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UBS

UBS Group AG (NYSE:UBS) is determined to expand its wealth and asset management operations in China despite economic challenges and global tensions. Eugene Qian, UBS's China head, emphasized the importance of the Chinese market and the bank's plans to grow its onshore platforms. UBS did not integrate Credit Suisse's wealth management team in China after their merger. UBS has also signed a memorandum of understanding with the Industrial And Commercial Bank Of China Ltd (OTC:IDCBY) to serve clients and strengthen its presence in China, which is part of a long-term strategy.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 6:21 am

TSLA

Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA), hinted at new products in the pipeline for the company, responding to a tweet by @alex_avoigt. While Musk did not provide specifics, his comment suggests an expansion beyond Tesla's current offerings, which include vehicles, the Supercharger network, and solar products. Tesla's commitment to innovation is reflected in its significant R&D spending, which accounted for 48% of its operating expenses in Q3. Musk has emphasized Tesla's identity as an AI/robotics firm, rather than just an automaker, and has a history of releasing unconventional products across his companies.

Portfolio Pulse from Anan Ashraf

January 08, 2024 | 4:07 am

TSLA

Elon Musk refuted allegations of drug use reported by the Wall Street Journal, citing three years of clean random drug tests requested by NASA. The report had raised concerns among Tesla executives, with former director Linda Johnson Rice not seeking re-election to the board due to worries about Musk's substance use and behavior. Despite the controversy, Musk's leadership continues to drive progress at Tesla and SpaceX.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 1:27 am

ALK

BA

SPR

Boeing is set to hold a company-wide webcast on safety on Tuesday in response to a recent safety event involving Alaska Airlines. The webcast aims to address Boeing's response to the incident and reinforce the company's commitment to safety.

Portfolio Pulse from Charles Gross

January 08, 2024 | 12:57 am

GENE

Genetic Technologies Limited (NASDAQ:GENE) has announced the resignation of Tony Di Pietro as Chief Financial Officer (CFO) and Company Secretary. The company is now seeking a replacement with expertise in managing dual ASX and Nasdaq listed companies. Di Pietro will continue in his role until a successor is appointed.

Portfolio Pulse from Charles Gross

January 07, 2024 | 11:41 pm

FOLD

Amicus Therapeutics reported preliminary 2023 revenue that slightly exceeded estimates and provided a strategic outlook for 2024, expecting it to be the first full year of non-GAAP profitability. Q4 revenue was approximately $115.1M against an estimate of $112.25M, and FY23 revenue is expected to be around $399.4M versus an estimate of $396.45M. The company anticipates significant revenue growth in 2024, driven by the treatment of more Fabry patients and the global launches of Pombiliti and Opfolda. Amicus is focusing on four key strategic priorities for 2024, including double-digit Galafold revenue growth, successful launches of Pombiliti and Opfolda, advancing studies in Fabry and Pompe diseases, and achieving full-year non-GAAP profitability.

Portfolio Pulse from Benzinga Newsdesk

January 07, 2024 | 10:39 pm

EXEL

Exelixis announced preliminary FY23 financial results, projecting revenues of $1.83B, slightly below the $1.84B estimate. The company also provided FY24 revenue guidance of $1.825B-$1.925B, which is below the $2.06B estimate. Key priorities for 2024 include label expansions for CABOMETYX, advancing zanzalintinib, XB002, and XL309, and moving three preclinical programs into clinical development. Exelixis plans a corporate restructuring to focus on R&D and has announced an additional $450 million share repurchase following a $550 million repurchase in 2023.

Portfolio Pulse from Benzinga Newsdesk

January 07, 2024 | 10:29 pm

EXAS

Exact Sciences announces the retirement of CFO Jeff Elliott, who has contributed to the company's growth and transformation. Elliott has been with the company for nearly a decade, playing a key role in the commercialization and financial strength of Cologuard. He will remain during the transition to ensure a smooth leadership change.

Portfolio Pulse from Benzinga Newsdesk

January 07, 2024 | 10:24 pm

EXAS

Exact Sciences Corp. (EXAS) reported preliminary Q4 2023 revenue of $645.5M-$647.5M, surpassing estimates of $631.52M. Full-year 2023 revenue is expected to be $2.4985B-$2.5005B, exceeding the $2.48B estimate. For FY24, revenue is projected to match estimates at $2.83B. The company also announced the submission of the next-generation Cologuard to the FDA and a CFO succession plan, with Jeff Elliott stepping down and a search for a new CFO underway.

Portfolio Pulse from Benzinga Newsdesk

January 07, 2024 | 10:22 pm

TSLA

Concerns about Elon Musk's drug use have been raised by former Tesla director Linda Johnson Rice and other executives. Rice, who did not seek reelection to Tesla's board, informally suggested an investigation into Musk's behavior, which reportedly includes the use of substances like ketamine, LSD, cocaine, and ecstasy. The Wall Street Journal report also revisits the impact of Musk's 2018 tweet about taking Tesla private, which led to an SEC investigation and fines. Musk's attorney, Alex Spiro, claims Musk is regularly drug tested at SpaceX and has never failed a test.

Portfolio Pulse from Bibhu Pattnaik

January 07, 2024 | 7:08 pm