DIRS.INFO The most relevant business & tech news

☆ Wall St Week Ahead Lofty valuations on US stocks a growing worry for investors
▼ + stars: | 2023-06-23 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

The S&P 500 now trades at 19 times its expected 12-months earnings, well above its historic average of 15.6 times, Refinitiv Datastream showed. WFII recently downgraded the technology sector, which has led this year's S&P 500 rally, to "neutral" from "favorable," citing "unattractive" valuations. Goldman urged investors to consider "downside protection" to their stock portfolios, though they expect the S&P 500 to reach 4,500 by year-end, or about 3.5% above current levels. Valuations are even more stretched for the Nasdaq 100 (.NDX), whose 36% rally this year has dwarfed that of the S&P 500. "From a near-term perspective, investors should expect stocks to just cool a little bit."

Persons: Refinitiv Datastream, Goldman Sachs, Sameer Samana, WFII, Goldman, Refinitiv, Michael Purves, Purves, Anthony Saglimbene, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: YORK, Wells, Wells Fargo Investment Institute, Federal Reserve, Nasdaq, Tallbacken Capital, Deutsche Bank, Ameriprise, Thomson Locations: Wells Fargo

☆ RPT ANALYSIS For EV batteries, lithium iron phosphate narrows the gap with nickel, cobalt
▼ + stars: | 2023-06-23 | by ( Paul Lienert | ) www.reuters.com time to read: +5 min

[1/2] Tesla Model 3 vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS/Carlos Barria/File PhotoDETROIT, June 23 (Reuters) - As the auto industry scrambles to produce more affordable electric vehicles, whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery material of choice. But technological advances have also reduced the performance gap with more widely used materials such as nickel and cobalt. Ford Motor (F.N) aims to open a $3.5 billion LFP cell manufacturing plant in western Michigan, leveraging technology licensed from China’s CATL (300750.SZ), the world’s largest EV battery maker. The rapidly increasing adoption of LFP by EV manufacturers including Tesla and Hyundai suggests those companies “are not ready to decouple from China," Meng said.

Persons: Carlos Barria, Tesla, ”, Stanley Whittingham, Mujeeb Ijaz, “ We’ve, China’s, Jim Farley, Shirley Meng, Meng, Lukasz Bednarski, Bednarski, LFP, Whittingham, “, Paul Lienert, Matthew Lewis Organizations: Tesla, REUTERS, DETROIT, EV, Toyota, Hyundai, U.S, Binghamton University, Ford, University of Chicago, Argonne, Laboratory’s, Center for Energy Storage Science, New Energy, Thomson Locations: Fremont , California, U.S, North America, New York, Michigan, Van Buren, China, United States, Norway, Israel, South Korea, EVs, Detroit

☆ FDA Commissioner Califf defends need for IRA Price negotiation
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFDA Commissioner Califf defends need for IRA Price negotiationFDA Commissioner Robert Califf says his department is working with Medicare to help develop criteria for the first drugs to be subjected to price negotiations under the Inflation Reduction Action Act. Speaking with CNBC's Bertha Coombs at Aspen Ideas Health, Califf says the process may need adjustments but defended the need to try to bring down drug prices.

Persons: Califf, Robert Califf, CNBC's Bertha Coombs Organizations: Medicare, Aspen Ideas Health

☆ Opinion | Why This Economist Wants to Give Every Poor Child $50,000
▼ + stars: | 2023-06-23 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +51 min

What you’ve got to do to get more money from wealth is just let your money go out there and make money on its own. darrick hamiltonYeah, the extent to which our tax code incentivizes wealth and capital growth, it centers on existing wealth and capital growth. $50,000 to the most wealth-poor person seems like a big number, but we need to put that number in context. In other words, wealth begets more wealth, and wealth builds upon itself. ezra kleinI think that’s a great place to end, so I’ll ask our final question.

Persons: ezra klein, we’ve, We’ve, Darrick Hamilton, Biden Sanders, Bernie Sanders, Cory Booker, Ayanna Pressley, darrick hamilton, hamilton, you’re, ezra klein There’s, you’ve, that’s, Thomas Piketty’s, it’s, there’s, ezra klein I’m, —, ezra klein We’ve, Bill Gates, Elon, Ezra, Ira Katznelson, Crow, Bill, hasn’t, who’s, I’ve, they’re, ezra klein Let’s, darrick hamilton Naomi Zewde, wouldn’t, Let’s, darrick hamilton Ezra, darrick hamilton I’m, Arthur Lewis, Natalie Diaz, ” Natalie, ezra klein Darrick Hamilton Organizations: The New School, Biden, Task Force, Marshall, Black, Washington D.C, Federal Government, SEED, Oklahoma, Social, Social Security Locations: Hamilton, United States, Prosperity, America, Europe, Tulsa , Oklahoma, Connecticut, Washington, —, hamilton

☆ Analysis: For EV batteries, lithium iron phosphate narrows the gap with nickel, cobalt
▼ + stars: | 2023-06-22 | by ( Paul Lienert | ) www.reuters.com time to read: +5 min

[1/2] Tesla Model 3 vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS/Carlos Barria/File PhotoDETROIT, June 22 (Reuters) - As the auto industry scrambles to produce more affordable electric vehicles, whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery material of choice. But technological advances have also reduced the performance gap with more widely used materials such as nickel and cobalt. Ford Motor (F.N) aims to open a $3.5 billion LFP cell manufacturing plant in western Michigan, leveraging technology licensed from China’s CATL (300750.SZ), the world’s largest EV battery maker. The rapidly increasing adoption of LFP by EV manufacturers including Tesla and Hyundai suggests those companies “are not ready to decouple from China," Meng said.

Persons: Carlos Barria, Tesla, ”, Stanley Whittingham, Mujeeb Ijaz, “ We’ve, China’s, Jim Farley, Shirley Meng, Meng, Lukasz Bednarski, Bednarski, LFP, Whittingham, “, Paul Lienert, Matthew Lewis Organizations: Tesla, REUTERS, DETROIT, EV, Toyota, Hyundai, U.S, Binghamton University, Ford, University of Chicago, Argonne, Laboratory’s, Center for Energy Storage Science, New Energy, General Motors, Battery, Thomson Locations: Fremont , California, U.S, North America, New York, Michigan, Van Buren, China, United States, Norway, Israel, South Korea, EVs, Detroit

☆ New to investing? 'Run' to this tax-advantaged retirement account, says CFP
▼ + stars: | 2023-06-22 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Some 28% of workers made Roth contributions in 2021, up from 18% in 2016, according to the Plan Sponsor Council of America. "Younger, mid- to lower-income employees should run to the Roth 401(k)," he says. Roth 401(k)s vs. Roth IRAsIf you're thinking the rules for Roth 401(k)s sound similar to those for Roth IRAs, you're right. Plus, you can contribute a lot more to a Roth 401(k) than a Roth IRA. For 2023, you can contribute up to $22,500 to a Roth 401(k), plus an extra $7,500 for those age 50 and up.

Persons: it's, you'll, Roth, you've, Jeremy Finger, Younger, you'd, Catherine Valega, Valega, Roth IRAs Organizations: of America, Riverbend Wealth Management Locations: America, Boston , Massachusetts

Robinhood vs. Coinbase: The Biggest DifferencesRobinhood Investing and Coinbase are both popular online investment platforms offering a vast range of investment choices for active traders. Robinhood Account FeaturesRobinhood's virtual library provides a variety of financial research on investing, options trading, and more. Coinbase Account FeaturesThe Basic Coinbase account offers things like trading, crypto rewards, interest rewards, digital storage, and mobile access. Compared to Coinbase, Robinhood is the better option for investors who want to merge traditional investments, such as stocks and ETFs, with more digital assets like cryptocurrencies. Although Robinhood has a significantly more limited crypto selection than Coinbase, Robinhood offers a large variety of investment options.

Persons: Robinhood, Roth, Coinbase Coinbase, Roth IRAs, Coinbase, There's, Louis Oberlander, Henry Rodriguez, Christopher Underwood Organizations: Robinhood, Chevron, Reading Chevron, Coinbase, Trade, Pro, Morningstar, Nasdaq, Better, Bureau, BBB, Gamestop, SEC, Advanced Trade, Inc, New York State Department of Financial Services, New, DFS Locations: cryptocurrencies, New York, Robinhood

Powell's comments did little to sway investors in futures markets tied to the Fed’s policy rate, which on Wednesday reflected bets for only one additional rate increase this year, followed by cuts in January. An inverted yield curve occurs when yields on shorter-dated Treasuries rise above those for longer-term ones. It suggests that while investors expect interest rates to rise in the near term, they believe higher borrowing costs will eventually hurt the economy, forcing the Fed to later ease monetary policy. "With a steeply inverted curve we see a lot of yield and a lot of attractive opportunities in the front end," said Steve Hooker, portfolio manager of Newfleet Asset Management. Greg Peters, co-chief investment officer of PGIM Fixed Income, said inflation remained way too high to anticipate rate cuts any time soon.

Persons: Jerome Powell hasn't, Powell, Powell's, Roger Hallam, Steve Hooker, ” Hooker, Greg Peters, We're, Davide Barbuscia, Ira Iosebashvili, Leslie Adler Organizations: YORK, Federal, Fed, Vanguard, Silicon Valley Bank, Commonwealth Financial Network, Newfleet Asset Management, Thomson Locations: Silicon, U.S

☆ Retail investors slow to buy into ARK Innovation Fund's blistering rally
▼ + stars: | 2023-06-21 | by ( David Randall | ) www.reuters.com time to read: +3 min

NEW YORK, June 21(Reuters) - Individual investors have given a cold shoulder to Cathie Wood’s ARK Innovation Fund during their searing run this year, but some market watchers believe that may change if risk appetite keeps improving. The $8 billion fund, which outperformed all U.S. equity funds during the pandemic rally of 2020 but suffered a steep fall last year, is up nearly 37% year-to-date, outpacing broader markets. ARK Invest, the fund's parent company, did not respond to a request for comment. Domestic equity funds and ETFs posted a total of $151.3 billion in outflows year to date through June 7th, according to data from trade group the Investment Company Institute. Optimism among individual investors vaulted to a 19-month high in the latest American Association of Individual Investors (AAII) Sentiment Survey.

Persons: Todd Rosenbluth, Rosenbluth, Virag Shah, Van, Morgan Stanley, Shah, David Randall, Ira Iosebashvili, David Gregorio Our Organizations: YORK, Innovation Fund, Invest, Investment Company Institute, Van Leeuwen & Company, American, of, Tesla, Roku Inc, Sciences, Thomson Locations: Van Leeuwen

☆ Analysis: Auto firms race to secure non-Chinese graphite for EVs as shortages loom
▼ + stars: | 2023-06-21 | by ( Eric Onstad | ) www.reuters.com time to read: +6 min

Auto firms have been slow to plan for graphite shortages, focusing mainly on better-known battery materials lithium and cobalt, even though graphite is the largest battery component by weight. Graphite shortages are expected to rise in coming years, with a global supply deficit of 777,000 tonnes expected by 2030, Project Blue projections showed. China produces 61% of global natural graphite and 98% of the final processed material to make battery anodes, BMI said. Agreeing graphite supply deals is complex, requiring extensive safety testing for material going into each model of EV that can take up to three years. Natural graphite anodes tend to be cheaper and are beneficial for cell capacity and power output, allowing cars to run further distances before charging.

Persons: Tomas Bergman, Handout, there's, Mark Thompson, Australia's, Northvolt, Thompson, Talga, Mercedes, Brent Nykoliation, Tesla, George Miller, Reitumetse, Eric Onstad, Veronica Brown, Sharon Singleton Organizations: Talga Group, Reuters, Mercedes, Auto, Australia's Talga, BMO Capital Markets, Benchmark Mineral Intelligence, BMI, Reuters Graphics, Toyota, Ford, Tesla Inc, Toyota Motor Corp, Ford Motor, Benz, Renault, NextSource, Syrah Resources, Magnis Energy Technologies, U.S, European Union, Thomson Locations: Norrbotten, Sweden, China, Madagascar, Mozambique, United States, Europe, U.S, Mauritius, CHINA, Western

☆ U.S. lawmakers to urge automakers to cut their reliance on China
▼ + stars: | 2023-06-19 | by ( ) www.cnbc.com time to read: +2 min

A bipartisan group of U.S. lawmakers will urge the CEOs of Ford Motor and General Motors to shrink reliance on China auto parts, particularly electric vehicle batteries, sources told Reuters on Monday. The focus on Chinese auto parts comes soon after U.S. Secretary of State Antony Blinken made a rare visit to Beijing and hours of meetings failed to produce any major breakthroughs. The $430 billion Inflation Reduction Act (IRA) signed by President Joe Biden in August aims to wean U.S. EV production from Chinese supply chains by imposing new conditions on EV tax credits. Ford's deal announced in February to use technology from Chinese battery company CATL as part of the automaker's plan to spend $3.5 billion to build a battery plant in Michigan has drawn criticism from some lawmakers. Republican Senator Marco Rubio has asked the Biden administration to block EV tax credits for batteries produced using Chinese technology.

Persons: Bolt, Tesla, Jim Farley, Mary Barra, Mike Gallagher, John Moolenaar, Raja Krishnamoorthi, Haley Stevens, Antony Blinken, Ford, Gallagher, Joe Biden, Ford's, Marco Rubio, Biden Organizations: Ford, Ford Motor, General Motors, Reuters, China, Bosch, Energy, U.S, Republican, Bloomberg Locations: Orion Township , Michigan, EVs, U.S, China, Detroit, Continental, Beijing, Shanghai, American, Michigan

☆ He Went After Crypto Companies. Then Someone Came After Him.
▼ + stars: | 2023-06-18 | by ( John Carreyrou | ) www.nytimes.com time to read: +2 min

Joe Delich, a classmate who later worked with Mr. Roche at his law firm, remembers him constantly checking the price of Bitcoin on his laptop during classes. Mr. Roche cashed out before a big price drop, earning about $100,000 in profits. As a third-year student, Mr. Roche collaborated with a professor on a paper discussing Bitcoin’s virtues as the first currency free from government interference. By then, Mr. Roche was a first-year associate at Boies Schiller Flexner, where he was developing a reputation as the kid who understood crypto. But many people considered Dr. Wright a fraud, calling into question the notion that he had mined early blocks of Bitcoin, much less cheated someone out of them.

Persons: Joe Delich, Roche, ”, Boies Schiller, Ira Kleiman, Craig Wright, Satoshi Nakamoto, Kleiman, Wright, David, David Kleiman Organizations: Purdue University, Northwestern University’s Pritzker School of Law, Mr, Street Locations: Miami

☆ Listen Early to This American Life: Father’s Day
▼ + stars: | 2023-06-17 | by ( New York Times Audio | ) www.nytimes.com time to read: 1 min

The New York Times Audio app includes podcasts, narrated articles from the newsroom and other publishers, and exclusive new shows that we’re making available to readers for a limited time. Download the audio app here. Our new audio app is home to “This American Life,” hosted by Ira Glass. New episodes debut in our app a day earlier than the regular podcast feed, and we’ve also got an archive of the award-winning program. The app includes a “Best of This American Life” section with different acts from the show, broken down into bite-size clips, so you can enjoy the show even if you don’t have a lot of time.

Persons: ”, Ira Glass, we’ve Organizations: New York Times

☆ Fear of missing out on stocks' rally drives bullish options trading
▼ + stars: | 2023-06-16 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

NEW YORK, June 16 (Reuters) - Fear of missing out on the recent stock market rally is driving traders in the U.S. equity options market to lap up bullish derivative contracts at a hectic pace, further fueling gains for stocks, analysts said on Friday. On Thursday, a record 1.8 million S&P 500 calls traded. The rush into call options lifted the S&P 500 Index's 1-month moving average of calls-to-puts to the highest in at least 4 years, according to Trade Alert data. Some of the rush into call options has also helped fuel the rally, said Brent Kochuba, founder of options analytic service SpotGamma. "The trend is probably higher... but in the very short term we have gotten over our skies," Kochuba said.

Persons: Russell, Christopher Jacobson, Brent Kochuba, Kochuba, Saqib Iqbal Ahmed, Ira Iosebashvili, Nick Zieminski Organizations: YORK, Thomson Locations: U.S, Susquehanna

☆ Analysis: Biden's IRA climate bill won't cut deficit as expected
▼ + stars: | 2023-06-16 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +8 min

The White House estimated, and independent budget analysts agreed, it could cut the deficit by $300 billion over the next decade. The tax credits have been massively popular with companies, spurring new investments and boosting job growth, environmental benefits -- and the price tag. The bill will add $750 billion to the nation’s deficit over ten years, according to Smetters. White House officials say revenue will outpace original congressional estimates, and they point to the millions of jobs the IRA is expected to create. “We’re going to have more deployment and achieve more emissions reductions than we initially thought,” the White House official said.

Persons: Joe Biden, Biden, ”, Kent Smetters, Goldman Sachs, Joe Manchin, Manchin, we've, Joe Biden’s, Tesla, Smetters, ” Smetters, “ We’re, Merck, Jarrett Renshaw, Heather Timmons, Alistair Bell Organizations: White House, Penn Wharton Budget Model, White, Congressional, Credit Suisse, University of Pennsylvania’s Wharton Business School, U.S, Democrat, Credit, Office, University of Pennsylvania, European Union, EV, Biden, Republicans, CBO, Amazon, Pepsi, Home, Thomson Locations: U.S, Japan

The 15% year-to-date rally in the S&P 500 (.SPX) is pulling once doubtful investors back into the market. Meanwhile, options investors are buying calls - bets on upside in stocks - at levels not seen in years. A record 1.8 million S&P 500 calls traded on Thursday, helping lift the one-month moving average of calls-to-puts to the highest in at least four years, Trade Alert data showed. The S&P 500 has posted a median gain of 18% in the 12 months after clearing the 20% threshold, LPL Financial data showed. One encouraging signal is that a greater number of S&P 500 stocks are heading higher, in addition to the handful of megacap growth names such as Microsoft (MSFT.O) and Nvidia (NVDA.O) that led gains this year.

Persons: you've, Emily Roland, Goldman Sachs, Willie Delwiche, we're, Delwiche, Brent Kochuba, Matt Stucky, Ken Mahoney, Lewis Krauskopf, Saqib Iqbal Ahmed, David Randall, Ira Iosebashvili, Richard Chang Organizations: YORK, National Association of Active Investment, Bank of America, Deutsche Bank, Trade, John Hancock Asset Management, Mount Research, American Association of, Investors, Northwestern Mutual Wealth Management Company, Fed, Microsoft, Nvidia, Asset Management, Thomson Locations: U.S

☆ Valley Bank CEO on SVB aftermath: The speed of money is something banks should watch
▼ + stars: | 2023-06-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailValley Bank CEO on SVB aftermath: The speed of money is something banks should watchIra Robbins, Valley Bank CEO, joins 'Power Lunch' to discuss regional banks and the fallout and aftermath of SVB.

Persons: Ira Robbins Organizations: Bank, Valley Bank

As a result, he is staying away from assets that could be hit hard if market stress suddenly increases, such as small cap stocks. The S&P 500 edged up 0.1% on Wednesday after shuffling between gains and losses. The S&P 500 is up 15% this year, while the Nasdaq (.IXIC) has gained 30%. Mark Heppenstall, chief investment officer of Penn Mutual Asset Management, believes a burgeoning stock market rally could loosen credit conditions, threatening to exacerbate consumer prices - an undesirable outcome for the inflation-fighting Fed. The S&P 500 is up 14% from a low reached after the banking crisis in March.

Persons: ”, Josh Emanuel, Emanuel, James St . Aubin, Jeffrey Gundlach, Mark Heppenstall, Josh Jamner, Davide Barbuscia, David Randall, Ira Iosebashvili, Sam Holmes Organizations: YORK, Federal, Wilshire, Nasdaq, Sierra Investment Management, DoubleLine Capital, CNBC, Fed, Penn Mutual Asset Management, ClearBridge Investments, Thomson Locations: U.S

☆ 'It costs money to owe money': How to balance student loans and saving for retirement
▼ + stars: | 2023-06-15 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +5 min

For those fresh out of college and newer to the workforce, it can be challenging to figure out how to balance between managing looming student loan debt and saving for your future. And after a three-year pause, federal student loans will resume accruing interest on Sept. 1, with payments coming due in October. "It costs money to owe money. Ultimately, the sooner you can pay off your student debt — by making minimum payments and paying a little more each month if you can — the less you will pay overall. "Start taking a little bit of money away that will cover two months' worth of your student loan debt and a couple of months' rent," he says.

Persons: —, Chris Briscoe, Gen Zers, Briscoe, Andrew Meadows, Meadows, Roth, Roth IRAs Organizations: Girard Advisory Services, CNBC, College, Savings Locations: United States

☆ Feds pave the way for cities and nonprofits to get climate-bill tax credits
▼ + stars: | 2023-06-14 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

"For the first time, tax-exempt entities will be able to receive a payment equal to the full value of the tax credit for building qualifying clean energy projects," Podesta said. "That's a game-changer for our ability to spread the benefits of clean energy to every community in America." "The Inflation Reduction Act's biggest tools are tax credits, which provide an unprecedent 10 years of policy certainty for the clean energy sector," Podesta said. Conventionally, states, territories, tribes, local governments and nonprofits have not been not eligible for tax credits, because they do not derive profits from which to deduct the value of a tax credit. Taken together, the two bits of guidance stand to grease the flywheel of climate tech investment already being spurred by the Inflation Reduction Act.

Persons: Podesta, John Podesta, Joe Biden, what's, Wally Adeyemo, Adeyemo, Michelle Moore, Moore Organizations: US Department of Energy, U.S . Department of, Treasury, Internal Revenue Service, Biden, Washington DC, White, IRS, of, Washington , D.C Locations: Medicine Bow , Wyoming, America, Washington, USA, Washington ,, U.S, Baltimore, of Refuge, , Maryland , Illinois, Georgia, New York

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Ulta, FedEx, Roblox, Netflix, Oracle & more
▼ + stars: | 2023-06-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Goldman Sachs upgrades Devon Energy to buy from neutral Goldman said the energy company's valuation is attractive. Morgan Stanley initiates BAE Systems as buy Morgan Stanley said the aerospace and defense company has an "attractive capital deployment policy." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it expects Tesla to build a "full-scale captive financing subsidiary as the market matures." Morgan Stanley upgrades Urban Outfitters to overweight from equal weight Morgan Stanley said in its upgrade of the stock that it has an attractive valuation. Goldman Sachs reiterates FedEx as buy Goldman said it's standing by its buy rating on FedEx heading into earnings next week.

Persons: it's bullish, Goldman Sachs, Goldman, Salesforce, Piper Sandler, Piper, AIZ, Morgan Stanley, Canaccord, Roblox, Stone, Tesla Organizations: Bank of America, Netflix, Devon Energy, PayPal, JPMorgan, Deutsche Bank, Deutsche, BAE Systems, HSBC, Stone, Urban, Oracle, FedEx, UBS, Apple Locations: Devon

☆ Eli Lilly CEO says Medicare price negotiations could harm drug development
▼ + stars: | 2023-06-13 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Eli Lilly CEO David Ricks on Tuesday said Medicare price negotiations, which aim to cut costs for older Americans, could potentially harm drug development. "I'm really worried about the harm this will do to new cures and possibilities in medicine," Ricks said in an interview on CNBC's "The Exchange." He's the latest pharmaceutical executive to publicly blast the provision and law at large, which will likely reduce company profits. Global drugmaker Merck last week sued the Biden administration over Medicare price negotiations in a bid to weaken the program. Under the IRA provision, Medicare can start negotiating prices on small-molecule drugs as early as nine years after they receive Food and Drug Administration approval, compared with 13 years for biologics.

Persons: Eli Lilly, David Ricks, I'm, Ricks Organizations: Biden, Global drugmaker Merck, Drug Administration

☆ Rallying U.S. stocks are pulling in sidelined investors, Deutsche Bank says
▼ + stars: | 2023-06-12 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

NEW YORK, June 12 (Reuters) - A steadily rising U.S. stock market appears to be drawing investors off the sideline, one measure of market positioning showed. Positioning among discretionary investors - a cohort that includes everyone from portfolio managers to retail investors - broke out of its one-year underweight range and went above neutral for the first time since February, data from Deutsche Bank showed Friday. The shift comes after months during which discretionary investors sat on the sidelines while systematic investors - funds that take a repeatable data-driven approach and rely on computers to identify investment opportunities - have been steady buyers, according to Deutsche Bank. The S&P 500 index extended its gain last week to 20% from its October lows - one definition of a bull market. "A lot of it has to do simply with stocks moving up ... buyers attract more buyers," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder.

Persons: Tim Ghriskey, Ingalls & Snyder, Saqib Iqbal Ahmed, Ira Iosebashvili, Nick Zieminski Organizations: YORK, Deutsche Bank, Stocks, Ingalls &, Federal, Thomson

Reducing fuel's carbon intensity is critical to Canada's efforts to curb greenhouse gas emissions by at least 40% from 2005 levels by 2030. But Canada's location bordering the United States makes it especially vulnerable to a possible future flood of cheaper U.S. biofuels, said Ian Thomson, president of Advanced Biofuels Canada. The lobby group estimates there are some C$10 billion worth of Canadian projects at early stages of development, not counting more advanced ones by Imperial Oil (IMO.TO) and others. Canada offers nothing similar, but unlike the United States, has negative incentives such as a carbon tax. The companies considering investment in the United States include Arbios Biotech, a joint venture of forestry company Canfor (CFP.TO) and Licella Holdings.

Persons: Justin Trudeau's, Joe Biden, Ian Thomson, Thomson, Don Roberts, Roberts, feedstocks, Keean Nembhard, Frank Almaraz, Almaraz, Pete Sheffield, Rob Colcleugh, Colcleugh, Rod Nickel, Steve Scherer, Denny Thomas, Matthew Lewis Organizations: Tidewater Renewables, REUTERS, U.S, Advanced Biofuels, Imperial Oil, Arbios Biotech, Licella Holdings, OTTAWA Biofuels, Ottawa, Reuters, Canada, Fortis, Thomson Locations: Tidewater, Prince George, British Columbia, Canada, REUTERS WINNIPEG , Manitoba, United States, Columbia, U.S, Ottawa, Newfoundland, Labrador, Canadian, Alberta, Winnipeg , Manitoba

☆ Listen Early to This American Life: Rats!
▼ + stars: | 2023-06-10 | by ( New York Times Audio | ) www.nytimes.com time to read: 1 min

The New York Times Audio app includes podcasts, narrated articles from the newsroom and other publishers, and exclusive new shows that we’re making available to readers for a limited time. Download the audio app here. Our new audio app is home to “This American Life,” hosted by Ira Glass. New episodes debut in our app a day earlier than the regular podcast feed, and we’ve also got an archive of the show broken down into bite-size clips, so you can enjoy the show even if you don’t have a lot of time.

Persons: ”, Ira Glass, we’ve Organizations: New York Times

Search resuls for: "Ira"

25 mentions found