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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉Delta hires famed attorney
👉Pfizer earnings are in
👉Apple intelligence is near
DELTA: Hires Boies
Delta Air Lines has hired prominent attorney David Boies to sue CrowdStrike and Microsoft for damages after a major outage caused millions of computers to crash and thousands of flight cancellations.
Source: David Boies
CrowdStrike lost nearly a quarter of its value in the two days following the incident. Delta plans to seek compensation from both companies, with estimated losses between $350 million and $500 million. Delta faces over 176,000 refund requests after nearly 7,000 flights were canceled. Boies is notable for representing the U.S. government in its antitrust case against Microsoft and winning the decision to overturn California's gay marriage ban.
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EARNINGS: Pfizer
Pfizer reported strong second-quarter earnings, surpassing expectations and raising its full-year outlook. Key drivers include effective cost-cutting, higher sales of its COVID pill Paxlovid, and strong sales of non-COVID products.
Source: Fox
The company now expects adjusted earnings of $2.45 to $2.65 per share and revenue of $59.5 billion to $62.5 billion, including $5 billion from its Covid vaccine and $3.5 billion from Paxlovid. Revenue for the quarter was $13.28 billion, up 2% from last year. Paxlovid sales rose 76% to $251 million, while Covid vaccine revenue fell 87% to $195 million. Pfizer continues cost-cutting efforts and has focused on cancer treatments since acquiring Seagen.
APPLE: Intelligence
Apple has unveiled Apple Intelligence, a suite of AI features that enhance Siri, generate emails and images, and sort notifications. Released in the developer beta of iOS 18.1, it's available for iPad and Mac, too, but only to registered Apple developers who pay $99 annually. Users must join a waitlist in Apple's settings to access the service, which requires server interaction for complex tasks.
Source: WSJ
Public release is set for later this year, but the 18.1 version number indicates it won't launch with the new iPhone hardware expected this fall. Apple Intelligence aims to drive upgrades, working only on the iPhone 15 Pro, iPhone 15 Pro Max, and newer models.
Chart of the Day
📊 Tesla Stock
Source: CNBC
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