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ABC Says Trump and Harris Have Agreed to Debate on Sept. 10 2024-08-08 20:55:13+00:00 - The debate is on. Vice President Kamala Harris and former President Donald J. Trump will face off in a televised prime-time matchup on Sept. 10, ABC News said on Thursday, setting up the latest crucial moment in an already unpredictable presidential campaign. The 90-minute debate is expected to be held in Philadelphia, according to two people with knowledge of the plans. The ABC anchors David Muir and Linsey Davis will serve as moderators. The debate will probably be held without a live audience, but the exact format and ground rules are still being determined, the people said. In one sense, the announcement maintains the status quo: Mr. Trump agreed months ago to debate President Biden on ABC on that same date. But the Republican nominee wavered on that commitment after Mr. Biden withdrew from the race, arguing that he had not agreed to those terms with Ms. Harris. This year’s previous debate, in June, was perhaps the most consequential in the 64-year history of televised presidential matchups. Mr. Biden’s shaky and diminished performance set off a panic among Democrats that ultimately led to the president ceding his spot atop his party’s ticket.

Editas Q2 Earnings & Revenues Miss Estimates, Stock Down - Annovis Bio (NYSE:ANVS), Akero Therapeutics (NASDAQ:AKRO) 2024-08-08 20:55:00+00:00 - Editas Medicine, Inc. EDIT incurred a loss of 82 cents per share in the second quarter of 2024, wider than the Zacks Consensus Estimate of a loss of 69 cents. The company had reported a loss of 56 cents per share in the year-ago quarter. Collaboration and other research and development (R&D) revenues, which comprise the company's top line, were $0.5 million in the second quarter, down from $2.9 million reported in the year-ago quarter. The reported figure missed the Zacks Consensus Estimate of $7 million. The year-over-year decline in revenues can be attributed to reduced drug supply activity with collaborators. Shares of Editas were down 12.2% on Aug 7 following the announcement of the results. Quarter in Detail In the second quarter of 2024, R&D expenses increased 82% to $54.2 million compared with $29.8 million reported in the year-ago period. The massive uptick in R&D expenses can be attributed to higher clinical and manufacturing costs related to the accelerated progression of Editas' reni-cel program as well as costs attributable to other research activities. General and administrative expenses were $18.2 million in the reported quarter, up 6% year over year, due to higher intellectual property and patent-related fees due to increased legal activity. Editas had cash, cash equivalents and investments worth $318.3 million as of Jun 30, 2024, down from $376.8 million recorded as of Mar 31, 2024. The company expects its existing cash, cash equivalents and marketable securities, together with the near-term annual license fees and the contingent upfront payment from Vertex Pharmaceuticals VRTX, to fund operating expenses and capital expenditure in 2026. In late 2023, Vertex in-licensed rights to Editas' Cas9 gene editing tool to develop its newly approved sickle cell disease gene therapy, Casgevy. Shares of Editas have plunged 59.4% year to date compared with the industry's decline of 4.4%. Image Source: Zacks Investment Research Pipeline Updates Editas has no approved products in its portfolio at the moment. Therefore, pipeline development remains the key focus of the company. The company is evaluating the safety and efficacy of its investigational gene-editing medicine, reni-cel (renizgamglogene autogedtemcel, previously EDIT-301), in phase I/II/III RUBY study for treating SCD. EDIT has completed enrollment and continues to dose SCD patients in the adult cohort of the RUBY study. The company has completed enrollment in the adolescent cohort of the RUBY study. Editas remains on track to report substantive data from the RUBY study by the end of 2024. The company is also evaluating reni-cel for the treatment of transfusion-dependent beta thalassemia (TDT). Editas has completed enrollment in the adult cohort and continues to dose patients in the EdiTHAL study for TDT. The company is also on track to report additional clinical data from the EdiTHAL study by the end of 2024. Please note that during the reported quarter, Editas reported new positive data from the RUBY study of reni-cel in 18 patients with SCD and the EdiTHAL study of the same in seven patients with TDT. In the expected data readout from the RUBY and EdiTHAL studies by year-end, EDIT will provide additional efficacy data. Editas Medicine, Inc. Price and Consensus Editas Medicine, Inc. price-consensus-chart | Editas Medicine, Inc. Quote Zacks Rank & Stocks to Consider Editas currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Annovis Bio ANVS and Akero Therapeutics AKRO, each carrying a Zacks Rank #2 (Buy) at present. In the past 60 days, the Zacks Consensus Estimate for Annovis' 2024 loss per share has remained constant at $2.46. During the same period, the consensus estimate for 2025 loss per share has narrowed from $1.95 to $1.91. Year to date, shares of ANVS have plunged 57.1%. ANVS beat estimates in three of the trailing four quarters and missed once, delivering an average negative surprise of 1.39%. In the past 60 days, estimates for Akero Therapeutics' 2024 loss per share have narrowed from $3.87 to $3.82. During the same period, loss per share estimates for 2025 have remained constant at $4.29. Year to date, shares of AKRO have gained 1.4%. Akero's earnings beat estimates in one of the trailing four quarters, missed twice and matched once, delivering an average negative surprise of 5.10%. To read this article on Zacks.com click here.

Elizabeth Warren, Lawmakers Press Sam Altman On OpenAI's Whistleblower Handling, AI Testing - Alphabet (NASDAQ:GOOG), Alphabet (NASDAQ:GOOGL) 2024-08-08 20:55:00+00:00 - In a letter addressed to Sam Altman, the CEO of OpenAI, Sen. Elizabeth Warren (D-MA) and Rep. Lori Trahan (D-MA) have raised concerns about the company’s treatment of whistleblowers and its safety review processes. What Happened: The lawmakers have expressed their concerns about the suppression of internal criticism at OpenAI in the letter shared exclusively with The Verge. They have cited instances where OpenAI’s safety procedures have been questioned, such as the unauthorized testing of an unreleased version of GPT-4 in India and Altman’s temporary removal due to concerns over commercializing advancements. Warren and Trahan’s letter seeks information on OpenAI’s whistleblower and conflict of interest protections to determine if federal intervention is necessary. Microsoft Corp MSFT is an early investor of OpenAI, with some lawmakers questioning if the investment raises antitrust concerns. Alphabet Inc GOOG GOOGL, Google’s parent company, has also come under scrutiny for its investment in AI-startup Anthropic. See Also: John Bolton Says Biden’s ‘Refusal To See That Iran Has Already Launched A Wider War…Imperils Americans’ Other lawmakers have also sought answers about the company’s safety practices, including a group of senators led by Sen. Brian Schatz (D-HI). Warren and Trahan have requested further clarity on OpenAI’s responses to this group, including the establishment of a new “Integrity Line” for employees to report concerns. Altman has been asked to provide information about the usage of the company’s new AI safety hotline for employees and how the company follows up on reports. The lawmakers are also seeking information on OpenAI’s conflicts policy, including Altman’s financial conflicts of interest. Why It Matters: This letter adds to the mounting pressure on OpenAI, which has been facing a series of challenges. Earlier this month, Elon Musk filed a lawsuit against OpenAI and Altman for allegedly using his technology without permission. These legal and regulatory challenges could have a significant impact on the company’s future operations and its standing in the AI industry. Read Next: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Sheila Fitzgerald/Shutterstock.com

Trump says he should get a say on Federal Reserve interest rate decisions 2024-08-08 20:54:00+00:00 - Republican presidential candidate former President Donald Trump speaks during a press conference at his Mar-a-Lago estate on August 08, 2024, in Palm Beach, Florida. Republican presidential nominee Donald Trump on Thursday said that he should have a voice when the Federal Reserve makes its decisions on interest rates. "I feel the president should have at least (a) say in there," Trump said during a news conference at his Mar-a-Lago residence in Florida. "Yeah, I feel that strongly. I think that in my case, I made a lot of money, I was very successful, and I think I have a better instinct than, in many cases, people that would be on the Federal Reserve or the chairman." The comments seem to reinforce reporting earlier this year, from the Wall Street Journal and elsewhere, that advisors close to the former president are looking at a host of changes for the central bank should he be elected in November. Among the ideas being floated are forcing the Fed to consult with the president when making rate decisions. Others include making the central bank run regulatory changes past the White House and using the Treasury Department as an overseer for the Fed's actions. While in office from 2017 to 2021, President Trump was a fierce critic of Chair Jerome Powell, whom Trump appointed in 2018. "Well, look, the Federal Reserve is a very interesting thing. It's sort of gotten it wrong a lot, and he's tending to be a little bit later on things," Trump said of Powell and his colleagues. Powell "gets a little bit too early and a little bit too late. And, you know, that's very largely a, it's a gut feeling. I believe it's really a gut feeling. And I used to have it out with him." Fed officials often stress the importance of the central bank's independence from political influence, and Powell has said repeatedly that criticisms from Trump or other officials don't weigh into monetary policy decisions. Trump insisted that he and Powell "get along fine" though part of the changes his team is looking at include dismissing Powell or at least not reappointing him when his term as chair expires in 2026. The Fed has undergone criticism for waiting too long to raise rates when inflation started to spike in 2021, and now faces the same scrutiny for not reducing even though inflation rates have moved steadily lower. Sen. Elizabeth Warren (D-Massachusetts), for instance, has repeatedly called on the Fed to lower rates. The Fed hiked benchmark interest rates 5.25 percentage points from March 2022-July 2023 in an effort to bring down inflation. Markets widely expect the central bank to start reducing rates in September. Trump generally favors lower interest rates and criticized the Fed frequently for raising in 2018.

Catalyst Rises as Q2 Earnings & Revenues Beat Estimates - Catalyst Pharmaceuticals (NASDAQ:CPRX) 2024-08-08 20:51:00+00:00 - Catalyst Pharmaceuticals, Inc. CPRX reported adjusted earnings of 56 cents per share for the second quarter of 2024, beating the Zacks Consensus Estimate of 42 cents. The company reported adjusted earnings of 53 cents in the year-ago quarter. Total revenues, the majority of which comprised product revenues, amounted to $122.7 million in the reported quarter, representing growth of 23% year over year. The recorded figure also surpassed the Zacks Consensus Estimate of $111.6 million. Catalyst's top line primarily comprised revenues from the sale of Firdapse, the first approved drug for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) and Fycompa (perampanel) CIII. Revenues generated from the sale of the newly launched Agamree (vamorolone) also contributed to the top line. The stock is gaining in the pre-market hours on Aug 8 as the investors are impressed by the better-than-expected second-quarter results. Year to date, shares of CPRX have lost 3.5% compared with the industry's 4.6% decline. Image Source: Zacks Investment Research Quarter in Detail Firdapse generated sales worth $77.4 million in the second quarter, up 19.2% year over year. The reported figure beat the Zacks Consensus Estimate of $72.5 million and our estimate of $72.9 million, driven by the organic sales growth of Firdapse. The drug has been witnessing strong demand and increasing prescription rates from LEMS patients, as well as continued diagnosis of new LEMS patients. Catalyst also started recording sales of its newest epilepsy asset, Fycompa, from the first quarter of 2023. In 2023, CPRX acquired the U.S. rights for Fycompa (perampanel) CIII from Eisai Co., Ltd. This acquisition diversified the company's portfolio by adding a commercial-stage epilepsy asset. Fycompa generated robust net product revenues of $36.5 million in second-quarter 2024, which beat the Zacks Consensus Estimate of $33.2 million as well as our model estimate of $33.6 million. Fycompa sales recorded year-over-year growth of 5.7%. In the third quarter of 2023, CPRX acquired exclusive rights to manufacture and supply Agamree from Santhera Pharmaceuticals through a licensing agreement. In late 2023, the FDA approved Agamree for treating Duchenne Muscular Dystrophy in patients aged two years and older, which gave Catalyst a third approved product. The drug was commercially launched in the United States in the middle of March 2024. In the first full quarter of commercialization since launch, Agamree generated revenues worth $8.7 million, which beat the Zacks Consensus Estimate of $6 million and our estimate of $5.2 million. Per Catalyst, early indicators for the drug's U.S. launch suggest strong demand that exceeds initial expectations. Research and development (R&D) expenses were $3 million in the reported quarter, down 25% year over year. Selling, general and administrative (SG&A) expenses totaled $40.7 million, up 43% from $28.4 million reported in the year-ago quarter. This uptick in costs is primarily due to the launch of Agamree and the cumulative commercial and marketing activities to support three commercial products compared with two in 2023. As of Jun 30, 2024, Catalyst had cash, cash equivalents and investments worth $375.7 million compared with $310.4 million as of Mar 31, 2024. 2024 Financial Guidance Updated Catalyst continues to expect total revenues in the range of $455-$475 million for the full year, boosted by the continued growth of Firdapse, Fycompa and additional net product revenues from Agamree. The company believes that the total revenue figure for 2024 will lie toward the high end of its projected range. For 2024, the company continues to expect Firdapse revenues between $295 million and $310 million and Fycompa revenues in the $130-$135 million band. Catalyst, however, increased its revenue guidance for Agamree in the range of $35-$40 million from the previously guided range of $25-$30 million, based on the promising demand trend and an encouraging payer landscape. Catalyst Pharmaceuticals, Inc. Price and Consensus Catalyst Pharmaceuticals, Inc. price-consensus-chart | Catalyst Pharmaceuticals, Inc. Quote Regulatory Update In May 2024, Catalyst announced the FDA approval of its supplemental new drug application to increase the maximum daily dose of Firdapse for adults and pediatric patients over 45 kg from 80 mg to 100 mg for treating LEMS. Per CPRX, this higher dose provides healthcare providers and patients with more flexibility in managing LEMS treatment regimens. This development is expected to spike sales of the drug in the upcoming quarters. Zacks Rank & Stocks to Consider Catalyst currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Annovis Bio, Anixa Biosciences and Akero Therapeutics, each carrying a Zacks Rank #2 (Buy) at present. In the past 60 days, the Zacks Consensus Estimate for Annovis' 2024 loss per share has remained constant at $2.46. During the same period, the consensus estimate for 2025 loss per share has narrowed from $1.95 to $1.91. Year to date, shares of ANVS have plunged 57.1%. ANVS beat estimates in three of the trailing four quarters and missed once, delivering an average negative surprise of 1.39%. In the past 60 days, the Zacks Consensus Estimate for Anixa Biosciences' 2024 loss per share has narrowed from 44 cents to 43 cents. During the same time frame, the estimate for Anixa Biosciences' 2025 loss per share has remained constant at 45 cents. Year to date, shares of ANIX have lost 22.2%. ANIX beat estimates in three of the trailing four quarters and missed the mark once, delivering an average earnings surprise of 2.27%. In the past 60 days, estimates for Akero Therapeutics' 2024 loss per share have narrowed from $3.87 to $3.82. During the same period, loss per share estimates for 2025 have remained constant at $4.29. Year to date, shares of AKRO have gained 1.4%. Akero's earnings beat estimates in one of the trailing four quarters, missed twice and matched once, delivering an average negative surprise of 5.10%. To read this article on Zacks.com click here.

Eventbrite is laying off 11% of its staff 2024-08-08 20:50:46+00:00 - Eventbrite is letting go of about 100 employees, or 11% of its workforce, the company said Thursday. It expects to incur about $7 million in costs associated with the reduction. The company previously cut 8% of its workforce in February 2023. 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! Go to newsletter preferences 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 The ticketing-and-events platform Eventbrite said on Thursday that it's letting go of around 100 employees — roughly 11% of its staff. The company said it expects to incur up to $7 million in severance and cost-reduction actions tied to the layoffs. Eventbrite previously cut 8% of its workforce in February 2023. One current Eventbrite staffer, speaking on the condition of anonymity to be able to talk freely about a sensitive internal situation, told Business Insider they expected the layoff given Eventbrite's stock value had dropped off in recent months. The company is currently trading at around half its value from the start of the year. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Guardant Health Recently Broke Out Above the 20-Day Moving Average - Guardant Health (NASDAQ:GH) 2024-08-08 20:49:00+00:00 - After reaching an important support level, Guardant Health GH could be a good stock pick from a technical perspective. GH surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend. The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages. The 20-day moving average can show signals that are similar to other SMAs as well. If a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend. Over the past four weeks, GH has gained 23%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher. The bullish case only gets stronger once investors take into account GH's positive earnings estimate revisions. There have been 1 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well. Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on GH for more gains in the near future. To read this article on Zacks.com click here.

'House of the Dragon' star Ewan Mitchell thinks Aemond could take Daemon in a fight 2024-08-08 20:47:05+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. Warning: Major spoilers ahead for the season two finale of "House of the Dragon." Aemond Targaryen — prince regent, dragon rider, monarch of mommy issues — is desperate. By the end of "House of the Dragon" season two, Aemond has been backed into a corner. He wormed his way into power earlier in the season, subbing in as an interim ruler while his bedridden brother Aegon recovered from his substantial injuries at the Battle of Rook's Rest (never mind that Aemond is the one responsible for them). He's preoccupied with countering his uncle and fated rival, Daemon, in the Riverlands. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. But Rhaenyra's latest trump card — three new dragon riders — has put him in a precarious position. Those dragons tilt not only the balance of power, but challenge the idea that Targaryens are particularly special. Advertisement "That kind of puts House Targaryen, and also Aemond, in a very precarious position," actor Ewan Mitchell told Business Insider. "And Aemond, it's a hard one for him to swallow." In the finale, Aemond pleads with his sister Helaena to ride with him into battle on her dragon, Dreamfyre. She refuses and instead delivers a cold, hard truth that she's foreseen: Their brother, Aegon, will once again sit on the throne. Aemond, however, will be dead. Mitchell spoke with BI after the season two finale about Helaena's premonition, Aemond's tricky relationship with his mother Alicent, and the tortured bond that the prince shares with Daemon Targaryen. Ewan Mitchell as Aemond Targaryen in season two, episode seven of "House of the Dragon." Ollie Upton/HBO I want to work backward from Aemond and Helaena's conversation on the balcony. Aemond feels so vulnerable in that scene, and your eyes are shining with tears from the start — can you walk me through where he's really at in that moment? Advertisement Episode eight is the first time that we see Aemond's face fracture that little bit, and you kind of see that boy, and that desperation simmering beneath the surface. That's always been there all along, he's just managed to keep a lid on it. Obviously, Helaena rebukes Aemond, and she shares knowledge that kind of puts into question everything that he always saw himself to achieve later on. The information and the foresight that Helaena gives him — on one hand, it could make an enemy out of Aemond, but on the other hand, it could also prove Helaena to be a tremendously valuable ally if that power of foresight was able to be harnessed in some capacity. That would be very valuable to the Greens, to know when a blow is coming before it lands. Related stories But in that moment with Helaena, for Aemond, it's heartbreaking, and it's quite scary. And Aemond feels that small. Ewan Mitchell and Phia Saban as Aemond and Helaena in the season two finale of "House of the Dragon." Ollie Upton/HBO Do you think that Aemond believes Helaena's claim that he's going to die? Without getting into spoilers, how do you see that shaping the way that you approach him going forward? Advertisement I think he does believe her. He just really doesn't want to. With Aemond, we have talked about the legend of the Cyclops in Greek mythology, and how he traded one of his eyes to Hades in order to see the day that he would die. Aemond's always kind of possessed this bulletproof ego. He very much has an idea of how everything will pan out. From the moment that he had his eye taken from him, he saw that as motivation to develop himself into a lethal weapon, and keep his steel sharp and his mind sharper. He's always had this idea of how everything will pan out. He will be known as the war hero, and he'll be sat on a Dornish beach far from Westeros, sipping on piña coladas with his mom, Alicent. The knowledge that Helaena gives him, that challenges all of that, and that breaks his heart. He doesn't want to accept it. The idea that he is a very small player in this bigger machine, that in fact he can't be the captain of his own destiny, it kind of fractures him a little bit. And I think Aemond, he's got to sit down and sit on that information for a minute. Advertisement But as we know from Aemond, he can't sit still, he's going to be back up on his feet and he's going to retaliate ASAP. Ewan Mitchell and Olivia Cooke as Aemond Targaryen and Alicent Hightower in the season two finale of "House of the Dragon." Theo Whiteman/HBO With regards to Alicent, once Aemond gains power, it feels like he almost has to take down his mother before he can take down Rhaenyra. What was it like shaping that relationship and working with Olivia Cooke in the back half of the season? Growing up, I think Aemond never really felt that unconditional love from his mother. He had to seek surrogates elsewhere. He partly found it in his dragon, an older she-dragon, a nice parallel there. He also found it in the madame of the brothel. But it raises the question of whether or not that's good enough, whether or not that's a worthy surrogate. Kids, they need that unconditional love growing up, and if a child is not embraced by the village, they'll burn it down to feel its warmth instead. And so Aemond will instead seek validation and, ultimately, attention through all the means, through war. Advertisement In the moment when he sends his mother away from the council chamber and off the council, I think it's that kind of idea of the kid in the schoolyard bullying his crush, but he doesn't want other people to know. And Aemond, in that moment, he doesn't want his mom at work. He's like, "Mom, just leave me alone. Let me do my job. I'll win this war. And then I'll see you on the beach, sipping piña coladas." I want to ask about Daemon and Aemond's cosmically terrible relationship, even though you and Matt Smith really don't share the screen this season. How do you think about Aemond being haunted by Daemon and vice versa, and how does it inform how you're approaching the character? I think that's a really interesting question. After that sequence when Blood and Cheese infiltrate Aemond's bed chamber, you have that scene in episode two where Aemond finds the coin. And that coin, I actually carried with me for the rest of the shoot. I put it in my shoe. James Gandolfini, for Tony Soprano, he would often put stones in his shoes whenever he felt like he wanted to feel that kind of building tension or anxiety in a scene. And similar to Aemond, I wanted to just remember that everything that coin represents very much lives in Aemond's head rent-free. The idea that Daemon got this close, and ultimately Aemond's nephew paid the ultimate price, that's something that does haunt Aemond. Advertisement Matt Smith as Daemon Targaryen in season two, episode four of "House of the Dragon." Ollie Upton/HBO But there's also quite a romantic element about it as well, because it's like, "Well, if Daemon wanted to do the job properly, he should have done it himself. He shouldn't have put his trust in two people he didn't fully understand." Is he too afraid of Aemond? Does he think he wouldn't win in a one-on-one fight? And that's the case. He would not win in a one-on-one. On the flip side, Daemon is haunted by Aemond as well, to the extent that he sees himself dressed as Aemond while he's at Harrenhal. What was your reaction to seeing Matt do you-as-Aemond? I think he did like a little soft pout in that moment when he turns around over his shoulder. I was like, "Yeah, he nailed that." The parallels between these two characters, their names are anagrams of each other, and the relationship and the platform that Aemond puts Daemon on — the fact that he idolizes him — so much of what Aemond embodies, it's in homage to his hero. What's that saying? Never meet your heroes, kind of thing. If Aemond met his, it wouldn't be pretty for Daemon. Advertisement Aemond lives in Daemon's head rent-free as well. You see that in Harrenhal when Daemon's chasing Aemond. I think that's definitely something that Aemond would want to be living in Daemon's head rent-free. This interview has been edited and condensed for clarity.

Game on: ABC News says Harris, Trump have agreed to presidential debate on Sept. 10 2024-08-08 20:44:17+00:00 - ABC News says that both Republican presidential nominee Donald Trump and his Democratic counterpart, Kamala Harris, have agreed to meet in a debate on Sept. 10. The network’s announcement on Thursday came shortly after Trump told a news conference that he had agreed to three debates with Harris in September on separate networks. The Harris campaign had no immediate comment. Trump is rejoining the ABC debate days after posting on his social media network that he would not appear on the network, citing a lawsuit he has filed. His decision sets up a highly anticipated moment in an election where the first debate led to a massive change in the race — with Democratic President Joe Biden ending his reelection bid and endorsing Harris. “I think it’s very important to have debates,” Trump said Thursday. “I look forward to the debates because I think we have to set the record straight.” At a private fundraiser in Paris on Thursday, Harris’ husband, Doug Emhoff, said he “cannot wait” to see his wife debate Trump. He was in Paris as head of the U.S. delegation to the Summer Olympics closing ceremony. Fox News has also proposed a debate between Harris and Trump to take place on Sept. 4, and NBC News is angling to air one on Sept. 25. Trump also said he wants his vice presidential candidate, JD Vance, to debate Harris’ choice for veep, Minnesota Gov. Tim Walz, on CBS. The network is discussing potential dates to propose for that meeting. ABC says that David Muir and Linsey Davis will moderate the Sept. 10 contest. That’s the same date that Trump and Biden had agreed to their second and final debate, before Biden’s decision put that event in doubt. Any debate promises to take on extra importance with polls showing a tight race between the former president and current vice president. While Harris has ridden a wave of excitement among Democrats since inheriting the mantle from Biden, she has yet to appear at a news conference or give an interview to a journalist. Republicans are already making that an issue. Vance, in a post on X as Trump was in his news conference on Thursday, said Harris was hiding behind a TelePrompter. “It’s been 18 days since she answered real questions from the media,” he wrote. ____ Associated Press writer Jocelyn Noveck in Paris contributed to this report. David Bauder writes about media for the AP. Follow him at http://twitter.com/dbauder.

Explorer’s family could have difficulty winning their lawsuit against Titan sub owner, experts say 2024-08-08 20:43:19+00:00 - PORTLAND, Maine (AP) — A lawsuit stemming from the Titan submersible disaster felt inevitable, but winning a big judgment against the owner of the vessel could be very difficult, legal experts said on Thursday. The family of French explorer Paul-Henri Nargeolet, one of five people who died aboard the submersible in June 2023, filed a more than $50 million civil lawsuit against submersible owner OceanGate earlier this week. Nargeolet’s estate said in the lawsuit that the crew aboard the sub experienced “terror and mental anguish” before the sub imploded and its operator was guilty of gross negligence. Now comes the hard part — winning in court. Legal experts said Nargeolet’s estate may get some money from the lawsuit, but it could be a fraction of the amount sought. It’s also unclear if there will be any money available, as OceanGate has since shut down operations, they said. Some say that the passengers onboard the Titan assumed risk when they got aboard an experimental submersible headed for the Titanic wreck site. “They made choices to go do this, and it seems to me it was a 50/50 shot anyway it was going to work,” said John Perlstein, a personal injury lawyer in California and Nevada. “They bear responsibility too, as well as the guy who built and piloted this thing.” Nargeolet’s estate filed its lawsuit on Tuesday in King County, Washington, as OceanGate was a Washington-based company. A spokesperson for OceanGate declined to comment on aspects of the lawsuit. Attorneys for Nargeolet’s estate are hinging their case in part on the emotional and mental pain of the passengers on board the Titan. The attorneys, with the Buzbee Law Firm in Houston, Texas, said that the crew “were well aware they were going to die, before dying,” since they dropped weights about 90 minutes into the dive. But that could be hard to prove, said Richard Daynard, distinguished professor of law at Northeastern University in Boston. Attorneys will have a difficult time demonstrating that the implosion and resulting deaths were not instantaneous, he said. It could, however, be possible to prove negligence, Daynard said. But even that doesn’t guarantee a big-money judgment, he said. “A settlement is a possibility, but presumably if the case has a very tiny chance of winning, the settlement will be a tiny fraction of the amount sought,” Daynard said. The Titan made its final dive on June 18, 2023, and lost contact with its support vessel about two hours later. After a search and rescue mission that drew international attention, the Titan wreckage was found on the ocean floor about 984 feet (300 meters) off the bow of the Titanic, about 435 miles (700 kilometers) south of St. John’s, Newfoundland. OceanGate CEO and cofounder Stockton Rush was operating the Titan when it imploded. In addition to Rush and Nargeolet, the implosion killed British adventurer Hamish Harding and two members of a prominent Pakistani family, Shahzada Dawood and his son Suleman Dawood. No one on board survived. It wasn’t surprising to see a lawsuit filed stemming from the Titan case, but Nargeolet’s estate could be suing a company that has little assets, said Ted Spaulding, an Atlanta-based personal injury attorney. He characterized the lawsuit as a “Hail Mary” attempt at relief. “I’m not sure there is anyone else to sue but OceanGate in this case. Maybe they could have sued the CEO and co-founder of the company Stockton Rush if he had assets, but he died on the submersible too,” Spaulding said. Nargeolet was a veteran explorer known as “Mr. Titanic” who participated in 37 dives to the Titanic site, the most of any diver in the world, according to the lawsuit. His death was mourned around the world by members of the undersea exploration community. There is an ongoing, high-level investigation into the Titan’s implosion, which the U.S. Coast Guard quickly convened after the disaster. A key public hearing that is part of the investigation is scheduled to take place in September.

CrossFit Games suspended after competitor drowns during the swimming contest, CEO confirms 2024-08-08 20:37:29+00:00 - An athlete drowned during a swimming event at the 2024 CrossFit Games in Texas. The county's medical examiner's office identified the athlete as 28-year-old Lazar Đukić, WFAA reported. CrossFit CEO Don Faul announced the events were canceled for the rest of the day. 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! Go to newsletter preferences 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 An athlete drowned while competing in a swimming event in Texas that was part of the 2024 CrossFit Games on Thursday. The Tarrant County Medical Examiner's Office identified the victim as Lazar Đukić, a 28-year-old athlete from Serbia, WFAA reported. The incident happened during the first event of the games, called "Lake Day," which included a 3.5-mile run followed by an 800-meter, or half-mile, swim. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Ukrainian troops push 6 miles into Russia in unprecedented attack 2024-08-08 20:36:04+00:00 - This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.

Delta says chaos after CrowdStrike outage cost it $380 million in revenue 2024-08-08 20:18:00+00:00 - A Delta Airlines Airbus A319-114 aircraft taxis at Los Angeles International Airport after arriving from Las Vegas on May 5, 2024 in Los Angeles, California. Delta Air Lines on Thursday said last month's CrowdStrike outage and subsequent mass flight cancellations cost it some $550 million and reiterated that it is pursuing damages against the company as well as Microsoft . The financial impact includes a $380 million revenue hit in the current quarter "primarily driven by refunding customers for cancelled flights and providing customer compensation in the form of cash and SkyMiles," the Atlanta-based airline said in a securities filing. The incident, in which it canceled some 7,000 flights, also meant a $170 million expense "associated with the technology-driven outage and subsequent operational recovery," the carrier said, adding that its fuel bill will likely be $50 million lower because of the scrubbed flights. Delta struggled more than its competitors to recover from the July 19 outage, which took millions of Windows-based machines offline around the world. The disruptions occurred at the height of the summer travel season, stranding thousands of Delta customers, a rare incident for the carrier that markets itself as a premium carrier that gets top marks for reliability. "An operational disruption of this length and magnitude is unacceptable, and our customers and employees deserve better," CEO Ed Bastian said in the filing. "Since the incident, our people have returned the operation to an industry-leading position that is consistent with the level of performance our customers expect from Delta." Delta's cancellations in the days after the outage topped its tally for all of 2019. The U.S. Department of Transportation last month said it is investigating Delta's response to the outage and flight cancellations. CrowdStrike responded in a statement on Thursday that Delta "continues to push a misleading narrative" and said that the company's chief security officer was in "direct contact" with Delta's chief information and security officer "within hours of the incident, providing information and offering support." In a letter to CrowdStrike's attorney on Thursday, Delta's lawyer David Boies said 1.3 million customers were affected by the outage and that it shut down 37,000 Delta computers. CrowdStrike and Microsoft lawyers earlier this week fired back at Delta, saying they reached out to offer Delta help. Microsoft on Wednesday suggested that Delta hasn't invested enough in its technology compared with rivals. "If CrowdStrike genuinely seeks to avoid a lawsuit by Delta, then it must accept real responsibility for its actions and compensate Delta for the severe damage it caused to Delta's business, reputation, and goodwill," Boies said in the letter to CrowdStrike on Thursday. About 60% of Delta's "mission-critical applications" and their data depend on Microsoft and CrowdStrike, he said, adding that the disruption "required significant human intervention by skilled crew specialists to get Delta people and aircraft to the right locations to resume normal, safe operation."

US jury convicts Mozambique’s ex-finance minister Manuel Chang in ‘tuna bonds’ corruption case 2024-08-08 20:11:33+00:00 - NEW YORK (AP) — Former Mozambican Finance Minister Manuel Chang was convicted Thursday in a financial conspiracy case that welled up from from his country’s “ tuna bond ” scandal and swept into a U.S. court. A federal jury in New York delivered the verdict. Chang was accused of accepting payoffs to put his African nation secretly on the hook for big loans to government-controlled companies for tuna fishing ships and other maritime projects. The loans were plundered by bribes and kickbacks, according to prosecutors, and Mozambique ended up with $2 billion in “hidden debt,” spurring a financial crisis. “Today’s verdict is an inspiring victory for justice and the people of Mozambique who were betrayed by the defendant, a corrupt, high-ranking government official whose greed and self-interest sold out one of the poorest countries in the world,” Brooklyn-based U.S. Attorney Breon Peace said in a statement. Messages seeking comment were sent to Chang’s attorneys and to Mozambique’s embassy in Washington. Chang was his country’s top financial official from 2005 to 2015. Chang had pleaded not guilty to the U.S. conspiracy charges. His lawyers said he was doing as his government wished when he signed off on pledges that Mozambique would repay the loans, and that there was no evidence of a financial quid-pro-quo for him. No sentencing date was set for Chang, 48. The charges carry the possibility of up to 20 years in prison, though sentencing guidelines for any given case can vary depending on a defendant’s history and other factors. Between 2013 and 2016, three Mozambican-government-controlled companies quietly borrowed $2 billion from major overseas banks. Chang signed guarantees that the government would repay the loans — crucial assurances to lenders who likely otherwise would have shied away from the brand-new companies. The proceeds were supposed to finance a tuna fleet, a shipyard, and Coast Guard vessels and radar systems to protect natural gas fields off the country’s Indian Ocean coast. But bankers and government officials looted the loan money to line their own pockets, U.S. prosecutors said. “The evidence in this case shows you that there is an international fraud, money laundering and bribery scheme of epic proportions here,” and Chang “chose to participate,” Assistant U.S. Attorney Genny Ngai told jurors in a closing argument Monday. Prosecutors accused Chang of collecting $7 million in bribes, wired through U.S. banks to European accounts held by an associate. Chang’s defense said there was no proof that he actually was promised or received a penny. The only agreement Chang made “was the lawful one to borrow money from banks to allow his country to engage in these public infrastructure works,” defense lawyer Adam Ford said in his summation Monday. The companies defaulted on the loans, leaving Mozambique with a $2 billion debt, about 12% of the nation’s gross domestic product at the time. A country that the World Bank had designated one of the world’s 10 fastest-growing economies for two decades was abruptly plunged into financial upheaval. Growth stagnated, inflation spurted, the currency lost value, international investment and aid plummeted and the government cut services. Nearly 2 million Mozambicans were forced into poverty, according to a 2021 report by the Chr. Michelsen Institute, a development research body in Norway. The loans had been sold to investors, including through the “tuna bonds.” Some handled money for pension and retirement funds, according to prosecutors. Investors in the U.S. and elsewhere incurred “substantial losses,” Nicole M. Argentieri, the assistant attorney general who heads the Justice Department’s Criminal Division, said in a statement after the verdic.t Mozambique’s government has reached out-of-court agreements with creditors in an attempt to pay down some of the debt. At least 10 people have been convicted in Mozambican courts and sentenced to prison over the scandal, including Ndambi Guebuza, the son of former Mozambican President Armando Guebuza. Chang was arrested at Johannesburg’s main international airport in late 2018, shortly before the U.S. indictment against him and several others became public. After years of fighting extradition from South Africa, Chang was brought to the U.S. last year. Two British bankers pleaded guilty in the U.S. case, but a jury in 2019 acquitted another defendant, a Lebanese shipbuilding executive. Three other defendants, one Lebanese and two Mozambican, aren’t in U.S. custody. In 2021, a banking giant then known as Credit Suisse agreed to pay at least $475 million to British and U.S. authorities over its role in the Mozambique loans. The bank has since been taken over by onetime rival UBS.

Could 2 NASA astronauts be stuck at the space station until next year? Here’s what to know 2024-08-08 20:11:25+00:00 - CAPE CANAVERAL, Fla. (AP) — NASA is wrestling over how and when to bring two astronauts back from the International Space Station, after repeatedly delaying their return aboard Boeing’s troubled capsule. Do they take a chance and send them home soon in Boeing’s Starliner? Or wait and bring them back next year with SpaceX? Butch Wilmore and Suni Williams have been up there since early June, their planned eight-day mission at the two-month mark and possibly surpassing eight months. Testing continues, with Boeing expressing confidence in its spacecraft but NASA divided. A decision is expected next week. WHAT’S WRONG WITH BOEING’S STARLINER? This is Boeing’s first time launching astronauts, after flying a pair of empty Starliners that suffered software and other issues. Even before Wilmore and Williams blasted off June 5, their capsule sprang a leak in propulsion-related plumbing. Boeing and NASA judged the small helium leak to be stable and isolated, and proceeded with the test flight. But as Starliner approached the space station the next day, four more leaks erupted. Five thrusters also failed. The capsule managed to dock safely, and four of the thrusters ultimately worked. But engineers scrambled, conducting thruster test-firings on the ground and in space. After two months, there’s still no root cause for the thruster malfunctions. All but one of the 28 thrusters seem OK, but the fear is that if too many conk out again, the crew’s safety could be jeopardized. The thrusters are needed at flight’s end to keep the capsule in the right position for the critical deorbit burn. ARE THE TWO ASTRONAUTS STRANDED? NASA bristles at suggestions that Wilmore and Williams are stranded or stuck. NASA has stressed from the get-go that in an emergency at the space station — like a fire or decompression — Starliner could still be used by the pair as a lifeboat to leave. A former NASA executive said Thursday the astronauts are “kind of stuck,” although certainly not stranded. They’re safe aboard the space station with plenty of supplies and work to do, said Scott Hubbard. If NASA decides to go with a SpaceX return, Starliner would be be cut loose first to open up one of two parking spots for U.S. capsules. Before that happens Wilmore and Williams would fashion seats for themselves in the SpaceX Dragon capsule currently docked at the space station. That’s because every station occupant needs a lifeboat at all times. Once Starliner’s docking port is empty, then SpaceX could launch another Dragon to fill that slot — the one that Wilmore and Williams would ride. WHY MIGHT THEY HAVE TO WAIT UNTIL NEXT YEAR? Like Boeing’s Starliner, SpaceX’s Dragon is meant to carry four astronauts. To make room for Wilmore and Williams, NASA said Wednesday it could bump two of the four astronauts due to launch to the space station next month with SpaceX. The empty seats would be reserved for Wilmore and Williams, but they would have to remain up there until February. That’s because station missions are supposed to last at least six months. Some have lasted a year. Two Russians up there right now will close out a yearlong stint when they return in a three-seat Soyuz capsule in September alongside a NASA crewmate. There’s no thought given to ordering up a special SpaceX express, and the Dragon at the station now is the ride home next month for four residents. This isn’t the first time a U.S. astronaut has had their stay extended. NASA astronaut Frank Rubio and his two Russian crewmates ended up spending just over a year in space after their docked Soyuz capsule was hit by space junk and leaked all its coolant. An empty Russian capsule was sent up to bring them back last September. WHAT DO THE ASTRONAUTS THINK ABOUT ALL THIS? Wilmore and Williams are both retired Navy captains and longtime NASA astronauts who already have long space station missions behind them. Wilmore, 61, and Williams, 58, said going into this test flight that they expected to learn a lot about Starliner and how it operates. At their only news conference from space in July, they assured reporters they were keeping busy, helping with repairs and research, and expressed confidence in all the Starliner testing going on behind the scenes. There’s been no public word from them yet on the prospects of an eight-month stay. IS THERE ENOUGH FOOD, WATER AND AIR? Wilmore and Williams’ suitcases were removed from Starliner before liftoff to make room for equipment urgently needed for the space station’s urine-into-drinking-water recycling system. So they made do with spare clothes already up there. A supply ship finally arrived this week with their clothes, along with extra food and science experiments for the entire nine-person crew. More supplies are due in a few more months. As for air, the space station has its own oxygen-generating systems. Despite the fat reserves, NASA would like to get back to normal as soon as possible. Besides Wilmore and Williams, there are four other Americans and three Russians on board. WHY IS NASA STICKING WITH STARLINER? NASA deliberately hired two companies to get its crews to and from the space station, just as it did for delivering cargo. The space agency considered it an insurance policy of sorts: If one crew or cargo provider was grounded, the other could carry the load. ‘You want to have another alternative both for cost reasons and for safety reasons and options. So NASA needs Boeing to be successful,” said Hubbard, who served on the Columbia Accident Investigation Board in 2003. Even with the latest setbacks, NASA insists it wants to keep using Boeing Starliners for astronaut rides. The goal is to send up one Dragon and one Starliner every year with crews, six months apart, until the station is retired in 2030. SpaceX has been at it since 2020. WHAT DOES BOEING SAY? Boeing insists its capsule could still safely bring the astronauts home. But the company said Wednesday it would take the steps necessary to bring the capsule back empty if that’s NASA’s decision. Last week, the company posted a list of all the tests that have been done on the thrusters since liftoff. “We still believe in Starliner’s capability and its flight rationale.” the company said. A longtime space contractor, Boeing has had to overcome multiple Starliner problems over the years. The company had to launch an empty Starliner twice before committing to a crew, repeating the initial flight test because of bad software and other issues. The delays have cost the company more than $1 billion. Hubbard questions whether NASA and Boeing should have launched the crew with the original helium leak, which cascaded into more. “Whatever happens with the Starliner, they need to find out what the problem was and fix it,” he said, “And give everybody confidence they are still in the aerospace business in a major way.” ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

Third Death Is Tied to Listeria, Health Officials Say 2024-08-08 20:06:20+00:00 - A third person has died from consuming products tainted with listeria, the Centers for Disease Control and Prevention said on Thursday, the latest death connected to a nationwide outbreak that began in May and has been linked to meats sliced at deli counters. Officials also said that the number of people sickened by food contaminated by the bacteria had risen to 43 since they last released numbers in late July. The outbreak has been linked by federal food safety officials to Boar’s Head deli meats, and the company recently recalled millions of pounds of meat. Boar’s Head, which did not immediately respond to a request for comment on the third death, which occurred in Virginia, began recalling sliceable deli meats in late July, after federal food safety officials announced that a sample of Boar’s Head liverwurst for sale at a Maryland store had tested positive for the same strain of the bacteria causing the outbreak of listeriosis. On July 30, Boar’s Head recalled seven million pounds of meat, following an earlier and more limited recall. The recall includes more than 70 products — including those made from ham, beef and poultry — that were manufactured at its plant in Virginia.

Delta says chaos after CrowdStrike outage cost it $550 million 2024-08-08 19:45:00+00:00 - Delta Air Lines on Thursday said last month’s CrowdStrike outage and subsequent mass flight cancellations cost it some $550 million and reiterated that it is pursuing legal claims against the company as well as Microsoft. The financial impact includes a $380 million revenue hit in the current quarter “primarily driven by refunding customers for cancelled flights and providing customer compensation in the form of cash and SkyMiles,” the Atlanta-based airline said in a securities filing. The incident, in which it canceled some 7,000 flights, also meant a $170 million expense “associated with the technology-driven outage and subsequent operational recovery,” the carrier said, adding that its fuel bill will likely be $50 million lower because of the scrubbed flights. Delta struggled more than its competitors to recover from the July 19 outage, which took millions of Windows-based machines offline around the world. The disruptions occurred at the height of the summer travel season, leaving thousands of Delta customers stranded, a rare incident for the carrier that markets itself as a premium carrier that gets top marks for reliability. “An operational disruption of this length and magnitude is unacceptable, and our customers and employees deserve better,” CEO Ed Bastian said in the filing. “Since the incident, our people have returned the operation to an industry-leading position that is consistent with the level of performance our customers expect from Delta.”

Three Disney films could top $1 billion this year after box office rut 2024-08-08 19:41:00+00:00 - After years of starts and stops at the box office, Disney appears to have hit a groove in 2024. Its latest Pixar film, “Inside Out 2,” is now the highest-grossing animated film of all time, topping $1.5 billion at the global box office. Its first R-rated Marvel Cinematic Universe flick — “Deadpool & Wolverine” —broke opening weekend records for an R-rated film and is set to surpass the $1 billion mark before the end of its run. And the box office hits aren’t expected to stop there. Over the Thanksgiving holiday, the studio is set to release “Moana 2,” the hotly anticipated sequel to 2016′s “Moana.” While the first film generated a little less than $700 million at the global box office, audience fervor for more “Moana” content is expected to drive high ticket sales in November. After all, it was the most streamed film of 2023. Disney has already seen success from its animated franchises this year, as “Inside Out 2” has generated nearly double the $850 million its predecessor secured in 2015. “The billion-dollar club, while growing ever less exclusive with each passing year, is no less a remarkable achievement for any film to join its ranks, particularly when one studio has the potential to land a trifecta of such hits for film released in the same year,” said Paul Dergarabedian, senior media analyst at Comscore. “Such is the enviable position that Disney, after a fallow post-Pandemic period has returned to glory with a vengeance. They are in the midst of phenomenal comeback year for the studio.” A wild card for the studio is December’s “Mufasa: The Lion King,” a prequel to 2019′s “The Lion King.” While its predecessor generated $1.6 billion at the global box office, more than $1.1 billion of which came from international audiences, it’s unclear what appetite moviegoers have for this photorealistically animated sequel. Disney has long been a box office champion, driving significant ticket sales domestically and globally. While its theatrical business is a relatively small part of its overall annual revenues, its a large part of Disney’s wider strategy. The company uses its theatrical successes across many of its other departments. Franchises like Star Wars, Marvel, Avatar and Pixar have transcended the big screen to become popular theme park lands and TV shows, and characters from those films appear on merchandise. Disney’s recent box office rut came at a time when its theme parks were growing rapidly and generating enough revenue to balance out other pieces of the business that were less successful or still in the process of becoming profitable, like streaming platform Disney+. However, in the most recent quarter, Disney parks and experiences segment felt pressure due to lower consumer demand and inflation. Having its theatrical business return to form is key for Disney because of how it can fuel other areas of the business. Billion-dollar track record Disney churns out more billion-dollar hits than anyone in the business. Of the 53 titles that have achieved this feat at the box office, more than half, or 27, have been under the Disney banner, according to data from Comscore. Two of those films — 2009′s “Avatar” and 1997′s “Titanic” — were produced by 21st Century Fox prior to the 2019 merger of the two companies, but are considered part of Disney’s collection of billion-dollar features. Additionally, two Marvel Cinematic Universe Spider-Man films that were co-produced by Disney and Sony topped $1 billion. However, those are not included in Disney’s haul because they were distributed by Sony. In the year before the pandemic, Disney had seven theatrical releases top $1 billion at the box office. However, theater closures and production shutdowns, coupled with a creative team that was stretched too thin, led to a cinematic slump for the company in recent years. Audiences and critics bemoaned Disney’s push for quantity, which sacrificed quality in major franchises. The company was also criticized for allowing some of its content to become too focused on social messages. While “Avatar: The Way of Water” became one of the top all-time box-office hits in 2022, and several Marvel features topped $800 million in global ticket sales, Disney also saw some of its lowest animated feature hauls in decades and its lowest-ever MCU release. “Much has been said about a few of Disney’s underwhelming box office performances in recent years but it was always a fool’s errand to count the studio out for long,” said Shawn Robbins, founder and owner of Box Office Theory. “Their leadership made clear and convincing strategic moves to address the commercial struggles of several key releases coming out of the pandemic era ... We’re starting to see the early dividends of that pivot back to quality franchise content and a renewed emphasis on the moviegoing experience.” Disney’s CEO Bob Iger has addressed the company’s theatrical woes on several occasions since returning to the helm of the company in late 2022. He admitted Disney’s fall from theatrical grace had a number of causes. He said that during Covid lockdowns, the company conditioned audiences to expect its films on streaming, and that pandemic-related restrictions made it difficult for executives to oversee its increased number of film and television productions. Additionally, he said the company’s push to feed Disney+ with new content diluted its quality. Iger promised investors that Disney’s creatives would right the ship. And he appears to be making good on that pledge. Anxiety from Disney and Pixar’s “Inside Out 2” at the control panel inside Riley Andersen’s mind. On Wednesday, he credited “Inside Out 2” for the company’s outperformance in its content sales and licensing division during the most recent quarter. The company noted that the first “Inside Out” drove more than 1.3 million Disney+ sign-ups and generated more than 100 million views globally since the first trailer for “Inside Out 2” was released last November. He also touted the company’s slate of franchise features coming in the next few years. “Let me just read to you the movies that we’ll be making and releasing in the next almost two years,” Iger said during Wednesday’s earning call. “We have ‘Moana,’ ‘Mufasa,’ ‘Captain America,’ ‘Snow White,’ ‘Thunderbolts*’, ‘Fantastic 4,’ ‘Zootopia,’ ‘Avatar,’ ‘Avengers,’ ‘Mandalorian’ and ‘Toy Story,’ just to name a few. And when you think about not only the potential of those in the box office but the potential of those to drive global streaming value, I think there’s a reason to be bullish about where we’re headed.” Upcoming Disney franchise film releases 2024 “Alien: Romulus” “Moana 2” “Mufasa: The Lion King” 2025 “Captain America: Brave New World” “Snow White” “Thunderbolts*” “Fantastic Four: First Steps” “Tron: Ares” “Blade” “Zootopia 2” “Avatar 3” 2026 “Avengers: Doomsday” “The Mandalorian and Grogu” “Toy Story 5” “Moana” Untitled “Star Wars” 2027 “Avengers: Secret Wars” Untitled “Star Wars” “Avatar 4” Investors are expected to get a bigger glimpse into Disney’s theatrical plans during its biannual D23 Expo taking place in Anaheim, California this weekend. “The past speaks for itself, but there’s no doubting the importance of Disney’s role in the industry’s present and future,” said Robbins. “If Marvel and Pixar continue their turnarounds, and if the Star Wars franchise can eventually execute a similar rebound under Lucasfilm, it won’t be long before the parent studio returns to some familiar box office prowess up and down the calendar each year.”

Stocks rally on good jobs data, proving it's too early to write off the U.S. economy 2024-08-08 19:40:00+00:00 - Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets rally: Markets on Thursday are trying to rally again after a vicious midday reversal in the prior session. The nearly 3% gain for the tech-heavy Nasdaq Composite and more-than-2% advance for the S & P 500 are helping the indexes recover a big chunk of this week's losses. Still, we'll need to see another big green day Friday to avoid what could be the fourth straight weekly decline. As of about 2:40 p.m. ET Thursday, the Nasdaq and S & P 500 were down about 0.8% and 0.6% week to date, respectively. The Dow Jones Industrial Average, which added more than 600 points Thursday, is down about 0.8% for the week. Within our portfolio, Eli Lilly was the top-performing stock Thursday, up more than 9%, fueled by its blowout quarterly results . All three of our chip names — Broadcom , Nvidia and Advanced Micro Devices — weren't too far behind the drugmaker. While it's been an up-and-down stretch for the semiconductor group, Broadcom and AMD were positive on the week thanks to Thursday's gains. Good news is good news : One of the key catalysts to Thursday's rally came from an economic release we see each week: initial jobless claims. The market was on edge before this release because it was the first labor market data point since last Friday's pivotal nonfarm payroll report. That release showed a lower-than-expected increase in jobs in July and an unexpected increase in the unemployment rate, which sent markets into a frenzy on concerns about an imminent recession. It also prompted many market participants to criticize the Federal Reserve, which days earlier left interest rates unchanged, as being too far behind the curve with its restrictive policy. Combined with some other weak data points last week, the July jobs report created this so-called "growth scare" that the market is still working through. We think it's still way too premature to write off the U.S. economy, which is why we've been taking advantage of the recent weakness to add to our positions in Wells Fargo and several industrials. That served as the backdrop for Thursday's initial jobless claims report. So, when first-time filings for unemployment benefits declined 17,000 from the previous week to 233,000 — and were lower than the estimate for 240,000 — equity markets cheered and Treasury yields pushed higher. After being stuck in a period when the market liked weaker numbers because it meant inflation was cooling, good news about the economy is good news. Up next: After what's been a volatile week for the markets, there won't be a ton of news to trade off in Friday's session. The few notable earnings reports Thursday night are from Take-Two Interactive , e.l.f. Beauty , Paramount Global , Trade Desk and Array Technologies , which is Club holding Nextracker 's primary competitor in the solar-tracking market. There are no major earnings or economic data releases Friday, but July consumer price index report is right around the corner. It's set to be released at 8:30 a.m. ET Wednesday. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) 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. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

Amazon's $4 billion investment in AI firm Anthropic faces UK merger investigation 2024-08-08 19:37:00+00:00 - LONDON — E-commerce giant Amazon’s multibillion-dollar investment in the U.S. artificial intelligence firm Anthropic is formally being investigated by a U.K. competition regulator. The Competition and Markets Authority said Thursday that it has begun a “Phase 1” investigation into Amazon’s investment and partnership with Anthropic to assess whether the deal has resulted in a relevant merger situation that may harm competition in the U.K. Following initial scrutiny into the Amazon-Anthropic partnership, the CMA now has “sufficient information” in relation to the tie-up to begin a formal probe, the regulator said in a notice on its website. The CMA now has up to 40 working days to decide whether the transaction could harm competition and should therefore be scrutinized further in an in-depth “Phase 2” investigation. Amazon completed in March a $4 billion investment in Anthropic. The deal consisted of an initial $1.25 billion equity stake in September, followed by a further $2.75 billion transaction finalized earlier this year. As part of the deal Amazon will make Anthropic’s powerful large language models available on its Bedrock platform for building generative AI applications. Anthropic’s models will also be trained and deployed on Amazon’s own custom AI chips, which were built by its Amazon Web Services cloud computing division. In a statement to CNBC, an Amazon spokesperson said the company is “disappointed” the CMA proceeded with an initial Phase 1 merger probe, adding that its collaboration with Anthropic “does not raise any competition concerns or meet the CMA’s own threshold for review.” “By investing in Anthropic, Amazon, along with other companies, is helping Anthropic expand choice and competition in this important technology. Amazon holds no board seat nor decision-making power at Anthropic, and Anthropic is free to work with any other provider (and indeed has multiple partners),” the spokesperson said via email. Amazon’s spokesperson added that the company will continue to make Anthropic’s models available to customers via Bedrock. An Anthropic spokesperson told CNBC: “We are an independent company. Our strategic partnerships and investor relationships do not diminish our corporate governance independence or our freedom to partner with others.” “Amazon does not have a seat on Anthropic’s board, nor does it have any board observer rights,” the Anthropic spokesperson added. “We welcome the opportunity to cooperate with the CMA and provide them with a comprehensive understanding of Amazon’s investment and our commercial collaboration.” The Amazon-Anthropic pact is not the only deal facing scrutiny from regulators in the U.K. The CMA is separately scrutinizing U.S. software giant Microsoft’s multibillion-dollar partnership and investment in AI giant OpenAI. However, the watchdog is yet to reveal whether it will begin a Phase 1 investigation into the Microsoft-OpenAI partnership. Stateside, the U.S. Federal Trade Commission in January sent orders to tech giants Microsoft, Amazon and Google, along with AI firms OpenAI and Anthropic, requiring them to share information about their respective recent investments and partnerships. Some smaller tech companies have criticized Big Tech firms over their strategy of building stakes in some of the key companies building advanced AI systems to get closer to them. In May, Matt Calkins, CEO of enterprise software firm Appian, told CNBC that getting as much data as possible and acquiring stakes in fast-growing AI startups won’t necessarily result in success in the field. “This is a market for the clever,” Calkins said. “The fact that you’ve got enough money to buy, or buy a piece of, Anthropic or Mistral or any of that, that’s impressive. But AI may not be a ‘winner take all’ market.” “There’s going to be different AI algorithms for different purposes, and they are going to be much more or less valuable, depending on whether and how you’ve loaded your own data into it,” he added.