Dow climbs to fresh nearly 2-year high as investors await Fed’s Powell
U.S. stocks opened mostly lower on Friday after capping off a spectacular November for markets, while the Dow saw modest gains that pushed the blue-chip average to a fresh nearly two-year high. Now, investors are waiting to hear from Federal Reserve Chairman Jerome Powell, who is set to speak at an event in Atlanta. What’s […]
Biotech stocks jump on AbbVie deal to buy cancer drugmaker ImmunoGen
Test tubes are seen in front of a displayed AbbVie logo in this illustration taken on May 21, 2021. Dado Ruvic | Reuters Biotech stocks rose Thursday as AbbVie announced plans to buy cancer drug developer ImmunoGen for $10.1 billion. Shares of ImmunoGen closed nearly 83% higher Thursday, while AbbVie’s stock closed almost 3% higher. […]
Panera confidentially files for IPO in 2024: report
Casual-dining restaurant chain Panera Brands has confidentially filed for an initial public offering, the Financial Times reported late Thursday. According to the FT, the parent company of Panera Bread, Caribou Coffee and Einstein Bros. Bagels, which is owned by the investment group JAB, decided in November to go public, and plans an IPO in 2024. […]
Nelson Peltz seeks seats on Disney board
Nelson Peltz, founder and chief executive officer of Trian Fund Management, during the Future Investment Initiative (FII) Institute Priority Summit in Miami, Florida, US, on Thursday, March 30, 2023. Marco Bello | Bloomberg | Getty Images Activist investor Nelson Peltz and his firm are seeking more than two seats on Disney’s board, according to a […]
Ulta Beauty (ULTA) Q3 2023 earnings
Shares of Ulta Beauty rose in after-hours trading Thursday, as the company said its third-quarter sales rose while shoppers showed once again they’re willing to spend on fragrances, skin care and more even when the budget is tight. The specialty beauty retailer raised the bottom end of its range for full-year sales and earnings expectations. […]
Opinion: Salesforce’s big growth era seems over, which may prompt return to its old ways
Salesforce Inc.’s recent financials confirmed that the cloud software giant is now in a slower growth phase, which could make the company consider returning to its old ways of driving more growth. On Wednesday, Salesforce CRM, +9.36% reported on-target fiscal third-quarter results, with revenue coming in at $8.72 billion, and shares shot up 9% on […]
Novo Nordisk sues pharmacies over impure Wegovy, Ozempic dupes
A 0.25 mg injection pen of Novo Nordisk’s weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, August 31, 2023. Victoria Klesty | Reuters Novo Nordisk on Thursday said it sued two compounding pharmacies in Florida for allegedly selling impure and “potentially unsafe” drugs claiming to contain semaglutide, the active ingredient in […]
Tepper’s Panthers tenure highlights the problem of investors-turned NFL owners
David Tepper had a pair of “cartoonishly huge and grotesquely veiny” brass testicles on the desk of his office at the hedge fund he co-founded, a nugget that was in a New York Magazine story on the billionaire years before he purchased the Carolina Panthers. The decoration, of course, was a metaphor for how Tepper runs Appaloosa […]
Billionaires to transfer $5 trillion to their children
In recent months, the world’s new billionaires made more of their fortunes from inheritance than from entrepreneurship, according to the UBS Billionaire Ambitions Report. It marked the first time in the nine-year history of the report that newly minted billionaires accumulated more wealth from inheritance than starting a business. Fifty-three heirs inherited a total of […]
China is experiencing an exodus of foreign investment and talent. Xi Jinping is worried.
The signs of historically weak overseas investment in China are everywhere. And not just in the traditional sense of FDI — or foreign direct investment — inflows, though those are at record lows. Demand for Chinese goods is weak. Foreign companies continue to shift parts of their supply chains elsewhere. Even student exchanges and tourist […]
