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Cannabis company Tilray Brands’ stock rose after it reported a narrower fourth-quarter loss than the year-ago period.
Revenue soared 20% to $184.2 million, up from $153.3 million in the prior-year quarter and above analysts’ expectations.
While a Canadian company, Tilray has been positioning itself to be a leader in the U.S. adult-use cannabis market.

A Tilray grow room

Tilray Brands shares spiked Wednesday after the Canadian cannabis producer reported a narrower loss for its fiscal fourth quarter than a year ago and a solid revenue beat.
The stock closed nearly 15% higher Wednesday.

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While a Canadian company, Tilray has been positioning itself to be a leader in the U.S. adult-use cannabis market, but its plans have been hindered by the lack of major action on banking reform and federal legalization.
Tilray said its net loss for the three months ended May 31 was $119.8 million, or 15 cents a share, an improvement from the year-ago period when it lost $457.8 million, or 99 cents a share. Analysts polled by Refinitiv, however, expected a loss per share of just 5 cents per share.
Meanwhile, revenue soared 20% to $184.2 million, up from $153.3 million in the year-earlier period. That came in well above analysts’ expectations of $154 million, according to Refinitiv.

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Tilray stock surged after releasing quarterly results for its fiscal fourth quarter.

Tilray’s cannabis segment saw strong year-over-year growth after the company acquired Canadian rival HEXO in June for roughly $56 million. The sale cemented Tilray’s leading position in Canada’s cannabis market.
The cannabis segment, which deals in the cultivation, production, distribution and sale of both medical and adult-use cannabis products, saw revenue increase 21% to $64.4 million for the quarter.

“The recent closing of the HEXO transaction has boosted our competitive positioning in Canada, the largest, federally legalized cannabis market in the world,” said Tilray CEO Irwin Simon in a statement.
Simon said the company plans to lean into its consumer packaged goods business. It also plans to expand its product distribution in Canada and across international markets.
Tilray also saw healthy sector growth at its beverage alcohol and distribution businesses, which brought in $32.4 million and $72.6 million in revenue during the period, respectively, marking year-over-year increases of 43% and 19%.
For its fiscal year 2024, the company is forecasting adjusted EBITDA of $68 million to $78 million, representing growth of 11% to 27% over fiscal year 2023.  More

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Major League Pickleball founder Steve Kuhn discussed pickleballl’s explosive growth.
He said there are still some challenges for America’s fastest growing sport.
Kuhn is looking to make the sport more accessible for continued growth.

Just a few years ago, pickleball was barely known to most people. Today, it’s America’s fastest growing sport.
With courts popping up in cities and parks across the country, celebrities and pro athletes buying up pro teams, and more than 36 million people giving it a shot last year, it’s hard to escape the pickleball buzz.

One of the sport’s biggest boosters is Steve Kuhn, a former hedge fund manager who founded Major League Pickleball. He spoke this week at CNBC’s Game Plan conference about the sport’s rapid rise and some of their biggest challenges on the horizon.
“I think there was a time when pickleball was considered a sport that was not really a sport. There was almost like a hushed, embarrassed tone, when talking about it,” said Kuhn, who is known to wear red, white and blue cap saying “Pickleball will save America.”
“But today, when Kevin Durant, Lebron James and Tom Brady say it’s cool, I think that changes everybody’s opinion,” he said.
The billionaire, who lives in Austin, has gotten the pro league off the ground by growing the business with sponsorships, media deals and expansion teams.
Major League Pickleball teams today are going for as much as $10 million. Just a year ago, teams were being scooped up for as little as $100,000. Professional Pickleball can be seen on almost every major television network and many streamers.

With the rapid growth of the sport has come new challenges, such as making the game more accessible, easier to learn, and creating consistent rules and scoring.
Kuhn said he believes rally scoring, which allows players to score regardless of who is serving, would be beneficial to the sport.
“We’re begging the sport to follow our lead on that. We think that would make it easier for more people to learn and have fun, especially kids,” he said.
Not everyone’s a fan of pickleball, though. As the sport has exploded, complaints have grown, too. In towns across America, neighbors are griping about the noise from the ball hitting the paddle. With the growing demand, many towns are converting their tennis courts into pickleball courts, angering the tennis players.
“We need to create dedicated pickleball courts, where we’re not going to bother anybody. It’s our responsibility to do that,” Kuhn said.
Kuhn said he’s also passionate about getting more kids and diverse communities to participate. He will be heading to Washington in the next few months to talk with members in the House, Senate and White House about getting more government funding for the sport, he said.
Kuhn said school gyms can build pickleball courts at an incredibly low cost and it’s a great way to get kids moving again.
While he’s happy with the sport and excited about where it’s going, there is just one thing about pickleball Kuhn isn’t quite sold on: its name, which was came from pickle boat races in Bainbridge Island, Washington.
“I still don’t love the name,” Kuhn said. “But it doesn’t matter anymore.” More

Volkswagen and Xpeng will jointly develop two new VW-brand EVs for the Chinese market.
Volkswagen is investing $700 million in Xpeng and taking a roughly 5% stake.
The new EVs will be based on the platform that underpins Xpeng’s G9 SUV.

Volkswagen and Xpeng will jointly develop two new VW-brand EVs for China based on Xpeng’s electric G9.
Chen Dongqiu | Visual China Group | Getty Images

Volkswagen said Wednesday that it has signed a deal to jointly develop two new electric vehicles for China with Chinese EV maker Xpeng. As part of the deal, Volkswagen will invest about $700 million in Xpeng, taking a 4.99% stake.
Xpeng’s U.S.-traded shares ended the day up over 26% following the news.

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Under the deal, Volkswagen and Xpeng will develop two midsize battery-electric models based on the platform that underpins Xpeng’s G9, a midsize electric crossover SUV.
In a separate statement confirming the deal, Xpeng said the two new vehicles will also incorporate its advanced driver-assist software.
The new EVs, which will be branded as VWs and sold only in China, are expected to launch in 2026.
Volkswagen is paying $15 per U.S.-traded share for its Xpeng stake and will receive a seat on the EV maker’s board of directors, subject to regulatory approvals.
Volkswagen also confirmed that its Audi subsidiary has signed a separate deal with its longtime Chinese joint venture partner, Shanghai-based SAIC Motor, to jointly develop new Audi-branded EVs for the Chinese market. The plan is to develop new EVs in segments where Audi does not currently have entries in China, the company said.
“We are leveraging the strengths of Volkswagen and our partners to create synergies to bring additional products to market faster,” said Ralf Brandstätter, Volkswagen’s China chief, in a statement. “In doing so, we focus on the specific needs of our customers in China. At the same time, we want to significantly optimize development and procurement costs.” More

U.K. health authorities said they are reviewing obesity and diabetes drugs like Novo Nordisk’s Wegovy and Ozempic after some patients who took the highly popular treatments reported thoughts of suicide or self-harm.
Authorities in the European Union launched a similar probe of the drugs two weeks earlier.
The probe into potentially life-threatening side effects comes as the drugs skyrocket in popularity in the U.S. and draw heightened investor interest.

Packages of the weight-loss drug Wegovy from the pharmaceutical company Novo Nordisk lie on the sales counter in a Danish pharmacy.
Stefan Trumpf | Picture Alliance | Getty Images

U.K. health authorities on Wednesday said they are reviewing obesity and diabetes drugs like Novo Nordisk’s Wegovy and Ozempic after some patients who took the treatments reported thoughts of suicide or self-harm.
The probe into potentially life-threatening side effects comes as the drugs skyrocket in popularity in the U.S. — and draw heightened investor interest — for helping people achieve dramatic weight loss over time.

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The Medicines and Healthcare products Regulatory Agency, in a statement to CNBC, did not indicate when it expects to complete its review of safety data on the treatments. Authorities in the European Union launched a similar investigation of the drugs earlier this month.
The MHRA said the review includes all obesity and diabetes drugs available in the U.K. Aside from Ozempic and Wegovy, it includes Novo Nordisk’s other weight loss drug Saxenda. Other diabetes drugs like AstraZeneca’s Bydureon, Eli Lilly’s Trulicity and Sanofi’s Lyxumia are also included in the probe.
Those drugs are all part of a class of drugs known as GLP-1 receptor agonists, which mimic a hormone produced in the gut to suppress a person’s appetite. GLP-1s can also help manage Type 2 diabetes because they encourage insulin release from the pancreas, lowering blood sugar levels.
“Patient safety is our top priority,” the MHRA said in a statement to CNBC. “We will carefully consider all available evidence and communicate any further advice to patients and healthcare professionals as appropriate.”
Novo Nordisk said in a statement that it received a review request from the MHRA on Monday. The company said a “response will be provided within the requested timelines” of the review.

Sanofi said in a statement that it was aware of the review and is working with the MHRA. The company added that its pharmacovigilance monitoring system, which tracks adverse drug effects, has not identified any safety concerns associated with GLP-1s.
AstraZeneca and Eli Lilly did not immediately respond to a request for comment on the MHRA’s review. Reuters first reported the review. 

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Between 2020 and July 6 this year, the MHRA received five reports of suspected adverse drug reactions associated with “suicidal and self-injurious” behavior in patients who took Ozempic and Wegovy. 
The agency also received 12 similar reports involving those who took Saxenda, or liraglutide, between 2010 and July 6. 
But the MHRA emphasized that those reports are not proof that the drugs caused those adverse reactions. 
The U.S. prescribing information for Wegovy and Saxenda, both approved by the Food and Drug Administration, already recommends that health-care providers monitor for “suicidal behavior and ideation.” 
Saxenda’s information also noted that clinical trials in adults found 9 of 3,300 people on the drug reported suicidal ideation. That’s compared with 2 of more than 1,900 people on a placebo. The prescribing information says “there was insufficient information to establish a causal relationship” between suicidal ideation and Saxenda.
There is no similar recommendation in the U.S. prescribing information for Ozempic and other GLP-1s for diabetes, which are typically used at lower doses.
If you are having suicidal thoughts, contact the Suicide & Crisis Lifeline in the U.S. at 988 or the Samaritans in the U.K. at 116 123. More

Boeing’s latest charge on its Starliner astronaut spacecraft brings the program’s overrun costs to $1.5 billion to date.
The aerospace giant last month decided to indefinitely delay the first crewed Starliner launch.
Since 2014, when NASA awarded Boeing with a nearly $5 billion fixed-price contract to develop Starliner, the company has recorded losses on the program almost every year.

Boeing’s Starliner spacecraft is seen before docking with the International Space Station on May 20, 2022 during the uncrewed OFT-2 mission.

Boeing on Wednesday reported a $257 million charge in the second quarter for its Starliner astronaut spacecraft program, bringing the program’s to-date overrun costs to $1.5 billion as delays continue.
The aerospace giant blamed the charge on its decision last month to indefinitely delay the first crewed Starliner launch. Starliner was scheduled to launch in late July and carry a pair of NASA astronauts to the International Space Station.

But Boeing discovered two new problems with Starliner and called off the launch to correct the issues. The delay was the latest in a series of disruptions in Boeing’s development of Starliner.

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Since 2014, when NASA awarded Boeing with a nearly $5 billion fixed-price contract to develop Starliner, the company has recorded losses on the program almost every year. The charges total $1.47 billion, according to its annual reports and the company’s most recent quarterly filing.
The annual losses have ranged from $57 million in 2018 to $489 million in 2019.

Boeing’s program competes with Elon Musk’s SpaceX, which is poised to finish all six of its originally contracted NASA missions before Boeing flies its first.
Still, Boeing CEO Dave Calhoun said on an earnings call Wednesday that the manufacturer is “in lockstep” with NASA on Starliner development.

“We prioritize safety, and we’re taking whatever time is required. We’re confident in that team and committed to getting it right,” Calhoun said.
Boeing recorded other losses in its defense, space and security unit for the second quarter: a $189 million loss in the T-7A trainer jet program and $68 million charge on its MQ-25 unit.
Boeing last year announced additional losses on the Air Force One program, bringing charges on the contract negotiated with the Trump administration to above $1 billion. More

GlaxoSmithKline CEO Emma Walmsley said she expects uptake for the company’s newly approved RSV vaccine to start off slower than it did for its blockbuster shingles shot, but she is confident that the shot will drive future sales.
London-based GSK is preparing to roll out the vaccine in the fall, the season when the common respiratory disease typically begins to spread at higher levels.
Walmsley’s remarks came after the company reported second-quarter revenue and earnings that topped Wall Street’s estimates. 

Budrul Chukrut | Lightrocket | Getty Images

GlaxoSmithKline CEO Emma Walmsley on Wednesday said she expects uptake for the company’s new RSV vaccine to start off slower than it did for its blockbuster shingles shot.
But she is confident that the new vaccine will drive future sales. 

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“I think the uptake on this we need to watch for through the seasons, it won’t be the same rate of build as [the shingles vaccine] was, but we do think it’s a really key pillar and contributor,” Walmsley said during a call with reporters.
She spoke about the respiratory syncytial virus vaccine after London-based GSK reported second-quarter earnings and revenue that topped Wall Street’s estimates. 
Last month, GSK’s RSV shot became the first to win approval in the U.S. and European Union for the treatment of adults 60 and older. The company is preparing to roll out the vaccine this fall; the common respiratory disease typically begins to spread at higher levels in the autumn.
RSV usually causes mild, cold-like symptoms, but it kills thousands of seniors and hundreds of children each year in the U.S. 
The company has not provided estimates for how much revenue the RSV shot will rake in this year following its launch. But GSK’s full-year forecast expects that overall vaccine revenue will increase by a “mid-teens” percentage from last year.

Walmsley also noted that GSK expects the vaccine to generate around 3 billion pounds, or $3.87 billion, in sales “over time.”
GSK’s vaccine against shingles, a viral infection that causes a painful rash, is the company’s top-selling drug. The shot generated second-quarter sales of 880 million pounds, or $1.14 billion, and has been a key revenue driver since it launched in the U.S. in late 2017.
The shot, called Shingrix, won more than 90% of the U.S. market share for shingles vaccines just five months after its launch.
In 2018, the shot gained approval in the European Union, Japan and Canada, among other countries, and posted full-year global sales of 784 million pounds, or $1.01 billion.
Investors are hoping that Shingrix and GSK’s RSV shot will help offset patent expirations for some of the company’s blockbuster HIV drugs in a few years. Those expirations will allow other drugmakers to launch similar and potentially cheaper versions of those medicines. More

On both Monday and Tuesday, Warner Bros.’ “Barbie” added $26 million in ticket sales to its domestic box office haul.
Greta Gerwig’s bubblegum pink feature has generated $214 million during its first five days at the domestic box office.
“Barbie” has also topped $470 million globally.

Barbie The Movie
Courtesy: Warner Bros. 

It’s Barbie’s world and we’re just living in it.
The Warner Bros. flick based on Mattel’s iconic fashion doll continued to tally record ticket sales following its historic opening weekend.

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On Monday, “Barbie” added $26 million to its haul, the biggest Monday in the history of Warner Bros. and the best-ever for a female director. Greta Gerwig’s bubblegum pink feature added another $26 million on Tuesday, extending its domestic box office to $214 million.
“Barbie” exceeded opening weekend expectations, snaring $162 million over its first three days in domestic theaters. This is the highest-grossing opening for a female director in the history of cinema.
Fewer than 100 films have topped $100 million in their opening weekend, and, traditionally, those films have been male-driven superhero fare from Marvel and DC or from marquee franchises like Harry Potter, Star Wars or Jurassic Park.
The Margot Robbie-led film opened higher than Universal’s “The Super Mario Bros. Movie,” which snared $146.3 million during its debut and has gone on to top $1 billion worldwide during its theatrical run.
In just five days in theaters, “Barbie” has topped $470 million globally.

The success of “Barbie” comes at a time when studios have struggled to connect with moviegoing audiences. A series of adult-aimed blockbusters have underperformed in recent months, leading many in the industry to question if consumer tastes have shifted away from Hollywood.
Coupled with strong results from Universal and Christopher Nolan’s “Oppenheimer,” it appears that consumers aren’t ditching theaters, they are just being more selective about what they watch. The critically acclaimed combination of “Barbenheimer” compelled audiences to see content on the biggest screens possible and in large groups.
Movie theater chains reported record foot traffic over the weekend, noting that additional screenings for both films were added and concession sales soared.
“Barbenheimer” will face some competition from Disney’s “Haunted Mansion” this coming weekend, but box office analysts expect word of mouth to fuel ticket sales for both “Barbie” and “Openheimer” in the weeks to come.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal distributed “The Super Mario Bros. Movie” and “Oppenheimer.” More

Coca-Cola is done hiking prices this year in developed markets like the U.S. and Europe.
Coke’s prices were up 10% in the second quarter compared with the year-ago period.
Customers in the U.S. and Europe are switching to private label bottled water and juices, Coke CEO James Quincey said

A pedestrian passes a Coca-Cola delivery truck in Mexico City, Mexico, on Wednesday, Jan. 25, 2023.
Jeoffrey Guillemard | Bloomberg | Getty Images

For two years, Coca-Cola has been raising prices on its drinks to combat higher costs. But the company said Wednesday it’s done hiking prices this year in developed markets like the U.S. and Europe.
Coke follows the lead of rival PepsiCo, which said in February it wouldn’t raise prices beyond its usual hike for beverages in the fourth quarter. Both companies have reported strong sales growth thanks to higher prices, but consumer demand has weakened, although not as much as expected.

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Coke’s prices were up 10% in the second quarter compared with the year-ago period.
Customers in the U.S. and Europe are switching to private label bottled water and juices, Coke CEO James Quincey said Wednesday on the company’s conference call. The company reported that U.S. unit case volume fell 1% in the second quarter.
“Across the sector, consumers are increasingly cost conscientious. They are looking for value and stocking up on items on sale,” Quincey said.
Coke plans to keep raising prices in line with inflation in developing markets like Latin America.
Pepsi has seen even steeper declines in demand than Coke. The Frito-Lay owner reported that its North American beverage volume tumbled 4.5% in the second quarter. Its Quaker Foods North America unit’s volume fell 5%. Frito-Lay North America was the only bright spot, reporting 1% volume growth, thanks to consumers’ enduring snack habits.
Coke shares fell less than 1% in morning trading, despite the company raising its full-year outlook and reporting earnings and revenue that topped Wall Streeet estimates. More