Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) CEO Mark Zuckerberg testified on Tuesday that Facebook acquired Instagram because it had developed a better camera, a key admission in a high-stakes antitrust trial that could determine the future of the company’s ownership of Instagram and WhatsApp.
Under questioning from the Federal Trade Commission, Zuckerberg acknowledged that his company was conducting a "build vs. buy analysis" in 2012 when deciding whether to create its own camera app or acquire a fast-growing rival.
Hewlett Packard Enterprise Co (NYSE:HPE, ETR:2HP) shares were up nearly 4.3% on Tuesday afternoon after it attracted a more than $1.5 billion investment from activist hedge fund Elliott Investment Management.
The move follows a tough stretch for HPE, whose stock has fallen over 30% in the past year.
Dow Inc (NYSE:DOW) has been downgraded to ‘Underperform’ from ‘Buy’ by Bank of America analysts who pointed to a “perform storm” for the chemicals producer amid a deteriorating macroeconomic backdrop, rising feedstock costs, and new trade barriers.
They also reduced their price target to $28 from $44. Shares traded hands at $28, down 2.9%, on Tuesday afternoon.
Shares of Applied Digital Corp (NASDAQ:APLD) fell 32% on Tuesday after the company reported weaker-than-expected quarterly results and announced plans to exit its cloud services business.
The cryptocurrency miner and data center operator posted third-quarter revenue of $52.9 million, missing analyst estimates of $63.4 million.
Lisata Therapeutics Inc (NASDAQ:LSTA) announced that it has entered into a research license agreement with Catalent to evaluate certepetide, its iRGD cyclic peptide candidate, using Catalent’s SMARTag antibody-drug conjugate (ADC) platform.
The research will focus on preclinical testing for diseases such as advanced solid tumors.
Citigroup Inc (NYSE:C) shares moved higher as the bank reported profits and revenue above expectations for the first quarter.
Net income was $4.1 billion or $1.96 per share, compared to the consensus of $1.85.
Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF) announced that its subsidiary Hivello has integrated the Swarm network into its decentralized infrastructure platform.
Swarm, a decentralized data storage and content distribution protocol, is the tenth Decentralized Physical Infrastructure Network (DePIN) now supported by Hivello.
Bank of America Corp (NYSE:BAC) shares gained almost 4% in early trade on Tuesday as it reported an 11% year-over-year surge in profit for the first quarter.
Profits increased to $7.4 billion or $0.90 per share, ahead of Street estimates of $0.81.
- Industrial-scale prototype shows higher yield and better charging performance at UKBIC
Ilika PLC (AIM:IKA, OTCQX:ILIKF) shares jumped 15% on Tuesday after the company announced strong results from a key production milestone for its Goliath solid-state battery programme.
- Momentum builds for Eroxon; posts maiden profit
Shares in Futura Medical PLC (AIM:FUM, OTC:FAMDF) rose 7% in afternoon trading on Tuesday after the company reported better-than-expected full-year results and reiterated plans to expand its Eroxon product into 20 countries by the end of 2025.
Shares in OptiBiotix Health PLC (AIM:OPTI, OTC:OPBXF) jumped 10% in early trading on Tuesday after the company announced its first order from a major US weight management brand.
The AIM-listed life sciences group said the deal involves its hunger-reducing ingredient SlimBiome, which will be used in a new range of flavoured drinks. The formulation is similar to its SlimBiome Medical product and aims to tap into growing demand for natural appetite control options alongside the rise of anti-obesity drugs.