Here's a quick look at some of the top business stories making headlines today.
Musk Faces Italian Tax Investigation
Elon Musk is facing scrutiny from Italian tax authorities. The Milan Prosecutor's Office is investigating Musk for alleged VAT evasion related to Twitter during the period of 2016-2022, before its rebranding as 'X'. Authorities claim Musk owes €12.5 million in unpaid taxes.
The investigation is ongoing, and further details are expected to emerge in the coming weeks. This adds to the numerous challenges Musk is currently navigating across his various ventures.
Stock Updates and Earnings Estimates
Several companies have received updated ratings and earnings estimates from analysts. Cryoport (NASDAQ:CYRX) had its "buy" rating reaffirmed by Needham & Company LLC, with a target price of $11.00, suggesting a potential upside of over 65%.
Emerald (NYSE:EEX) is expected to release its quarterly earnings on Friday, March 14th. Analysts predict earnings of $0.03 per share and revenue of $108.05 million.
Buyback Program and Earnings Projections
Nexxen International (NASDAQ:NEXN) announced a share buyback program, authorized by its board of directors. The company plans to repurchase $50 million worth of outstanding shares, which could represent up to 8.2% of its shares.
HC Wainwright has also released Q1 2025 earnings estimates for Aldeyra Therapeutics, Inc (NASDAQ:ALDX), forecasting a loss of $0.25 per share. Furthermore, HC Wainwright issued Q4 2024 earnings estimates for Moleculin Biotech, Inc. (NASDAQ:MBRX), anticipating a loss of $1.33 per share, while maintaining a "Buy" rating on the stock. These projections offer investors insight into the expected financial performance of these companies.
Stay tuned for further updates on these and other developing business stories.