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Hennes & Mauritz (OTC:HNNMY) Stock, Chaîne d'Options

HENNES & MAURITZ AB

Hennes & Mauritz is a global multibrand fashion conglomerate that was founded in 1947. Its flagship H&M brand accounts for most of revenue, but the newer brands (COS, &Other Stories, Monki, Weekday, and Arket) are growing a bit faster. H&M commands low-single-digit market share in a fragmented global apparel market. Around 65% of revenue is generated in Europe and Africa, 13% in Asia and Oceania, and 23% in North and South America. The company operates around 4,500 stores globally of which 3,947 are H&M-brand stores.

HENNES&MAURITZ UNSP/ADR by Hennes & Mauritz AB

Hennes & Mauritz AB

Swedish fashion retailer Hennes &amp; Mauritz AB (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNNMY#OTC">HNNMY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HMRZF#OTC">HMRZF</a>) reported a 3% increase in net <a target="_blank" href="https://hmgroup.com/news/h-m-hennes-mauritz-ab-three-month-report-2025/" rel="noreferrer noopener">sales </a>for the first quarter of its fiscal year, reaching 55.3 billion Swedish Krona ($5.1 billion).
The growth in local currencies was 2%, influenced by a 3% reduction in store count compared to the previous year.
Despite challenges, the company noted strong sales momentum in Western, Southern, and Eastern Europe, with Germany and Poland performing particularly well.
Gross profit for the quarter amounted to SEK 27.2 billion, with a gross margin of 49.1%, down from 51.5% in the same period last year.
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The decline was attributed to external economic pressures, increased markdowns, and a strengthened Swedish krona, which negatively affected currency remeasurement.
H&amp;M also cited extended transport delays in the Red Sea continued to affect inventory.
The company&#8217;s operating profit stood at SEK 1.2 billion, significantly lower than the SEK 2.1 billion reported a year earlier.
This translated to an operating margin of 2.2%, compared to 3.9% previously. Higher purchasing costs and logistical challenges further pressured profitability.
Online sales contributed around 30% of total revenue, underscoring H&amp;M&#8217;s digital expansion efforts. Meanwhile, the company continued optimizing its physical retail footprint, with a net reduction of 40 stores in the quarter.
As of February 28, cash and cash equivalents amounted to SEK 16.5 billion. The operating cash flow for the quarter was SEK 4.2 billion, a 6% increase.
&#8220;Although we have made important progress in our plan and have good cost control, our sales and earnings in the quarter were somewhat weaker than planned – but the first quarter is the smallest quarter of the year for us in terms of sales and margin, and we are confident going forward,&#8221; said CEO Daniel Ervér.
The group plans to open approximately 80 new stores in 2025, with a focus on emerging markets, while closing around 190 locations, mainly in established regions.
H&amp;M is set to launch its first store in El Salvador in 2025, while its Brazilian entry will include locations in São Paulo and Campinas.
Paraguay will also become a new market for the retailer in 2026. Additionally, the company&#8217;s brands, such as COS and Arket, are expanding in South Korea, Norway, Austria, Greece, and Ireland.
Price Action: HNNMY shares closed lower by 3.01% at $2.58 on Wednesday.
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Fashion Retailer H&M Reports Modest Sales Growth In Q1, Faces Margin Pressures

<h4>Key Takeaways:</h4>
<ul>
<li>Shein&rsquo;s reported plan to list in London as soon as April could face a new hurdle after British regulators grilled the company about its cotton sourcing</li>
<li>Controversy about its business practices and rivalry with PDD&rsquo;s Temu may force the fast fashion sensation to eventually consider listing in Hong Kong</li>
</ul>
&nbsp;&nbsp;
By Xia Fei
It&rsquo;s known for its slick business model that delivers low-cost dresses from factories in Guangdong to teenagers in the West within days. But Chinese fast-fashion retailer&nbsp;Shein&rsquo;s&nbsp;own path to going public has been anything but smooth.
After several rounds of delays, including shelving plans for a New York IPO as China-U.S. relations soured, the fast fashion sensation is now on track for a listing as early as April on the London Stock Exchange, according to a&nbsp;Reuters report&nbsp;last week. Revival of the London plan comes about half a year after the Financial Times reported Shein&rsquo;s London listing plan had collapsed and the company had already given up on New York due to deteriorating geopolitics.
News of the London plan&rsquo;s death was probably premature. Still, it&rsquo;s far from clear that Shein will ultimately find a home in London, which has managed to attract few, if any, major Chinese stocks despite its status as one of Europe&rsquo;s largest stock exchanges.
Details about Shein&rsquo;s IPO plan remain fuzzy. But the company is reportedly negotiating with Britain&rsquo;s financial regulator to waive the usual rule requiring all companies to sell at least 10% of their shares in a new listing, Reuters reported in December. Shein was last valued at $66 billion, meaning a 10% floatation would raise $6.6 billion, dwarfing the 2.5 billion pound ($3 billion) listing by French media group Canal+ (CAN.L) that was London&rsquo;s largest last year.
The London bourse may welcome such a blockbuster listing to help inject some vitality into an otherwise dull market, as only 18 companies debuted on the exchange last year. Shein&rsquo;s listing plan may have gotten a quiet show of support as recently as this past weekend, when British treasurer Rachel Reeves said London was a &ldquo;natural home&rdquo; for Chinese finance during her trip to Beijing and Shanghai. Reeves was the most senior British government official to visit China since former Prime Minister Theresa May&rsquo;s talk with President Xi Jinping seven years ago.
Despite that positive signal, Shein&rsquo;s date with destiny in London is far from set in stone.
At a hearing in front of the British Parliament last week, Shein&rsquo;s general counsel Zhu Yinan refused to directly say whether the company&rsquo;s products contain cotton from China&rsquo;s Xinjiang region, where the West alleges that labor violations have been common in recent years. &nbsp;
&ldquo;You have given us almost zero confidence in the integrity of your supply chains,&rdquo; said Liam Byrne, chair of the Business and Trade Committee. He added that Zhu&rsquo;s evasiveness &ldquo;bordered on contempt of the Committee&rdquo; and urged the LSE and Financial Conduct Authority to check Shein&rsquo;s disclosures.
Such controversies over the company&rsquo;s sourcing of raw materials, along with its ESG practices and alleged intellectual property infringement, could all undermine Shein&rsquo;s ability to fetch a desirable valuation on the public market. At the same time, governments in countries from the U.S. to South Africa are canceling or reconsidering exemptions that help Shein and other cross-border e-commerce companies avoid paying import tariffs on goods they ship abroad. Such moves could wreak havoc on Shein&rsquo;s business model, which has won over consumers with ultra-cheap fashion products, such as cocktail dresses costing as little as $10.
<h4>Losing its shine</h4>
Founded in Nanjing and now based in Singapore, Shein&rsquo;s meteoric rise is a textbook case of China&rsquo;s ability to harness supply chains and the huge troves of data they generate with laser-like precision. Drawing on such data, Shein has brought new meaning to the &ldquo;fast&rdquo; in fast fashion by churning out new garments at lightning speed by working closely with a network of manufacturers in China.
But outside its huge fanbase of young consumers who love its cheap clothes, Shein has an equally large and more influential base of detractors who criticize the company for more than just its questionable cotton sourcing.
Last September, Italian authorities investigated the firm over alleged &ldquo;greenwashing&rdquo; due to its &ldquo;generic, vague and misleading&rdquo; claims about its environmental practices on its website. In Vietnam, Shein, along with rival Temu, have been forced to halt operations as they work to register their businesses with the government. The company, founded by 40-year old Chris Xu in 2008, has also become mired in multiple lawsuits over alleged copyright infringement.
The jury is still out as to how much damage Shein&rsquo;s business model will suffer following the recent U.S. decision to end its &ldquo;de minimis&rdquo; exemption, which allows the import of items worth less than $800 to the country duty free. Some analysts believe Shein can weather that storm, partly by shipping its products in bulk to the U.S. and storing them in local warehouses, so that sales are for goods already in the country.
Meanwhile, Shein&rsquo;s profits are also facing pressure, as Temu, owned by e-commerce giant&nbsp;PDD Holdings&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pdd#NASDAQ">PDD</a>) lures away Shein suppliers and customers. According to Sensor Tower, Temu&rsquo;s app had more than 8 million downloads in the third quarter of 2024, compared to less than 6 million for Shein. Shein&rsquo;s revenue growth also slowed to 23% during the first half of 2024, while profits plunged over 70% to below $400 million, according to a report by The Information.
Some investors are already expressing a lack of confidence in the company with their feet. Private market exchanges of Shein&rsquo;s shares valued the firm at $45 billion to $55 billion in late 2023, according to Bloomberg. That could fall further as investors worry about the company&rsquo;s shrinking profitability.
<h4>Homecoming?</h4>
Reports of Shein&rsquo;s IPO plan first emerged as early as in 2022, but the company may have had second thoughts after Russia&rsquo;s invasion of Ukraine led to high market volatility. As the London plan advances in fits and starts, there are good reasons to believe that Shein may ultimately be forced to go to its Plan C and list in Hong Kong.
While the company tried to strip away its Chinese identity by relocating to Singapore, its listing outside Mainland China, where most of its supply network is based, may still require a green light from China&rsquo;s securities regulator. Yet the company&rsquo;s name has yet to appear on lists of companies that have applied for offshore listings with the China Securities Regulatory Commission.
The company&rsquo;s biggest obstacle to such a listing still seems to come from overseas lawmakers. The imminent ban by U.S. politicians of TikTok, a video app sensation owned by Chinese firm ByteDance, serves as a chilling reminder that close ties to China can easily draw national security concerns. Shein, which controls troves of personal data on American teenagers, has already been in the crosshairs of the U.S. Congress concerned about similar data risks.
Such factors may leave Shein with no choice but to go to Hong Kong, even if that means accepting a lower valuation than New York-listed global peers like&nbsp;Amazon&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) and&nbsp;H&amp;M&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>). Hong Kong stocks now trade at an average price-to-earnings (P/E) ratio of 14.4, versus 16.1 in London. While such lower multiples may be tough to swallow, Shein may find it has no choice but to sell its shares closer to home where regulators would undoubtedly welcome its stock with open arms.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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Shein Loses Its Shine On Bumpy Path To London Listing

<h4>Key Takeaways:</h4>
<ul>
<li>A politician in Britain&rsquo;s ruling party is calling for a review of Shein&rsquo;s London IPO bid and a ban on goods sourced from Xinjiang</li>
<li>A proposed U.S. move to revoke a tax exemption for low-value goods could add 20% or more to Shein&rsquo;s prices&nbsp;</li>
</ul>
By Lee Shih Ta
The world of ultra-fast fashion relies on speedy gratification, with a brand new outfit just a click away. Chinese clothing retailer&nbsp;Shein&nbsp;has made rapid inroads into Western markets with this business model, but an overseas IPO has not turned out to be a quick win.
Amid mounting tensions with Western trading nations, China&rsquo;s&nbsp;e-commerce companies are finding themselves caught in the crossfire. Shein came up against firm resistance as it shopped around for an overseas IPO venue and could also face an assault on its price advantage in U.S. markets.
Shein is officially headquartered in Singapore, but its operations are rooted in China&rsquo;s Guangdong Province. An attempt to list in New York faltered after political opposition. The fashion powerhouse then switched its attentions to the London Stock Exchange, which is keen to get the IPO business, but the revised plan could also be running into trouble.
A senior British political figure is calling for closer government scrutiny of the IPO application, citing concerns about the treatment of workers in Shein&rsquo;s supply chain.
Liam Byrne, a lawmaker in the ruling Labour Party who heads parliament&rsquo;s powerful trade committee, wants the government to emulate a U.S. ban on cotton imports from the Xinjiang region over the suspected use of forced labor from among the Uighur community. Britain should adopt the same standards on human rights and supply chain transparency as the United States in the interest of strengthening bilateral ties, Byrne said in statements reported by the&nbsp;<a href="https://www.ft.com/content/4d23f0db-9b2b-45f3-a8cf-0f99dddc636d">U.K. media</a>.
Meanwhile, U.K. activists have launched a &ldquo;Say No to Shein&rdquo; campaign, calling for the company&rsquo;s labor practices, environmental impact and tax arrangements to be investigated before any IPO green light is given.
<h3>Tax Loophole</h3>
The controversy highlights a growing polarization between China and the West as commercial competition intensifies.
According to a study by the International Monetary Fund, the globalized world is dividing into two blocs led by the U.S. and China, with declining trade and investment links between the competing alliances.
Against this background, U.S. legislators have turned their critical gaze towards the duty-free tax status enjoyed by the flood of small packages sent to U.S. consumers by Chinese e-commerce firms such as Shein and Temu.
The U.S. government recently&nbsp;<a href="https://www.reuters.com/business/retail-consumer/us-take-steps-curb-low-value-chinese-shipments-under-800-de-minimis-exemption-2024-09-13/">announced&nbsp;</a>that it wanted to curb the volume of small shipments that currently enter the country duty free up to a value threshold of $800, under a provision originally intended to make it easier for individuals to get modest packages or souvenirs from abroad.
Critics of the so-called &ldquo;de minimis&rdquo; rule say it has been exploited by the likes of Shein and Temu to offer products at ultra-low prices, to the detriment of U.S. producers and retailers. According to the White House, the number of low-value items entering the U.S. without incurring import taxes has jumped from 140 million to 1 billion in the past decade.
The China Select Committee&nbsp;in the U.S. Congress&nbsp;estimates that 30% of all goods imported under the rule were shipped by Shein and Temu. The bipartisan group of lawmakers also predicted the proposed revision would add at least another 20% to the prices charged by Shein and Temu, dealing a significant blow to the Chinese companies&rsquo; market competitiveness.
Under the proposed change, goods otherwise subject to trade tariffs &ndash; including around 70% of textiles and clothing produced by China &ndash; would no longer qualify for the tax break for low-value goods.
The U.S. is not alone in rethinking the tax treatment of online shopping sourced from overseas. The European Union is also reported to be considering revoking a similar rule that allows online purchases worth up to 150 euros to enter its market free of duty.
The defensive moves point to growing concern about the threat that cheap imports are posing to domestic manufacturers via online shopping platforms.
Sales figures from Chinese online giants underline how quickly they have been changing the game. Shein&rsquo;s sales rose&nbsp;40% last year to $32.2 billion (around 228 billion yuan),&nbsp;surpassing&nbsp;Zara&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/idexy#OTC">IDEXY</a>),&nbsp;H&amp;M&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) and&nbsp;UNIQLO&nbsp;(6288.HK; 9983.T). The year-on-year growth in sales&nbsp;accelerated from a 37% rise in 2022.&nbsp;
Low price&nbsp;is Shein&rsquo;s biggest weapon in the fast-fashion market. On Shein dresses were selling for an average of $28.5&nbsp;in early June, compared with about $40&nbsp;at&nbsp;H&amp;M and $79 at Zara, according to&nbsp;data from the retail analytics firm Edited. If the tax changes push its prices up by 20%, Shein&nbsp;will land in the same price ballpark as&nbsp;H&amp;M.&nbsp;
<h3>Pushback From China?&nbsp;</h3>
Valued at $66 billion last year after its latest funding round, Shein is a super unicorn following in the footsteps of other Chinese tech companies on the global market stage, but in rather more challenging times. A decade ago,&nbsp;Alibaba&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) raised $25 billion&nbsp;through&nbsp;a New York IPO, while Shein got a frostier reception in its bid to list on global exchanges.
Founded in Nanjing, Shein moved its headquarters to Singapore to better access Western capital, whilefounder&nbsp;Chris Xu even took up formal residency in the city state, underlining the company&rsquo;s international credentials. Shein&rsquo;s online profile plays down the company&rsquo;s Chinese origins, but&nbsp;the&nbsp;supply chains, warehouses and inventories&nbsp;are still very much inside&nbsp;China.
Shein is not just coming under Western scrutiny over its listing plans &ndash; it is also still subject to Chinese regulatory oversight. Chinese rules require a company to file IPO plans with the country&rsquo;s securities regulator if 50% or more of its operating income, profits, total assets or net assets are generated within China, regardless of where the holding company is registered.&nbsp;
Chinese regulators have yet to approve Shein&rsquo;s plans for an&nbsp;overseas IPO. In fact, some foreign media have reported that the government is unhappy about Shein distancing itself from its Chinese heritage and could be worried about fostering a growing trend of corporate decoupling.&nbsp;
With resistance from China and the U.S., Shein might want to weigh up the merits of a listing in Hong Kong.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

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Far From Fast: Shein's Overseas Odyssey Hits Fresh Obstacles

H&amp;M (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNNMY#OTC">HNNMY</a>) CEO Helena Helmersson has resigned with immediate effect. The company&#8217;s veteran, Daniel Ervér, has taken over. The sudden change in leadership comes as the Swedish fashion retailer grapples with declining sales and profitability.
What Happened: On Wednesday, Helmersson unexpectedly stepped down, citing the demanding nature of her role and her lack of energy to continue, reported Reuters. This announcement resulted in a disappointing 8% drop in the company&#8217;s shares.
The company&#8217;s sales for December and January also saw a 4% decrease compared to the previous year, a concerning trend for the crucial Christmas shopping period. H&amp;M, the world&#8217;s second-largest listed fashion retailer, has been struggling to compete with the likes of Zara and Shein, both of which have experienced robust sales growth.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/31061850/newplot-1-13.png" alt="" class="wp-image-199824" style="width:600px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/31061850/newplot-1-13.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/31061850/newplot-1-13-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
See Also: <a href="https://www.benzinga.com/news/24/01/36837827/trump-says-record-stock-market-surge-fueled-by-investors-betting-on-his-return-to-white-house-my-pol?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says Stock Market Surge Is Fueled By Investors Betting On His Return</a>
Adil Shah, a portfolio manager at Storebrand in Oslo, which holds H&amp;M shares, noted that the market might view the leadership change favorably, especially with the speculation that the margin targets may not be met.
Despite the recent challenges, H&amp;M has been focusing on profitability over sales volumes, aiming for a 10% operating margin this year. Daniel Ervér, who has been with H&amp;M for 18 years, will continue to oversee the retailer&#8217;s core H&amp;M brand alongside his new role as CEO.
Why It Matters: H&amp;M&#8217;s leadership change comes after a series of strategic moves and challenges. In October, the company <a href="https://in.benzinga.com/content/35101447/h-m-finds-a-new-online-home-with-reliance-retails-ajio">expanded its online presence in India</a> by partnering with Reliance Retail&#8217;s Ajio, potentially indicating a shift from its exclusive online alliance with Myntra. 
In March, H&amp;M faced <a href="https://www.benzinga.com/news/earnings/23/03/31358664/h-ms-worse-than-feared-q1-sales-reflects-cutthroat-rivalry-launches-resale-program-in-partnership-w">worse-than-expected Q1 sales</a>, reflecting the cutthroat competition in the fashion retail industry. The company also launched a resale program in partnership with ThredUp to promote sustainability and circular fashion. 
Read Next: <a href="https://www.benzinga.com/markets/asia/24/01/36846859/china-market-collapse-resumes-as-government-fails-to-put-brakes-on-stock-dump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China Market Collapse Resumes As Government Fails To Put Brakes On Stock Dump</a>
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H&M CEO Abruptly Quits, Shares Drop 8% Amid Slump In Sales And Profitability

Last Wednesday, Roblox Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rblx#NASDAQ">RBLX</a>) shares tanked 21% after it missed top and bottom-line estimates with its second-quarter results. But with its partnerships, including the one with Meta Platforms (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), Spotify Technology (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spot#NYSE">SPOT</a>) and H &amp; M Hennes &amp; Mauritz AB (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>), Roblox has over 200 brand activations on its platforms and therefore, atleast expects to make revenue this year in advertising.
<h3>Second Quarter Highlights</h3>
For the quarter that ended on June 30th, Roblox generated&nbsp;$781 million in revenue which it calls bookings, coming in below the $785 million that Refinitiv expected. Be selling its virtual currency Roblux to players who use it to buy in-game features, Roblox&nbsp;made a net loss of $282.8 million which is worse than $176.4 million&nbsp;it lost during last year&rsquo;s comparable quarter. The&nbsp;46 cents loss was slightly worse than the 45 cents loss&nbsp;that Refinitiv expected. Roblox management attributed the greater loss to increased expenses that come with growth, including corporate overhead and personnel costs, developer exchange fees along with infrastructure costs.
Average daily active users rose 25% YoY as they amounted to 65.5 million. Users also increased their engagement as hours rose&nbsp;24% YoY with&nbsp;14 billion hours spent in Roblox. Roblox has a long-term goal to gather&nbsp;1 billion daily users.
<h3>Meta Virtual Headset Entry Was A&nbsp;Success</h3>
Earlier in August,&nbsp;CEO David Baszucki&nbsp;tweeted that only five days after being launched in a beta capacity, Roblox experiences had more than one million downloads through virtual reality headsets made by Meta. By becoming available on Meta, more precisely, its Quest VR headsets,&nbsp;Roblox developer community got the opportunity to optimize their games for Quest and build new ones for the VR community through previous input and feedback from Meta and its Quest community. As for Roblox, it&rsquo;s good to gain another presence, along with the one it has in the Microsoft Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) universe, or more precisely, its Xbox.
<h3>Even Gamers Are Inflation-wary But Roblox Is Diversifying Its Revenue Sources</h3>
Although it was initially more popular with youngsters, Roblox is working to attract all categories and it reported to have observed growth in daily active users across the planet and of all age groups. But Roblox is still expected to operate at a loss for the foreseeable future as growth comes at a cost. Shares tumbled as its report reflected the consequences of slowing demand in online gaming and a crowded landscape, but the online gaming platform has jumped on the AI band-wagon with a robust pipeline of promising innovations for the years ahead and with 200 brand activations,&nbsp;it will be making money from advertising as it continues to expand its virtual footprint.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

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Roblox Quarterly Report Showed Even Gamers Are Inflation-Weary But Gaming Platform Continues To Expand Its Footprint

Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hmrzf#OTC">HMRZF</a>) reportedly investigates 20 alleged labor exploitation incidents at its Myanmar-based garment-supplying factories.
The Swedish fashion retail behemoth is &quot;deeply concerned&quot; by the latest developments in Myanmar, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/retail-consumer/hm-probes-myanmar-factory-abuses-pressure-intensifies-2023-08-16/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reported&nbsp;</a>citing a statement from the company.
A Britain-based human rights advocacy group followed 156 cases of likely worker abuses in Myanmar garment factories from February 2022 to February 2023, the report added.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33364937/h-m-sues-shein-for-copying-dozens-of-its-designs-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">H&amp;M Sues Shein For Copying Dozens Of Its Designs: Report</a>
Wage reduction and wage theft were the reported allegations, according to a report by the non-governmental organization, the Business and Human Rights Resource Centre (BHRRC), which Reuters noted.
&quot;All the cases raised in the report by BHRRC are being followed up and where needed remediated through our local team on the ground and in close cooperation with relevant stakeholders,&quot; the report quoted H&amp;M&#39;s statement.
Amid the pressure, H&amp;M sees increased challenges in conducting operations according to its standards and requirements, Reuters added.

Media

H&M Investigates Labor Wage Issues In Myanmar-Based Factory: Report

The Hill
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/07/33369672/ron-desantis-escapes-car-accident-unhurt-en-route-to-campaign-event" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ron DeSantis Escapes Car Accident Unhurt En Route To Campaign Event</a>
<ul>
<li>The campaign for Republican presidential contender and Florida Gov.&nbsp;Ron DeSantis&nbsp;said the candidate and a few of his team members were involved in a vehicular accident on their way to a campaign event on Tuesday.</li>
<li>DeSantis and his staff emerged unscathed from the incident.</li>
</ul>
&nbsp;
Business Insider
<a class="editor-rtfLink" href="https://www.benzinga.com/analyst-ratings/analyst-color/23/07/33365147/nvidias-ai-revenues-to-skyrocket-10x-and-hit-300b-by-2027-says-analyst" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nvidia&#39;s AI Revenues To Skyrocket 10X And Hit $300B By 2027, Says Analyst</a>
<ul>
<li>Nvidia Corporation&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) could generate up to $300 billion in artificial intelligence (A.I.) revenues by 2027, a tenfold increase from the expected earnings this year.</li>
<li>Analyst Vijay Rakesh of&nbsp;Mizuho&nbsp;predicts that Nvidia&#39;s A.I. revenues could skyrocket in the coming years, driven by the company&#39;s strong position in the A.I. market.</li>
<li>Nvidia made $7.2 billion in the first quarter, more than experts predicted. But, the company didn&#39;t share how much money it made from its AI businesses.</li>
</ul>
&nbsp;
Techcrunch
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33361786/uk-developers-unite-over-1-500-app-makers-launch-class-action-suit-against-apple-for-unfair-app-stor" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">UK Developers Unite: Over 1,500 App Makers Launch Class Action Suit Against Apple for Unfair App Store Fees</a>
<ul>
<li>Over 1,500 U.K.-based developers slapped a class action lawsuit against&nbsp;Apple Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/aapl#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AAPL</a>) involving a penalty of up to &pound;800 million (over $1 billion).</li>
<li>The plaintiffs alleged the iPhone maker of abusing a dominant position by charging an &quot;anti-competitive&quot; 30% fee on in-app sales made by app makers on its iOS App Store. Also, Apple deprived U.K. consumers and developers of money spent on R&amp;D to drive forward app innovation.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/07/33362760/activists-raise-alarm-as-microsoft-invests-2b-in-saudi-cloud-facility-cite-data-privacy-concerns" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Activists Raise Alarm as Microsoft Invests $2B in Saudi Cloud Facility, Cite Data Privacy Concerns</a>
<ul>
<li>Microsoft Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) disclosed a $2 billion investment to build a data center region in Neom during LEAP 2023, an annual tech conference in Riyadh, Saudi Arabia.&nbsp;</li>
<li>The event brings together high-profile business leaders and Saudi officials, spearheaded by Crown Prince Mohammed bin Salman.</li>
<li>The project has a total estimated cost of $1 trillion, with significant funding from the Kingdom of Saudi Arabia&#39;s sovereign wealth fund, the Public Investment Fund.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33362438/tiktok-takes-on-twitter-launches-text-based-posts-to-challenge-social-media-rivals" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TikTok Takes On Twitter: Launches Text-Based Posts to Challenge Social Media Rivals</a>
<ul>
<li>TikTok&#39;s&nbsp;latest feature, allowing users to post written content, is likely a strategic move to expand its platform beyond video sharing and compete with&nbsp;Twitter Inc&#39;s&nbsp;text-focused format.&nbsp;</li>
<li>By offering text-based posts, TikTok aims to provide its users with more creative opportunities and increase engagement on the platform.</li>
</ul>
&nbsp;
CNBC
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33366725/adidas-expects-smaller-operating-loss-in-2023-after-parting-ways-with-kanye-wests-yeezy-collection" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Adidas Expects Smaller Operating Loss in 2023 After Parting Ways with Kanye West&#39;s Yeezy Collection</a>
<ul>
<li>German sportswear firm&nbsp;Adidas AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) expects a significantly smaller operating loss for FY23 following better-than-expected early sales of its Yeezy stock, which it offloaded after cutting relations with collection creator Ye.</li>
<li>The company&#39;s potential write-off from remaining inventory was now &euro;400 million ($442.5 million), down from &euro;500 million, as it trimmed its operating loss forecast for 2023 to &euro;450 million from &euro;700 million.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33364937/h-m-sues-shein-for-copying-dozens-of-its-designs-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">H&amp;M Sues Shein For Copying Dozens Of Its Design</a>
<ul>
<li>Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hmrzf#OTC">HMRZF</a>) reportedly sued the fast-fashion retailer&nbsp;Shein&nbsp;for copyright infringement in Hong Kong.</li>
<li>H&amp;M had included dozens of stolen pictures of clothing, ranging from swimwear to sweaters, as evidence against Shein during a hearing at the Hong Kong High Court on June 21.</li>
<li>The next hearing on the case is expected on July 31.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33361098/whats-going-on-nvidia-stock-tuesday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSMC To Invest $2.9B In Advanced Chip Packaging Plant In Taiwan</a>
<ul>
<li>Nvidia Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) stock is trading higher Tuesday. Its peer&nbsp;Taiwan Semiconductor Manufacturing Company Ltd&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/tsm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSM</a>) has earmarked nearly T$90 billion ($2.87 billion) for an advanced packaging facility in northern Taiwan.</li>
<li>The&nbsp;Apple Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/aapl#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AAPL</a>) and Nvidia supplier is eying an advanced packaging fab in the Tongluo Science Park.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33366169/fedex-pilots-reject-contract-deal-prompting-renewed-negotiations-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">FedEx Pilots Reject Contract Deal, Prompting Renewed Negotiations</a>
<ul>
<li>FedEx Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fdx#NYSE">FDX</a>) pilots are reportedly likely to reopen negotiations after rejecting a tentative contract deal.</li>
<li>FDX pilots rejected a tentative contract deal with the parcel delivery firm, and the two sides will reopen negotiations, likely under the supervision of the National Mediation Board.</li>
<li>The proposed FedEx deal included a 30% pay rise and a 30% increase in the pilots&#39; legacy pensions.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33365585/nestle-danone-price-rises-to-put-them-under-frances-inflation-scanner-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nestle, Danone Price Rises To Put Them Under France&#39;s Inflation Scanner</a>
<ul>
<li>Product prices of food and beverages manufacturers&nbsp;Nestle S.A.(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsrgy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSRGY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsrgf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSRGF</a>) and&nbsp;Danone&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/danoy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">DANOY</a>) have reportedly risen by more than 10% this year in France, putting them under the inflation scanner of the country.</li>
<li>The price hike has potentially pressured the companies to renegotiate with French retailers.</li>
<li>France&#39;s Finance Minister Bruno Le Maire secured an affirmation from 75 food enterprises to slash prices.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33365520/american-airlines-faces-voting-delay-for-pilot-contract-offer-for-indefinite-time-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">American Airlines Faces Voting Delay For Pilot Contract Offer For &#39;Indefinite Time</a>
<ul>
<li>American Airlines Group Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aal#NASDAQ">AAL</a>) reportedly disclosed that the pilot union postponed the ratification vote for a tentative agreement indefinitely.</li>
<li>The voting on the current deal was set to commence on Monday for American Air&#39;s pilots.</li>
<li>As per the union, the voting will occur &quot;at a date and time to be determined.&quot;</li>
</ul>
&nbsp;
Earnings
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33361991/why-unilever-shares-are-rising-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Unilever Shares Are Up After Strong Q2 Earnings</a>
<ul>
<li>Unilever Plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ul#NYSE">UL</a>) reported an underlying sales&nbsp;<a class="editor-rtfLink" href="https://www.unilever.com/news/press-and-media/press-releases/2023/solid-first-half-performance-continued-growth-across-all-business-groups/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">growth&nbsp;</a>of 9.1% in the first half of FY23, with a 9.4% price increase and a (0.2)% decline in volume.</li>
<li>Turnover increased 2.7% to &euro;30.4 billion, with -3.2% from currency and -2.7% from disposals net of acquisitions.</li>
<li>&nbsp;Unilever expects underlying sales growth for the full year to be above 5%, ahead of its multi-year range.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33369007/why-general-electric-shares-are-soaring-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">General Electric Q2 Earnings Tops Street View</a>
<ul>
<li>General Electric Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ge#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GE</a>) reported second-quarter FY23 revenues of $16.70 billion, an increase of 18% year-over-year, beating the consensus of $15 billion.</li>
<li>Adjusted EPS was $0.68, up from $0.36 a year ago, beating the consensus of $0.46.</li>
<li>GE now expects Organic revenue growth in the low double-digit range, up from the prior high-single-digit range.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33364448/why-general-motors-shares-are-trading-higher-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">General Motors Lifts Annual Guidance On Q2 Earnings</a>
<ul>
<li>General Motors Company&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/gm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GM</a>) reported second-quarter FY23 sales growth of 25% year-on-year to $44.75 billion, beating the analyst consensus of $42.64 billion.</li>
<li>Adjusted EPS of $1.91 beat the analyst consensus of $1.85.</li>
<li>General Motors raised its FY23 net income outlook from $8.4 billion-$9.9 billion to $9.3 billion-$10.7 billion.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33364901/xerox-stock-gains-after-mixed-q2-performance-heres-why" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Xerox Stock Gains After Mixed Q2 Performance</a>
<ul>
<li>Xerox Holdings Corp&nbsp;(NASDAQ:&nbsp;XRX) reported second-quarter FY23 sales growth of 0.4% year-on-year to $1.75 billion, marginally missing the consensus of $1.76 billion. Revenues grew 0.5% at constant currency.</li>
<li>Adjusted EPS of $0.44 beat the analyst consensus of $0.30.&nbsp;</li>
<li>The company expects revenue of $7.1 billion (consensus $6.98 billion). The company forecasts a free cash flow of at least $600 million, up from the prior $500 million.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33363633/spotify-stock-plunges-after-q2-earnings-heres-why" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Spotify Reports Lower Than Expected Q2 Earnings</a>
<ul>
<li>Spotify Technology SA&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/spot#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SPOT</a>) stock traded lower after it reported second-quarter FY23 revenue growth of 11% year-on-year to &euro;3.18 billion ($3.46 billion), missing the consensus of $3.57 billion. Premium Revenue grew 11% Y/Y to &euro;2.77 billion, helped by subscriber additions.</li>
<li>Loss per share of &euro;(1.55) or $(1.69) missed the consensus loss of $(0.70).</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/07/33365698/biogen-q2-earnings-tops-expectations-shift-resources-to-higher-value-area-s-layoff-1k-staff" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Biogen Q2 Earnings Tops Expectations, Shift Resources To Higher Value Area(s), Layoff 1K Staff</a>
<ul>
<li>Biogen Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/biib#NASDAQ">BIIB</a>) posted Q2 FY23 sales of $2.46 billion, beating the consensus of $2.37 billion, down 5% Y/Y and 3% at constant currency (CC).</li>
<li>The company said the new &quot;Fit for Growth&quot; program is expected to generate approximately $1 billion in gross operating expense savings, approximately $300 million of which will be reinvested into product launches and R&amp;D programs, resulting in approximately $700 million in net operating expense savings by 2025 &ndash; the program includes net headcount reduction of approximately 1,000.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33365623/verizon-q2-earnings-eps-beat-consumer-ebitda-margin-improvement-and-more" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Verizon Q2 Earnings: EPS Beat, Consumer EBITDA Margin Improvement and More</a>
<ul>
<li>Verizon Communications Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/vz#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">VZ</a>) stock traded higher Tuesday after it reported second-quarter FY23 results.&nbsp;</li>
<li>It clocked a sales decline of 3.5% year-on-year to $32.6 billion, missing the consensus of $33.3 billion. Adjusted EPS of $1.21 beat the consensus of $1.16.</li>
<li>Verizon reiterated wireless service revenue growth of 2.5% - 4.5% and adjusted EPS outlook of $4.55 - $4.85 versus the consensus of $4.68.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33363925/danaher-stock-falls-after-q2-earnings-heres-why" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Danaher Annual Guidance Disappoints</a>
<ul>
<li>Danaher Corp&nbsp;(NYSE:&nbsp;DHR) has logged Q2 FY23 adjusted EPS of $2.05, down from $2.76 a year ago, surpassing the consensus of $2.01.</li>
<li>Sales decreased 7.5% Y/Y to $7.16 billion, beating the consensus of $7.11 billion, with a 7% non-GAAP core revenue decrease, due to lower COVID-19 revenue and 2% non-GAAP base business core revenue growth.&nbsp;</li>
<li>For FY23, the company anticipates non-GAAP base business core revenue growth will be up low-single digits year-over-year, compared to high-single digits earlier.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33367199/why-dover-shares-are-sliding-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Dover Shares Fall As Q2 Earnings Miss Street Consensus</a>
<ul>
<li>Dover Corp&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/dov#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">DOV</a>) reported a Q2 2023 revenue decline of 3% Y/Y to $2.10 billion and +3% Y/Y organic, missing the consensus of $2.20 billion.</li>
<li>Adjusted EPS declined 4% Y/Y to $2.05, missing the consensus of $2.20.</li>
<li>Dover expects adjusted EPS of $8.85-$9.00 (vs. consensus of $8.98 and vs. $8.85-$9.05 prior); and revenue growth of 2%-4% (all-in and organic vs. prior outlook of 3%-5%).</li>
</ul>
Photo via Wikimedia Commons

AAPL

ADDYY

BIIB

DANOY

NSRGF

Nestle Sponsored representing Registered Shares Series B

NSRGY

NVDA

Ron DeSantis Escapes Car Accident Unhurt En Route To Campaign Event, TikTok Takes On Twitter, Analysts Expect Nvidia's AI Revenues To Reach $300B In Five Years: Today's Top Stories

Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>)(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hmrzf#OTC">HMRZF</a>) reportedly sued the fast-fashion retailer&nbsp;Shein&nbsp;for copyright infringement in Hong Kong.
H&amp;M had included dozens of stolen pictures of clothing, ranging from swimwear to sweaters, as evidence against Shein during a hearing at the Hong Kong High Court on June 21, as per&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-07-25/shein-being-sued-by-h-m-for-copyright-infringement-in-hong-kong?srnd=premium-asia&amp;sref=TBDibEcD#xj4y7vzkg" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Bloomberg</a>.&nbsp;
The next hearing on the case is expected on July 31.
Earlier, H&amp;M had first accused Shein of copying several designs in 2021.
H&amp;M claimed that Shein &ldquo;in multiple cases has infringed on our designs.&rdquo;
Last month, H&amp;M reported a 6% year-on-year increase in second-quarter&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/06/33057288/fashion-retailer-h-m-reports-6-top-line-growth-in-q2" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">FY23 sales to&nbsp;SEK 57.6 billion.</a>
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33243590/h-m-forays-into-brazilian-market-boosting-latin-american-presence" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">H&amp;M Forays Into Brazilian Market, Boosting Latin American Presence</a>
Price Action: HNNMY shares closed lower by 0.30% at $3.35 on Monday.

Large Cap

H&M Sues Shein For Copying Dozens Of Its Designs: Report

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/07/33243116/us-tech-embargo-has-pushed-beijing-for-self-sufficiency-drives-local-chip-equipment-firms-to-double" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US Tech Embargo Has Pushed Beijing for Self-Sufficiency, Drives Local Chip Equipment Firms to Double Profits</a>
<ul>
<li>Chinese chip equipment makers&nbsp;Advanced Micro-Fabrication Equipment Inc&nbsp;and&nbsp;Naura Technology Group Co&nbsp;expect a doubling in profits after the U.S. tech embargo forced manufacturers to seek domestic alternatives.</li>
<li>Advanced Micro-Fab said net income for the first half likely grew 110% - 120%. Naura reported on Friday a 121% - 156% growth in profit to as much as 1.93 billion yuan ($270 million) during the same period.</li>
<li>Chinese chipmaking gear leaders, much smaller than&nbsp;Applied Materials Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/amat#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AMAT</a>) or&nbsp;Lam Research Corp&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/lrcx#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">LRCX</a>), are amid initiatives to replace equipment involving American components or technology.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33246851/blackrock-plans-to-add-proxy-voting-choice-to-its-largest-etf" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BlackRock Plans To Add Proxy Voting Choice To Its Largest ETF</a>
<ul>
<li>BlackRock Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) plans to expand its Voting Choice program to its largest ETF &ndash; the iShares Core S&amp;P 500 ETF (IVV) with $305 billion in assets under management (AUM), subject to iShares Board approval.</li>
<li>Over three million IVV shareholder accounts and more than half of BlackRock&#39;s index equity AUM will be able to participate in Voting Choice.</li>
<li>This proposed expansion of BlackRock Voting Choice is expected to be in effect for the 2024 proxy voting season.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33244461/whats-going-on-with-alibaba-stock-monday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba Shares Are Down After China&#39;s Q2 GDP Misses Consensus</a>
<ul>
<li>Alibaba Group Holding Limited&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) stock is trading lower Monday as China&#39;s second-quarter GDP missed the consensus estimates.</li>
<li>China&#39;s GDP rose 6.3% year-over-year in Q2, trailing the 7.3% growth estimated by economists. The GDP grew by 4.5% in Q1.</li>
<li>The industrial output growth revved from 3% in the first quarter to 3.8% in the year&#39;s first half.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33247076/whats-going-on-with-ford-stock" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ford Motor Announces Price Cuts For F-150 Lightning Truck</a>
<ul>
<li>Ford Motor Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) shares are trading lower. The company on Monday announced price cuts for its F-150 Lightning truck.</li>
<li>Ford said it cut prices on the F-150 Lightning due to increased plant capacity, continued work on scaling production, and improved raw material costs for batteries.</li>
<li>Ford cut prices on its least expensive model by $9,979. Several other trim packages were cut between $8,479 and $9,479, and its most expensive platinum trim model was cut by just over $6,000.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33245692/virgin-galactic-reveals-crew-of-first-private-astronaut-mission-galactic-02" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Virgin Galactic Reveals Crew Of First Private Astronaut Mission&#39; Galactic 02&#39;</a>
<ul>
<li>Virgin Galactic Holdings Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spce#NYSE">SPCE</a>) has announced the crew of its seventh spaceflight and second commercial spaceflight, &#39;Galactic 02.&#39;</li>
<li>Galactic 02 will fly three private passengers to space.</li>
<li>VSS Unity will carry 80-year-old Jon Goodwin, Olympian, and early Virgin Galactic ticket holder.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/07/33244273/rocket-lab-plans-to-launch-mix-of-nasa-and-commercial-satellites" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Rocket Lab Plans To Launch Mix Of NASA And Commercial Satellites</a>
<ul>
<li>Rocket Lab USA Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rklb#NASDAQ">RKLB</a>) is preparing to launch a mix of satellites for NASA and commercial satellite constellation operators in a mission called &quot;Baby Come Back.&quot;</li>
<li>The mission is scheduled for lift-off between 11:30&ndash;13:30 NZST on July 18. Baby Come Back will be Rocket Lab&#39;s seventh Electron launch of 2023, the 39th Electron launch overall, and the company&#39;s second recovery mission this year.&nbsp;</li>
<li>The mission will launch seven satellites to a sun-synchronous orbit for three customers: NASA, Space Flight Laboratory, and Spire Global.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/07/33243718/acumen-pharmas-stock-doubles-in-one-session-heres-why" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Acumen Pharma&#39;s Experimental Alzheimer&#39;s Drug Passes Early Safety Test, Shares Double</a>
<ul>
<li>Acumen Pharmaceuticals Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/abos#NASDAQ">ABOS</a>) presented topline results from the Phase 1 INTERCEPT-AD trial of ACU193, the first clinical-stage amyloid beta oligomers (A&beta;O) targeting antibody therapy in early AD, at the Alzheimer&#39;s Association International Conference (AAIC) 2023.</li>
<li>Topline results demonstrated that ACU193 was generally well-tolerated, meeting the primary objective of the Phase 1 study in both single and multiple doses in 60 participants with early AD.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/gaming/23/07/33241929/call-of-duty-stays-in-playstation-arsenal-as-sony-microsoft-reportedly-strike-10-year-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">&#39;Call of Duty&#39; Stays In PlayStation Arsenal As Sony, Microsoft Reportedly Strike 10-Year Deal</a>
<ul>
<li>Sony Group Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sony#NYSE">SONY</a>) and&nbsp;Microsoft Corporation&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) have reportedly reached a 10-year agreement to keep &quot;Call of Duty&quot; games on&nbsp;PlayStation&nbsp;consoles after the U.S. software giant completes its takeover of&nbsp;Activision Blizzard&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/atvi#NASDAQ">ATVI</a>).</li>
<li>&quot;We are pleased to announce that Microsoft and PlayStation have signed a binding agreement to keep Call of Duty on PlayStation following the acquisition of Activision Blizzard,&quot; Microsoft Gaming CEO&nbsp;Phil Spencer&nbsp;said on Twitter on Sunday.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33244517/proximus-buys-majority-stake-in-indias-route-mobile-for-eur643m" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Proximus Buys Majority Stake In India&#39;s Route Mobile For EUR643M</a>
<ul>
<li>Proximus SA&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bgaof#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BGAOF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bgaoy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BGAOY</a>) inked a deal to acquire a 58% stake in Route Mobile for INR 59.224 billion (around EUR 643.0 million) through its subsidiary, Proximus Opal.&nbsp;</li>
<li>Route Mobile specializes in offering CPaaS services in India, with a market capitalization of EUR1.1 billion.&nbsp;</li>
<li>With this deal, Proximus boosted a significant presence in the CPaaS and DI market, with combined annual revenue of around EUR 900 million for Route Mobile and Telesign.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33245455/entain-buys-angstrom-sports-boosting-betmgms-us-sports-betting-offering" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Entain Buys Angstrom Sports, Boosting BetMGM&#39;s US Sports Betting Offering</a>
<ul>
<li>Entain PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/gmvhf#OTC">GMVHF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gmvhy#OTC">GMVHY</a>) plans to acquire Angstrom Sports for a total consideration of &pound;81 million plus contingent payments totaling a maximum of &pound;122 million, payable over three years.</li>
<li>Angstrom Sports offers sports modeling, forecasting, and data analytics across sports betting products and markets in the U.S.</li>
<li>The acquisition is expected to boost Entain&#39;s position, having a comprehensive suite of analytics, risk, and pricing capabilities for U.S. Sports betting products.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33243590/h-m-forays-into-brazilian-market-boosting-latin-american-presence" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">H&amp;M Forays Into Brazilian Market, Boosting Latin American Presence</a>
<ul>
<li>Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hmrzf#OTC">HMRZF</a>) disclosed launching its online and offline stores in Brazil by 2025.</li>
<li>The fashion retailer aims to expand its presence in Latin America by initially entering major cities in Southeast Brazil and partnering with Dorben Group.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33245528/american-jetblue-begin-steps-to-cease-the-northeast-alliance" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">American, JetBlue Begin Steps To Cease The Northeast Alliance</a>
<ul>
<li>American Airlines Group Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/aal#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AAL</a>) and&nbsp;JetBlue Airways Corp&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/jblu#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JBLU</a>) have initiated the process of dissolving the pro-competitive, pro-consumer Northeast Alliance.</li>
<li>They collaborated to stay competitive in the heavily trafficked U.S. Northeast during the COVID-19 pandemic-induced economic uncertainty.</li>
<li>The collaboration was called the Northeast Alliance, allowing the two airlines to share bookings, routes, and passengers.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33240937/united-airlines-pilots-reach-labor-agreement-with-up-to-40-raise" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">United Airlines Pilots Reach Labor Agreement With Up To 40% Raise</a>
<ul>
<li>United Airlines Holdings Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ual#NASDAQ">UAL</a>) and its pilots have reached a labor agreement with a substantial pay raise.</li>
<li>According to the new four-year agreement, the pilots will get a cumulative 34.5% to 40.2% increase in pay raises, Reuters reported.&nbsp;</li>
<li>Due to a shortage of pilots in the industry, United pilots gained increased negotiation leverage. Despite high inflation, consumers have continued to spend on travel, exacerbating the issue.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/07/33244249/moonlakes-potential-sale-stock-price-up-fivefold-since-public-debut-in-2022" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MoonLake&#39;s Potential Sale: Stock Price Up Fivefold Since Public Debut In 2022</a>
<ul>
<li>MoonLake Immunotherapeutics&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mltx#NASDAQ">MLTX</a>) has reportedly engaged an investment bank as the Swiss company looks for a potential sale.</li>
<li>The company focuses on developing antibody-derived treatments for inflammatory skin conditions.</li>
<li>The is in preliminary talks with pharmaceutical companies interested in a potential acquisition. Citing the sources, Reuters emphasized that a deal isn&#39;t guaranteed and wished to remain anonymous.&nbsp;</li>
</ul>
&nbsp;
Nikkei&nbsp;
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33245589/toshiba-plans-to-build-supply-chain-for-offshore-wind-turbines-in-japan-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Toshiba Plans To Build Supply Chain For Offshore Wind Turbines In Japan</a>
<ul>
<li>Japan&#39;s&nbsp;Toshiba Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/tosbf#OTC">TOSBF</a>) reportedly plans to establish a supply chain for offshore wind power equipment in the country with U.S. manufacturer&nbsp;General Electric Company&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ge#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GE</a>).</li>
<li>The partners will develop components for production, soliciting smaller companies in Japan&#39;s northwest (including Akita and Niigata prefectures) that have conditions suited for offshore wind power.</li>
<li>Orders for a project in Akita prefecture are due to start as early as 2028.</li>
</ul>
Photo via Wikimedia Commons

Small Cap

ABOS

AMAT

ATVI

BGAOF

BGAOY

GMVHF

GMVHY

JBLU

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Sony Group Corporation American Depositary Shares

SONY

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Ford Motor Cuts Prices For F-150 Lightning Truck, Microsoft-Sony Sign Agreement for 'Call of Duty,' Alibaba Stock Slips on China's Q2 GDP Sentiment: Today's Top Stories

Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hmrzf#OTC">HMRZF</a>) disclosed&nbsp;<a class="editor-rtfLink" href="https://hmgroup.com/news/hm-to-enter-brazil/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">launching&nbsp;</a>its online and offline stores in Brazil by 2025.
The fashion retailer aims to expand its presence in Latin America by initially entering major cities in Southeast Brazil and partnering with Dorben Group.&nbsp;
H&amp;M opened its first store in Latin America in Mexico in 2012 and currently has a presence across Chile, Costa Rica, Peru, Colombia, Uruguay, Ecuador, Guatemala, and Panama.&nbsp;
&ldquo;We are thrilled to announce that we are opening our first store and online in Brazil in 2025. We&rsquo;ve had good development in Latin America and see great potential in Brazil. This is a very exciting step, and we look forward to bringing H&amp;M&rsquo;s concept of fashion, quality and sustainability at the best price to many customers in the country,&rdquo; says Helena Helmersson, CEO.
Last month, the company reported a 6% year-on-year increase in&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/06/33057288/fashion-retailer-h-m-reports-6-top-line-growth-in-q2" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Q2 FY23 sales to&nbsp;SEK57.6 billion</a>.&nbsp;
Price Action: HNNMY shares closed lower by 1.15% at $3.44 on Friday.

H&M Forays Into Brazilian Market, Boosting Latin American Presence

Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/33056426/us-federal-trade-commission-plans-to-prosecute-amazons-core-online-marketplace-citing-alleged-abuse" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US Federal Trade Commission Plans to Prosecute Amazon&#39;s Core Online Marketplace, Citing Alleged Abuse of Power</a>
<ul>
<li>The U.S. Federal Trade Commission (FTC) plans to prosecute&nbsp;Amazon.com Inc&#39;s&nbsp;AMZN core online marketplace.</li>
<li>Amazon allegedly leverages its power to reward online merchants that use its logistics services and penalize those who do not.</li>
<li>FTC investigators and Lina Khan&#39;s office have been honing the complaint for several months and finalizing key details such as where to file suit.&nbsp;</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33054410/oracle-takes-on-aws-and-microsoft-with-nvidia-chip-investments-for-ai-cloud" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Oracle Takes On AWS, Microsoft With Nvidia Chip Investments for AI Cloud</a>
<ul>
<li>Oracle Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/orcl#NYSE">ORCL</a>) is splurging &quot;billions&quot; of dollars on&nbsp;Nvidia Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) chips as it expands a cloud computing service targeting the artificial intelligence (AI) boom.</li>
<li>Oracle&#39;s cloud division is working to gain ground against larger rivals like&nbsp;Amazon.Com Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>)&nbsp;Amazon Web Services, and&nbsp;Microsoft Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>).</li>
<li>Oracle has focused on building fast networks that can shuffle around the massive data needed to create AI systems similar to ChatGPT.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33054736/satya-nadella-wants-to-ditch-console-exclusives-but-sonys-iron-grip-on-them-is-keeping-him-trapped" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Satya Nadella Wants To Ditch Console Exclusives, But Sony&#39;s Iron Grip On Them Is Keeping Him Trapped</a>
<ul>
<li>Microsoft Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>)&nbsp;CEO Satya Nadella&nbsp;said he would &quot;love&quot; to get rid of console-exclusive games if it were up to him. He blamed&nbsp;Sony&#39;s dominance in the gaming console market and its strategy of using exclusives to drive sales.</li>
<li>Nadella took the stand on Wednesday in the company&#39;s legal battle against the&nbsp;US Federal Trade Commission (FTC). He outlined how he would like to run the Xbox business, and his vision suggests gamers would get access to all games across platforms.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33054986/salesforce-plans-4b-investment-in-its-uk-business-over-5-years" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Salesforce Plans $4B Investment In Its UK Business Over 5 Years</a>
<ul>
<li>Salesforce Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crm#NYSE">CRM</a>) plans to invest $4 billion in its U.K. business in five years.</li>
<li>The announcement was made at a company event in the U.K., attended by more than 14,000 customers, partners, employees, and stakeholders. The event is called World Tour London: AI Day.</li>
<li>&quot;Salesforce&#39;s major investment in its UK business over the next five years is a ringing endorsement of our economy,&quot; said U.K. Prime Minister Rishi Sunak.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/06/33054234/visa-outpaces-mastercard-in-race-to-acquire-pismo-eyeing-greater-support-for-emerging-payment-rails" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Visa Outpaces Mastercard in Race to Acquire Pismo, Eyeing Greater Support for Emerging Payment Rails</a>
<ul>
<li>Visa Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/v#NYSE">V</a>) agreed to acquire&nbsp;Pismo, a cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific, and Europe, for $1 billion in cash.</li>
<li>Pismo is a Brazilian cloud-based payment and banking platform provider.</li>
<li>The acquisition will position Visa to provide core banking and issuer processing capabilities across debit, prepaid, credit, and commercial cards for clients via cloud-native APIs.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/06/33056699/rite-aid-shares-shining-after-q1-earnings-heres-why" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Rite Aid Shares Shine After Better Than Expected Q1 Earnings, Strong Guidance Outlook</a>
<ul>
<li>Rite Aid Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rad#NYSE">RAD</a>) has reported Q1 FY24 sales of $5.65 billion, compared to $6.01 billion a year ago, beating the consensus of $5.32 billion.&nbsp;</li>
<li>The company reported an Adjusted EPS loss of $(0.73) compared to a loss of $(0.86) a year ago and the consensus of $(1.46).</li>
<li>Rite Aid expects FY24 revenues of $22.6-$23 billion compared to $21.7 billion-$22.1 billion expected earlier and the consensus of $21.8 billion.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33054737/toyota-posts-10-sales-growth-in-may-boosted-by-improved-supply-chain-logistics" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Toyota Posts 10% Sales Growth In May Boosted By Improved Supply Chain Logistics</a>
<ul>
<li>Toyota Motor Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) reported a sales growth of 10.1% year-on-year for May, to 838,478 vehicles.</li>
<li>Worldwide sales, including those for subsidiaries&nbsp;Daihatsu Motor Co Ltd&nbsp;and&nbsp;Hino Motors Ltd, improved by 10.7% to 906,715 vehicles.</li>
<li>The global sales growth in May marks the fourth consecutive month of Y/Y increase.</li>
<li>Worldwide production for Toyota increased 33.4% Y/Y to 847,000 vehicles.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/06/33055645/mccormick-q2-8-topline-growth-eps-beat-slower-recovery-in-china-more" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">McCormick Q2: 8% Topline Growth, EPS Beat, Slower Recovery In China &amp; More</a>
<ul>
<li>McCormick &amp; Co Inc&nbsp;(NYSE:&nbsp;MKC) reported second-quarter FY23 sales growth of 8% year-on-year to $1.66 billion, slightly missing the analyst consensus of $1.67 billion.</li>
<li>Adjusted EPS of $0.60 beat the consensus of $0.57.</li>
<li>McCormick reaffirmed FY23 revenue growth guidance of 5% - 7% and raised FY23 Adjusted EPS outlook to $2.60 - $2.65 from $2.56 - $2.61.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/06/33058520/paychexs-stock-gains-on-q4-earnings-the-details" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Paychex Q4 Earnings Fall Inline With Wall Street Expectations</a>
<ul>
<li>Paychex Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/payx#NASDAQ">PAYX</a>) reported fourth-quarter FY23 revenue growth of 7% year-over-year to $1.23 billion, beating the consensus of $1.22 billion.</li>
<li>Total service revenue grew 7% Y/Y to $1.20 billion.</li>
<li>&nbsp;Paychex expects revenue to grow by 6% - 7% ($5.31 billion consensus), adjusted EPS to grow by 9% - 10% (prior view 13% - 14%) ($4.59 consensus), and Management Solutions revenue to grow by 5% - 6% (prior view ~8%).</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/06/33057288/fashion-retailer-h-m-reports-6-top-line-growth-in-q2" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fashion Retailer H&amp;M Reports 6% Topline Growth In Q2</a>
<ul>
<li>Swedish clothing giant&nbsp;Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hmrzf#OTC">HMRZF</a>) group reported a 6% year-on-year increase in second-quarter FY23 sales to&nbsp;SEK 57.6 billion.</li>
<li>High raw materials and freight costs and a strong U.S. dollar had a negative impact on the result compared with the previous year.</li>
<li>Operating profit for the quarter totaled SEK 4.741 billion with an operating margin of 8.2%.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33055173/whats-going-on-with-nike-stock-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nike Analysts Warn of Earnings Pressure as US Wholesale Demand Slows</a>
<ul>
<li>Nike Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) will likely forecast full-year profit below Wall Street estimates, as demand for the sportswear firm&#39;s products from wholesalers like&nbsp;Foot Locker Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/fl#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">FL</a>) and&nbsp;Hibbett Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hibb#NASDAQ">HIBB</a>) in the U.S. succumb to inflation.</li>
<li>At least seven analysts trimmed their FY24 expectations for Nike&#39;s EPS since the beginning of June, and 10 slashed their price targets on the company&#39;s stock ahead of its Q4 results.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/23/06/33054847/exxon-mobils-strategic-shift-enters-second-lithium-venture-in-bid-to-boost-us-ev-supply-chain" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Exxon Mobil&#39;s Strategic Shift: Enters Second Lithium Venture in Bid to Boost US EV Supply Chain</a>
<ul>
<li>Exxon Mobil Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) has reportedly struck a deal with&nbsp;Tetra Technologies Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tti#NYSE">TTI</a>) to exploit over 6,100 lithium-rich acres in Arkansas, representing Exxon&#39;s second venture this year into resources necessary for the production of electric vehicle battery metals.</li>
<li>The shift of Exxon into the lithium sector is in line with a broader trend of traditional energy companies and others focusing on new technologies that can enhance the worldwide availability of this extremely light metal.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/33054752/tsmc-fastracks-completion-of-us-plant-as-samsung-gets-aggressive-with-foundry-ambitions" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSMC Fastracks Completion Of US Plant As Samsung Gets Aggressive With Foundry Ambitions</a>
<ul>
<li>Taiwan Semiconductor Manufacturing Company Ltd&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/tsm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSM</a>) looks to send more workers from Taiwan to the U.S. state of Arizona to help fastrack the construction of its massive&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/04/31723813/tsmc-seeks-clarity-us-chips-act-subsidy-concerns-prompt-high-stakes-discussions" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">$40 billion factory</a>.</li>
<li>TSMC&#39;s debut Arizona chip fabrication facility, or fab, will likely be operational by 2024. A second facility nearby will probably make 3-nanometre chips - the most advanced currently in production - due to be up and running by 2026.</li>
<li>TSMC emphasized the growing importance of skilled expertise given the critical phase of handling the most advanced and dedicated equipment in a sophisticated facility.</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/23/06/33055389/costco-goes-the-netflix-way-to-stop-sharing-of-memberships-and-subscriptions" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Costco Goes Netflix Way To Stop Sharing Of Memberships, Subscriptions</a>
<ul>
<li>Costco Wholesale Corporation&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>) is reportedly implementing stricter measures to prevent card-sharing among customers. The move follows a trend of companies, including&nbsp;Netflix Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nflx#NASDAQ">NFLX</a>), trying to curtail the sharing of paid memberships.</li>
<li>The company now requires photo identification and customers&#39; membership cards at its self-checkout registers.</li>
<li>Costco stated that the move aims to prevent nonmembers from reaping the benefits and pricing available to the members.</li>
</ul>
Photo via Wikimedia Commons

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Costco Goes Netflix Way To Stop Sharing Of Subscriptions, Satya Nadella Wants To Ditch Console Exclusives, Investors Cheer Rite Aid Q1 Performance: Today's Top Stories

<div>
Swedish clothing giant&nbsp;Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hmrzf#OTC">HMRZF</a>) group reported a 6% year-on-year increase in second-quarter FY23&nbsp;<a class="editor-rtfLink" href="https://hmgroup.com/news/h-m-hennes-mauritz-ab-six-month-report-14/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">sales&nbsp;</a>to&nbsp;SEK 57.6 billion.
High raw materials and freight costs and a strong U.S. dollar had a negative impact on the result compared with the previous year.
Operating profit for the quarter totaled SEK 4.741 billion with an operating margin of 8.2%.
Sales for the H&amp;M group during the period June 1 -27, 2023, increased by 10% in local currencies compared with the same period last year.
The 2023 annual general meeting authorized the board to start a share buyback program for a maximum amount of SEK 3 billion in the period up to the 2024 annual general meeting.
&quot;We increased sales in many markets despite reduced purchasing power and unfavorable weather conditions compared with last year,&quot; said CEO Helena Helmersson.
&quot;The conditions for increased growth as well as profitability continue to develop in a favorable direction.&quot;
Price Action: HNNMY shares closed lower by 1.38% at $2.85 on Wednesday.
</div>

Fashion Retailer H&M Reports 6% Top-Line Growth In Q2

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32869312/walmart-finance-chief-expects-indias-flipkart-phonepe-to-be-worth-100b-businesses" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Walmart Finance Chief Expects India&#39;s Flipkart, PhonePe To Be Worth $100B Businesses</a>
<ul>
<li>At a Wednesday investor conference,&nbsp;Walmart Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/wmt#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">WMT</a>) CFO John David Rainey voiced expectations for India&#39;s&nbsp;Flipkart&nbsp;marketplace and&nbsp;PhonePe&nbsp;payments business to reach $100 billion in value.</li>
<li>The retailer flagged the two businesses as key drivers in doubling the gross merchandise volume it sells in foreign markets to $200 billion in five years.</li>
<li>Walmart said its Flipkart business generated double-digit sales growth, backed by new shoppers in some cities and a 50% jump in ad sales. Flipkart was worth over $40 billion in 2022.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/32869342/fentanyl-fuels-ongoing-us-drug-overdose-crisis-over-109-000-deaths-lost-in-12-months" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fentanyl Fuels Ongoing US Drug Overdose Crisis: Over 109,000 Deaths Lost in 12 Months</a>
<ul>
<li>Over 109,000 Americans lost their lives to drug overdoses in the 12 months ending in January 2023, representing a slight increase of 0.7% compared to the previous year.&nbsp;</li>
<li>Fentanyl, a highly potent opioid, has played a significant role in the opioid crisis and the surge in drug overdoses in the U.S. It is 50 times stronger than heroin and is increasingly mixed in with other illegal drugs.</li>
<li>In May, the administration imposed sanctions on 17 individuals and entities in China and Mexico accused of facilitating the production of counterfeit fentanyl-laced pills.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32870328/vodafone-ck-hutchisons-uk-merger-under-cma-scrutiny-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Vodafone-CK Hutchison&#39;s UK Merger Under CMA Scrutiny</a>
<ul>
<li>The merger of&nbsp;Vodafone Group PLC&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/vod#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">VOD</a>) and&nbsp;CK Hutchison Holdings Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ckhuy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CKHUY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ckhuf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CKHUF</a>) U.K. telecommunication businesses has reportedly come under the scrutiny of U.K.&#39;s&nbsp;Competition and Markets Authority&nbsp;(CMA).</li>
<li>After months of speculation, the companies officially disclosed the merger of their U.K. businesses yesterday.&nbsp;&nbsp;</li>
<li>Post-merger of Vodafone U.K. and Three U.K., Vodafone will own 51% of the combined business, and CKHGT will have the remaining 49%.</li>
<li>The companies will need approval under the National Security and Investment Act, which allows the British government to intervene in deals, posing a risk.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32871170/goldman-sachs-eyes-further-job-cuts-amid-billion-dollar-cost-reduction-strategy" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Goldman Sachs Eyes Further Job Cuts Amid Billion-Dollar Cost Reduction Strategy</a>
<ul>
<li>Goldman Sachs Group Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gs#NASDAQ">GS</a>) is contemplating more job cuts as a part of the firm&#39;s ongoing push to reduce costs by $1 billion.</li>
<li>Previously, employees at Goldman Sachs were allowed to book a business trip to see just one client, expensing on &quot;pricey meals.&quot; However, senior managers are now asked to reduce expenditures and see multiple clients in one travel as a part of the bank&#39;s belt-tightening agenda.</li>
<li>The company will terminate more employees forward if revenues don&#39;t grow alongside the aggressive cost-cutting measures.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/32869700/us-chip-equipment-supplier-applied-materials-charges-beijing-government-backed-rival-of-data-embezzl" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US Chip Equipment Supplier Applied Materials Charges Beijing Government Backed Rival Of Data Embezzlement</a>
<ul>
<li>Applied Materials, Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amat#NASDAQ">AMAT</a>) prosecuted&nbsp;Mattson, owned by&nbsp;Beijing E-Town Dragon Semiconductor Industry Investment Center, for hiring away 17 of its most senior engineers over just over a year.</li>
<li>The chipmaking equipment supplier slammed the Chinese-owned rival for allegedly trying to steal some of its most valuable secrets, including covert transfers of semiconductor equipment designs.</li>
<li>The lawsuit flagged the documents as highly sensitive and containing Applied&#39;s trade secrets that could give Mattson years of competitive advantage in its technology trajectory.</li>
</ul>
&nbsp;
Barron&#39;s
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32870034/watch-out-tesla-rival-xpeng-launches-self-driving-tech-in-china#" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Watch Out! Tesla - Rival XPeng Launches Self-Driving Tech in China</a>
<ul>
<li>Chinese electric vehicle maker&nbsp;XPeng Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>) launched its assisted-driving technology in Beijing and three other cities.</li>
<li>The EV maker became the first company to roll out an advanced driver-assistance system (ADAS) in Beijing after winning approval for use on significant ring roads and expressways in the capital city.</li>
<li>XPeng said its City NGP (Navigation Guided Pilot) system, which is similar to&nbsp;Tesla Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) FSD (Full Self-Driving) feature, is also available in Shanghai, Shenzhen, and Guangzhou. The company plans to expand the feature into &quot;dozens of cities&quot; in 2023.</li>
</ul>
&nbsp;
Pandaily
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32868727/nvidias-win-in-china-major-cloud-players-bytedance-and-alibaba-want-nvidias-chips-courtesy-chatgpt-w" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nvidia&#39;s Win in China: Major Cloud Players ByteDance and Alibaba Want Nvidia&#39;s Chips Courtesy ChatGPT Wave</a>
<ul>
<li>Nvidia Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) bagged significant orders from major Chinese internet companies with cloud computing businesses following the 2023 Spring Festival.</li>
<li>The chipmaker won orders&nbsp;over $1 billion in GPUs&nbsp;ByteDance Ltd&nbsp;in 2023.</li>
<li>ByteDance has received 100,000 A100 and H800 accelerator cards, including delivered and pending orders thus far. Notably, the H800 only began production in March 2023.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32870164/siemens-plans-2b-investment-to-ramp-up-global-production-in-new-high-tech-factories" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Siemens Plans &euro;2B Investment To Ramp Up Global Production In New High-Tech Factories</a>
<ul>
<li>Siemens AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/siegy#OTC">SIEGY</a>) plans to invest &euro;2 billion for new manufacturing capacity, innovation labs, education centers, and more in its sites worldwide.</li>
<li>Following investments in Germany and the U.S., the German tech behemoth will expand its production network and R&amp;D capacities in Asia.</li>
<li>Siemens announced a high-tech factory in Singapore to serve the booming Southeast Asia markets. Investment in the factory will be around &euro;200 million, creating about 400 jobs.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32870454/fashion-retailer-h-m-reports-6-top-line-growth-in-q2" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fashion Retailer H&amp;M Reports 6% Top-Line Growth In Q2</a>
<ul>
<li>Swedish clothing giant&nbsp;Hennes &amp; Mauritz AB&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hnnmy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HNNMY</a>) group reported a 6% year-on-year growth in second-quarter FY23 sales to SEK57.6 billion.H&amp;M said sales measured in local currencies for its March-May quarter were flattish.</li>
<li>Sales in the second quarter were affected by unfavorable weather conditions compared to the corresponding period last year on several of the H&amp;M group&#39;s large markets.</li>
<li>The company said June has got off to a good start.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32871137/from-doggystyle-to-doggie-treats-snoop-dogg-sniffs-out-a-new-partnership-with-petco" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">From &#39;Doggystyle&#39; to Doggie Treats: Snoop Dogg Sniffs Out a New Partnership with Petco</a>
<ul>
<li>Rapper&nbsp;Snoop Dogg&nbsp;has partnered with&nbsp;Petco Health and Wellness Company Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/woof#NASDAQ">WOOF</a>) ad campaign in which he plays the human version of a Doberman pinscher.</li>
<li>The collaboration features Petco Picks by Snoop, which include toys, treats, and grooming supplies.</li>
<li>In 2022, American pet owners spent about $136.8 billion, a 13.2% increase from the previous year, according to an American Pet Products Association survey.</li>
</ul>
&nbsp;
Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/32868937/hong-kong-regulator-orders-hsbc-standard-chartered-to-tap-crypto-clients" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Hong Kong Regulator Orders HSBC, Standard Chartered To Tap Crypto Clients</a>
<ul>
<li>Lenders, including&nbsp;HSBC Holdings Plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) and&nbsp;Standard Chartered PLC&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/scbfy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SCBFY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/scbff#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SCBFF</a>), faced pressure from Hong Kong&#39;s banking regulator to take on crypto exchanges as clients despite a series of collapses, including the&nbsp;FTX.</li>
<li>The Hong Kong Monetary Authority urged the banks not to burden potential customers with due diligence, especially those setting up an office in Hong Kong.</li>
<li>Banks are reluctant to take on crypto exchanges over fears of prosecution due to money laundering or other illegal activity.</li>
</ul>
Photo by Mizter_X94 via Pixabay

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Major China Cloud Players Want Nvidia's Chips, Tesla Rival XPeng Launches Self-Driving Tech in China, Fentanyl Fuels Ongoing US Drug Overdose Crisis: Top Stories Today

Swedish clothing giant&nbsp;Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) group&nbsp;<a class="editor-rtfLink" href="https://hmgroup.com/news/the-hm-groups-sales-development-in-the-second-quarter-2023/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reported&nbsp;</a>a 6% year-on-year growth in second-quarter FY23 sales to SEK57.6 billion.
H&amp;M said sales measured in local currencies for its March-May quarter were flattish.
Sales in the second quarter were affected by unfavorable weather conditions compared to the corresponding period last year on several of the H&amp;M group&#39;s large markets.
The company said June has got off to a good start.
Cold weather for the past few months over Europe has affected demand for summer sales.
Analysts at Royal Bank of Canada said the Swedish company&#39;s third quarter, which runs from June to August, would be helped by warmer weather, reported&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/retail-consumer/hm-march-may-local-currency-sales-unchanged-lag-expectations-2023-06-15/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters</a>.
Price Action: HNNMY shares closed lower by 0.75% at $2.63 on Wednesday.

On Tuesday, shares of Hennes &amp; Mauritz (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) experienced volatile short activity. After the activity, the stock price went up +0.39% to $2.56.
The overall sentiment for HNNMY has been Bullish.
The signal from the volatility alert is trending Bearish. Therefore, the recommendation is to Strong Sell.
The volatility alert was produced on the prior trading date, 6/6/2023 with a volatility change of +103.49%. The current volatility indicator stands at 36.423.
Overview: 
The securities lending volatility indicator is produced by Tidal Markets, in partnership with Benzinga Insights. Securities lending primarily serves the purpose of providing liquidity to short sellers. When unusual activity occurs in the securities lending markets, it acts as an upstream indicator to what is likely to occur downstream in the regular stock market.
Understanding the Volatility Alert: 
Overall sentiment is considered &quot;bear&quot; when broad market activity of the stock has been shown to indicate a negative directional basis, or is considered &quot;bull&quot; when indicating a positive directional basis. The securities lending volatility indicator provides a signal when it detects unusual short activity. Unusual short activity is based off a computer generated algorithmic formula utilizing securities lending trade details such as the volume of shares being shorted, the rate being paid to short the shares, and the type of collateral being posted - amongst other variables. The current volatility is the respective trading day&#39;s calculated securities lending volatility value. The volatility percentage change is the percentage difference in volatility between the two most recent days. The recommendation is a suggestive strategy, inferred from the strength of the Signal Trending, Current Volatility, and Volatility % Change. Recommendations may include, &quot;Strong Buy&quot;, &quot;Strong Sell&quot;, &quot;Increase Short Exposure&quot;, &quot;Decrease Short Exposure&quot;, or &quot;Market Neutral&quot;.
ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR IMPLY INVESTMENT ADVICE

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Short Volatility Alert: Hennes & Mauritz

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/03/31570014/coinbase-warns-unclear-crypto-regulations-pose-threat-to-1m-us-tech-jobs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Coinbase Warns Unclear Crypto Regulations Pose Threat To 1M US Tech Jobs</a>
<ul>
<li>Cryptocurrency exchange&nbsp;Coinbase Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/coin#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">COIN</a>) says that one million tech jobs are at risk of being outsourced to other countries.</li>
<li>Coinbase said as &quot;the U.S. goes down a path of regulatory uncertainty,&quot; the EU, U.K., UAE, Hong Kong, Singapore, Australia, and Japan are all creating &quot;environments for crypto to flourish.&quot;</li>
<li>Coinbase said that a recent report from venture capital firm&nbsp;Electric Capital&nbsp;shows that the U.S. was facing a significant risk of losing out on one million web3 developer jobs and millions of related non-technical jobs over the next seven years if it continues with its current regulation by enforcement approach.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31575293/chatgpt-show-me-the-money-microsoft-to-place-ads-in-chatgpt-powered-bing-search" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ChatGPT, Show Me The Money! Microsoft To Place Ads In ChatGPT Powered Bing Search</a>
<ul>
<li>Microsoft Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) aims to tap the popularity of its&nbsp;OpenAI&#39;s GPT-4&nbsp;powered Bing search engine by introducing ads helping advertisers reach people in a high-quality and targeted environment.</li>
<li>Microsoft said there are now more than 100 million daily users of Bing. New scenarios like chat drive engagement, including more than 100 million chats.</li>
<li>Of the millions of users in Preview, one-third are new to Bing, creating a net new opportunity for publishers.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/03/31572355/credit-suisse-helped-rich-americans-hide-over-700m-despite-2014-doj-plea-wyden-investigation" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Credit Suisse Helped Rich Americans Hide Over $700M Despite 2014 DoJ Plea: Wyden Investigation</a>
<ul>
<li>The&nbsp;Senate Finance Committee&#39;s&nbsp;findings of a two-year investigation released Wednesday uncovered major violations of a 2014 plea agreement by&nbsp;Credit Suisse Group AG&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/cs#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CS</a>) with the&nbsp;Department of Justice&nbsp;for enabling tax evasion by thousands of wealthy U.S. individuals.</li>
<li>The committee&#39;s investigation revealed a &quot;previously unknown, ongoing, and potentially criminal conspiracy involving the failure to disclose nearly $100 million in secret offshore accounts belonging to a single family of American taxpayers.&quot;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/03/31578765/viatris-among-three-companies-licensed-to-make-gskpfizer-backed-long-acting-hiv-prevention-drug" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Viatris Among Three Companies Licensed To Make GSK/Pfizer-Backed Long-Acting HIV Prevention Drug</a>
<ul>
<li>ViiV Healthcare&nbsp;and Medicines Patent Pool (MPP) have signed sublicence agreements with&nbsp;Aurobindo Pharma,&nbsp;Cipla Limited, and&nbsp;Viatris Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vtrs#NASDAQ">VTRS</a>) &ndash; through its subsidiary&nbsp;Mylan&nbsp;&ndash; to manufacture generic versions of cabotegravir long-acting (LA) for HIV pre-exposure prophylaxis (PrEP).&nbsp;</li>
<li>Aurobindo Pharma and Viatris will manufacture in India.&nbsp;</li>
<li>Cipla Limited will manufacture in India and plans to manufacture in South Africa.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/23/03/31577208/ford-joins-deal-to-build-4-5b-ev-battery-material-plant-in-indonesia" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ford Joins Deal To Build $4.5B EV Battery Material Plant In Indonesia</a>
<ul>
<li>Ford Motor Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) announced an agreement with Indonesian mining company&nbsp;PT Vale Indonesia Tbk&nbsp;and Chinese mineral supplier&nbsp;Zhejiang Huayou Cobalt Co.</li>
<li>Under the new agreement,&nbsp;Vale Indonesia,&nbsp;Huayou Cobalt, and Ford will make equity investments in the Pomalaa Block High-Pressure Acid Leaching (HPAL) Project in Southwest Sulawesi, Indonesia.</li>
<li>The project could produce up to 120 kilotons per year of contained nickel.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31574549/toyotas-february-sales-up-10-3-yoy-rebounding-from-supply-chain-challenges" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Toyota&#39;s February Sales Up 10.3% YoY, Rebounding From Supply Chain Challenges</a>
<ul>
<li>Toyota Motor Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) reported higher global sales and production figures for February 2023 compared to the same period a year ago, owing to easing semiconductor supply.</li>
<li>The Japanese automobile manufacturer reported a 10.3% increase in worldwide sales to 773,271 vehicles. Sales within Japan surged 53.2% to 155,840 vehicles, including mini vehicles.</li>
<li>Worldwide production rose 2% to 755,839, spurred by an increase in production within Japan, which offset the fall in production outside the country. Domestic production rose 11.2% to 281,521 vehicles.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31573888/electronic-arts-to-let-go-6-employees-to-cut-costs-pare-real-estate-presence" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Electronic Arts To Let Go 6% Employees, To Cut Costs, Pare Real Estate Presence</a>
<ul>
<li>Electronic Arts Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ea#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">EA</a>) disclosed a restructuring plan to reduce headcount by approximately 6% of the company&#39;s workforce, in addition to office space reductions.</li>
<li>The company expects to book charges of $170 million - $200 million for the restructuring.</li>
<li>The restructuring prioritizes the company&#39;s growth opportunities and optimizes its real estate portfolio.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/03/31575378/fashion-retailer-h-m-reports-12-top-line-growth-in-q1-reports-delay-in-start-of-spring-season-in-ma" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fashion Retailer H&amp;M Reports 12% Top-Line Growth In Q1; Reports Delay In Start Of Spring Season In Many Markets</a>
<ul>
<li>Swedish clothing giant&nbsp;Hennes &amp; Mauritz AB&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hnnmy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HNNMY</a>) reported a 12% year-on-year increase in first-quarter FY23 sales to SEK 54.87 billion.</li>
<li>Excluding Russia, Belarus and Ukraine, the increase was 16% in SEK and 7% in local currencies. The gross margin was 47.2%.</li>
<li>Sellpy, one of Europe&#39;s largest second-hand platforms and previously an associated company, is being consolidated into the H&amp;M group from Q1.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/general/entertainment/23/03/31575094/netflix-and-thrill-streaming-giant-reportedly-preps-for-big-transition-into-tv-gaming" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Netflix And Thrill: Streaming Giant Reportedly Preps For Big Transition Into TV Gaming</a>
<ul>
<li>Netflix Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nflx#NASDAQ">NFLX</a>) seems to be testing the idea of expanding its gaming service to televisions.&nbsp;</li>
<li>App developer&nbsp;Steve Moser&nbsp;uncovered Netflix code and discovered that the streaming giant plans to expand its video-gamer service beyond smartphones and tablets by bringing it to TV sets for the first time.</li>
<li>The code references games that can be played on TVs, using phones, and controllers.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/03/31575731/jetblue-joins-united-delta-to-pare-flights-to-ease-congestion-and-delays" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JetBlue Joins United, Delta To Pare Flights To Ease Congestion And Delays</a>
<ul>
<li>JetBlue Airways Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jblu#NASDAQ">JBLU</a>) is preparing to prune New York flights during the impending summer travel season.</li>
<li>The federal regulators urged carriers to reduce schedules by up to 10% at some of the nation&#39;s busiest airports due to a crisis in air-traffic controllers.</li>
<li>Delta Air Lines, Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dal#NYSE">DAL</a>) and&nbsp;United Airlines Holdings, Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ual#NASDAQ">UAL</a>) are also preparing to trim flights this summer to reduce congestion and delays.</li>
<li>Carriers have until April 30 to identify what flight slots or times they will temporarily give up at airports in Washington and the New York area.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31576442/starbucks-investors-vote-for-worker-rights-assessment-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Starbucks Investors Vote For Worker-Rights Assessment</a>
<ul>
<li>Starbucks Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sbux#NASDAQ">SBUX</a>) investors urge an outsider assessment of how it treats its labor force.</li>
<li>The nonbinding proposal was approved in light of a unionization wave across its cafes in the U.S.</li>
<li>In the vote, more than half of the investors wanted a worker rights assessment.</li>
</ul>
&nbsp;
Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/03/31576539/meta-weighs-political-ad-ban-in-wake-of-tougher-eu-regulations" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Meta Weighs Political Ad Ban In Wake Of Tougher EU Regulations</a>
<ul>
<li>Meta Platforms Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) is weighing a company-wide ban on political advertising in Europe.</li>
<li>The ban follows concerns over its social networking platforms like&nbsp;Facebook&nbsp;and&nbsp;Instagram&nbsp;failing to comply with forthcoming EU regulations that target online campaigning.</li>
<li>CEO&nbsp;Mark Zuckerberg&nbsp;is concerned that the definition of political ads under the plan will be so broad that it will be easier to refuse all paid-for political campaigns on the company&#39;s sites.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/03/31574452/google-flags-microsofts-cloud-practices-as-anti-competitive" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Google Flags Microsoft&#39;s Cloud Practices As Anti-Competitive</a>
<ul>
<li>Alphabet Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) NASDAQ: GOOGL)&nbsp;&nbsp;Google Cloud&nbsp;slammed&nbsp;Microsoft&nbsp;for anti-competitive cloud computing practices.</li>
<li>Google Cloud also criticized Microsoft&#39;s imminent deals with European cloud vendors, saying these do not solve broader concerns about its licensing terms.</li>
<li>Google Cloud Vice President Amit Zavery told Reuters the company had raised the issue with antitrust agencies and urged European Union antitrust regulators to take a closer look.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31577710/philips-expects-recall-settlements-this-year-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Philips Expects Recall Settlements This Year</a>
<ul>
<li>Koninklijke Philips NV&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/phg#NYSE">PHG</a>) intends to negotiate settlements related to its global recall of respiratory equipment this year.</li>
<li>&quot;I think we can at least reach a settlement on economic damages this year,&quot; Reuters quoted CEO Roy Jakobs from an interview with the Dutch financial daily FD.</li>
<li>According to the report, Jakobs added that he &quot;hopes and expects&quot; to settle with the U.S. FDA this year.</li>
</ul>
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Coinbase Says US 1M Tech Jobs At Risk, Microsoft To Place Ads In ChatGPT Powered Bing Search, Netflix Preps For Big Transition Into TV Gaming: Today's Top Stories

<ul>
<li>Swedish clothing giant&nbsp;Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) group&nbsp;<a class="editor-rtfLink" href="https://hmgroup.com/news/h-m-hennes-mauritz-ab-three-month-report-14/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reported a 12% year-on-year increase in first-quarter</a>&nbsp;FY23 sales to SEK 54.87 billion.</li>
<li>Excluding Russia, Belarus and Ukraine, the increase was 16% in SEK and 7% in local currencies. The gross margin was 47.2%.</li>
<li>Sellpy, one of Europe&#39;s largest second-hand platforms and previously an associated company, is being consolidated into the H&amp;M group from Q1.</li>
<li>Operating profit amounted to SEK 725 million, and the operating margin was 1.3%.&nbsp;</li>
<li>Cash and cash equivalents plus undrawn credit facilities at the end of Q1 was SEK 38.9 billion, and cash flow operating activities totaled SEK 4.9 billion.</li>
<li>For the period 1&ndash;31 March 2023, sales in local currencies are expected to increase by 4%.</li>
<li>The company noted that the start of the spring season has been delayed in many important markets as a result of cold weather.&nbsp;&nbsp;</li>
<li>&quot;The H&amp;M group continues to stand strong with a robust financial position, stable cash flow and a well-balanced inventory,&quot; said CEO Helena Helmersson.</li>
<li>&quot;The start of the year shows that we have taken further steps towards the goal of achieving an operating margin of 10 percent already next year.&quot;</li>
<li>The annual general meeting will be held on May 4, 2023, to resolve, among other things, on the board&#39;s proposed ordinary dividend of SEK 6.50 per share, to be paid in two installments.</li>
<li>Price Action:&nbsp;HNNMY shares closed at $2.30 on Wednesday.</li>
</ul>

Fashion Retailer H&M Reports 12% Top-Line Growth In Q1; Reports Delay In Start Of Spring Season In Many Markets

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/03/31355920/fed-reportedly-mulling-tougher-rules-for-midsize-banks-after-svb-crash" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fed Mulling Tougher Rules For Midsize Banks After SVB Crash</a>
<ul>
<li>The&nbsp;Federal Reserve&nbsp;is reportedly mulling stricter rules and oversight for midsize banks that are similar in size to the collapsed&nbsp;Silicon Valley Bank.</li>
<li>A review of the bank&#39;s failure by Fed Vice Chair for Supervision&nbsp;Michael Barr&nbsp;could pave the way for strengthened rules on banks in the $100 billion to $250 billion range.</li>
<li>The review will be released by May 1 and augments a review of bank capital rules by Barr that is already underway.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31354780/warren-buffetts-berkshire-reportedly-agrees-to-give-better-disclosures-after-sec-push" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Warren Buffett&#39;s Berkshire Agrees To Give Better Disclosures After SEC Push</a>
<ul>
<li>Berkshire Hathaway Inc&nbsp;has reportedly agreed to disclose in a better way how its board of directors manages risks, including those taken by Chairman&nbsp;Warren Buffett&nbsp;after the&nbsp;Securities and Exchange Commission&nbsp;asked the company to do a better job.</li>
<li>In correspondence made public on Tuesday, the regulator&#39;s corporate finance division asked Berkshire to &quot;enhance&quot; its risk management disclosures in its annual proxy filings.</li>
<li>Following this, Berkshire agreed to make the requested changes.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/03/31357344/drug-companies-raising-prices-greater-than-inflation-us-government-mulling-imposing-fines" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Drug Companies Raising Prices Greater Than Inflation? US Government Mulling Imposing Fines</a>
<ul>
<li>Under Joe Biden&#39;s signature Inflation Reduction Act, drugmakers for twenty-seven drugs will be penalized for charging prices that rise faster than inflation for people with disabilities or the elderly on the government&#39;s Medicare health program.</li>
<li>Price increases for over 50% of Medicare-covered drugs outpaced inflation from 2019 to 2020, averaging 1% that year. A third of those had price jumps of over 7.5%.</li>
</ul>
&nbsp;
Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31353916/meta-backed-undersea-cable-project-reportedly-delayed-by-china-over-spying-fears" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Meta-Backed Undersea Cable Project Delayed By China Over Spying Fears</a>
<ul>
<li>China is pushing for more control over undersea cable projects in the South China Sea and held back approval for a project that involved Facebook parent&nbsp;Meta Platforms Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/meta#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">META</a>)&nbsp;for several months.</li>
<li>The cable dubbed SJC2, which will connect Japan with Singapore, Taiwan, and Hong Kong, was delayed for more than a year due to Chinese objections and permit issues.</li>
<li>The consortium building SJC2 includes Mark Zuckerberg-led Meta along with&nbsp;China Mobile&nbsp;and Taiwan&#39;s&nbsp;Chunghwa Telecom.&nbsp;</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/03/31355981/norfolk-southern-should-be-held-financially-responsible-for-fatal-rail-accidents-ohio-attorney-gener" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Norfolk Southern Should Be Held Financially Responsible For Fatal Rail Accidents: Ohio Attorney General Sues</a>
<ul>
<li>Ohio Attorney General Dave Yost filed a complaint against&nbsp;Norfolk Southern Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nsc#NYSE">NSC</a>) seeking civil penalties, damages, court costs, and other relief related to the rail derailment on February 3.</li>
<li>The lawsuit asked the court to order the company to pay for damages to natural resources, property, and economic harm done to the state and its residents.</li>
<li>The attorney general&#39;s office cited Norfolk Southern for 58 alleged violations of state and federal laws.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31358243/tyson-to-shutter-two-us-chicken-plants-employing-almost-1-7k-workers" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tyson To Shutter Two US Chicken Plants Employing Almost 1,700 Workers</a>
<ul>
<li>Tyson Foods Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tsn#NYSE">TSN</a>) will reportedly close two chicken plants in May, affecting nearly 1,700 employees. Demand will be shifted to other Tyson facilities.&nbsp;</li>
<li>Tyson will shut down a plant in Glen Allen, Virginia, with around 700 employees, and a plant in Van Buren, Arkansas, with nearly 1,000 employees.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31355737/apple-joins-cost-cut-bandwagon-eases-on-bonus-hiring-triggers-employee-fears-of-layoffs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Apple Eases On Bonus, Hiring And More, Joining The Cost Cut Bandwagon; Triggers Fears Of Layoffs Amongst Employees</a>
<ul>
<li>Apple Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) is postponing perks for some corporate divisions and expanding a cost-cutting effort joining its peers in streamlining operations.</li>
<li>Now Apple proposes to forego bonuses or promotions for April, with the payments occurring only in October.</li>
<li>Apple is also restricting hiring and leaving additional positions open after employee departure.</li>
<li>Apple&#39;s current policy requires employees to work from an Apple building thrice weekly, triggering fear of downsizing amongst employees.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31354813/uae-spymaster-reportedly-buys-stake-in-tiktok-at-220b-valuation-amid-possible-us-ban" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">UAE Spymaster Reportedly Buys Stake In TikTok At $220B Valuation Amid Possible US Ban</a>
<ul>
<li>ByteDance Ltd, the Chinese parent of&nbsp;TikTok, was valued at $220 billion in a private-market investment by a company controlled by United Arab Emirates spymaster&nbsp;Sheikh Tahnoon bin Zayed Al Nahyan.</li>
<li>Sheikh Tahnoon acquired a stake, valued at over $100 million, from existing investors in recent months.</li>
<li>Sheikh Tahnoon-associated G42 reportedly purchased the stake at a discount to the $300 billion that ByteDance set during its share buyback program.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/03/31354707/150m-crypto-shorts-liquidated-in-12-hours-as-bitcoin-holds-near-25k" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">$150M Crypto Shorts Liquidated In 12 Hours As Bitcoin Holds Near $25K</a>
<ul>
<li>Crypto shorts took a severe hit as&nbsp;Bitcoin (CRYPTO:&nbsp;BTC/USD) breached $26,000 early Wednesday morning.&nbsp;</li>
<li>Data from CoinGlass shows that over $150 million shorts have been liquidated in the last 12 hours. The total short and long liquidations stand at $258 million in the last 12 hours.</li>
<li>The largest single liquidation order happened on Bitmex for&nbsp;Ethereum&nbsp;(CRYPTO: ETH/USD) at $10.02 million.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/analyst-ratings/analyst-color/23/03/31354211/why-this-money-manager-thinks-feds-svb-rescue-plan-could-lead-to-much-larger-proble" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Why This Money Manager Thinks Fed&#39;s SVB Rescue Plan Could Lead To &#39;Much Larger&#39; Problems</a>
<ul>
<li>As Street debates the ramification of the&nbsp;SVB Financial Group&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sivb#NASDAQ">SIVB</a>)-owned&nbsp;Silicon Valley Bank&#39;s&nbsp;collapse and the government&#39;s rescue, one analyst reasoned that the solution for the problem could not mean a complete resolution.</li>
<li>The Fed stepping in to prevent a bank run could be a restart of quantitative easing, setting the stage for much larger problems, said&nbsp;Genevieve Roch-Decter,&nbsp;founder of financial media company&nbsp;Grit Capital.</li>
<li>The former money manager noted that SVB&#39;s problem was with its bond portfolio locked in at low yields, forcing the bank to sell the bonds at considerable losses to meet the $42 billion withdrawal requests in one day.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31357630/credit-suisse-plunges-hard-putting-market-rally-at-risk-whats-going-on-with-the-swiss-bank" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Credit Suisse Plunges Hard, Putting Market Rally At Risk; What&#39;s Going On With The Swiss Bank</a>
<ul>
<li>Credit Suisse Group AG&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cs#NYSE">CS</a>) shares were plunging in premarket trading on Wednesday after its biggest shareholder ruled out continued financing support.</li>
<li>Shares of the Swiss lender fell 1.18% on Tuesday despite the broader market recovery after it said it found material weaknesses in its financial reporting over the past two years due to ineffective internal controls.</li>
<li>The renewed selling came on the back of its biggest investor &mdash;&nbsp;Saudi National Bank &mdash;&nbsp;stating it would not buy additional shares in Credit Suisse.</li>
<li>The Saudi bank reportedly said regulatory guidelines do not allow it to invest over 10% of an entity. Reuters reported that the Middle East bank&#39;s stake in Credit Suisse is tantalizingly close to the mark.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31353997/svb-parent-reveals-goldman-sachs-bought-its-bond-portfolio-before-regulators-stepped-in" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SVB Parent Reveals Goldman Sachs Bought Its Bond Portfolio Before Regulators Stepped In</a>
<ul>
<li>SVB Financial Group&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sivb#NASDAQ">SIVB</a>) said in a filing that&nbsp;Goldman Sachs Group Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>) had bought its bond portfolio before the receivership for&nbsp;Silicon Valley Bank.&nbsp;</li>
<li>The filing indicated that the portfolio had a book value of about $23.97 billion. &quot;As previously disclosed and before the commencement of the receivership for Silicon Valley Bank, on March 8, 2023, Silicon Valley Bank completed the sale of a portfolio of available-for-sale securities with a book value of approximately $23.97 billion for net proceeds of approximately $21.45 billion (resulting in an after-tax loss of approximately $1.8 billion). The portfolio was sold to Goldman Sachs &amp; Co. LLC at negotiated prices,&quot; the group stated in a filing.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/03/31358664/h-ms-worse-than-feared-q1-sales-reflects-cutthroat-rivalry-launches-resale-program-in-partnership-w" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">H&amp;M&#39;s &quot;Worse Than Feared&quot; Q1 Sales Reflect Cutthroat Rivalry; Launches Resale Program In Partnership With ThredUp</a>
<ul>
<li>Budget fashion retailer&nbsp;Hennes Mauritz&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hmrzf#OTC">HMRZF</a>)&nbsp;H&amp;M&nbsp;reported a tepid first-quarter sales growth of 3% year-on-year in local currencies, reflecting its struggle to compete with&nbsp;Zara-owner&nbsp;Inditex.</li>
<li>Jefferies&nbsp;said local-currency sales were significantly lighter than consensus estimates, and implied sales fell 3% in February.</li>
<li>Jefferies called the results &quot;worse than feared&quot; and expected an EBIT loss when the group reports its full Q1 results on March 31.</li>
<li>Credit Suisse&nbsp;also predicted a &quot;material&quot; operating loss.&nbsp;Royal Bank of Canada&nbsp;(RBC) expected continued input cost increases in Q1 for the retailer and are likely to stay under pressure into Q2.</li>
<li>On Tuesday, H&amp;M tapped online consignment platform&nbsp;ThredUp Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/tdup#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TDUP</a>) to launch a resale program.</li>
</ul>
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<ul>
<li>On Wednesday, fashion retailer&nbsp;Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) reported a tepid first-quarter sales growth of 3%&nbsp;<a class="editor-rtfLink" href="https://hmgroup.com/wp-content/uploads/2023/03/The-HM-groups-sales-development-in-the-first-quarter-2023.pdf" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">year-on-year</a>&nbsp;in local currencies, reflecting its struggle to compete with&nbsp;Zara-owner&nbsp;Inditex.</li>
<li>Jefferies&nbsp;said local-currency sales were significantly lighter than consensus estimates and implied that sales fell 3% in February.</li>
<li>Jefferies called the results &quot;worse than feared&quot; and expected an EBIT loss when the group reports its full Q1 results on March 31, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/retail-consumer/fashion-retailer-hms-december-february-sales-up-12-2023-03-15/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reports</a>.</li>
<li>Credit Suisse&nbsp;also predicted a &quot;material&quot; operating loss.</li>
<li>H&amp;M, in the middle of a downsizing program, said net sales were up 12% Y/Y to 54.9 billion crowns ($5.26 billion).</li>
<li>Inditex reported on Wednesday a 13.5% increase on February 1 - March 13 sales and a 27% net profit growth for its fiscal year through January. The report further added that H&amp;M&#39;s profits declined last year as it failed to entirely pass on soaring raw material, freight, and energy costs to retain its price-sensitive customers.</li>
<li>Royal Bank of Canada&nbsp;(RBC) expected continued input cost increases in Q1 for the retailer and are likely to stay under pressure into Q2, the report added.</li>
<li>RBC predicted possible improvements at the end of Q2 and the start of Q3, citing low prices to appeal to H&amp;M&#39;s core customer base, improvements in womenswear, and a new creative director.</li>
<li>On Tuesday, H&amp;M tapped online consignment platform&nbsp;ThredUp Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tdup#NASDAQ">TDUP</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/03/n31339323/h-m-u-s-launches-h-m-pre-loved-powered-by-thredup" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">to launch a resale program</a>.</li>
<li>Roughly 30,000 articles of clothing will initially be available on H&amp;M&#39;s resale site.&nbsp;</li>
<li>ThredUp is responsible for powering the site and restocking it with H&amp;M pieces sent in by users, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/retail-consumer/hm-launches-us-resale-program-2023-03-14/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reports</a>.</li>
<li>Other clothing retailers, including Zara and online fashion retailer&nbsp;SHEIN, have also launched resale marketplaces to tap the growing interest in sustainability initiatives.&nbsp;Brokerage Morningstar&nbsp;has estimated that the resale market could grow to $300 billion by 2031.</li>
<li>Lucy Dunne, a professor at the University of Minnesota, said fashion sustainability should include efforts to cut back on production, consumption, and other initiatives. &quot;If they&#39;re not actually producing less, that is not helping anybody,&quot; the report cited Dunne.</li>
<li>H&amp;M does not currently plan to slow its clothing launches or reduce the overall number of items it sells, according to Abigail Kammerzell, head of sustainability for H&amp;M North America.</li>
<li>Price Action:&nbsp;TDUP shares traded lower by 4.23% at $2.04 in premarket on the last check Wednesday.</li>
</ul>

Analyst Ratings

H&M's "Worse Than Feared" Q1 Sales Reflects Cutthroat Rivalry; Launches Resale Program In Partnership With ThredUp

<ul>
<li>Swedish clothing giant&nbsp;Hennes &amp; Mauritz AB&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>)&nbsp;<a class="editor-rtfLink" href="https://hmgroup.com/news/hm-group-and-remondis-create-joint-venture-to-collect-sort-and-sell-used-and-unwanted-garments-and-textiles/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">has formed a joint venture with German recycling group</a>&nbsp;Remondis&nbsp;called&nbsp;Looper Textile Co.</li>
<li>The standalone joint venture is owned 50% by H&amp;M Group and 50% by Remondis.&nbsp;</li>
<li>Looper intends to collect, sort and sell used and unwanted garments and textiles and thereby extend the highest use of these valuable resources.</li>
<li>Looper is starting its operations in Europe and aims to extend the highest use of approximately 40 million garments during 2023.</li>
<li>&quot;Today, less than 40% of used clothes are collected in the EU. Consequently, 60% of post-consumer textiles go directly to waste,&quot; said Emily Bolon, CEO of Looper Textile Co.</li>
<li>&quot;By building infrastructure and solutions for collection and sorting, we hope to move one step closer toward enabling circularity, thereby minimizing the CO&sup2;-impact and improving resource efficiency.&quot;</li>
<li>H&amp;M Group, through its investment arm H&amp;M CO:LAB, has invested in companies that develop technologies to enable textile recycling.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/01/30599278/fashion-retailer-h-m-clocks-10-top-line-growth-in-q4-notes-challenging-external-factors" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Fashion Retailer H&amp;M Clocks 10% Top-Line Growth In Q4; Notes Challenging External Factors</a></li>
<li>Price Action: HNNMY shares closed lower by 0.62% at $2.4150 on Tuesday.</li>
<li>Photo Via Company</li>
</ul>
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