (NASDDAQ: PPC) disclosed in a regulatory filing that
      it learned on October 6, 2022, that DOJ opened a civil investigation into
      grower contracts and payment practices.
    * PPC said it would cooperate with the DOJ in its investigations.
    * The Justice Department has notified other poultry companies as well,
      the WSJ reported, citing people familiar with the matter.
    * The report noted that the poultry companies follow the tournament system
      in which two dozen farmers in a given region are typically compared
      against one another to determine their payment rates.
    * The chicken farmers have criticized the system saying the variables
      involved in chicken rearing make it difficult to determine income.
    * The method thus has drawn scrutiny from the Agriculture Department.
    * The move comes after the Biden administration’s push to curtail the power
      of large agriculture companies regarding underpaying the farmers and
      raising consumer costs.
    * Price Action: PPC shares closed higher by 2.92% at $23.26 on Thursday.
   
   READ MORE
   PPC


 * DEA'S CONSISTENT DENIAL OF PSILOCYBIN ACCESS FOR TERMINALLY ILL BEING
   CHALLENGED AGAIN
   
   16 hours ago
   
   The ongoing battle led by palliative care specialist Dr. Sunil Aggarwal to
   pressure the DEA to allow end-of-life treatments for patients seeking to use
   psychedelics introduced another chapter. 
   
   The agency replied to Dr. Aggarwal’s petition last month stating that the FDA
   has not authorized psilocybin as a medicine and so it must remain in the
   Schedule I category of the Controlled Substances Act (CSA), while also
   suggesting those behind the appeal were inspired commercial interest.
   
   In reply, the attorneys in charge of the case filed a new challenge to the
   rescheduling petition denial in the U.S. Court of Appeals for the Ninth
   Circuit, with opening briefs due on January 9 (petitioners) and February 7
   (respondents) next year, first reported Marijuana Moment.
   
   Aggarwal is fighting for his patients to lawfully use psilocybin and for
   the rescheduling of the drug as well as for the application of federal Right
   To Try (RTT) laws, an issue being discussed and fought for at the
   congressional level within the last year.
   
   The clinician, backed by companion bills filed by Senators Cory Booker (D-NJ)
   and Rand Paul (R-KY) and Reps. Earl Blumenauer (D-OR) and Nancy Mace (R-SC),
   insists on the RTT laws to enable seriously ill people to get
   medical treatment with investigational drugs -including those under Schedule
   I classification.
   
   The DEA replied that the RTT statute mentions exemptions under the federal
   Food, Drug and Cosmetic Act (FD&C Act), while no explicit claim is made
   regarding the CSA. To this, petitioners replied that a CSA section states the
   federal agency cannot interpret the drug law in a way that conflicts with the
   FDCA.
   
   Kathryn Tucker, director of advocacy for the National Psychedelics
   Association involved in the ongoing psilocybin litigation, is confident: “We
   will take our very strong arguments that psilocybin does not belong on
   Schedule I into court and look forward to a successful outcome there,” she
   recently told Marijuana Moment. 
   
   “Through the RTT litigation and this new suit challenging the refusal to
   initiate rescheduling proceedings, we are pressing forward to open access,
   knowing that those with life-threatening conditions could be benefited with
   this therapy,” Tucker concluded.
   
   Photo courtesy of Chones and Cannabis_Pic on Shutterstock and Wikimedia
   Commons.
   
   READ MORE
   


 * SILICON LABS ANALYST DOWNGRADES STOCK CITING DEMAND SLOWDOWN, HIGH VALUATION
   
   17 hours ago
    * Needham analyst Rajvindra Gill downgraded Silicon Laboratories,
      Inc (NASDAQ:SLAB) from Buy to Hold.
    * For the past several months, he had been concerned about slowing consumer
      demand adversely affecting the Home and Life segment (46% of sales). 
    * For Q4, he estimated Home and Life would decline 17% Q/Q after
      seven quarters of sequential growth. 
    * As lead times come in, he expected an acceleration in order push-outs
      leading to outright cancellations. 
    * His CY23 estimates factored a slowdown in home automation products like
      smoke alarms, security systems, smart lighting, cameras, hubs, and
      appliances. 
    * He believed there could be added pressure if there is a slowdown in the
      housing market (residential and commercial) and if the consumer weakness
      spills over into enterprise spending. 
    * Despite the contraction in valuation multiple, SLAB traded at a premium.
    * Keybanc analyst John Vinh maintained an Overweight and lowered the price
      target from $180 to $160.
    * Morgan Stanley analyst Craig Hettenbach maintained an Equal-Weight and
      lowered the price target from $161 to $151.
    * Barclays analyst Blayne Curtis maintained an Underweight and lowered the
      price target from $95 to $85.
    * Price Action: SLAB shares traded lower by 3.18% at $114.05 on the last
      check Thursday.
   
   READ MORE
   SLAB


 * THIS ANALYST HOPES ON TRAVELZOO'S REVAMPED BUSINESS MODEL & NEW INITIATIVES
   AMID RECOVERY IN LEISURE TRAVEL
   
   17 hours ago
    * Barrington Research analyst James C. Goss reiterated an Outperform rating
      on the shares of Travelzoo (NASDAQ:TZOO) with a price target of $10.
    * The company reported Q3 earnings below Street estimates.
    * The analyst said Travelzoo expects Q4 revenue to grow versus a year ago,
      though there is meaningful uncertainty in the economic and advertising
      environment.
    * Goss' current estimates call for acceleration of revenue growth versus the
      Q3 trend.
    * Europe revenues were soft in the quarter. While management had previously
      noted limited Eastern Europe exposure, the geopolitical situation does
      create additional uncertainty for operations in that area, added the
      analyst.
    * While demand for travel is important, a particularly strong demand
      environment can make it more challenging to secure attractive travel deals
      with suppliers and travel operators less inclined to offer attractive
      deals, said Goss.
    * Pent up demand in the midst of the pandemic created a situation in which
      many travelers were willing to pay inflated prices for travel as the world
      began to return to some sense of normalcy.
    * He noted that the resulting favorable situation for lodging and airline
      operators reduced the need for developing promotional packages of the type
      advertised by Travelzoo to its client base.
    * Travelzoo's clientele tends to be affluent, travel-focused and receptive
      to offers of high-end trips at pricing that provides good value.
    * Goss said inflationary pressure would be expected to crimp ongoing
      consumer demand for leisure travel, which may be a more supportive
      environment to offer deals for travel, though, it is far from certain how
      much of this activity would flow to Travelzoo.
    * The recovery in advertising, to mitigate the working capital pressure from
      the voucher liabilities, is taking longer and is choppier than what the
      analyst had initially expected.
    * The analyst expects the company to reinvigorate its business model and
      benefit from new initiatives. The analyst's view presumed a recovery in
      leisure travel from the exceptionally depressed levels beginning with
      local markets and ultimately extending to international travel.
    * Price Action: TZOO shares are trading higher by 4.69% at $5.03 on the last
      check Thursday.
    * Photo Via Company
   
   READ MORE
   TZOO


 * AUTONATION REGISTERS 4% TOP-LINE GROWTH IN Q3 DESPITE LOWER UNIT SALES;
   BOOSTS STOCK BUYBACK
   
   17 hours ago
    * AutoNation Inc (NYSE:AN) reported third-quarter FY22 sales growth of
      4% year-on-year to $6.67 billion, missing the consensus of $6.83 billion.
    * Higher average selling prices of vehicles and continued growth in
      After-Sales and Customer Financial Services more than offset lower unit
      sales of new and used vehicles.
    * New vehicle retail unit sales fell 5% and used vehicle retail unit sales
      declined 3%.
    * Segment income from Domestic fell 4% Y/Y, Import dropped 10%, and Premium
      Luxury rose 14%.
    * Gross profit improved 3% Y/Y to $1.3 billion, and the gross profit margin
      contracted 20 basis points Y/Y to 19.7%. After-Sales gross profit
      increased 13% to $479 million.
    * Selling, general and administrative (SG&A) expenses increased by 5.5%.
    * The operating margin for the quarter was 7.8%, and the operating income
      was $523 million, a 4% Y/Y increase.
    * Adjusted EPS of $6.00 missed the consensus of $6.31.
    * Cash and equivalents totaled $442.9 million as of September 30, 2022.
    * AutoNation today announced an agreement to acquire four dealerships,
      representing nine franchises, from Moreland Auto Group, representing
      approximately $320 million in annual revenue.
    * Buyback: The Board of Directors authorized up to an additional $1 billion
      of common stock repurchase, bringing the total available authorization to
      $1.4 billion.
    * Price Action: AN shares are trading higher by 5.31% at $107.84 on the last
      check Thursday.
    * Photo Via Company
   
   READ MORE
   AN


 * ANALYST SEES MARKET POTENTIAL FOR ARCELLX MULTIPLE MYELOMA CANDIDATE, SEES
   50% UPSIDE IN STOCK
   
   17 hours ago
    * Needham initiated coverage on Arcellx Inc (NASDAQ:ACLX) with a Buy rating
      and a price target of $31.
    * Arcellx's lead program and main value driver is CART-ddBCMA, an autologous
      CAR-T therapy for relapsed or refractory (r/r) multiple myeloma (MM). 
    * With two CAR-Ts already on the market - Bristol Myers Squibb
      Co's (NYSE:BMY) Abecma and Johnson & Johnson's (NYSE:JNJ) Carvykti,
      Arcellx is a fast follower. 
    * The analyst says that early data for CART-ddBCMA supports an efficacy
      profile in line with the market leader (Carvykti).
    * While the MM market is crowded, Needham analyst believes CAR-Ts have
      demonstrated the best activity and that the incumbents are insufficient,
      given market needs. 
    * A physician survey identified access as a key issue, finding that only 35%
      of CAR-T-eligible patients receive treatment. 
    * Assuming 20% market penetration, CART-ddBCMA sales are estimated to reach
      $3 billion in 2033. 
    * Broader platform play (ARC-SparX) could also add a potential upside. A
      clinical update is expected in 4Q:22, with a pivotal study in 2023.
    * Price Action: ACLX shares are up 1.70% at $20.62 on the last check
      Thursday.
   
   READ MORE
   ACLX
   BMY+0.03%
   JNJ+0.09%

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