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5 Top Stories

Google and India; Netflix Exceeds Expectations; TSMC Predicts Sales Beat.

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Google to Produce Handsets in India

At Thursday’s Google for India event, Alphabet [GOOGL] announced that it is to begin producing its Pixel 8 smartphones in the country. Due to go on sale in 2024, these will be the company’s first made-in-India handsets. This decision is the latest in a string of successes widely attributed to Prime Minister Narendra Modi’s drive to attract big tech firms. Apple [AAPL] and Samsung [005930.KS] have also recently begun manufacturing handsets in India.

Netflix Exceeds Expectations

At its earnings call on Wednesday, Netflix [NFLX] said it had added 8.8 million customers in the third quarter — well in excess of analysts’ estimates — and increased its total subscriber base to 247.2 million. Buoyed by the success of its password-sharing crackdown, the streaming service is now planning to raise prices in three key markets, namely the US, UK and France. “We’re incredibly pleased with how it’s been going,” said co-CEO Greg Peters.

TSMC Predicts Sales Beat

Taiwan Semiconductor Manufacturing Co. (TSMC) [TSM] has projected sales of $18.8bn to $19.6bn this quarter, ahead of analysts’ predictions. CEO CC Wei said he anticipates that the chip industry’s prolonged slump could be over “very soon”, although he flagged uncertainty in relation to China as a possible question mark TSMC is the number-one chipmaker for Nvidia [NVDA] and Apple, among others.

Is Tesla Floundering?

Released on Wednesday evening, Tesla’s [TSLA] latest results were underwhelming: revenue was short of Wall Street expectations, with net income down 44% year-over-year. CEO Elon Musk said he was worried that higher interest rates would not be offset by substantial price cuts; the firm is to hold off on ramping up its Mexico factory. Elsewhere in the space, VinFast [VFS] has said it will continue selling electric vehicles and scooters to Green SM, a ride service owned by VinFast’s billionaire founder, Pham Nhat Vuong.

Pfizer Prices Paxlovid

Pfizer [PFE] has said the price for Paxlovid, its Covid-19 antiviral treatment, will be nearly $1,400 for a five-day course for consumers in the US — more than double its cost to the US government, which has bought some 24 million courses of the treatment from the pharma giant, but last week arranged to return 7.9 million of them. Japan, meanwhile, announced on Thursday that it is to buy nine million Covid jabs from Pfizer, and another one million from Moderna [MRNA].

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