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Banker in viral video who allegedly punched woman at Brooklyn Pride quits job at Moelis & Co. 2024-06-24 22:03:00+00:00 - Stonewall Inn marks Pride Month with fundraiser to fight bills limiting gay rights Stonewall Inn marks Pride Month with fundraiser to fight bills limiting gay rights 01:49 A senior banker at Moelis & Co. has quit his job after a video of him punching a woman in Brooklyn circulated on social media. "Jonathan Kaye has resigned and is no longer with the firm," a Moelis spokesperson told CBS MoneyWatch Monday. Kaye had been with the boutique bank for over a decade. In a 2013 post, the investment bank announced his appointment to managing director of the company's mergers and acquisitions group. His employment at the firm began to unravel on June 8, when he was filmed appearing to strike a woman at a Brooklyn Pride event, causing her to fall to the ground, in a video shared on social media platform X. Online sleuths identified the alleged assailant as Kaye, who at the time was managing director of Moelis & Co.'s global business services franchise. He was placed on leave shortly after the incident, according to a Bloomberg report. A spokesperson for Kaye told CBS MoneyWatch that he "was in fear for his physical safety when he was surrounded by an angry mob of agitators who encircled him, physically assaulted him and threw unknown liquids on him" at the event. "He could not identify any of these individuals and was left bloodied from the attack." The spokesperson also noted a rise in antisemitic incidents, saying they would make "any Jewish person" feel threatened. The spokesperson added that Kaye has received numerous death threats following the incident. The New York Police Department told CBS MoneyWatch that a 38-year-old woman filed a police report four days after the incident, alleging that the punch caused a broken nose, lacerations and a black eye. She also said she became unconscious after hitting the ground, according to the report. The NYPD is continuing to investigate the incident.
This state could soon be the first to give every resident a $750 universal basic income each year with no strings attached 2024-06-24 21:55:09+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 Oregon voters may soon decide if the Beaver State will be the first in the country to implement a universal basic income program that would put cash in residents' pockets by taxing corporations. Advocates of Initiative Petition 17 have said they collected thousands more signatures than required to get the guaranteed income proposal on Oregon's ballot this fall, according to The Oregonian. The Secretary of State's office must still certify the signatures before the measure can officially be added to the November ballot. Voters would then approve or reject the initiative. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The Oregon proposal comes as increasing numbers of US cities and counties pilot basic income programs. The programs typically involve a recurring cash payment given to all people within a certain population, and program participants receive the money regardless of their employment. Recipients also have no limitations on how the money can be spent. Related stories Oregon's proposed UBI program would be a first-of-its-kind initiative, granting every state resident about $750 a year, according to The Oregonian. To fund the program, a 3% tax on corporations' sales above $25 million would be implemented, and the resulting money would be distributed evenly to residents of all ages. Advertisement Oregon's State Department of Revenue would be responsible for doling out the money, and residents would choose to receive their funds either as a cash payment or a refundable tax credit, according to the initiative draft. Any leftover funding from the corporation tax would be put toward services for the elderly, the healthcare system, and education. Support for the proposal appears to have some business leaders worried, The Oregonian reported. Business groups are preparing for a fight over the measure and readying a campaign to fight the proposal, arguing it would hurt the state's economy. The results from more than 100 basic income pilots that have run in the US in recent years suggest the concept is overwhelmingly successful. While data is still limited, more and more places are piloting their own basic income programs, including North Carolina, which has given cash to formerly incarcerated people, and Oregon, which has already handed out funds to homeless youth. Advertisement Participants in these programs typically fall below the federal poverty line, though some pilot programs have zeroed in on specific populations, like households with children or the formerly incarcerated. Many people who have received basic income payments primarily use the money to pay for basic living costs like food, housing, and transportation, Business Insider previously reported. As basic income programs become more commonplace, however, the concept is gaining political and economic opposition. Conservative lawmakers have accused guaranteed basic income of being a "socialist" tactic and suggest the programs could discourage low-income people from working. But basic income pilots, for the most part, seem to be working — even in red states.
Jude Law and Alicia Vikander Talk Smells, Sex Scenes in 'Firebrand' 2024-06-24 21:54:28+00:00 - Jude Law was already a major star with two Oscar nominations under his belt when he played Count Alexei Alexandrovich Karenin in Joe Wright's 2012 film "Anna Karenina." Alicia Vikander, on the other hand, was near the beginning of her career — and four years away from her Oscar win for "The Danish Girl" — when she had her breakout role playing the supporting character Kitty in the same movie. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Over a decade later, the two have reunited for "Firebrand," director Karim Aïnouz's film about King Henry VIII's sixth and final wife, Katherine Parr. Advertisement The movie spotlights the lesser-explored Parr, whose story hasn't been told, and retold, the way the Tudor royal's other wives have (read: Anne Boleyn). Giving a revisionist history of their relationship (and Henry's death), "Firebrand" places Parr's accomplishments within a more modern feminist context. For instance, she's considered the first Englishwoman to print an original work under her own name in English. "Karim has done a really great job of looking at the past in a way that makes it feel incredibly relevant on so many levels — the abusive relationship, the power and strength, the wit of this woman, and the appalling behavior of this man in power," Law told Business Insider. For Vikander, it was a no-brainer to sign onto the project when she learned Law was involved, telling BI she "had this instant feeling" she had to do it. And even though Law went to great lengths to capture the truly "appalling" nature of the king, who manhandles Katherine and others throughout the film, the two had a surprising amount of fun making it. Advertisement In a joint interview, the two discuss what it was like making "Firebrand," from working with Law's decaying-body perfume to the movie's unexpectedly "hilarious" sex scenes. Jude Law and Alicia Vikander in "Firebrand." Larry Horricks Jude, I read you worked with someone to get that decaying-body smell just right. What were the ingredients that went into creating that kind of stench? Jude: I have no idea. I just know it was repulsive. But it sort of summed up the state he was in, I think, emotionally and spiritually and physically at that time: decaying and disgusting. Alicia, what was that like for you, being up close and personal with that smell? Advertisement Jude: She got used to it. Alicia: I didn't really, it was that bad! I'd never really had that kind of incense on set before, but I work…a lot with music. I always keep my AirPods close and have them in between takes. With music it's the same kind of thing as with smell. It kind of just instantly emotionally takes you somewhere…Joe Wright actually did that on "Anna Karenina" too. He used to play music, like techno, over the scenes in take just to give us a vibe. Jude: And the animals on set obviously brought their own odor. Advertisement Was this the first time either of you have used smell to get into a character, to get into a mindset? Jude: I use it quite a lot because, as Alicia said, it's a really good way of... You've got to step into these characters every day. And so sometimes if you can do something that just is, not really a shortcut, but it's about really finding a place. It's a ritual, and it can just put you in a certain frame of mind or mood. It can help or it certainly helps me. There are a lot of frankly kind of gross sex scenes that really drive home just the unbalanced, fraught nature of Henry and Katherine's relationship. Henry had previously beheaded two of his wives and was, at this point in his life, a little unstable, to put it lightly. How was it filming those intimate scenes? Related stories Jude: I mean, there's always a certain awkwardness, but it's also hilarious, I mean, as I'm remembering it. There's something hilarious about when you're playing someone who's in that kind of physical shape and who is also wielding so much power. There were certain moments where you can't help but be slightly embarrassed. Advertisement Alicia: But that's also the interesting part because they're people. You realize that even this man with this power, he will still have it creep up on him in those extremely intimate moments that she was there for. She knows that she sees him in this position and she needs to show him that that doesn't take away from his image and it doesn't ruin it. Jude: It ultimately gives her the upper hand. They were key moments, really, looking back to understanding Katherine's patience and her ability to navigate this relationship to her benefit and ultimately to her advantage. Jude Law and Alicia Vikander in "Firebrand." Larry Horricks Did you guys have an intimacy coordinator on set for those sequences? Alicia: I've had it since the world changed. Advertisement Jude: Caught up. Alicia: I've now had it on every film I've done. Jude: Me too, and they've only gotten better and better. She was particularly good on this one, I remember because it didn't just apply to sex scenes. I made this decision early on that I really wanted Henry to manhandle people, men and women and the animals, and treat them all the same — as if he owned them and could touch them and prod them and poke them, investigate them. So I had to make sure everybody who came within range of me knew that that was what was going to happen. And if they didn't want that to happen, they had to be very clear about it. Once that's dealt with, you are able to perform; you're able to lose yourself in a moment. Advertisement Alicia: And I notice, above anything, it is a way to get the directors to actually talk about it. In the room, the first thing they do is go, "OK, Mr. or Ms. Director, what do you want? Can you explain it in detail?" And that's when they're like, "Oh..." And that's been sometimes the issue before — that they just kind of let you figure it out, which is not cool. Now, I can't believe we didn't always have it because it's so weird, so strange. Alicia, you mentioned that intimacy coordinators would've helped earlier in your career. Was there ever an instance for either of you in an intimate scene earlier in your career where, looking back at it, you're like, "Oh, that one in particular really could have benefited from an intimacy coordinator"?" Alicia: Yes, I definitely had that in the beginning of my career. I had an incident when I was on set, and I don't blame one particular person — everyone was super professional. But it's that thing when you're on a film shoot, and there's not much time, and there's a lot of shots that need to be done in a day and everyone's trying to figure out their stuff. And I was left without anything on, just a little piece of fabric square, and sat on that floor for about 10 hours, two days in a row with not anything on. Advertisement I was like, I'm very professional. I'm doing my job. Everyone's very professional with me but it's like — this is strange, and it kind of just creeped up on me. And it was not until the second day when I was in the car on the way back and it kind of, then I physically, I had a reaction to it. Jude: Because you dealt with it and suppressed it and obviously something like that comes up eventually. How old were you when that happened? Alicia: My early 20s. Advertisement Law and Vikander previously both starred in 2012's "Anna Karenina." Universal Pictures You two worked together before, in 2012's "Anna Karenina," which was near the beginning of your career as an international star, Alicia. What was it like for you to reunite a decade later on "Firebrand"? Did each of you understand how the other had changed as an actor during that time? Related stories Jude: I'd obviously followed her work and seen the majority of it... I think you share a potential, share the promise of the potential of something. And it was pretty clear to me very, very early on that we were both invested in this and in Karim and excited by it, and we had a very, very quick rapport and a sense of trust, and that just grew and grew and was also fun. We've mentioned this a few times, but it sounds odd, perhaps perverse to some, but when you are delving into this kind of dark material, it helps to also kind of relish it. And there's got to be a sense of humor, weirdly, to survive it, I think, and to feel safe. Advertisement I've said this so many times, but I was just so bowled over by how brave and just up for the challenge Alicia was. It always felt every day like, OK, we've gone this far, how much further can we go? And I don't just mean in the physical way, I mean emotionally and in truth. And for a lot of it, a two-hander, it felt that the two of us were trying to navigate this relationship at the core, and it always felt like we could do more or let's keep looking and simplifying. And that's a wonderful experience to have as an actor. Alicia: When I worked with Jude on "Anna Karenina," I just remember him being so, kind of, considerate and open and he really took the time for someone like me — who did my first job — to make me feel safe and welcomed and dare to even step onto the stage in front of these people. That was a huge part of why I wanted to do this project because I knew that Jude was attached. I think we just said hi a few times over the years, and I know your work and I had this instant feeling. I could feel, with the amount of preparation for this role and what you were going to achieve doing Henry, that I just wanted to, kind of, come in and be a part of it and collaborate with you. It was really something that really drew me to this. Advertisement And like you said, we did have a lot of fun along the way. Having followed one another's careers between "Anna Karenina" and "Firebrand," do each of you have a favorite role of the other's? Alicia: I did shoot him a text just like two weeks ago because I was on Netflix — as you do, when you put babies to bed in the evening — and "The Talented Mr. Ripley" came up first thing on the screen. And I rewatched it and I [was] just like, "Wow, you're so good in it." Jude: It was a lovely text to get! Advertisement I'm so bad at choosing favorites. I mean the physicality and just the evolution in "Ex Machina" is absolutely amazing, but "The Danish Girl" also has this really grounded open heart, which is something you do so well. It's like a really human quality there, but it's sort of effortless. …I mean, I found that film heartbreakingly moving, and you are the sort of heartbeat of it. And then I recently just saw "Irma Vep" as well, which is insane and brilliant. It's so bloody funny. It's one of those things where I watched it just sort of thinking, "Was this made for me?" Because it's so quirky and also a bit of my life. Jude, in another interview, you have one line that's getting quite a lot of pickup. You joked about wishing you didn't try to play against your looks when you were younger now that you're, as you called yourself, "saggy and balding." Were there any roles you were offered in your younger days when you were trying to play against your looks that you turned down because you didn't want to just do handsome guy stuff? Jude: In my 20s, people were trying to steer me toward more sort of…romantic comedies and play the good-looking boyfriend, or the lover — and it just wasn't to my taste. Advertisement I really wanted to try to mine drama and so I think I just gave myself a hard time mentally. Like, "OK, how can I steer this away from him being attractive or how can I steer this character away from being seen as good-looking or attractive?" And I just remember putting so much time there into it and I look back when I was 25, and I'm like, "God, you were really cute. You were really pretty. Just enjoy it, mate." Because now it's like, "OK, how can I make myself look young again?" But that's just also one of those lessons I guess you learn after time. The memory we all probably have…in [our] 20s, where you think, "Oh, I won't go out tonight because I look really tired, or "Oh, I better not go to that place because I've got nothing to wear." You look back and go, "Go out! Go and enjoy yourself. You're 23, you'll be fine." Law's oldest son Raff is following in his dad's footsteps. Monica Schipper/Getty Images; John Nacion/WireImage Jude, two of your older kids are following in your footsteps now, is that right? Advertisement Jude: Yeah, well, certainly my son. My eldest son [Raff] is working hard. He's just done another film with Glen Powell, actually, in South Africa. I'm immensely proud. I just have great respect for anyone who is in the arts or puts themselves out there. There's such a vulnerability to it, and it requires such passion and self-motivation and belief and bravery. It's also jolly nice to be able to really share my enthusiasm and now experience, I suppose, in a way with him on the same level. It's a really beautiful thing, actually. This interview has been edited and condensed for clarity. Advertisement "Firebrand" is now in theaters.
Nvidia slides 13% in three days after briefly becoming most valuable company 2024-06-24 21:53:00+00:00 - Since briefly becoming the world's most valuable company last week, Nvidia has dropped for three consecutive trading days and is now down 13% from its peak. Monday's slide was the chipmaker's second-steepest drop of the year, as the stock fell 6.7% to $118.11. Nvidia's decline brought with it a slide in chipmakers and other tech companies that have been tied to the artificial intelligence boom. Super Micro Computer , which sells servers packed with Nvidia's AI chips, slid 8.7 percent, and Dell , which competes in that market, fell 5.2%. Chip designer Arm dropped 5.8%, while semiconductor giants Qualcomm and Broadcom dropped 5.5% and 3.7%, respectively. Many of those companies have been some of the biggest gainers in the last couple years as investors bet heavily that they'll be the prime beneficiaries of a wave of AI spending. Nvidia's value has nearly tripled in the past year even after the three-day slump. Last week, it topped Apple and Microsoft as the most valuable U.S. company with a market capitalization over $3 trillion before giving up some of those gains. Nvidia was the fourth-biggest loser in the S&P 500 on Monday. Super Micro is still up almost 200% in 2024. Investors may be taking an opportunity to lock in gains after a few hot months. "I don't think the party is over, but it's had a heck of a run and there are so many other places in technology that offer better attractive risk/reward," Hightower's Stephanie Link told CNBC on Friday, calling Nvidia shares "overloved." Nvidia says demand for its prized AI graphics processing units (GPUs) remains high, as companies including Microsoft, Google, Amazon, Oracle, and Meta buy billions of dollars worth of the chips to power their data centers and cloud services. Later this year, Nvidia will start shipping its next-generation AI chips, called Blackwell, that some analysts say could kick off another cycle with significant growth for the chipmaker and its partners. Nvidia's performance "is going to continue for the next 18-24 months," Constellation Research founder Ray Wang said on CNBC's Squawk Box on Monday. "I think it's a good time to buy the dip." WATCH: Nvidia will continue to have corrections but investors should stick with it
My partner and I were worried about starting a business together, but it's only made us stronger 2024-06-24 21:49:01+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. Almost all business books will tell you not to mix business with pleasure. We're in a place as a society where folks can decide which axioms make sense for our own lives and which just didn't age well. To me, hearing "Don't start a business with your partner" sounds as outdated as "Choose a company with a good pension, and you're set for life." While pensions are a relic in the private sector, US Census data shows that 10% of American businesses are owned by couples. My husband and I are in that 10% — and we're stronger than ever. Countless couples, friends, and family members run successful businesses together. Complications are bound to arise from all interpersonal relationship dynamics, so why not start a business with someone who knows you inside and out? Someone who understands your tendency to bite off more than you can chew or knows which activities help you relax or possess the skills and knowledge that are so complementary to yours that you decided to make them your person until death do you part. For all the aforementioned reasons, starting a business with my husband has actually strengthened our relationship. We tried not to work together, but realized it was a great fit Nick and I actively tried not to work together because we obviously both knew that mixing business with pleasure could be risky. But hey, starting a business is one of the riskiest adventures anyway. Go hard or go home, right? We built such a strong foundation as a couple that the possibility of anything, especially work, breaking down our bond felt overwhelming. Then we asked ourselves an important question: Who else could sell this extremely niche seaweed vinegar non-alcoholic drink we created but us? That realization gave us the courage to start a business together. Related stories We started a non-alcoholic drink brand called (parentheses) that was born out of our own personal recovery journeys. Nick and I met in an AA meeting when we both had a few years of sobriety under our belts. Those years before we met (and after!) were filled with peer support and mental health support, unpacking why we each relied on alcohol so heavily in the past. Advertisement In addition to my personal experience, I spent years researching, studying, and interviewing people about how their relationship patterns intersect with their alcohol use while writing a book. Nick and I, like many of my subjects, dealt with the emotional upheaval and required boundary-setting that often comes from changing one's relationship with alcohol. After going through emotional hell and back, creating a marketing plan together or debating over bottle sizes just isn't that big of a deal. Communication is key Individually, we've learned healthy coping skills — many of which can be distilled into one word: communication. Learning how to communicate before we met each other makes us a strong couple; identifying and accommodating our individual communication styles makes us excellent business partners. Clear communication only works when you trust the person you're communicating with. How clear can your communication be without honesty? Nick and I learned that admitting that we needed to reevaluate our relationships with booze requires a great deal of honesty with ourselves and others — a virtue we bring into the ethos of our business. That humility also taught us an even more valuable lesson: It's OK to ask for help. We ask for help all the time, both as a couple and as business partners. Whether asking for assistance with a project or getting advice from people more established in our industry, we don't feel "weak" for knowing we can't do it all. We know which skills we each have, which skills the other has, and which skills we need to outsource or learn. Advertisement Having self-awareness about what we each bring to the table helps us work more efficiently (and happily!). Being stubborn just doesn't work. Trust us; we've tried. We often joke that Nick would rather be covered in vinegar-mother slime while making our drink, and I'd much rather make a TikTok of him covered in said slime. The arduous work we do in our personal recovery programs teaches us to focus on what we can control. We bring this mindful life approach to running a small business, too. We can control producing our small-batch, artisanal product and creating intentional marketing plans, so that's where the bulk of our energy goes. We can't control that we're an indie brand swimming in a sea of VC-backed brands. We also can't control who likes or dislikes our drink. There will always be drink brands with more capital and stores that don't want to sell our product. The trick to staying (relatively) sane when working with your spouse or romantic partner is finding the nuggets of controllability when life happens on life's terms. Those nuggets also lead to forming a stronger bond as a couple. The most important aspect of running a business with a spouse or partner is knowing when to clock out to make time for life's other pleasures. There are evenings when we both feel defeated after a day filled with low sales or getting lost in bureaucratic red tape with the Department of Agriculture that makes us want to scratch our eyes out. Advertisement But we have each other, a beautiful home, and fur babies who remind us that being silly can alleviate much of life's stressors. We have our healthy, learned coping skills. And we have a nice drink to sip, reminding us why we decided to sell this thing in the first place. Running a business, especially with your partner, is one day at a time, too.
The CMO is "the voice of the customer," according to Lenovo's Emily Ketchen 2024-06-24 21:47:28+00:00 - Link icon An image of a chain link. It symobilizes a website link url. Link icon An image of a chain link. It symobilizes a website link url. Copy Link Link icon An image of a chain link. It symobilizes a website link url. Copy Link Twitter LinkedIn icon LinkedIn Link icon An image of a chain link. It symobilizes a website link url. Copy Link Share icon An curved arrow pointing right. Share icon An curved arrow pointing right. Twitter LinkedIn icon LinkedIn Link icon An image of a chain link. It symobilizes a website link url. Copy Link Email icon An envelope. It indicates the ability to send an email.
Trump says he's made his veep decision in his 'mind' and the person will be at Thursday's debate 2024-06-24 21:41:30+00:00 - Donald Trump says he's decided his vice presidential pick but hasn't revealed the name. Trump hinted the chosen running mate will attend Thursday's debate against Biden. Trump said he plans to announce his pick around the Republican National Convention, which begins July 15. 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 Donald Trump says he's already decided who his running mate will be but that nobody else knows who it is. At a stop along the campaign trail in Philadelphia on Saturday, NBC News asked Trump if he knows yet who he'll pick as his vice presidential candidate. "In my mind, yeah," the former president answered. He said that his pick will be at the presidential debate against incumbent Joe Biden on Thursday. "They'll be there," he told NBC. "I think we have a lot of people coming."
MAGA activist tied to Kari Lake ponders 'lynching' election official 2024-06-24 21:39:17+00:00 - In a video shared widely on Monday, a Republican official in Arizona with deep ties to the MAGA movement said she would “lynch” Maricopa County’s Republican recorder if he were there. Maricopa County Recorder Stephen Richer shared a video of Maricopa County Republican Party official Shelby Busch speaking at a recent GOP event and garnering laughs after saying she would lynch him if he were in the room with her. “If Stephen Richer were in this room, I would lynch him," Busch said. "I don’t unify with people who don’t believe in the principles we believe in and the American cause that founded this country.” In her comments, Busch claimed she would tolerate only “a good, Christian man that believes what we believe.” Richer is Jewish. “This isn’t healthy. And it’s not responsible. And we shouldn’t want it as part of the Republican Party,” Richer said in a tweet that acknowledged Busch’s prominent role as a conservative activist. This isn't just idle rhetoric. Richer has been targeted with death threats for supporting the certification of Maricopa County’s election results, which largely favored Democrats, in the 2022 midterms. These attacks were primarily driven by Senate candidate Kari Lake and her associates, whose attacks led Richer to file a defamation lawsuit against Lake last year. (Lake, for the record, isn't even contesting the claims.) As The Washington Post reported last week, Busch is an extreme activist whose organization, known as We the People AZ Alliance, is linked to Lake and other prominent conservatives, including far-right activist Michael Flynn: The group, the We the People AZ Alliance, has raised nearly $1 million, according to state campaign finance records. The group is closely aligned with Senate candidate Kari Lake (R) and is funded largely by entities linked to prominent election deniers such as Flynn and Patrick Byrne, a former Overstock.com executive who is no longer affiliated with the company. Busch has featured prominently in Lake and Arizona Republicans’ bogus election fraud claims, and she’s also a close associate of pillow-pushing extremist Mike Lindell. Her remarks are just the latest in a troubling, decadeslong trend of violent, right-wing extremism metastasizing in Arizona. And they are an example of the threats targeting election workers that Arizona Secretary of State Adrian Fontes warned about earlier this year.
CMOs can prove impact by using consistent measures and tapping data insights, says BCG's Jessica Apotheker 2024-06-24 21:37:52+00:00 - Link icon An image of a chain link. It symobilizes a website link url. Link icon An image of a chain link. It symobilizes a website link url. Copy Link Link icon An image of a chain link. It symobilizes a website link url. Copy Link Twitter LinkedIn icon LinkedIn Link icon An image of a chain link. It symobilizes a website link url. Copy Link Share icon An curved arrow pointing right. Share icon An curved arrow pointing right. Twitter LinkedIn icon LinkedIn Link icon An image of a chain link. It symobilizes a website link url. Copy Link Email icon An envelope. It indicates the ability to send an email.
J.D. Vance is the absolute worst pick for Trump’s vice president 2024-06-24 21:35:45+00:00 - If we can trust the hints that reporters have received from within Donald Trump’s camp, the former president has narrowed his choices for a running mate to three people: Sens. Marco Rubio of Florida and JD Vance of Ohio and North Dakota Gov. Doug Burgum. Over the next three weeks until the Republican convention — when Trump has said he will announce his pick — the coverage will center on two pieces of speculative analysis: which of these men will be chosen and how they might affect Trump’s chances in November. These questions are par for the course in a normal presidential election. But this year, they risk obscuring more important issues around these potential running mates: Would they help Trump impose his authoritarian vision? How much enthusiasm do they have for the project of dismantling democracy? At a moment of crisis like the one we faced in January 2021, would they stand up for their country? That’s what really matters, not whether Rubio could woo Latino voters or how much Trump likes Burgum’s hair. All three men’s views of Trump have flipped from contempt to flattery. For years, journalism scholars have decried the media’s unhealthy obsession with campaign strategy and tactics to the exclusion of policy substance; in the pithy formulation of professor Jay Rosen, what’s most important is “not the odds, but the stakes.” And the stakes — even for the vice presidency — are unusually high in 2024. When it comes to the remaining contenders, here’s what’s clear. Like most aspiring Trump running mates, Rubio and Burgum have beclowned themselves with their displays of fealty toward Trump. In a better world they’d never live down their bowing and scraping. But JD Vance would be the truly dangerous choice. All three men’s views of Trump have flipped from contempt to flattery. Rubio, who called Trump a “con artist” in 2016, now helps spread falsehoods about the 2020 election. Burgum said last year that he wouldn’t do business with Trump because “it’s important that you’re judged by the company you keep.” Not only did he walk back that assessment earlier this month, but he said every American “should be grateful” that someone of Trump’s greatness is “willing to put himself back into the presidential race again.” Nevertheless, there’s little evidence that Rubio or Burgum have grand plans to unmake the American system of government. They’re standard-issue Republicans who would have been at home in the party at almost any time in the postwar era, with Rubio an anti-communist foreign policy hawk and Burgum an ally (and representative) of big business. Their willingness to say almost anything in order to get it is embarrassingly straightforward. But Trump may want someone more loyal than an ambitious toady. That’s what he had in Mike Pence, whose sudden attack of conscience helped doom Trump’s attempt to overturn the 2020 election. The most dangerous vice president is not the one who goes along with authoritarianism for fear of Trump’s rage but the one who wants authoritarianism for reasons of his own. Vance has developed his own ideas about the kind of revolution he’d like to see, and Trump is clearly his vehicle to achieve it. Which brings us to Vance. Like Rubio and Burgum, he has repented for his former criticisms of his party’s leader; back in 2016 he called Trump an “idiot,” “noxious” and “reprehensible” and said he wasn’t sure whether Trump would turn out to be “a cynical a---- like Nixon” or “America’s Hitler.” But in the years since, Vance has developed his own ideas about the kind of revolution he’d like to see, and Trump is clearly his vehicle to achieve it. Two years ago, Vance said in an interview that if Trump wins he should “fire every single midlevel bureaucrat, every civil servant in the administrative state, replace them with our people” and defy the courts if they try to stop him. To change government in the way he wants, Vance said, “we’re going to have to get pretty wild and pretty far out there and go in directions that a lot of conservatives right now are uncomfortable with.” Vance is the Senate’s representative of a group of radical thinkers, sometimes going by the moniker the “New Right,” who want to see a government that intervenes not only in the economy but in the culture wars, as well, as long as it’s pursuing a right-wing agenda. As Vance told Politico, he and other members of the New Right talk about destroying “The Regime” — the web of societal institutions they see as inimical to the kind of country they want to create. He has proposed that the government “seize the assets” of foundations whose agendas he objects to. Vance also has praised Hungarian Prime Minister Viktor Orbán, not despite the latter’s authoritarian tendencies but because of them. Among other things, Orbán has moved to assert control over media outlets and universities when he found them too critical of him; Vance sees the latter step as a model of what the American government should do to educational institutions that get out of line. In other words, Donald Trump wouldn’t have to cajole or beg or threaten JD Vance to subvert democracy. He’d eagerly say yes, in pursuit of his own authoritarian dreams. That’s what makes him the most dangerous of potential vice presidents. And it may make him Trump’s most likely pick.
Netflix just tweaked its famous 'keeper test' used to drive out underperformers 2024-06-24 21:35:02+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 Netflix overhauled its famous culture memo — and that means a new line added about its "keeper test" used by managers to determine if they should fire an employee. The keeper test was previously defined as when a manager asks "If a team member was leaving for a similar role at another company, would the manager try to keep them?" If the answer was "No," the employee was given generous severance and cut so that a stronger replacement could be found. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Netflix has long been known to operate its business like a sports team, not a family, and the keeper test is part of that culture. This also means tenures can be brief as the company seeks out top talent and is quick to cut underperformers. Advertisement The keeper test has since evolved to, "If X wanted to leave, would I fight to keep them?" Or, "Knowing everything I know today, would I hire X again?" If the answer is no, the memo says it's fairer for everyone to part ways. So, the same idea just worded a bit differently — but it also now includes a disclaimer. Related stories "In the abstract, the keeper test can sound scary," Netflix says in the latest version of its culture memo. "In reality, we encourage everyone to speak to their managers about what's going well and what's not on a regular basis. This helps avoid surprises." In the abstract, the keeper test can sound scary. In reality, we encourage everyone to speak to their managers about what's going well and what's not on a regular basis. This helps avoid surprises. Managers also evaluate team members on their whole record, rather than focusing on the mistakes or bets that didn't pay off. On the Dream Team, you need people who challenge the status quo and try new things. So we stick with employees through short-term bumps. Netflix's keeper test was first introduced in an over 100-page memo published in 2009. Netflix used to encourage managers to do the test once per quarter, founder and former CEO Reed Hastings said. He reportedly used it to fire his product chief and longtime friend after 18 years. Advertisement The memo, which was originally regarded as fairly blunt for a public corporate document, has had several revisions since it was first released and is now only five pages. Netflix co-CEO Greg Peters said in an interview with The Verge's "Decoder" podcast that the memo is shorter because the company got "better at articulating" its practices. In the interview published Monday, Peters said that the original memo may have also incorrectly communicated that Netflix "was a harsh and maybe cutthroat place," which he said it isn't. In the three versions after, Peters said the company may have swung too far on the other side of the pendulum and went too soft. The co-CEO said that in the versions that followed the original, employees also misinterpreted the company's statement on "freedom and responsibility" — which essentially said Netflix employees were trusted to act in the company's best interest and weren't micro-managed — and acted in ways that weren't in line with its collective corporate goals. It has since deleted that section and its new section, "People Over Process," includes a statement about hiring "unusually responsible people who thrive on this openness and freedom." Advertisement The new memo also says "Not all opinions are created equal" and that, as the company has grown, it's no longer possible for everyone to weigh in on every decision. The latest memo took 12 months to make and received 1,500 comments from employees weighing in, according to a press release from Netflix. It was made publicly available on June 24. You can read the newest version of Netflix's culture memo here.
Corona brewer Constellation is set to grab more prime real estate at stores — driving sales and its stock 2024-06-24 21:29:00+00:00 - Constellation Brands has an upper hand in a battle for coveted — but shrinking — territory in stores, according to new Wall Street research. It is further evidence that the Mexican beer powerhouse is a worthwhile investment in an otherwise weak category. Constellation's portfolio of beers, anchored by Modelo and Corona, is among the best positioned to gain display space at U.S. retail locations this summer and beyond, Jefferies said in a note to clients Monday. Working in the Club holding's favor is the growing popularity of imported beers and struggles for domestic alternatives. Its other brands include Pacifico and Victoria. The analysts' conclusion is notable because in-store displays — cases of beer stacked in an attention-grabbing way — are important drivers of sales. In fact, displays provide more of a lift to sales than shelf-space gains for brands, Jefferies analysts said. However, retailers have reduced the beer industry's display space by roughly 37% since March 2022, Jefferies said, as mainstream domestic brands proved to be a drag on incremental sales. "This means more competition for less space among competitors," analysts explained. Flavored malt beverages, imports, and non-alcoholic beverages are the only subcategories to see an increase in store display penetration during this period. While Anheuser-Busch InBev and Molson Coors continue to occupy the top two spots, "we expect share losses to continue given less favorable portfolio mix," wrote the analysts. On the other hand, Constellation has a beer portfolio entirely in the growing import category, which is why Jefferies is upbeat about the company's ability to win prominent placement in supermarkets and convenience stores. The analysts have a buy rating on Constellation and a price target of $310 per share, implying nearly 18% upside from Friday's close. Jefferies also identified Boston Beer as a display-space winner thanks to its flavored malt beverages, such as Twisted Tea. STZ 5Y mountain Constellation Brands' stock performance over the past five years. In recent years, Constellation's stock has been a frustrating stock to own — though we've remained upbeat on the long-term promise of its beer business, which has favorable demographic trends in the U.S. on its side. We have a buy-it-here 1 rating on Constellation Brands and a price target of $300, implying about 14% upside from Friday's close. Shares have had a nice move since late May — and last week, the stock posted its best weekly performance since January, advancing almost 4%. Year to date, Constellation is up more than 9%, underperforming the broader S & P 500's gain of slightly more than 14%. Constellation's momentum will be tested next week when the company reports fiscal 2025 first-quarter results. Recent scanner data has shown some weakness due in part to poor weather around Memorial Day, Jefferies analysts told clients in a note earlier this month. Any slowdown is likely to be temporary, though, analysts said. In general, Jim Cramer has expressed concern over a slowdown in consumer spending and wondered whether increased use of GLP-1 weight loss drugs, such as Zepbound from fellow Club name Eli Lilly , could dampen demand for beer. While still early, it appears that beer has not as impacted, and we hope this trend continues. We would also like to see the company return more capital to shareholders, though we recognize the company is in an investment phase in order to expand beer production capacity. "There's no big buyback coming until next year so the cashflow is not being used the way we might expect it," Jim during Monday's Morning Meeting for Investing Club members. Last quarter , management increased its quarterly dividend by 13% to $1.01 per share. The stock's current dividend yield is about 1.5%. Constellation is working with activist investor group Elliott Management, which has a history of bringing out more shareholder value in companies it takes stakes in. While Jim has urged Constellation to concentrate solely on beer and part ways with its struggling wine and spirits business, neither the company nor Elliott has signaled a move in that direction. (Jim Cramer's Charitable Trust is long STZ, LLY. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Constellation Brands' Corona Light is displayed for sale at a grocery store in New York. Scott Eells | Bloomberg| Getty Images
UN launches global principles to combat online hate and demands big tech take action now 2024-06-24 21:28:58+00:00 - UNITED NATIONS (AP) — The United Nations chief on Monday launched global principles to combat online hate and lies and demanded that big tech companies use their power to reduce the harm they are doing to people and societies around the world. Secretary-General António Guterres also demanded that advertising and public relations companies “stop monetizing harmful content” and strengthen information integrity. He urged media outlets “to raise and enforce editorial standards” and governments to commit to creating and maintaining a free and independent media landscape. Guterres said the principles, laid out at a news conference, are the result of consultations with the 193 U.N. member nations, youth leaders, academia, the media and civil society including tech companies. The principles call on tech companies, advertisers, media and other key players to refrain from using, supporting or amplifying disinformation and hate speech. All parties involved in the development of artificial intelligence should take urgent and transparent measures to ensure that all AI applications are designed, deployed and used safely, securely, responsibly and ethically, and uphold human rights, according to the principles. They also call for tech companies to ensure safety and privacy and allow users greater choices and control over their online experience and personal data, and for all key parties to ensure special protections for children. Guterres stressed that big tech companies have “an outsized responsibility.” “Take responsibility,” he demanded. “Acknowledge the damage your products are inflicting on people and communities.” Guterres demanded that the companies take action. “You have the power to mitigate harm to people and societies around the world,” he said, “You have the power to change business models that profit from disinformation and hate.” As for advertisers and the PR industry, the U.N. chief singled out the coordinated disinformation campaigns seeking to undermine action to address the climate crisis. “Creatives – don’t use your talents to greenwash,” Guterres said. “PR agencies – look for clients who aren’t misleading people and destroying our planet.” He called on the media to provide “quality journalism based on facts and reality” and find advertisers that are part of the solution, not the problem. And he urged governments to protect journalists, uphold human rights, refrain from internet shutdowns and other drastic measures and respect the right to freedom of expression and opinion. Guterres said all countries should have a vested interest in not promoting misinformation, “because sooner or later the truth is discovered.” He stressed that the principles “aim to empower people to demand their rights.” “No one should be at the mercy of an algorithm they don’t control, which was not designed to safeguard their interests, and tracks their behavior to collect personal data and keep them hooked,” he said. Guterres, when asked how the U.N. can ensure that tech companies and advertising and PR agencies take the U.N. principles to heart and take action, pointed to their staff who are parents, citizens and “are interested in ‘do no harm.’”
OpenAI walks back controversial stock sale policies, will treat current and former employees the same 2024-06-24 21:15:00+00:00 - OpenAI has reversed its policies towards secondary share sales, and will now allow current and former employees to participate equally in annual tender offers, CNBC has learned. The artificial intelligence startup has taken a restrictive approach in the past, with rules allowing the company to determine who gets to participate in stock sales, CNBC reported earlier this month. That led to concern among many shareholders about their ability to get liquidity for some of the millions of dollars worth of equity they own. In a document shared last week through OpenAI's equity administration software, the company altered its policy and said that "all sellers (current and former service providers) will have the same sales limit." Service providers include employees and advisors, OpenAI said in the document, which was viewed by CNBC. An OpenAI spokesperson didn't immediately respond to a request for comment. Tender offers have become a particularly sensitive subject of late due to OpenAI's skyrocketing valuation, which followed the launch of ChatGPT in late 2022, and a relatively dormant IPO market for well over two years. With no public offering on the horizon and a price tag that makes the company prohibitively expensive for would-be acquirers, secondary stock sales are the only way in the near future for shareholders to pocket a portion of their paper wealth. Current and former OpenAI employees previously told CNBC that there was growing concern about access to liquidity after reports that the company had the power to claw back vested equity. OpenAI, backed by roughly $13 billion from Microsoft , has been valued at over $80 billion. Earlier documents indicated that, for former employees, secondary sales typically took place months after transactions for current staffers. And sales limits could differ significantly. In at least two tender offers, the limit for former employees was $2 million, compared to $10 million for current employees. The change announced last week included the walking back of a provision that some worried could allow the company to forcibly repurchase shares at its "sole and absolute discretion" for the "fair market value." Previous documents said that "the Company may, at any time and in its sole and absolute discretion, redeem (or cause the sale of) the Company interest of any Assignee for cash equal to the Fair Market Value of such interest." OpenAI said in the updated document that it "will not enforce any provision in employee equity documents that forces equity redemption at fair market value, and will revise our documents to reflect the same." Former employees who now work at competitors will also no longer be excluded from official tender offers, and will be included in the same category as other former employees, the internal document stated. The one area where current employees will still be higher in line, OpenAI said, is if a future tender offer is oversubscribed, meaning that stakeholders want to sell more shares than investors have agreed to purchase. In that case, "we will prioritize giving liquidity to current service providers over former service providers," resulting in a potential "cutback" for those no longer at the company, OpenAI said. In reversing its tender offer policies, OpenAI has taken a further step to assuage employee fears. Following reports of potential clawbacks, OpenAI recently circulated a document, obtained by CNBC, titled, "Overview and Recap of OpenAI's Tender Process," detailing how the company has conducted equity purchases in the past and how it plans to handle them in the future. Last month, OpenAI announced it would backtrack on a controversial decision to make former employees choose between signing a non-disparagement agreement that would never expire and keeping their vested equity in the company. However, one notable issue regarding employee equity was not addressed in the latest change. In the past, OpenAI has opened up "donation rounds" to current employees, allowing them to donate a certain amount of their vested equity to charity, which brings with it tax incentives. Former employees could be excluded, as the donation rounds would likely be offered "to active employees only and are not guaranteed to happen," according to messages viewed by CNBC earlier this month. The new document did not detail whether the policy is still in place. WATCH: Microsoft gets put on AI backfoot after Apple-OpenAI deal
EU allegations against Apple are worrisome but not a game-changer for the stock 2024-06-24 21:01:00+00:00 - Apple shares bounced Monday after last week's three-session losing streak, with investors looking past new allegations from European competition regulators to the expected AI-driven iPhone boom. European Union officials said Apple was in breach of the bloc's Digital Markets Act, claiming the U.S. tech giant's App Store rules prevent developers from "freely steering consumers to alternative channels for offers and content." Monday's development follow Apple's announcement Friday that the company will delay the upcoming artificial intelligence features in its devices for EU users this year due to regulatory uncertainties. "You can't incentivize companies not to do well," Jim Cramer said Monday. "I am concerned that Europe, which has been a great place for Apple, does not get the chance to take advantage of the AI." He added, "It just does not make sense to me." Apple could face EU fines of up to 10% of the company's total global revenue if found in violation of the DMA's competition policies. In a statement to CNBC, Apple responded that it's made changes to appease regulators and comply with DMA rules. "We are confident our plan complies with the law, and estimate more than 99% of developers would pay the same or less in fees to Apple under the new business terms we created." Ultimately, though, JPMorgan analysts said Monday that Apple's AI features delay overseas would have little impact on financials. The Club shares that view because an AI-powered iPhone, and subsequent upgrade cycle, will boost revenue in Apple's two-largest markets: the U.S. and China. Users will trade up to newer models as these innovative features roll out globally — boosting sales and offsetting weakness in other markets. AAPL YTD mountain Apple YTD Overall, Apple stock has had a rocky 2024 performance. Concerns about lagging iPhone sales in China weighed on the mega-cap name as local rivals like Huawei grabbed smartphone market share. The stock declined to around $164 per share in mid-April before finding its footing ahead its May 2 earning report. When the numbers came in, it was clear the worries were overblown and the stock jumped further. Then after the AI announcements at Apple's annual Worldwide Developers Conference (WWDC), shares surged to all-time highs above $220 on June 12. Apple has, however, tumbled around 5% since then to around $208 on Monday. "There is a sense that it ran too much versus its AI, and I think people are making a mistake," Jim said. "This is all about the next [iPhone] iteration, and it has a lot of good things." He added, "You have a lot of people with old phones, and they may [swap] up." Melius Research echoed those sentiments in a Monday note. Analysts boosted Apple's price target to $260 per share from $227 — implying more than 25% upside from the stock's previous close. Melius said that new AI features should drive a multi-year upgrade cycle for the iPhone through fiscal year 2025 into fiscal year 2026. "The AI, Siri, and privacy features are all compelling to the layman — and almost everyone needs a new phone to get them," the analysts wrote. "We are fans of embracing the obvious, even from here, since the world's most loyal install base has to upgrade to get AI." Apple has said its artificial intelligence features will only be backward compatible with the iPhone 15 Pro and Pro Max, which were released last year. (Jim Cramer's Charitable Trust is long AAPL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC) on June 10, 2024 in Cupertino, California. Apple will announce plans to incorporate artificial intelligence (AI) into Apple software and hardware. Justin Sullivan | Getty Images
FDA Expands Argenx's Vyvgart Label to Treat Rare Disorder - Arcutis Biotherapeutics (NASDAQ:ARQT), argenx (NASDAQ:ARGX) 2024-06-24 20:54:00+00:00 - Loading... Loading... Shares of Argenx ARGX rose nearly 4% on Friday after management announced that the FDA approved its subcutaneously administered Vyvgart Hytrulo (efgartigimod) for a second indication — chronic inflammatory demyelinating polyneuropathy (CIDP). Vyvgart Hytrulo has been approved as a once-weekly 30-to-90-second subcutaneous injection to treat adult patients with CIDP, a rare autoimmune disease. Per argenx, the approval ofVyvgart Hytrulo makes it the first FDA-approved medication with a novel mechanism of action to treat CIDP in more than 30 years. The drug was initially approved by the FDA last year to treat adults with generalized myasthenia gravis (gMG) indication. An intravenous formulation of the drug was approved by the FDA in 2021 to treat gMG and is marketed under the trade name Vyvgart. The approval of Vyvgart/Vyvgart Hytrulo marks the first and currently the only approval for a medication based on a neonatal Fc receptor (FcRn) blocker in the United States. The latest FDA approval is based on data from the phase III ADHERE study, which evaluated the argenx drug in CIDP patients, regardless of prior treatment. The study met its primary endpoint — the drug helped cut the risk of relapse by 61% compared with placebo. CIDP is a rare and serious autoimmune disease of the peripheral nervous system, marked by a range of disabling mobility and sensory issues, which include fatigue, muscle weakness and loss of feeling in arms and legs. Before the latest FDA approval, CIDP patients had limited options for treatment, which consisted of corticosteroids and plasma-derived therapies. Unlike the existing treatments which could only manage symptoms of CIDP, treatment with Vyvgart Hytrulo also helps in improving mobility and sensory issues. Data from the ADHERE study also demonstrated that 69% of patients who received the drug showed evidence of clinical improvement, including improvements in mobility, function and strength. argenx's shares rose as investors cheered the drug's approval, which is attributable to the drug's commercial potential. The company, which derives all its product revenues from the sale of Vyvgart and Vyvgart Hytrulo, is currently a market leader in gMG indication. Since its commercial launch in 2022, Argenx's product sales have been encouraging. Argenx recorded $398 million from product sales in first-quarter 2024, up 83% year over year and 6% quarter over quarter. With the latest label expansion, it could also establish itself as a market leader in CIDP indication. Year to date, Argenx's shares have gained 3.7% against the industry's 5.8% fall. Argenx is also evaluating Vyvgart/Vyvgart Hytrulo in multiple proof-of-concept clinical studies, including membranous nephropathy and lupus nephritis (LN) indications. Last month, management announced its decision to discontinue developing the drug in post-COVID-19-mediated postural orthostatic tachycardia syndrome (PC-POTS). This decision was based on data from a mid-stage study wherein treatment with the drug did not show clinical improvement in study participants with the disease. Another company that secured the FDA's approval for CIDP indication is Takeda TAK. The agency expanded approval to Takeda's subcutaneous administered immune globulin treatment, Hyqvia, as a maintenance therapy for adults with CIDP in January. The Takeda drug is also approved for use in primary immunodeficiency in individuals aged two years and older. argenex SE Price argenex SE price | argenex SE Quote Zacks Rank & Key Picks Argenx currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the overall healthcare sector include Arcutis Biotherapeutics ARQT and Heron Therapeutics HRTX, each carrying a Zacks Rank #2 (Buy) at present. In the past 60 days, estimates for Arcutis Biotherapeutics' 2024 loss per share have narrowed from $2.49 to $1.60. During the same period, the loss estimates per share for 2025 have narrowed from $1.77 to $1.14. Year to date, shares of Arcutis have surged 162.9%. Earnings of Arcutis Biotherapeutics beat estimates in three of the last four quarters while missing the mark on one occasion. Arcutis delivered a four-quarter average earnings surprise of 14.93%. In the past 60 days, estimates for Heron Therapeutics' 2024 loss per sharehave narrowed from 22 cents to 10 cents. During the same period, estimates for 2025 have improved from a loss of 9 cents to earnings of 1 cent. Year to date, HRTX's shares have appreciated 90.0%. Earnings of Heron Therapeutics beat estimates in three of the last four quarters while missing the mark on one occasion. HRTX delivered a four-quarter average earnings surprise of 30.33%. To read this article on Zacks.com click here.
Value Of Praxis Precision Medicines' Lead Program In Essential Tremor Alone Is Underappreciated: Analyst - Praxis Precision Medicine (NASDAQ:PRAX) 2024-06-24 20:50:00+00:00 - Loading... Loading... Needham initiated coverage on Praxis Precision Medicines Inc PRAX, a clinical-stage biopharmaceutical company, engaged in the development of therapies for central nervous system disorders. The company’s lead product ulixacaltamide for essential tremor (ET) is undergoing Essential3 Phase 3 program, with topline results expected in the second half of 2024 to support a planned New Drug Application (NDA) submission in 2025. The analyst writes that sales of Ulixa for essential tremor (ET), if successful in Phase 3, could peak at over $1 billion in 2030 (60% probability of success). Needham writes, “value of ulixacaltamide in essential tremor alone is underappreciated at current levels.” The analyst initiates with a Buy rating and a price target of $145. The company’s second program is PRAX-628 for Focal Onset Seizures. Praxis plans to initiate two efficacy studies in focal onset seizures. The first study is expected to begin in the second half of 2024, with topline results expected in 2025, and the second study is expected to initiate in the first half of 2025, with topline results expected in the first half of 2026. Praxis anticipates topline results from the Phase 2 EMBOLD study of PRAX-562 for SCN2A and SCN8A developmental and epileptic encephalopathies (DEEs) in the third quarter of 2024. Praxis is completing multiple global regulatory interactions in the first half of 2024 in anticipation of starting the pivotal phase of the program later in 2024 for Elsunersen (PRAX-222) for SCN2A Gain-of-Function DEEs. PRAX-628 in focal epilepsy and elsunersen in SCN2A GoF could drive more than $1.5 billion in peak sales, with an upside from label expansion. Praxis’ cash runway into 2027 and an early pipeline across the Cerebrum and Solidus platforms can potentially generate significant long-term value. Needham adds that positive data from Ulixa Phase 3 and POC for PRAX-562 in the third quarter should continue to drive momentum in Praxis stock. Price Action: PRAX shares are down 3.44% at $40.27 at the last check on Monday. Photo by PublicDomainPictures from Pixabay
Why inflation is still upending retirement plans even as price growth slows 2024-06-24 20:44:00+00:00 - Ascentxmedia | Istock | Getty Images Savings shortfall worsens financial insecurity Many respondents to Prudential's survey say they worry they will outlive their savings. That includes 67% of 55-year-olds; 59% of 65-year-olds and 52% of 75-year-olds. The age 55 cohort is the "most financially insecure" about their retirement readiness, Caroline Feeney, CEO of Prudential's U.S. business, said during a Thursday presentation of the survey results. watch now That comes as 55-year-olds face a deep savings shortfall, with a $47,950 median savings toward retirement versus the $446,565 recommended balance, based on eight times the average U.S. salary, according to Prudential. "This is the first group that is entering retirement, [with] largely no pensions," Feeney said. "And then add on top of the feeling of additional financial insecurity because they're not quite sure if Social Security will be there to fully support them." Lower Social Security COLA forecast for 2025 Unlike most other sources of retirement income, Social Security benefits are automatically adjusted for inflation each year. As current retirees continue to feel the pinch of higher costs, slowing inflation points to a lower Social Security cost-of-living adjustment next year. The Social Security cost-of-living adjustment may be 3% in 2025, estimates Mary Johnson, an independent Social Security and Medicare analyst. Beneficiaries saw a 3.2% Social Security cost-of-living adjustment this year — resulting in an average retirement benefit increase of just over $50 per month. That followed record Social Security cost-of-living adjustments of 8.7% in 2023 and 5.9% in 2022. Social Security's annual adjustments are based on a certain measure of inflation — the consumer price index for urban wage earners and clerical Workers, or CPI-W. The latest reading for May shows the CPI-W is up 3.3% from a year ago. Yet certain categories — including food and services — are still seeing elevated rates of inflation. While the CPI-W is used to calculate Social Security's COLA each year, some argue it may not be the best measure to accurately gauge retirees' costs. For example, while the CPI-W assumes older adults spend about two-thirds of their income on housing, food and medical costs, those items actually make up about three-quarters of their budgets, according to Johnson. "This disparity suggests that my COLA estimate, which is based on the CPI-W, may be undercounting real senior inflation by more than 10%," Johnson said.
Supreme Court Backs Pharmaceutical Giants in Iraq Terrorism Funding Case - AstraZeneca (NASDAQ:AZN), Johnson & Johnson (NYSE:JNJ), Pfizer (NYSE:PFE) 2024-06-24 20:43:00+00:00 - Loading... Loading... The U.S. Supreme Court has supported 21 pharmaceutical and medical equipment companies, led by AstraZeneca Plc AZN, in a lawsuit accusing them of funding terrorism that harmed American troops and civilians in Iraq. The justices dismissed a lower court’s ruling that had allowed the case to proceed, directing the court to reconsider the lawsuit. The plaintiffs allege that major U.S. and European pharmaceutical and device manufacturers, including Pfizer Inc PFE, GE Healthcare USA, a unit of GE Healthcare Technologies Inc GEHC, Johnson & Johnson JNJ, and F. Hoffmann-La Roche RHHBY, provided corrupt payments to the Hezbollah-sponsored militia group Jaysh al-Mahdi. These payments were allegedly made to secure medical supply contracts from Iraq’s health ministry, which the plaintiffs claim was controlled by the militia group. Initiated in 2017 in federal court in Washington, Reuters notes that the lawsuit seeks unspecified damages under the Anti-Terrorism Act, allowing Americans to pursue claims related to acts of international terrorism. In 2020, a federal trial judge dismissed the lawsuit, but the U.S. Court of Appeals for the District of Columbia Circuit revived the case in 2022, the report added. Reuters noted that in a joint statement on Monday, pharmaceutical and device companies expressed approval of the Supreme Court’s ruling and called for the lawsuit’s dismissal based on a previous Supreme Court decision involving Twitter, now known as X. The companies argued that the ruling, which protected Twitter from liability under the Anti-Terrorism Act, should also apply to their case. The Supreme Court’s decision in the Twitter case established that aiding and abetting claims under the Anti-Terrorism Act requires proof that a defendant “consciously and culpably” participated in a terror act to aid its success. The plaintiffs in the current case argued that the pharmaceutical and device companies’ knowing bribes to terrorists were more culpable than Twitter’s alleged failure to exclude a terrorist group from its platform. The case now returns to the lower court for reconsideration, as per the Supreme Court’s instructions. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image via Pixabay
Deal Between Germany, China Could Stop Looming Tit-For-Tat On EV Tariffs - BYD (OTC:BYDDY), BMW (OTC:BMWYY) 2024-06-24 20:42:00+00:00 - Loading... Loading... Conversations are moving forward between China and the European Union on a deal that could benefit electric vehicle (EV) companies from both economic powerhouses. Willingness from both sides to de-escalate a looming tariff war for the car industry can be read as an oasis of mutual trust within the growing trend of protectionism and economic decoupling that has marked relations between China and the West in recent months. New Tariffs On EVs Threaten Carmakers In China, EU Germany is fearful of the effects of a recent EU decision to slap an extra tax of up to 38% on some Chinese EV brands, on top of an already-existing tariff of 10%. For some Chinese EV makers, like SAIC Motor Corp., this could mean a 48% tax on all units sent to the EU. Geely Automobile Holdings Ltd. GELYF could have its cars face a 30% tax and BYD Company ADR BYDDY, 27%. According to Bloomberg, Beijing has suggested that Germany could benefit if the EU were to drop the announced raise. An agreement would primarily benefit luxury German brands like Mercedes Benz Group ADR MBGYY, DR ING H C F PORSCHE ADR DRPRY and Bayerische Motoren Werke ADR BMWYY, whose units are in risk of receiving extra tariffs in China. If the EU were to move forward with its decision, launching the new tariffs by July, China could retaliate with higher tariffs on EU-made cars. Read Also: Tesla Analysts Temper Expectations, Fisker Shuts Down Shop, Nikola’s 30-for-1 Reverse Split And More: Biggest EV Stories Of The Week In May, Beijing said it could take its 15% tariff on EU-made cars to up to 25% for large-engine vehicles, in a move that is putting pressure on Germany to act. Large-engine vehicles are considered those with 2.5 liter engines and above, a hallmark of German luxury car brands, which enjoy a healthy market in China. In the U.S., Chinese EVs have had difficulty gaining market share given high tariffs, which are due to climb above 102% for Chinese electric cars this year. The decision was announced last month by the Biden administration, quadrupling tariffs on China-made EVs and EV components in an effort to protect the domestic car industry and avoid a flood of Chinese cars in U.S. soil. U.S. carmakers like Tesla Inc TSLA, Rivian Automotive Inc RIVN, General Motors Co GM and Ford Motor Co F welcomed the decision. Can Germany Push The EU To A Halt? During conversations held over the weekend between Robert Habeck, Vice-Chancellor of Germany and his Chinese counterpart Wang Wentao, China proposed lowering existing tariffs of 15% on large-engine cars in exchange for dropping the announced tariff hikes by the EU. Habeck, who performs as Germany's economy minister, has been on an official visit to the Asian nation. Yet Germany has to convince the bloc that the planned hike isn't worth pursuing, and pressure by the bloc's largest economy could stir conflict within the bloc. The EU's decision came as a way to level the playing field after a probe concluded that Chinese government subsidies left European car companies at a disadvantage. The new tariffs were described as a legal action stemming from a months-long probe, while any change to that decision would be politically and economically motivated. Germany has declared itself against the EU tariffs and Chancellor Olaf Scholz said Monday that he expects a negotiation to result favorable before the EU tariffs begin being collected. For now, the EU's tax is provisional and would be set definitely in November unless changed. Now Read: Chinese EV Maker Xpeng Offers Test Drive Of Its ADAS To Tesla CEO Elon Musk After He Xiaopeng Tries FSD Shuterstock image.