Lyft Inc. has been charged by the Securities and Exchange Commission for failing to disclose a board director's involvement in the sale of $424 million worth of private shares before the company's IPO. Lyft has agreed to pay a $10 million civil penalty without admitting or denying the SEC's findings. As a result, shares of Lyft dropped 3%, and the company is required to report the details of the transaction.
A panel of advisers is set to vote on using Pfizer's RSV vaccine in pregnant women, potentially making it the first maternal shot in the US to protect babies from the virus. The CDC advisory committee has recommended pregnant individuals to get Pfizer's maternal vaccine, which can safeguard infants from respiratory syncytial virus, a leading cause of hospitalizations among US babies. CDC Director Mandy Cohen's approval is still required before mothers can receive the vaccine.
Alibaba's stock is gaining momentum as news breaks that China is easing rules on foreign investment in domestic publicly traded companies. Additionally, there are reports that Alibaba may spin off its logistics network, Cainiao, raising $1 billion through an IPO. This positive news is contributing to the rise in U.S.-listed Chinese internet stocks.
Goldman Sachs has been fined $6 million by the SEC for failing to provide complete and accurate securities trading information, known as "blue-sheet" submissions, over a period of about a decade.
McDonald's is increasing its royalty fees for new franchise operators in the US, marking the first increase in nearly 30 years. The fees will rise from 4% to 5% and will apply to operators opening new locations.
AstraZeneca reported positive results from a trial on drug datopotamab deruxtecan in breast cancer patients, showing a significant improvement compared to chemotherapy. This development led to a 2.6% surge in AstraZeneca's share price, adding nearly £5 billion to its market value.
The United Auto Workers (UAW) announced on Friday its plans to escalate strikes against General Motors and Chrysler parent company Stellantis. However, there has been some positive progress in negotiations with Ford Motor. UAW President Shawn Fain expressed urgency, stating that they are not willing to wait indefinitely for a substantial contract from the "Big Three" automakers. Fain acknowledged that Ford is demonstrating a genuine commitment to reaching an agreement, but the situation appears to be different at GM and Stellantis.
Despite worries about nationalistic fervor in China, people flocked to Apple stores to buy the latest iPhone. Google searches for "buy iPhone 15" surged by nearly 500% after Apple's live launch event. Apple's stock was up 0.7% as their new product line, including the iPhone 15 series, was released worldwide.
Amazon's Prime Video will introduce limited advertising in early 2024, aiming to support investment in compelling content. It will also offer an ad-free version for an additional cost, similar to pricing on competitor Netflix. This move comes as the streaming industry grapples with a slowdown in subscriber growth since the pandemic, following Netflix and Disney's introduction of ad-supported plans.
Vietnamese electric vehicle maker, VinFast, reported a revenue increase of over double in Q2, driven by higher domestic deliveries. However, the company also reported a net loss of approximately $514 million from sales of around $307 million during the same period. This news comes as VinFast's stock price has been experiencing a significant decline in recent weeks. Investors should pay attention to the sales figures of EVs and exercise caution when considering the company's share prices.