The recent ruling by U.S. District Judge Zahid Quraishi in Trenton, New Jersey, to uphold the law requiring drug manufacturers like Bristol Myers Squibb and Johnson & Johnson to negotiate prices of their blood clot prevention drugs with the U.S government’s Medicare program has sparked controversy in the pharmaceutical industry. Despite the drug companies’ arguments
Wall Street
Lattice Semiconductor has had a challenging quarter, missing revenue expectations by 3.3% and reporting a 3% decline in revenues year-on-year. The weak performance in the previous quarter has raised concerns among investors regarding the company’s outlook going into the upcoming earnings report. With underwhelming revenue guidance for the next quarter and a history of missing
In a recent development, it was reported that Daimler Truck has reached a new labor contract with over 7,300 hourly workers who are represented by the United Auto Workers (UAW) at six facilities in the U.S. South. This agreement has effectively averted a potential strike at the eleventh hour, bringing relief to both the company
The Asian stock market saw a mixed performance on Friday, with most stocks rising, particularly in the technology sector. The gains were largely driven by positive earnings reports from tech giants such as Microsoft and Alphabet. However, the overall sentiment was tempered by uncertainties around interest rates and inflation data. Japanese stocks experienced a modest
Royal Caribbean (NYSE:RCL) experienced a significant surge of 4.8% in its stock following the announcement of their first-quarter earnings, which managed to exceed analyst expectations by quite a margin. The cruise operator reported a higher adjusted EPS of $1.77 compared to the consensus estimate of $1.32. This positive outcome was also reflected in the revenue
In a shocking turn of events, Changpeng Zhao, the founder of Binance, the largest cryptocurrency exchange in the world, has been dealt a massive blow. U.S. prosecutors have recommended that Zhao be sentenced to 36 months in prison after pleading guilty to violating laws against money laundering. This revelation has sent shockwaves throughout the cryptocurrency
The recent data breach at UnitedHealth Group, one of the largest U.S. health insurers, has sent shockwaves through the healthcare industry. The intrusion at its Change Healthcare unit, which processes about 50% of U.S. medical claims, has raised serious concerns about the security of patients’ healthcare information. The hackers managed to steal health and personal
Tesla, a leading electric vehicle (EV) manufacturer, is facing challenges in key markets such as China and Germany. The company recently implemented price cuts in these markets, signaling its struggles amid declining sales and increasing competition. This move comes after similar reductions in the United States, highlighting the broader challenges that Tesla is currently facing.
Amidst the ongoing Q4 FY24 earnings season, Goldman Sachs analysts have conducted a thorough recalibration of their projections for the Indian pharmaceutical sector. This recalibration takes into account a wide spectrum of variables, ranging from monthly sales data to currency fluctuations. One of the key observations made by the analysts is that the sector is
In a recent move, JPMorgan upgraded Lockheed Martin to Overweight with a $518 price target. The reasoning behind this upgrade stems from Lockheed Martin’s lackluster performance in comparison to the broader market. Despite remaining unchanged year-to-date and experiencing a 5% decline over the past year, JPMorgan sees potential catalysts for growth in the defense industry.
In a groundbreaking victory for the United Auto Workers (UAW), workers at Volkswagen’s plant in Tennessee have voted to join the union. The unofficial tally revealed that a majority of eligible workers have cast their ballots in favor of the union, marking a significant win as the UAW continues to expand its presence in the
India has kickstarted the world’s largest election process as Prime Minister Narendra Modi vies for a third term in office. The election, spanning seven days and involving almost one billion voters, is set against the backdrop of economic growth, welfare initiatives, Modi’s personal popularity, and the rise of Hindu nationalism. Modi’s Campaign and Promises Prime
Swiss engineering company ABB recently reported better than expected profit at the beginning of the year. Despite challenges faced by the global economy, ABB managed to exceed analyst forecasts in operational core profit, highlighting the company’s resilience and solid performance in the market. The impressive 11% increase in operational core profit to $1.42 billion for
Chinese exporters are facing tough times as profit margins continue to dwindle. Wu Huazhan, co-owner of a television factory in Guangdong, mentioned that their profit margin has dropped to a mere 0.5% from 2% a few years ago. This drastic decrease in profit has forced many exporters to reconsider their future in the industry. The