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☆ Amgen scraps experimental weight loss pill, moves forward with injection
▼ + stars: | 2024-05-02 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Amgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity. Amgen is developing an injectable obesity treatment called MariTide, which is an ongoing mid-stage trial in obese or overweight adults without diabetes. The drugmaker's oral drug, called AMG-786, is the second weight loss pill to be discontinued over the last year. Investors are laser-focused on Amgen's pipeline of experimental weight loss treatments. Amgen's injectable treatment also appears to help patients keep weight off after they stop taking it based on some clinical trial data.

Persons: Amgen, Eli Lilly, Jay Bradner, Novo Nordisk's Wegovy, Eli Lilly's Zepbound, Zepbound Organizations: Novo Nordisk, Pfizer, Novo Nordisk's Locations: Amgen, Thousand Oaks , California, MariTide, Novo

☆ Josh Brown buys more Pfizer
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJosh Brown buys more PfizerJosh Brown, CEO of Ritholtz Wealth Management, joins CNBC's Halftime Report' to explain why he's doubling down on Pfizer.

Persons: Josh Brown, Pfizer Josh Brown Organizations: Pfizer, Ritholtz Wealth Management

☆ Amazon-backed Anthropic launches iPhone app and business tier to compete with OpenAI's ChatGPT
▼ + stars: | 2024-05-01 | by ( Hayden Field | ) www.cnbc.com time to read: +5 min

The generative artificial intelligence startup is the company behind Claude, one of the chatbots that, like OpenAI's ChatGPT and Google 's Gemini, has exploded in popularity in the past year. Anthropic's first iOS app is free for users across all plans and also available starting Wednesday. In a release Wednesday, Anthropic confirmed that other current clients using Claude include Pfizer, Asana, Zoom, Perplexity AI, Bridgewater Associates and more currently. Now, it's one of the hottest AI startups, with a product that directly competes with ChatGPT in both the enterprise and consumer worlds. Anthropic's stance on the military use of Claude is similar to OpenAI's updated policy.

Persons: Anthropic's, Claude, Amodei, Anthropic, Daniela Amodei, it's, Opus, OpenAI's, Asana, It's, Moby Dick, Harry Potter, OpenAI Organizations: CNBC, Google, Team, Pfizer, Asana, Bridgewater Associates, ChatGPT

☆ Supreme Court rejected military chaplains' lawsuit saying their careers were ruined after refusing the COVID-19 vaccine
▼ + stars: | 2024-05-01 | by ( Patricia Kime | ) www.businessinsider.com time to read: +5 min

The Supreme Court denied military chaplains' lawsuit claiming retaliation for refusing the COVID-19 vaccine. The appellate court ruled that the Defense Department's decision in January 2023 to rescind the vaccine mandate rendered the chaplains' case moot. The Defense Department was later ordered to pay $1.8 million in legal fees as settlement for two lawsuits over the mandate. An aeromedical technician fills a syringe with the COVID-19 vaccine at the Pittsburgh International Airport Air Reserve Station in Pennsylvania. US Air Force photo by Joshua J. SeybertThe Defense Department began requiring service members to get the COVID-19 vaccine in August 2021.

Persons: —, recrimination, Mauricio Campino, Israel Alvarado, Joshua J, Johnson Organizations: Defense Department, Service, Appeals, Fourth Circuit, Defense, Airmen, Dover Air Force Base, US Air Force, Austin, Pentagon, Navy, Fifth Circuit, US, The Defense Department, Pittsburgh International Airport Air Reserve, Moderna, Pfizer, Johnson, Air Force, Space Force Locations: Delaware, Israel Alvarado et, Pennsylvania, COVID, China

☆ Stocks making the biggest moves premarket: Pfizer, CVS, Amazon, Starbucks and more
▼ + stars: | 2024-05-01 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

Pfizer — Shares climbed more than 2% after New York City-based Pfizer beat Wall Street's first-quarter revenue forecast and raised its full-year profit guidance. CVS expects adjusted earnings of at least $7 per share for 2024, down from previous guidance of $8.30 per share. Analysts were expecting $8.28 per share, according to LSEG. A second-quarter revenue forecast also surpassed expectations, with Pinterest forecasting sales of $830 million to $850 million vs an LSEG consensus estimate of $827 million. Fiscal third-quarter revenue of $3.85 billion missed the Street's consensus estimate of $3.95 billion, according to LSEG.

Persons: Wall, Marriott, Estée Lauder, Estee Lauder, LSEG –, Kraft Heinz —, Powell, Macheel, Alex Harring, Sarah Min, Michelle Fox Organizations: Pfizer —, New, Pfizer, CVS, Marriott, LSEG, Starbucks, AMD —, AMD, Yum, KFC, Taco Bell, Powell Industries Locations: New York City, LSEG, Houston

☆ Stocks making the biggest moves midday: Super Micro Computer, Starbucks, Pfizer and more
▼ + stars: | 2024-05-01 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Super Micro Computer — The server vendor dropped 15% after missing revenue expectations for its fiscal third quarter. However, Super Micro beat analysts' expectations for its adjusted earnings and hiked its revenue guidance for its fiscal 2024 year. Starbucks posted adjusted earnings of 68 cents per share on revenue of $8.56 billion. Pfizer now expects adjusted earnings of $2.15 to $2.35 per share for the full year, higher than its previous forecast of $2.05 to $2.25 per share. Yum Brands — The fast-food giant lost nearly 4% after it reported quarterly adjusted earnings and revenue that missed analysts' expectations.

Persons: Joseph Otting, —, Cowen, Skyworks, SiriusXM, Goldman Sachs, Powell, Estée Lauder —, Estée Lauder, Kraft Heinz, Pinterest's, Alex Harring, Yun Li, Lisa Kailai Han, Hakyung Kim, Michelle Fox Organizations: New York Community Bank, Super Micro, Starbucks, Pfizer, Apple, Amazon Web Services, CVS, Powell Industries, Wall, LSEG, Brands, KFC, Pizza, Taco, JPMorgan Locations: Houston, Taco Bell's

☆ Interest rates staying where they are is a forgone conclusion, but the Fed's decision day still matters
▼ + stars: | 2024-05-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, what another delay to interest rate cuts means for a market banking on them. The big storyThe waiting game continuesChip Somodevilla/Getty Images; BISpoiler alert: The Federal Reserve won't be lowering interest rates today. The official announcement won't come until this afternoon, but interest rates staying where they are is a forgone conclusion. The CME FedWatch Tool, which calculates the probability of the Fed's decision based on interest rate traders, has the odds of rates staying untouched at 97.5%.) Talk of cutting interest rates has been going on for the better part of a year.

Persons: —, it's, doesn't, We'll, Chip Somodevilla, Jerome Powell, Matt Rourke, Sarah Silbiger, Alyssa Powell, CME's, aren't, Powell, Erin Schaff, Paul Krugman, Donald Trump's, Krugman, Trump, Marko Kolanovic, Rebecca Zisser, Instagram, Changpeng Zhao, Binance, Amazon, Emma Tucker's, Steve Bannon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Stagecoach, Trump, Tech, Investors, Bloomberg, Getty, The New York Times, Hunterbrook, JPMorgan, Adobe, Wall Street Journal, Staff, eBay, Pfizer, Google Locations: stagflation, New York, London

☆ Pfizer beats revenue estimates, raises profit outlook on cost cuts and strong non-Covid sales
▼ + stars: | 2024-05-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer on Wednesday reported first-quarter revenue that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program and strong sales of its non-Covid products. Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December. For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share. That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago. Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago.

Persons: Pfizer's, Paxlovid Organizations: Pfizer, Wednesday, LSEG, Revenue, U.S, Paxlovid Locations: U.S, Seagen, China

☆ Eli Lilly assures investors it can overcome the high-quality problem of too much demand
▼ + stars: | 2024-04-30 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

Eli Lilly 's raised guidance stole the show Tuesday, offsetting mixed first-quarter results and propelling shares higher by nearly 6%. Eli Lilly Why we own it: Eli Lilly's best-in-class drugs should enable growth above the industry average for many years to come. At their highs of the morning, shares of Eli Lilly traded above their all-time closing high of $792.28 set on March 4. In general, the more-bullish financial outlook helps make Eli Lilly's high price-to-earnings ratio coming into earnings more tolerable for investors. An injection pen of Zepbound, Eli Lilly’s weight loss drug, is displayed in New York City, U.S., December 11, 2023.

Persons: Eli Lilly, Eli Lilly's, Lilly, Jim Cramer, Lilly's, Jim, Anat Ashkenazi, Zepbound, It's, Ashkenazi, Dave Ricks, donanemab, Jim Cramer's, Eli Lilly’s, Brendan McDermid Organizations: Revenue, LSEG, Novo Nordisk, Biogen, Merck, Pfizer, U.S, Drug Administration, Nexus Pharmaceuticals, CNBC, FDA Locations: Eisai, Zepbound, Trulicity, Wisconsin, New York City, U.S

☆ S&P 500 futures fall as Wall Street braces for Fed rate decision: Live updates
▼ + stars: | 2024-04-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

S&P 500 futures slipped Tuesday night as investors looked ahead to the Federal Reserve's rate policy decision. Futures linked to the broad market index slipped 0.22%, while Nasdaq 100 futures dropped 0.42%. During Tuesday's main trading session, the Dow and S&P 500 both shed more than 1%. Bond yields jumped after the first quarter's employment cost index came in higher than anticipated, reigniting worries that the Fed will keep interest rates high. "The concern is that the Fed will definitely be slower to lower interest rates," said CFRA chief investment strategist Sam Stovall.

Persons: reigniting, Dow, Jerome Powell, Sam Stovall, Kraft Heinz, DoorDash Organizations: New York Stock Exchange, Nasdaq, Dow Jones Industrial, Amazon, Dow, Traders, Fed, Pfizer, Kraft, CVS Health, Qualcomm Locations: New York City

☆ GNC is redesigning stores to draw people taking Ozempic
▼ + stars: | 2024-04-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

The brand hopes a new strategy tailored to people taking GLP-1 drugs for weight loss will help draw customers into stores and grow its business. We can help,” advertises an overhead banner in GNC’s new GLP-1 “support section.”GNC's new GLP-1 support section is available in all 2,300 stores across the United States. JON SIMON/GNCDanish pharmaceutical company Novo Nordisk is reaping huge profits from creating and selling the hit GLP-1 products. JPMorgan researchers estimate that 30 million people may be taking GLP-1 drugs by 2030, or around 9% of the US population. GNC, which filed for bankruptcy in 2020 and closed more than 1,200 stores, is the latest brand to build a strategy around people taking GLP-1s.

Persons: New York CNN — GNC, GNC, ”, JON SIMON, WeightWatchers Organizations: New, New York CNN, Novo Nordisk, Pfizer, Roche, JPMorgan, Equinox Locations: New York, United States, Danish

☆ Earnings playbook: Your guide to the busiest week of the season, including Apple and Amazon
▼ + stars: | 2024-04-28 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

It's the busiest week of the earnings season, and it could have major consequences for the stock market. This quarter: The fast-food giant is expected to report single-digit earnings and revenue growth from the year-earlier period, LSEG shows. Amazon is set to report earnings after the close. What history shows: Pfizer earnings beat earnings expectations 87% of the time, per Bespoke. Thursday Apple is set to report earnings after the bell.

Persons: Jeffrey Bernstein, Bernstein, JPMorgan's Andrea Teixeira, Teixeira, AMZN, Joseph Feldman, Feldman, AAPL, —, Apple Organizations: Apple, Pfizer, IBM, CNBC, Barclays, Investment, Management, AWS, Amazon, pharma, Food and Drug Administration, UBS Locations: China

☆ What is divestment? And does it work?
▼ + stars: | 2024-04-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

From Princeton University in New Jersey to the University of Southern California in Los Angeles, the same chant can be heard: “Disclose! The specifics of student protesters’ divestment demands vary in scope from school to school. Other students, like those at Cornell University and Yale, are asking their schools to stop investing in weapons manufacturers. Other common threads include demanding universities disclose their investments, sever academic ties with Israeli universities and support a ceasefire in Gaza. Proponents for divestment counter that its value lies in raising awareness and stigmatizing partnerships with targeted regimes or industries.

Persons: “, ” Israel, Witold Henisz, Henisz, ”, Nicholas Dirks, ” Dirks, Dirks, “ They’ll, Anna Cooban, Michelle Bowman, Eli Lilly, Estee Lauder, Jerome Powell Organizations: New, New York CNN, Palestinian, Princeton University, University of Southern, Columbia University Apartheid, Columbia, Cornell University and Yale, Research, The Wharton School, University of Pennsylvania, CNN, University of California, Columbia’s Faculty of Arts and Sciences, Federal Reserve, European Central Bank, Dallas Fed, Samsung, AMD, Starbucks, Benz Group, Volkswagen, PayPal, adidas, Diamondback Energy, Restaurant Brands, Pinterest, Caesars Entertainment, PMI, Conference Board, Mastercard, Qualcomm, Pfizer, Marriott, eBay, US Commerce Department, Apple, Novo Nordisk, Shell, ConocoPhillips, Cigna, Universal Music Group, Hershey, US Labor Department Locations: New York, New Jersey, University of Southern California, Los Angeles, Columbia, Palestine, Israel, Gaza, South Africa, Berkeley, United States, Europe, DoorDash

☆ 12 portfolio companies report earnings in the week ahead. What we want to hear from each
▼ + stars: | 2024-04-27 | by ( Zev Fima | ) www.cnbc.com time to read: +15 min

The action quickly and sharply reversed back to the upside Friday after blowout earnings reports from Alphabet and Microsoft . In the week ahead, earnings are likely to drive the action again, though we'll get a few important macroeconomic reports. Earnings: We've got the biggest week of the earnings season ahead of us, with 12 Club holdings set to report. Eli Lilly 's report Tuesday morning continues to be all about sales of type-2 diabetes treatment Mounjaro and weight-loss drug Zepbound. In DuPont 's report Wednesday morning, we're looking for a continued rebound in its semiconductor business following a sequential increase last quarter.

Persons: Ford, we'll, Dow Jones, We've, Buckle, Eaton, Eli Lilly, Lilly, We're, Estee Lauder, Fabrizio Freda, we've, Linde, Bausch, Royal Philips, Woodward, SIRI, Archer, Johnson, Stanley Black, Decker, BAX, Cardinal Health, Parker, Belden, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Microsoft, Meta, Google Search, Big Tech, Nvidia, Broadcom, Ford Motor, Honeywell, Danaher, Labor Department, Labor, PMI, Services PMI, GE Healthcare, Amazon Web Services, Starbucks, Deutsche Bank, DuPont, Bausch Health, U.S ., Appeals, Apple, iPhones, Vision, ON Semiconductor, Resource Partners, Franklin Resources, Paramount, Transocean Ltd, Semiconductors, Arch Capital, Logitech International, Lattice Semiconductor, F5 Networks, Sanmina Corporation, GE HealthCare, PayPal, 3M Company, McDonalds, Enterprise Products Partners, Cola Company, Melco Resorts, Entertainment, SiriusXM Holdings, Oatly, American Electric Power Company, Leidos Holdings, Marathon Petroleum, Daniels, Midland Co, Equitrans Midstream Corporation, HSBC Holdings, HSBC, Devices, Caesars Entertainment, Lumen Technologies, Mondelez, Pfizer, CVS Health, Barrick, Mastercard Inc, Cruise Line Holdings Ltd, Kraft Heinz Company, Marriott International, Ares, Generac Holdings, Johnson Controls, Cenovus Energy Inc, Qualcomm, Devon Energy, Paycom, Axcelis Technologies, Coeur D'Alene Mines, Sunnova Energy International, MGM Resorts International, MGM, Solar Inc, Oil, Allstate, Co, Tenable Holdings, Enovix Corporation, Gladstone Capital, Avis Budget Group, eBay, EBAY, LIN, Novo Nordisk, Natural Resources, PENN Entertainment, Apache, ConocoPhillips, InMode Ltd, Baxter International, Cardinal, Regeneron Pharmaceuticals, Apollo Global Management, LLC, Cinemark Inc, Dominion Energy, Coterra Energy, Coinbase, Bill.com Holdings, Booking Holdings, United States Steel, AXT Inc, Materials, Energy, Hershey Company, XPO Logistics, Cboe, American Pipeline, Amneal Pharmaceuticals, Brookfield Business Partners, Brookfield Renewable Corporation, Magna International, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Bloomberg, Getty Locations: U.S, megaprojects, China, Eaton, Corning, Coeur D'Alene, Albemarle, ALB, Novo, New York

☆ The Fed will be the main event in the week ahead that includes a jobs report, more tech earnings
▼ + stars: | 2024-04-26 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

On top of that, the latest U.S. jobs market scorecard will be released along with more mega-cap earnings. This week, the U.S. 10-year Treasury yield briefly climbed above 4.7% for the first time since November. That's down sharply from the six or seven rate cuts investors were anticipating coming into the year. April jobs Investors will also get an update on the labor picture next week, with the release of the April nonfarm payrolls report set for Friday. Corporate earnings season will also ramp up in the week ahead with a slew of consumer-facing companies set to report.

Persons: Stocks, Powell, David Alcaly, Jerome Powell's, we've, they're, Brian Nick, Matt Stucky, it's, Stucky, Dow Jones, Nick, Archer, Eli Lilly, Kraft, Estee, Ingersoll Rand, Stanley Black, Decker, Hershey Organizations: Nasdaq, Google, Microsoft, Treasury, Lazard Asset Management, Macro, Northwestern Mutual Wealth Management Company, Fed, Apple, Micro Computer, Dallas Fed, Paramount, ON Semiconductor, Chicago PMI, Prudential Financial, Devices, Storage, Diamondback Energy, Caesars Entertainment, Corning, Daniels, Midland, Molson Coors Beverage, Marathon Petroleum, GE Healthcare Technologies, PayPal, ADP, P Global, Manufacturing, Oil, MGM Resorts International, Allstate, Etsy, eBay, Qualcomm, MetLife, First, Devon Energy, Cruise Line Holdings, Brands, Marriott International, Kraft Heinz, Pfizer, Companies, CVS Health, Generac, Mastercard, Labor, Nation Entertainment, Booking Holdings, Natural Resources, Motorola Solutions, Expedia, EOG, Coterra Energy, Dominion Energy, Howmet Aerospace, ConocoPhillips, Moderna, PMI, Services PMI Locations: U.S, Chicago, McDonald's, Albemarle, EOG Resources

☆ FDA approves Pfizer’s first gene therapy for rare inherited bleeding disorder
▼ + stars: | 2024-04-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

The Food and Drug Administration on Friday approved Pfizer 's treatment for a rare genetic bleeding disorder, making it the company's first-ever gene therapy to win clearance in the U.S. The agency greenlit the drug, which will be marketed as Beqvez, for adults with moderate to severe hemophilia B who meet certain requirements. Without that protein, called factor IX, patients with hemophilia B bruise easily and bleed more frequently and for longer periods of time. The gene therapy will compete with Australia-based CSL Behring's Hemgenix, a similar treatment that won FDA approval for hemophilia B in 2022. The company is also developing a gene therapy for Duchenne muscular dystrophy, a genetic disorder that causes muscles to weaken gradually.

Persons: IX, hemophilia, Adam Cuker, Cuker Organizations: Drug Administration, Pfizer, U.S, Penn's, Spark Therapeutics, hemophilia Locations: U.S, Australia

☆ Cramer's week ahead: Fed meeting and earnings from Apple, Amazon, Eli Lilly
▼ + stars: | 2024-04-26 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

It's a week jam-packed with notable events, including earnings from Apple , Amazon and Eli Lilly . He also said to pay attention to Wednesday's Federal Reserve meeting and Friday's employment figures from the Department of Labor. "We have to run such a ridiculous gauntlet next week that I have no idea how it'll play out," he said. Wednesday also brings reports from Wingstop , Carvana and Marriott . Apple will report on Thursday, and Cramer noted there's been a lot of negative sentiment from investors surrounding the company.

Persons: CNBC's Jim Cramer, Eli Lilly, Jensen Huang, Cramer, it's, he'll, Seagen, there's Organizations: Apple, Federal Reserve, Department of Labor, Nvidia, Food and Drug Administration, Starbucks, CVS, Pfizer, Amazon, Walgreens, Marriott, Vision Locations: It's, China, Wingstop, Carvana

☆ Why this is perfect time to buy health-care stocks, one financial advisor says
▼ + stars: | 2024-04-23 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Health care shouldn't be overlooked as a place to buy amid the current market turmoil, according to Jamie Cox, managing partner at Harris Financial Group. He's been particularly interested in health care — pharma more specifically — as the industry feels tailwinds from artificial intelligence and the weight-loss drug boom. "The amount of money that the health care industry is making is being completely ignored by investors," Cox told CNBC Pro. "The noise of the short-term back-and-forth ... gives you good opportunity to buy high-quality companies, while people are just selling indiscriminately." For more diversified exposure, Cox recommended the Vanguard Health Care ETF (VHT) .

Persons: Jamie Cox, Cox, He's, FactSet, That's, they're, Johnson, Eli Lilly Organizations: Harris Financial Group, Federal Reserve, pharma, CNBC, Pharma, Novo Nordisk, Novartis, Pfizer, Swiss, Novo, Vanguard Health Care Locations: U.S

☆ How Hudson Yards Went From Ghost Town to Office Success Story
▼ + stars: | 2024-04-22 | by ( Matthew Haag | ) www.nytimes.com time to read: +1 min

It was March 2019, and 13,000 people were on Manhattan’s West Side at a star-studded opening ceremony for the largest private real estate project in United States history: Hudson Yards. A year later, the development was a ghost town. The roughly $30 billion planned neighborhood looked like it had fizzled before it ever got started. But now, five years after that grand opening, Hudson Yards has not only survived, but it has also emerged as perhaps the most dominant office market in New York City, a bright spot as companies across the country cut space in the shift to remote and hybrid work. Skeptics had also predicted that area — bounded by Eighth and 12th Avenues from West 30th to West 42nd Street — was too out of the way for New Yorkers.

Persons: Young —, — Organizations: Hudson, Shops, Hudson Yards, BlackRock, Pfizer, Ernst, Eighth, West, New Yorkers Locations: United States, New York City, West, New

☆ Inside Andy Jassy's plan for Amazon in the generative AI era
▼ + stars: | 2024-04-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. By the way, we're wrapping up voting for the championship matchup in our business, tech, and innovation bracket. In today's big story, we're looking at Amazon CEO Andy Jassy's letter to shareholders, which details the tech giant's plan in the age of generative AI . What's on deck:AdvertisementBut first, Amazon, AI, and a letter. The big storyAmazon in the AI ageMichael M. Santiago/Getty Images; Chelsea Jia Feng/BIThe generative AI revolution is coming, and Amazon wants in on the ground floor.

Persons: —, We've, Andy Jassy's, Michael M, Chelsea Jia Feng, Andy Jassy, Ana Altchek, Jassy, that's, Andy Jassy Mike Blake, Eugene Kim, Jassy's, Phillip Faraone, Gregor Fischer, Noam Galai, Here's, it's, Morgan Stanley, Ben Bergman, Rebecca Zisser, Adam Neumann, Neumann, Samantha Lee, Bon Appétit, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Amazon, Getty, AWS, Bridgewater Associates, Pfizer, Reuters, Prime, TechCrunch, Games, New York Times, Visual China, BI, JPMorgan Chase, Citigroup, Coachella Locations: Wells Fargo, New York, London

☆ Amazon CEO Andy Jassy says he's committed to cost cutting while investing in AI in shareholder letter
▼ + stars: | 2024-04-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +41 min

This work diminished short-term revenue, but was best for customers, much appreciated, and should bode well for customers and AWS longer-term. We're also making progress on many of our newer business investments that have the potential to be important to customers and Amazon long-term. Being intentional about building primitives requires patience. Customers building their own FM must tackle several challenges in getting a model into production. Customers' AI models contain some of their most sensitive data.

Persons: Andy Jassy, Jassy, Jeff Bezos, he's, we've, Martha Stewart, Clinique, we're, We've, bode, We're, I've, iterating, We'd, we'd, Fox, affordably, you've, They're, Anthropic, that's, Claude, Dana, debugs, Slack Organizations: Amazon, Services, AWS, Deal, Prime, MGM, Savings, Regions, Citadel, Target, Storage Service, Netflix, Disney, Max, Paramount, CIA, . Intelligence, Amazon Freight, Carrier, Amazon Shipping, Foods, Drones, Amazon Pharmacy, Amazon Clinic, Robotics, Nvidia, Ricoh, NatWest, FMs, Meta, Bridgewater Associates, Farber Cancer Institute, Delta Air Lines, Intuit, KT, Lonely, LexisNexis, Netsmart, Pfizer, PGA, Rocket Companies, Siemens, Media, Inc Locations: North America, U.S, Europe, India, Brazil, Australia, Mexico, Middle East, Africa, Malaysia, New Zealand, Kingdom of Saudi Arabia, Thailand, Berlin, Hulu, Amdocs, Genomics England, GoDaddy, GenAI

☆ Biotech stocks are ready to break out. They just need one more thing
▼ + stars: | 2024-04-10 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +5 min

While debate rages on about when the Federal Reserve might start cutting interest rates, biotech industry analysts are making the case that the argument for stocks in the sector is growing. Last week, Morgan Stanley analysts noted that it is the months leading up to an initial rate cut when biotech stocks outperform. Morgan Stanley also believes the case for biotech stocks is further reinforced by the financing environment and the outlook for mergers and acquisitions as well as upcoming innovation. The case for innovation Morgan Stanley also favors owning biotech stocks that have a strong drug platform even if the key catalyst of clinical trial data and FDA approvals are farther out. Rhythm ranks among the stocks rated overweight that Morgan Stanley favors in this category.

Persons: Morgan Stanley, Needham, Joseph Stringer, dealmaking, Stringer, erosive, it's, Phathom, GERD, LSEG, Merck, — CNBC's Michael Bloom Organizations: Federal Reserve, Nasdaq, Oncology, Immunology, Phathom Pharmaceutical, Pharmaceuticals, Phathom Pharmaceuticals, LSEG, Drug, Bristol Myers Squibb, Pfizer, Intellia Therapeutics, Rocket Pharmaceuticals Locations: New Jersey

☆ Comeback candidates: Goldman loves these underperforming stocks with strong fundamentals
▼ + stars: | 2024-04-10 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Stocks that have missed out on this year's market rally could be solid contenders for a rebound, according to Goldman Sachs. Heading into the second quarter, Goldman searched for buy-rated names in its coverage universe that could win big going forward. Goldman screened for "compounders," which offer investors high financial returns, free cash flow generation, margin expansion and sales growth. Most analysts covering the stock currently have a buy rating assigned to the name, with about 39% upside to the consensus price target, per LSEG. Pfizer stock has slipped 9% this year.

Persons: Goldman Sachs, Goldman, Dan Levy, Levy, Guggenheim, Vamil Divan, Lamb Weston, Jefferies, Rob Dickerson Organizations: Barclays, Pfizer Locations: U.S

☆ Kishida US visit: Japan seeks investment in AI, semiconductors from American companies
▼ + stars: | 2024-04-10 | by ( Junko Ogura | Juliana Liu | ) edition.cnn.com time to read: +4 min

Speaking in Washington at a lunch with American CEOs, Prime Minister Fumio Kishida said Japan welcomes American collaboration in “critical and emerging technology” and assured them that any investment would flow both ways. Last year, Japanese foreign direct investment to the US exceeded $750 billion, Kishida said, making Japan the biggest foreign investor in America and creating more than 1 million jobs. It is reportedly the company’s largest ever investment in Asia’s second largest economy. Earlier this month, Japan’s industry ministry approved subsidies worth up to 590 billion yen ($3.9 billion) for Rapidus. It comes as Washington adds increasing restrictions on the types of semiconductors that American companies are able to sell to China.

Persons: Hong Kong CNN —, Fumio Kishida, ”, Kishida, Joe Biden, Brad Smith, Gary Cohn, Sanjay Mehrotra, Ted Colbert, Albert Bourla, Mayumi Maruyama Organizations: Hong Kong CNN, Microsoft, Microsoft Research Asia, IBM, Micron Technology, Boeing, Defense, Space & Security, Pfizer, CNN, US Chamber of Commerce, “, Intel, Samsung, US Locations: Tokyo, Hong Kong, Japan, Washington, American, United States, America, Asia’s, Russia, South, Taiwan, Hokkaido, chipmaking, China, Europe, Asia, Germany

☆ Pfizer's RSV vaccine shows potential to protect high-risk adults ages 18-59, widening possible use
▼ + stars: | 2024-04-09 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

A vaccine from Pfizer showed the potential to protect adults ages 18 to 59 who are at increased risk of getting severely sick from respiratory syncytial virus in a late stage clinical trial, the company said Tuesday. The initial data suggests that Pfizer's shot, known as Abrysvo, could help protect a far wider population from RSV. The jab is currently approved in the U.S., Europe, Japan and other countries for adults ages 60 and older and expectant mothers who can pass on protection to their fetuses. Nearly 10% of U.S. adults ages 18 to 49 have a chronic condition that puts them at risk of severe RSV disease, according to Pfizer. GSK's RSV vaccine for adults ages 60 and above booked around £1.2 billion ($1.5 billion) in sales last year.

Persons: Dr, Iona Munjal, Pfizer's Organizations: Pfizer, CNBC, GlaxoSmithKline Locations: U.S, Europe, Japan

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