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Fiery North Dakota derailment was latest crash to involve weak tank cars the NTSB wants replaced 2024-08-01 21:15:57+00:00 - The fiery North Dakota derailment that burned for days early last month was the latest train crash to involve the flawed tank cars that the National Transportation Safety Board has been trying to get off the tracks for decades. The NTSB said in a preliminary report released Thursday that the July 5 train crash near the small town of Bondulac, North Dakota, caused an estimated $3.6 million damage to the CPKC railroad tracks and equipment. But the agency didn’t offer many hints about what caused the derailment that happened in the early morning hours that day. CPKC railroad officials are prohibited from answering questions about the derailment while NTSB is investigating. The NTSB highlighted the fact that some of the 17 tank cars carrying hazardous materials that derailed were DOT-111 tank cars that have demonstrated time and again that they are prone to rupturing in a train crash. The agency has been recommending eliminating the use of those cars for hazardous materials at least since the 1990s because of their history of problems, and Congress did mandate that they be replaced for hauling flammable liquids by 2029. But even then they could continue to be used for other hazardous materials. Officials at the Federal Railroad Administration have said it might be possible to move up that deadline by a year, but probably not much more than that because tank car manufacturers don’t have the capacity to do it sooner. There is also a significant cost for the chemical and leasing companies that own them to replacing a tank car. The NTSB said it will be doing a detailed damage assessment on the DOT-111 tank cars and the more robust newer models of tank cars that were involved in this crash as part of its investigation over the next year or more. Recently, investigators highlighted the way those tank cars worsened the disastrous Norfolk Southern derailment in East Palestine, Ohio, last year when they ruptured and spilled butyl acrylate, fueling a massive fire that prompted officials to needlessly blow open five tank cars of vinyl chloride to prevent a feared explosion. In the North Dakota crash, it was fortunate that few people lived nearby. Only two homes were voluntarily evacuated for two days while crews put out the fires and dealt with the methanol and anhydrous ammonia that spilled. A dozen of the other cars that derailed were carrying plastic pellets. No injuries were reported in the derailment itself. The NTSB said an emergency brake application was done on the train before it derailed, but it didn’t say whether the two-person crew did that or whether the brakes were triggered automatically. The 151-car train was going about 45 mph (73 kph) when it derailed — which was below the 50 mph (80 kph) speed limit for it since it was carrying a number of hazardous materials cars.

Snap shares plunge more than 20% on weak guidance 2024-08-01 21:10:00+00:00 - Evan Spiegel, co-founder and CEO of Snap Inc., during the Bloomberg Technology Summit in San Francisco on May 9, 2024. Snap shares fell more than 20% in extended trading on Thursday after the company reported guidance for the third quarter that trailed analysts' estimates. Here is how the company did: Earnings per share: $0.02 adjusted vs. $0.02 per share expected, according to LSEG $0.02 adjusted vs. $0.02 per share expected, according to LSEG Revenue: $1.24 billion vs. $1.25 billion expected, according to LSEG $1.24 billion vs. $1.25 billion expected, according to LSEG Global daily active users: 432 million vs. 431.1 million expected, according to StreetAccount 432 million vs. 431.1 million expected, according to StreetAccount Global average revenue per users: $2.86 vs. $2.91 expected, according to StreetAccount Snap said third-quarter revenue will be between $1.335 billion and $1.375 billion, or $1.355 billion in the middle of the range. Analysts were expecting $1.36 billion. The company expects adjusted earnings of $70 million to $100 million, trailing the $110 million average analyst estimate, according to StreetAccount. The company said in an investor letter that it is making incremental investments in areas such as infrastructure, personnel and marketing, and that it continues "to experience the impact of an increasing legal and regulatory burden on our cost structure." Second-quarter sales rose 16% from $1.07 billion a year earlier. Snap said sales were affected by "a weaker brand advertising environment for certain consumer discretionary verticals." Monthly active users rose to 850 million from 800 million in February. "Our community grew to reach more than 850 million monthly active users in Q2, with more than 11 million Snapchat+ subscribers," Snap CEO Evan Spiegel said in a statement. "We continued to scale our advertising platform with active advertisers more than doubling year-over-year." Snap debuted its Snapchat+ subscription service in 2022 as a way to expand its business beyond online advertising and said earlier this year that the service reached an annualized revenue run rate of $249 million in 2023. On Wednesday, Meta reported second-quarter earnings that beat analysts' expectations and said revenue, predominately derived from online advertising, during the period rose 22% year over year to $39.07 billion. Meta shares rose about 5% after the company posted its latest financial results and disclosed a better-than-expected forecast for the current period. Pinterest shares tumbled this week after the company reported its latest earnings and provided third-quarter guidance that trailed analysts' estimates. Chief Financial Officer Julia Brau Donnelly told analysts during an earnings call that Pinterest experienced "softness within specifically food and beverage advertisers, who are navigating broader headwinds within that category." Last week, Alphabet reported second-quarter earnings and said its Google ad business grew 11% to $64.6 billion. YouTube advertising sales came in at $8.66 billion in the quarter, lower than analysts' expectations of $8.93 billion.

Alnylam Reports Q2 Earnings: What Key Metrics Have to Say - Alnylam Pharmaceuticals (NASDAQ:ALNY) 2024-08-01 21:07:00+00:00 - For the quarter ended June 2024, Alnylam Pharmaceuticals ALNY reported revenue of $659.83 million, up 107% over the same period last year. EPS came in at $0.56, compared to -$2.21 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $448.44 million, representing a surprise of +47.14%. The company delivered an EPS surprise of +175.68%, with the consensus EPS estimate being -$0.74. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Alnylam performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Net Product Revenue- Oxlumo- United States : $15.74 million compared to the $12.79 million average estimate based on two analysts. : $15.74 million compared to the $12.79 million average estimate based on two analysts. Net Product Revenue- Amvuttra- United States : $148.46 million versus the two-analyst average estimate of $134.14 million. The reported number represents a year-over-year change of +53.9%. : $148.46 million versus the two-analyst average estimate of $134.14 million. The reported number represents a year-over-year change of +53.9%. Net Product Revenue- Givlaari- United States : $41.23 million versus the two-analyst average estimate of $38.70 million. The reported number represents a year-over-year change of +17.1%. : $41.23 million versus the two-analyst average estimate of $38.70 million. The reported number represents a year-over-year change of +17.1%. Net Product Revenue- Onpattro- United States : $22.11 million compared to the $12.91 million average estimate based on two analysts. The reported number represents a change of -13.5% year over year. : $22.11 million compared to the $12.91 million average estimate based on two analysts. The reported number represents a change of -13.5% year over year. Product revenues, net : $410.09 million versus $364.77 million estimated by 10 analysts on average. Compared to the year-ago quarter, this number represents a +34.2% change. : $410.09 million versus $364.77 million estimated by 10 analysts on average. Compared to the year-ago quarter, this number represents a +34.2% change. Royalty revenue : $22.40 million versus $16 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +210.9% change. : $22.40 million versus $16 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +210.9% change. Net revenues from research collaborators : $227.34 million versus the nine-analyst average estimate of $69.50 million. The reported number represents a year-over-year change of +3790.1%. : $227.34 million versus the nine-analyst average estimate of $69.50 million. The reported number represents a year-over-year change of +3790.1%. Net Product Revenues- Givlaari : $62.13 million versus $61.43 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +7.3% change. : $62.13 million versus $61.43 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +7.3% change. Net Product Revenue- Oxlumo : $40.61 million versus $36.55 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +67.7% change. : $40.61 million versus $36.55 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +67.7% change. Net Product Revenue- Amvuttra : $230.11 million versus the six-analyst average estimate of $205.18 million. The reported number represents a year-over-year change of +74.2%. : $230.11 million versus the six-analyst average estimate of $205.18 million. The reported number represents a year-over-year change of +74.2%. Net Product Revenues- Onpattro : $77.24 million versus the six-analyst average estimate of $57.69 million. The reported number represents a year-over-year change of -15.5%. : $77.24 million versus the six-analyst average estimate of $57.69 million. The reported number represents a year-over-year change of -15.5%. Net revenues from research collaborators- Novartis AG : $2.30 million versus $14.84 million estimated by three analysts on average. Shares of Alnylam have returned -4.5% over the past month versus the Zacks S&P 500 composite's +1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. To read this article on Zacks.com click here.

Nearly half of insured Americans get surprise expenses in medical bills, study finds 2024-08-01 21:01:00+00:00 - Nearly half of insured Americans have been smacked by surprise medical expenses in the past year, but a majority don't contest billing errors or coverage denials, a new survey by the Commonwealth Fund finds. That inaction — which largely stems from an unawareness that such bills and denials can be challenged — can be a costly, as the effort frequently works, according to the study published on Thursday by the nonprofit private foundation. Forty-five percent of 7,873 insured adults surveyed nationwide relayed being billed for a service they thought should have been covered, the Commonwealth Fund found. Nearly one in five — or 17% — reported being denied coverage for a doctor-recommended service. Yet fewer than half who reported billing errors or coverage denials challenged them, mostly because they did not know they have the right to do so, the poll taken last year found. The consequences of having coverage denials were also illustrated in the research, with nearly 60% reporting delays in care and nearly half — 47% — reporting worsened health conditions as a result. "It sheds light on a troubling reality — that many people with insurance are facing unexpected bills and having doctor-recommended care denied," Sara Collins, the Commonwealth Fund's senior scholar and vice president for health care coverage and access, told CBS MoneyWatch. "And many are at a loss as to what to do about it — people are confused about the health care process itself, both in the way things are billed and who is responsible for it," Collins said. There are also positive pieces of information to glean from the findings, the researcher noted. "What is encouraging, and people should know," is that more than a third who disputed medical bills had their balances reduced or eliminated, and half of those who challenged coverage denials succeeded in getting some or all denied services approved, Collins, who coauthored the report, relayed.

Intel to cut 15% of workforce, reports quarterly guidance miss 2024-08-01 21:00:00+00:00 - Intel CEO Pat Gelsinger holds a sample of a wafer during his keynote speech at the Computex conference in Taipei on June 4, 2024. Intel shares slid as much as 20% in extended trading on Thursday after the chipmaker said it would lay off over 15% of its employees as part of a $10 billion cost-reduction plan and reported lighter results than analysts had envisioned. The company also said that it would not pay its dividend in the fiscal fourth quarter of 2024 and that it will lower full-year capital expenditures by over 20%. Here's how the company did, compared to LSEG analyst estimates: Earnings per share: 2 cents adjusted vs. 10 cents expected 2 cents adjusted vs. 10 cents expected Revenue: $12.83 billion vs. $12.94 billion expected Intel's revenue declined 1% year over year in the fiscal second quarter, which ended on June 29, according to a statement. The company swung to a $1.61 billion net loss, or 38 cents per share, from a net income of $1.48 billion, or 35 cents per share, in the year-earlier period. The company's Client Computing Group that makes PC chips contributed $7.41 billion in revenue, up 9% and right around the $7.42 billion consensus among analysts surveyed by StreetAccount. Intel said results tied to PC chips that can handle artificial intelligence workloads exceeded internal expectations and were on a path for over 40 million unit shipments in 2024. Intel's Data Center and AI unit posted $3.05 billion in revenue. The result was down 3% and lower than the $3.14 billion StreetAccount consensus. For the fiscal third quarter, Intel called for an adjusted net loss of 3 cents per share on $12.5 billion to $13.5 billion in revenue. LSEG analysts expected adjusted net earnings of 31 cents per share on $14.35 billion in revenue. During the fiscal second quarter, Intel announced that Apollo would invest $11 billion in a joint venture around a chip manufacturing plant in Ireland. The company also introduced Xeon 6 server processors, along with a Gaudi 3 accelerator for AI tasks. In addition, Intel disclosed in May that the U.S. Commerce Department was revoking export licenses for consumer items to a customer in China, widely believed to be Huawei. Intel said fiscal second-quarter revenue would still be in its previously announced range of $12.5 billion to $13.5 billion, but below the middle of the range. Thursday's outcome did line up with that update. The jobs reduction, which will affect about 15,000 employees, will mainly take place this year, Intel CEO Pat Gelsinger said in a memo. It's the largest of any single job cut listed on Layoffs.fyi, an industry tracker that's been operating since March 2020. "Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate," he wrote. "Our revenues have not grown as expected — and we've yet to fully benefit from powerful trends, like AI. Our costs are too high, our margins are too low." On an adjusted basis, Intel said it expects around $20 billion in cuts this year, $17.5 billion in 2025 and more in 2026. Excluding the after-hours move, Intel stock has lost 42% of its value so far this year, while the S&P 500 index is up almost 14% in the same period. Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET. This is breaking news. Please check back for updates. WATCH: Your Best Option: Bill Baruch puts on a new options trade in Intel

How American Express, DoorDash, JP Morgan Chase, and more are using AI 2024-08-01 20:59:29+00:00 - Whether it's used to help create better content or deliver personalized experiences, generative AI has made a huge impact across countless organizations. CMOs from leading brands reveal how their companies are using AI and the positive impact it's had on the business. Business Insider spoke with dozens of marketing executives at Cannes Lions 2024 as part of our ongoing CMO Insider coverage. In this video, we hear from Kofi Amoo-Gottfried of DoorDash, Elizabeth Rutledge of American Express, Julia White of SAP, Mark Weinstein of Hilton, Kristyn Cook of State Farm, and Carla Hassan of JP Morgan Chase.

Apple breaks out of recent sales slump as it gears up to make its leap into the AI craze 2024-08-01 20:50:33+00:00 - Apple snapped out of a prolonged sales slump during its most recent quarter as the trendsetting company prepares to launch into the artificial intelligence craze with an arsenal of new technology that’s expected to juice demand for its next iPhone. The fiscal third-quarter results announced Thursday covered an April-June period that’s typically a sluggish stretch for Apple as its loyal customer bases awaits the next version of the iPhone that’s traditionally unveiled shortly after Labor Day. Even so, Apple boosted its sales from a year ago — a welcome reversal of fortune on the heels of five consecutive quarters of year-over-year revenue declines. This time around, Apple’s revenue rose 5% from a year to $85.78 billion — a figure that exceeded analysts’ projections. The Cupertino, California, company earned $21.45 billion, or $1.40 per share, an 8% increase from the same time last year. The profit also topped analyst forecasts. Apple’s shares initially rose slightly and then swung to a modest decline in extended trading as investors assessed the results. Sales of the iPhone — Apple’s marquee product — remained on a downward slope though, dipping 1% from last year to $39.3 billon. That decrease wasn’t as bad as the January-March period when iPhone sales plummeted 10% from last year, and now the product appears headed toward a major upswing. That’s because Apple is planning to roll out a variety of artificial intelligence features that are supposed to make its virtual assistant Siri smarter and also perform a variety of helpful and fun tasks, including helping to draft texts and even creating unique emojis on demand. The AI tools will be included in a free software update expected in the autumn, but most of the features will only work on iPhones with a special chip that so far has only been available on two premium models Apple released last year. The next model, the iPhone 16, is expected to be equipped with the AI chip — a factor that analysts believe will spur consumers who have been holding on to their older devices to splurge on upgrades so they can take advantage of the new features. That expectation is the main reason why Apple’s stock price has surged 13% since the company previewed its AI tools in early June — a run-up that has created about $400 billion in shareholder wealth so far. The forthcoming AI suite “will transform how users interact with technology,” Apple CEO Tim Cook pledged during a Thursday conference call with analysts. Apple’s push into AI may also fuel its steadily growing services division, which saw its revenue climb 14% from last year to $24.21 billion in the most recent quarter. Although the services division has been thriving for years, it’s confronting regulatory threats that could drag down its performance. A lucrative deal that generates about $20 billion in revenue by making Google the default search engine on the iPhone and Safari browser is being targeted in a high-profile antitrust case that the U.S. Justice Department filed against Google. A federal judge is expected is to issue a ruling by the end of this year. The Justice Department also is targeting Apple in a separate lawsuit that it filed in March, alleging the company is illegally locking out competition by erecting unnecessary barriers around the iPhone. Apple has adamantly denied any wrongdoing and launched an attempt to have the case dismissed in documents filed Thursday in New Jersey federal court. That started a legal process that will take several more months to play out before the presiding judge decides whether to throw out the case or allow it to proceed in a ruling likely to come late this year or early next year. As has been happening during much of the past year, Apple’s sales continued to erode in China — a worry for investors because the region is one of the company’s key markets. Apple’s revenue in China dropped 7% from last year in the past quarter.

Here's everything you need to know about Friday's big jobs report 2024-08-01 20:50:00+00:00 - People line up as they wait for the JobNewsUSA.com South Florida Job Fair to open at the Amerant Bank Arena on June 26, 2024, in Sunrise, Florida. The U.S. labor market may have cooled some in July, as a gradual slowdown in the economy and Hurricane Beryl are expected to have taken some of the steam out of hiring. Still, even if the Labor Department's nonfarm payrolls report for July, to be released Friday at 8:30 a.m. ET, does indicate a weaker jobs picture, the decline is expected to be only incremental and in keeping with the type of gentle downshift the Federal Reserve is looking to engineer. "If the Fed was going to manufacture the soft landing, this is probably what it was going to look like," said Mike Reynolds, vice president of investment strategy at Glenmede. "You're seeing just modest on-the-margin weakness in the labor market that [isn't likely to] spiral out of control into a negative feedback loop." Indeed, the report from the department's Bureau of Labor Statistics is forecast to show payroll gains of 185,000 on the month, down from 206,000 in June, with the unemployment rate holding at 4.1%, according to the Dow Jones consensus estimate. Job reports for the past year and a half have routinely beaten the consensus. But some economists think the report could be on the light side; Goldman Sachs expects Beryl, which ravaged large parts of Texas, particularly Houston, to pull down the jobs number by 15,000. The firm thinks the total payroll gain will be more like 165,000. Citigroup projects an even lower number — 150,000 on payrolls and a tick higher in the unemployment rate to 4.2%. Should the unemployment rate keep climbing, it could raise fears that the so-called Sahm Rule is in danger of being triggered. The rule has observed without fail that when the unemployment rate over a three-month period averages half a percentage point higher than the 12-month low, the economy is in recession. A year ago, the jobless level as at 3.5% before it started climbing.

Amazon Reports $148 Billion in Second Quarter Sales 2024-08-01 20:49:49+00:00 - Critically, sales of Amazon’s cloud computing services continued to gain steam, growing 19 percent to $26.3 billion. A year earlier, their growth was just 12 percent. Amazon Web Services has also become more profitable, with an operating margin of 35.5 percent, up from 24.2 percent a year earlier. “We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in A.W.S. growth,” Andy Jassy, Amazon’s chief executive, said in a statement. Like its Big Tech peers, Amazon has been pouring billions of dollars into building its business. It spent $16 billion on capital expenditures, including new data centers, expensive computer chips and warehouses to fulfill orders. It has focused particularly on investing in the advanced computing needed to develop and serve artificial intelligence systems for its customers. While Amazon has become more profitable, it is having a harder time spending that cash. Regulators have stepped up scrutiny of mergers and acquisitions, which prompted Amazon this year to scrap a deal to buy the maker of iRobot vacuums for $1.7 billion. As a result, the company’s cash has grown to record levels, with $71.7 billion on its balance sheet at the end of the quarter. Amazon has historically rejected giving cash back to investors through dividends, saying it can make better use of the money by reinvesting it in the business.

Biogen Q2 Earnings & Sales Beat, 2024 Guidance Raised - Denali Therapeutics (NASDAQ:DNLI), Biogen (NASDAQ:BIIB) 2024-08-01 20:48:00+00:00 - Biogen BIIB reported second-quarter 2024 adjusted earnings per share of $5.28, beating the Zacks Consensus Estimate of $4.00. Earnings rose 31% year over year. Earnings benefited from the sale of one of Biogen's two priority review vouchers (PRV). Excluding PRV sales, adjusted earnings rose 18% in the quarter. Total revenues came in at $2.47 billion, flat on a reported basis and up 1% on a constant-currency basis from the year-ago quarter as lower sales of key multiple sclerosis drugs like Tecfidera and Tysabri as well as spinal muscular atrophy drug, Spinraza were partially offset by higher revenues from new drugs. Sales also beat the Zacks Consensus Estimate of $2.38 billion. Product sales in the quarter were $1.9 billion, up 3% year over year. Revenues from anti-CD20 therapeutic programs rose 3% to $444.5 million. The revenues include royalties on sales ofRoche's Ocrevus and Biogen's share of Roche's drugs, Rituxan, Gazyva and Lunsumio. Contract manufacturing and royalty revenues declined 32% in the quarter to $121.0 million. Contract manufacturing and royalty revenues include Biogen's 50% share of revenues (including royalties) from the Leqembi collaboration with Eisai and revenues from the manufacturing of Leqembi. Eisai recorded approximately $40 million in global sales from Alzheimer's drug Leqembi in the second quarter, showing a strong sequential growth from $19 million in the first quarter. Leqembi has already been launched in the United States, Japan and China and was recently approved in some other countries like Israel, Hong Kong and South Korea. Last month, Biogen/Eisai announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency had given a negative opinion regarding marketing approval for Leqembi (lecanemab) for early Alzheimer's disease in Europe. The CHMP's negative opinion was reportedly due to a brain swelling side effect called amyloid-related imaging abnormalities associated with the use of anti-amyloid therapies like Leqembi. Eisai will request the CHMP to re-visit its opinion. Core pharmaceutical revenues, comprising product sales plus Leqembi revenues, rose 5% in the quarter. Multiple Sclerosis Revenues Biogen's MS revenues came in at $1.15 billion, down 5% on a reported as well as constant-currency basis year over year due to generic competition for Tecfidera and rising competitive pressure in the MS market. Tecfidera sales declined 0.8% to $252.2 million as multiple generic versions of the drug have been launched in the United States and new generic launches are ongoing in several EU countries. Tecfidera sales beat the Zacks Consensus Estimate of $236 million as well as our estimate of $228.8 million. Vumerity recorded $165.8 million in sales, up 13.4%. Vumerity sales beat the Zacks Consensus Estimate of $154 million and our model estimate of $154.4 million. Tysabri sales declined 4.3% year over year to $462.2 million, hurt by increased competition. Tysabri's sales beat the Zacks Consensus Estimate of $420 million and our estimate of $416.8 million. Combined interferon revenues (Avonex and Plegridy) in the quarter were $250.9 million, down 17%, hurt by a continued shift from the injectable platform to oral or high-efficacy therapies. Rare Disease Drugs Sales of Spinraza declined 1.8% to $429.1 million due to increased competition. Sales of the drug beat the Zacks Consensus Estimate of $403 million but missed our estimate of $434.9 million. Rare disease drug Skyclarys, which was added with the September 2023 acquisition of Reata Pharmaceuticals, generated sales of $100.0 million in the second quarter, compared with $78.0 million in the previous quarter. Skyclarys is the only drug approved for the treatment of Friedreich's ataxia. Qalsody, which was launched in the United States for amyotrophic lateral sclerosis (ALS) last year, recorded sales of $5.0 million in the second quarter compared with $4.6 million in the previous quarter. Qalsody was approved in the EU in May. Other Products Zurzuvae (zuranolone), which was launched for postpartum depression in December 2023, recorded $15 million in sales in the second quarter. Biogen said the launch uptake of Zurzuvae is showing encouraging early trends. Biogen has developed Zurzuvae in partnership with Sage Therapeutics SAGE. Biogen and Sage equally share profits and losses for the commercialization of Zurzuvae in the United States. At the same time, outside U.S. markets, Biogen records product sales (excluding Japan, Taiwan, and South Korea) and pays royalties to Sage. Zurzuvae has not yet been approved in the EU. Biosimilar revenues rose 1.5% to $198.1 million. Costs Decline Adjusted research and development (R&D) expenses declined 21% year over year to $464 million, driven by the company's cost-saving initiatives under its "Fit for Growth" program. Adjusted selling, general and administrative expenses rose 1% to $542 million due to costs to support the new product launches. In the quarter, the collaboration profit-sharing was a net expense of $62 million, which included $56 million of net profit-sharing expense related to Biogen's biosimilar collaboration with Samsung Bioepis and approximately $6 million of net profit-sharing expense related to Biogen's collaboration with Sage related to the commercialization of Zurzuvae in the United States. 2024 Guidance Total revenues are expected to decline by a low single-digit percentage in 2024 from the 2023 level, which is better than the prior expectation of a decline in a low-to-mid-single-digit percentage. Core pharmaceutical revenues are expected to be roughly flat in 2024 compared to the 2023 level, as declines in MS revenues are expected to be offset by higher revenues from new products. Adjusted earnings guidance was increased from a range of $15.00 to $16.00 to $15.75 to $16.25, implying growth of approximately 9% (previously 5%) at the midpoint. Operating income is expected to grow at a mid-to-high-teen percentage versus the prior expectation of a low double-digit percentage in 2024, driven by lower cost of sales and lower operating costs due to the cost-saving initiatives. The operating margin is expected to increase by a mid-single-digit percentage point in 2024. Our Take Biogen's second-quarter results were strong as it beat estimates for both earnings and sales. Sales of all key drugs like Tecfidera, Tysabri and Spinraza beat estimates, with new products Leqembi and Skyclarys contributing significantly. Biogen also raised its EPS guidance for the year and gave a better guidance for the top line. Despite the strong quarterly results and guidance increase, Biogen's shares were up only slightly in pre-market trading. This was probably because the company announced the termination of the Antibody Transport Vehicle-enabled anti-amyloid beta program with Denali Therapeutics DNLI. Biogen had in-licensed rights to Denali's program last year. So far this year, the stock has declined 17.6% compared with a decline of 0.2% for the industry. Image Source: Zacks Investment Research Biogen also said that it will retain its biosimilars business. Biogen has been exploring options for divesting the business for a couple of years. With most of Biogen's key drugs (Tecfidera, Tysabri and Spinraza) facing intense competitive pressure, management believes that the newer products Leqembi, Skyclarys and Zurzuvae have the potential to revive growth and drive the company's top line in the long term. Though the Leqembi launch was slow, sales have picked up in the first half. Skyclarys' performance was impressive in the first half, while other new drugs, Zurzuvae and Qalsody, also showed encouraging early trends in the first half. Biogen has also strengthened its mid-to-late stage pipeline with several recent M&A deals like HI-Bio in the second quarter, However, the new drugs are not yet generating enough sales to make up for the declining revenues of multiple sclerosis drugs and Spinraza. Zacks Rank & Key Pick Biogen currently has a Zacks Rank #3 (Hold). Biogen Inc. Price, Consensus and EPS Surprise Biogen Inc. price-consensus-eps-surprise-chart | Biogen Inc. Quote A better-ranked large biotech company is Moderna MRNA, which has a Zacks Rank of 2 (Buy). Moderna also announced second-quarter results before market open on Aug 1. Its loss of $3.33 per share was narrower than the Zacks Consensus Estimate of a loss of $3.47. Revenues of $241 million beat the Zacks Consensus Estimate of $124.9 million. However, MRNA lowered its product revenue guidance for 2024 from $4 billion to a range of $3.0-$3.5 billion due to expectations of very low sales in EU and an increasingly competitive environment for respiratory vaccines in the United States. The stock was down nearly 17% in pre-market trading on Thursday. To read this article on Zacks.com click here.

CBS names Dickerson, DuBois as co-anchors of the “CBS Evening News,” replacing Norah O’Donnell 2024-08-01 20:46:16+00:00 - John Dickerson and Maurice DuBois will co-anchor the “CBS Evening News” following the departure of Norah O’Donnell later this year, the network said Thursday. Dickerson is a former host of “Face the Nation” and “CBS This Morning” for the network. The former Time magazine White House correspondent has been anchoring a nightly newscast for CBS’ streaming service most recently. DuBois, a veteran anchor for CBS’ local affiliate in New York City, has also contributed reporting to various CBS newscasts. The storied newscast, which Walter Cronkite, Dan Rather and Katie Couric have anchored, has been third in the ratings to ABC’s “World News Tonight” and NBC’s “Nightly News” for years. O’Donnell, who is becoming a special correspondent focusing on big interviews for CBS, didn’t move the needle. Bill Owens, executive producer of CBS News’ most successful broadcast, “60 Minutes,” will also become supervisor of the evening news, said Wendy McMahon, president and CEO of CBS News and Stations. Owens appointed veteran “60 Minutes” hand Guy Campanile as executive producer of the evening news. The Washington-based Margaret Brennan, moderator of “Face the Nation,” will lead the broadcast’s coverage of political and foreign affairs. The evening news, which broadcast from a Washington studio to accommodate O’Donnell, will move back to New York, CBS said. The newscast also named Lonnie Quinn as its chief weather forecaster.

CONMED Q2 Earnings Beat, Sales Rise Y/Y, '24 View Cut - ABM Indus (NYSE:ABM), Conmed (NYSE:CNMD) 2024-08-01 20:46:00+00:00 - CONMED Corporation CNMD delivered adjusted earnings per share of 98 cents in the second quarter of 2024, which beat the Zacks Consensus Estimate of 92 cents by 6.5%. The bottom line improved 18.1% from the year-ago quarter's level. GAAP EPS for the quarter was 96 cents compared with 43 cents per share in the year-ago period. The company's shares have lost 14.7% in the past six months against the industry's rise of 1.5%. The broader S&P 500 Index has gained 11.7% in the same time frame. Image Source: Zacks Investment Research Revenues in Detail CONMED's revenues totaled $332.1 million, up 4.5% year over year. The top line missed the Zacks Consensus Estimate by 0.7%. At constant exchange rate (CER), revenues increased 5.2%. CNMD's second-quarter sales were driven by strong growth in the United States as well as international markets. The second quarter witnessed steady surgical volumes. The performance of CONMED's BioBrace in the foot and ankle space seemed encouraging. Segmental Details Revenues in the Orthopedic Surgery segment totaled $139.5 million, down 0.9% from the year-ago quarter's level on a reported basis. At CER, revenues decreased 0.1%. Sales declined 0.4% on a reported basis in the United States. Sales decreased 1.2% (up 0.1% at CER) from the prior-year quarter's level in the international markets. Revenues in the General Surgery segment amounted to $192.6 million, up 8.9% year over year on a reported basis and 9.4% at CER. U.S. sales increased 8.9% year over year. International sales improved 8.8% on a reported basis (10.5% at CER). Sales by Geography Sales in the United States totaled $185.4 million, up 6.1% year over year. International sales amounted to $146.7 million, up 2.6% year over year on a reported basis and 4% at CER. Margins CONMED's gross profit improved 7.6% to $183.7 million. The gross margin improved 160 basis points to 55.3%. Selling & administrative expenses decreased 5.5% to $122.5 million. Research and development expenses rose 3.9% year over year to $14.1 million. The company recorded an operating income of $47.1 million compared with $27.4 million in the prior year quarter. The operating margin was 14.2%, up 560 basis points. 2024 Guidance Revised CONMED lowered its revenue and earnings guidance for 2024 based on incremental foreign currency headwinds. The company expects revenues between $1.305 billion and $1.315 billion for 2024 compared with the prior guidance of $1.330 billion and $1.355 billion. The Zacks Consensus Estimate is currently pegged at $1.34 billion. Adjusted EPS is expected to be in the range of $3.95 to $4.02 compared with the prior guided range of $4.25 to $4.35. The Zacks Consensus Estimate is currently pegged at $4.30. Our Take CONMED exited the second quarter of 2024 on a mixed note, wherein earnings beat the Zacks Consensus Estimate, but revenues missed the same. The second quarter witnessed the impact of supply-chain issues, primarily for the sports medicine and foot and ankle businesses within the Orthopedic segment. The issue is likely to continue, which is reflected in the company's lowered outlook for 2024. However, healthy demand in the General Surgery business is likely to help offset supply-chain issues hurting Orthopedic sales. The company's early-phase new surgical robot, AirSeal, demonstrated faster growth compared to last year, and the trend is likely to continue in the second half of 2024. CONMED Corporation Price, Consensus and EPS Surprise CONMED Corporation price-consensus-eps-surprise-chart | CONMED Corporation Quote Zacks Rank and Stocks to Consider Currently, CONMED carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the broader medical space are Universal Health Service UHS, Quest Diagnostics DGX and ABM Industries ABM. While Universal Health Service sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy) each. Universal Health Service has an estimated long-term growth rate of 19%. UHS' earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%. Universal Health Service has gained 41.1% compared with the industry's 34.8% rise so far this year. Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%. Quest Diagnostics shares have gained 3.7% so far this year compared with the industry's 10.2% rise ABM Industries' earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%. ABM's shares have risen 24.1% so far this year compared with the industry's 11.9% increase. To read this article on Zacks.com click here.

Intel to lay off more than 15% of its workforce as it cuts costs to try to turn its business around 2024-08-01 20:36:26+00:00 - Chipmaker Intel Corp. is cutting 15% of its massive workforce — about 15,000 jobs — as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD. In a memo to staff, Intel CEO Pat Gelsinger said Thursday the company plans to save $10 billion in 2025. “Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate,” he wrote in the memo published to Intel’s website. “Our revenues have not grown as expected – and we’ve yet to fully benefit from powerful trends, like AI. Our costs are too high, our margins are too low.” The job cuts come in the heels of a disappointing quarter and forecast for the iconic chip maker founded in 1968 at the start of the PC revolution. Next week, Gelsinger wrote, Intel will announce an “enhanced retirement offering” for eligible employees and offer an application program for voluntary departures. Intel had 124,800 employees as of the end of 2023 according to a regulatory filing. “These decisions have challenged me to my core, and this is the hardest thing I’ve done in my career,” he said. The bulk of the layoffs are expected to be completed this year. The Santa Clara, California-based company is also suspending its stock dividend as part of a broader plan to cut costs. Intel reported a loss for its second quarter along with a small revenue decline, and it forecast third-quarter revenues below Wall Street’s expectations. The company posted a loss of $1.6 billion, or 38 cents per share, in the April-June period. That’s down from a profit of $1.5 billion, or 35 cents per share, a year earlier. Adjusted earnings excluding special items were 2 cents per share. Revenue slid 1% to $12.8 billion from $12.9 billion. Analysts, on average, were expecting earnings of 10 cents per share on revenue of $12.9 billion, according to a poll by FactSet. “Intel’s announcement of a significant cost-cutting plan including layoffs may bolster its near-term financials, but this move alone is insufficient to redefine its position in the evolving chip market,” said eMarketer analyst Jacob Bourne. “The company faces a critical juncture as it leverages U.S. investment in domestic manufacturing and the surging global demand for AI chips to establish itself in chip fabrication.” In March, President Joe Biden celebrated an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants around the country, talking up the investment in the political battleground state of Arizona and calling it a way of “bringing the future back to America.” In September 2022, Biden praised Intel as a job creator with its plans to open a new plant near Columbus, Ohio. The president praised them for plans to “build a workforce of the future” for the $20 billion project, which he said would generate 7,000 construction jobs and 3,000 full-time jobs set to pay an average of $135,000 a year. Shares plunged 18% to $23.82 in after-hours trading — Associated Press Writer Josh Boak contributed from Washington.

Intel Will Cut Over 15,000 Jobs Amid Struggles to Turn Itself Around 2024-08-01 20:35:35+00:00 - Intel, the Silicon Valley chip maker, said on Thursday that it will slash more than 15,000 jobs to aid a turnaround plan, as the company tries to recover after a series of stumbles. The job cuts amounted to 15 percent of Intel’s work force. The company also announced other restructuring moves and a reduction in capital spending, which are expected to cut costs by $10 billion in 2025. To conserve cash, Intel also said it would suspend its quarterly dividend in the fourth quarter. “This is painful news for me to share,” Patrick Gelsinger, Intel’s chief executive, said in a letter to employees. “I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history.” The company’s stock fell more than 17 percent in after-hours trading. Intel, a onetime icon that produces microprocessor chips that serve as electronic brains in most computers, has battled a slump amid stiff competition in chips used for artificial intelligence and as it tries to regain a leading position in chip manufacturing.

Einat Weiss on how the CMO role has changed over the years 2024-08-01 20:31:00+00:00 - Einat Weiss has been the CMO of Nice for the last four years, and she tells us how the role has evolved and what it takes to be an effective marketer. "I really believe that at the end of the day marketing needs to be not just eye catching but also data-driven," Weiss tells Business Insider. "And this is something that I feel is extremely, extremely important in order to be an effective CMO is really having the ability to understand data and make data-driven decisions."

Dow closes nearly 500 points lower Thursday as investors recession fears awaken 2024-08-01 20:26:00+00:00 - Stocks sold off Thursday, with the Dow Jones Industrial Average tumbling nearly 500 points, as investors’ fears over a recession surfaced. The Dow dropped 494 points, or 1.2%. The S&P 500 shed 1.4%, while the Nasdaq Composite slipped 2.3%. The Russell 2000 index, the small-cap benchmark that has rallied lately, dropped 3%. Some fresh data raised the specter of an economic contraction and the notion that the Federal Reserve could be too late to start cutting interest rates. Initial jobless claims rose the most since August 2023. And the ISM manufacturing index, a barometer of factory activity in the U.S., came in at 46.8%, worse than expected and a signal of economic contraction. The 10-year Treasury yield broke below 4% for the first time since February in a sign that more investors were seeking safe-haven assets. That weak data comes a day after the Fed chose to keep rates at the highest levels in two decades. While Fed Chair Jerome Powell did give some investors hope by signaling a September rate cut was on the table, it was not enough for market participants Thursday. “The economic data keep rolling on in the direction of a downturn, if not recession, this morning,” said Chris Rupkey, chief economist at FWDBONDS, a financial market research company. “The stock market doesn’t know whether to laugh or cry because while three Fed rate cuts may be coming this year and 10-year bond yields are falling below 4.00%, the winds of recession are coming in hard.” Shares in companies that would likely suffer the most during a recession saw some of the biggest declines, including JPMorgan Chase, which lost 2%, and Boeing, which fell more than 5%. Stocks began the day on a high note, as Facebook parent Meta Platforms rallied more than 4% on stronger-than-expected second-quarter results and upbeat guidance. But Meta was one of the few stocks in the green as the trading day went on. Even stocks such as Nvidia, which has soared for much of the year, were feeling the pain, with the artificial intelligence chip leader off 8% as investors overall may be taking some figurative chips off the table into what could be a more volatile time for the market with a November election around the corner. The S&P 500 is still up about 14% for the year, coming off its eighth-positive month in the last nine in July.

Simone Biles wore a goat necklace encrusted with 546 diamonds while accepting her gold medal at the Paris Olympics 2024-08-01 20:24:59+00:00 - Simone Biles won the all-around gold medal in women's gymnastics at the 2024 Paris Olympics. She wore a diamond goat necklace to the medal ceremony designed by Janet Heller Fine Jewelry. Biles has embraced her status as the "greatest of all time," or "GOAT." Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Simone Biles embraced her status as the "greatest of all time," or "GOAT," with a custom necklace at her medal ceremony at the 2024 Paris Olympics. After winning a gold medal at the women's gymnastics all-around final on Thursday — her ninth Olympic medal — Biles stood atop the podium wearing a necklace with a diamond goat pendant. Janet Heller Fine Jewelry shared in an Instagram post that Biles commissioned the three-dimensional goat necklace, which is encrusted with 546 diamonds, as well as an Olympic ring necklace. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

How US women's water polo trains for the toughest sport in the world 2024-08-01 19:59:44+00:00 - The US women's water polo team is looking for an unprecedented fourth gold medal in a row at the Olympics. We follow the team through a demanding training session as they prepare for a crucial match against a formidable rival, team Italy. This is one of their last games before heading to the Olympics, where the teams will meet again. Some of the key players are coach Adam Krikorian, attacker Maddie Musselman, and goalkeeper Ashleigh Johnson. This is what drives them to excel in one of the toughest sports on the planet. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Videos show the moment Americans were freed from Russian captivity after high-stakes prisoner swap 2024-08-01 19:53:23+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview New video footage reveals the moment that Russia freed Wall Street Journal reporter Evan Gershkovich, former US Marine Paul Whelan, and others in a massive prisoner swap that took place in Turkey on Thursday. Gershkovich, Whelan, and 14 others were released as part of a historic and high-stakes exchange with Russia that marked the most complex prisoner swap since the Cold War. President Joe Biden and other top officials confirmed that the Americans are now on their way to the US. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Russia's Federal Security Service, more commonly known as the FSB, released several videos of the tense prisoner exchange at an airport in Turkey. The footage was then widely distributed by state-owned media agency RIA Novosti. One video shows masked Russian agents escorting Gershkovich, Whelan, and others by a bus and then boarding a plane in Moscow before flying to the Turkish capital of Ankara, where the swap occurred. A follow-up video captured from the airplane cabin shows Gershkovich looking out the window during transit. Advertisement The Russian FSB released a video showing prisoners from the Russian side being loaded onto a plane bound for Turkey for a prisoner exchange. Among those prisoners are @evangershkovich and German national Rico Krieger. #Belarus #Russia pic.twitter.com/joDFU2w4ze — Hanna Liubakova (@HannaLiubakova) August 1, 2024 Another video shows the freed Americans getting on one of three buses on the tarmac in Turkey. This appears to be the moment they are exchanged. "All told, we've negotiated the release of 16 people from Russia — including five Germans and seven Russian citizens who were political prisoners in their own country," Biden said. The Russian Federal Security Service (FSB) has shared a video from inside the plane taking Rico Krieger and Evan Greshkovich, among others, to Ankara before the swap. 🎥: FSB / RIA Novosti pic.twitter.com/Lw0ALtDFKM — Novaya Gazeta Europe (@novayagazeta_en) August 1, 2024 The FSB released videos of prisoners boarding a plane and the exchange at the Ankara airport pic.twitter.com/0jAOpcauM3 — Mediazona English (@mediazona_en) August 1, 2024 "Some of these women and men have been unjustly held for years. All have endured unimaginable suffering and uncertainty," he said. "Today, their agony is over." The exchange includes Alsu Kurmasheva, a Russian-American journalist, and Vladimir Kara-Murza, a prominent Russian-British anti-war activist. Advertisement Eight people were swapped back to Russia, and a separate FSB video showed them boarding a plane in Turkey to fly back to Moscow. One of these individuals is Vadim Krasikov, an FSB colonel who was convicted of murdering a rebel leader in Berlin. Krasikov was at the center of the deal, which involved at least six countries and followed months of high-stakes negotiations between the US, Russia, and Germany. Related stories "We are grateful for the support we had from a number of our allies who made this deal possible, in particular Germany, Poland, Norway, and Slovenia," US Secretary of State Antony Blinken said. "We further appreciate the Turkish government providing a location for the safe return of these individuals to the United States and Germany." A view shows the prisoner exchange between Russia and Western countries at an airport in Ankara, Turkey, in this still image from an August 1 broadcast video. FSB Public Relations Centre/ROSSIYA 24 TV Channel via REUTERS "I know there are many times over those years where they have wondered if our work would ever bear fruit," he added. "But I also know that they never gave up hope, and neither did we." Advertisement Gershkovich was arrested on espionage charges and held in pre-trial detention for more than a year before he was convicted in July. There was no public evidence to support the prosecution's case, and both the US government and The Wall Street Journal repeatedly decried his allegations as false. He spent nearly 500 days behind bars before his release on Thursday. Whelan was arrested in 2018 on espionage charges and given a 16-year prison sentence in 2020. As was the case with Gershkovich, the Biden administration considered him "wrongfully detained" and argued for his release. "Russian authorities arrested them, convicted them in show trials, and sentenced them to long prison terms with absolutely no legitimate reason whatsoever. None," Biden said of Gershkovich, Whelan, Kurmasheva, and Kara-Murza. Advertisement White House National Security Advisor Jake Sullivan told reporters that he could confirm there was no money exchanged or sanctions loosened to facilitate the prisoner swap. He said the freed Americans would arrive back in the country later on Thursday.

Google's Gemini AI Olympics-themed ad sparks fierce backlash 2024-08-01 19:46:00+00:00 - Google's Olympics-themed advertisement for its Gemini AI product, called "Dear Sydney," isn't exactly winning over viewers. The ad features a young female runner whose father narrates the commercial. She wants to write a letter to her hero, American track and field star Sydney McLaughlin-Levrone, so her dad enlists Gemini AI to help. "She wants to show Sydney some love and I'm pretty good with words, but this has to be just right," the girl's father says. He then gives the AI product the following prompt: "Help my daughter write a letter telling Sydney McLaughlin-Levrone how inspiring she is and be sure to mention that my daughter plans on breaking her world record ... one day. (She says, sorry, not sorry)." The chatbot ad quickly sparked backlash, including online criticism that relying too heavily on generative AI tools deprives children of learning opportunities. Why didn't she write it herself? The public's objections to the ad included queries about why the little girl didn't write the letter herself, or with her dad's assistance. In fact, it appears in the ad that the McLaughlin-Levrone fan herself has nothing at all to do with the writing of the draft of the letter Google's Gemini AI delivers. "The father in the video is not encouraging his daughter to learn to express herself," Shelly Palmer, media professor at Syracuse University, wrote in a blog post entitled "Why Google's 'Dear Sydney' Ad Makes Me Want to Scream." She said society's overreliance on generative AI text tools could have a sweeping effect on how young people learn to communicate, and in turn eliminate much of the individuality that is expressed through language. "If this approach to communication becomes widespread — and Google is saying it will work hard to make it so — it will lead to a future dominated by homogenized modes of expression, a monocultural future where we see fewer and fewer examples of original human thoughts. As more and more people rely on AI to generate their content, it is easy to imagine a future where the richness of human language and culture erode," Palmer wrote. Others took even fiercer aim at the spot. "This ad makes me want to throw a sledgehammer into the television every time I see it," Washington Post humorist and opinion columnist Alexandra Petri said. Google defended the ad, released in partnership with Team USA, and reiterated that the company does not view AI-generated text as a substitute for human words. "We believe that AI can be a great tool for enhancing human creativity, but can never replace it," Google said in a statement to CBS MoneyWatch. "Our goal was to create an authentic story celebrating Team USA. It showcases a real-life track enthusiast and her father, and aims to show how the Gemini app can provide a starting point, thought starter, or early draft for someone looking for ideas for their writing." McLaughlin-Levrone shared the ad on her personal Instagram account last week."This is for everyone watching Team USA compete and thinking, that's gonna be me someday," she captioned the post. Instagram user @susieewegh weighed in on the post, writing, "I love Sydney and I love the spirit of this ad, but 'let's use AI to draft a letter for my kid instead of having them write it'? Really? Are we not teaching kids to communicate for themselves anymore?" All manner of writers have expressed concern at AI's potential takeover of their jobs. The threat to people who rely on their words to pay the bills was thrust into the spotlight during the 2023 Writer's Guild of America (WGA) strike. A big sticking point between writers and studios was over the use of generative AI to create and rewrite scripts. Ultimately, the parties reached an agreement under which writers get to determine how they use generative AI, if at all, to assist them.