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Walgreens on Thursday said it will start to work directly with drugmakers to bring cell and gene therapies to U.S. patients as part of a broader expansion of its specialty pharmacy services. The company said it is launching a new business unit dedicated to its specialty pharmacy segment, which will include specialty pharmacy subsidiary AllianceRx. Meanwhile, Shields Health Solutions, a subsidiary that supports health system-owned specialty pharmacies, will remain under Walgreens's U.S. health-care division. Specialty pharmacies provide medications that require extreme care in handling, storage and distribution. Among the company's new investments to "transform" its specialty pharmacy services, it will open a newly licensed facility in Pittsburgh dedicated to services for cell and gene therapies.
Persons: drugmakers Organizations: Walgreens, Walgreens Boots Alliance, Shields Health Solutions, Walgreens's Locations: Manhattan , New York City, U.S, Pittsburgh
Commercial and residential buildings seen from the rooftop of the Lotte Corp. World Tower at sunset in Seoul, South Korea, on Tuesday, Nov. 28, 2023. Asia-Pacific markets took a breather after two straight days of rallies, mirroring moves on Wall Street ahead of first-quarter gross domestic product figures from the U.S. due Thursday. In Asia, investors will assess South Korea's advance first-quarter GDP growth of 3.4% year on year, the highest quarterly growth since the fourth quarter of 2021. Separately, the Bank of Japan kicks off its monetary policy meeting Thursday as investors monitor for action against yen weakness. The yen slid past the 155 mark against the U.S. dollar on Wednesday, hitting a fresh 34-year low.
Organizations: Lotte Corp, Bank of Japan, U.S Locations: Seoul, South Korea, Asia, Pacific, U.S
Ford Motor on Wednesday evening delivered higher than expected profits in the first quarter, driven by strength in its commercial business. Quarterly commentary Ford Blue , which represents Ford's gas-powered and hybrid vehicles, saw volumes and revenues down 11% and 13%, respectively. The lower volumes shouldn't be much of a surprise given Ford's pivot toward making more in-demand hybrids and ICE vehicles. Ford raised its adjusted free cash flow outlook for the year by $500 million to between $6.5 billion and $7.5 billion. Lowered capex with higher profits is what we want to see because greater capital efficiency should translate to a higher multiple.
Persons: Wall, Adam Jonas, Morgan Stanley —, Ford, we're, Jim Farley, Farley, Jim Cramer's, Jim Cramer, Jim, Bill Pugliano Organizations: Ford, Automotive, LSEG, General Motors, Tesla, Ford Pro, Pro, EV, Software, CNBC, Ford Dearborn Plant, Getty Locations: Ford, Dearborn , Michigan
Elon Musk speaks onstage during The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center in New York City, Nov. 29, 2023. Tesla shares surged 15% on Wednesday morning after CEO Elon Musk said the electric-vehicle company plans to begin production of new affordable EV models by early 2025. Musk's comments came during Tesla's earnings call on Tuesday after the company reported disappointing first-quarter numbers. The company previously expected to start production of the new EV models in the second half of 2025. UBS analysts on Tuesday reiterated their neutral rating of Tesla stock and lowered their price target to $147 from $160, saying they remain skeptical of the company's talk.
Persons: Elon Musk, Tesla, Musk's, Tesla's, Michael Bloom Organizations: New York Times, Jazz, Lincoln Center, Revenue, Bank of America, UBS Locations: New York City
Rep. Devin Nunes, R-Calif., ranking member of the House Intelligence Committee, speaks during an impeachment inquiry hearing in Washington, Nov. 13, 2019. Trump Media CEO Devin Nunes on Tuesday urged House Republican committee leaders to investigate possible "unlawful manipulation" of the company's stock. Trump Media, which began trading on the Nasdaq on March 26 after completing a lengthy public merger, was far and away the most expensive U.S. stock to short as of early April. The letter comes as the stock price of Trump Media, which created the social media app Truth Social and is majority-owned by former President Donald Trump, continues to trend down in volatile trading sessions. The stock dropped nearly 5% early Wednesday but turned positive before noon, trading around $33 per share.
Persons: Devin Nunes, Nunes, Patrick McHenry, Jim Jordan, Jason Smith, James Comer, Donald Trump, DJT Organizations: House Intelligence, Trump Media, Republican, GOP, Nasdaq, Financial Locations: Washington, R, Ohio, Spokespeople
Signage at a SoftBank Corp. store in the Ginza district of Tokyo, Japan, on Wednesday, Nov. 1, 2023. Japanese tech conglomerate SoftBank is looking to develop a "world-class" Japanese-language-specific generative artificial intelligence model, and plans to invest $960 million in the next two years to bolster its computing facilities, according to a Nikkei report. Training of large language models (LLM), such as OpenAI's Chat GPT, requires advanced graphics processing units, which SoftBank plans to purchase from U.S. chip giant Nvidia , the Nikkei reported Monday, citing anonymous sources. The investment of 150 billion yen ($960 million) will be spent in 2024 and 2025 and adds to 20 billion yen that SoftBank spent on computing infrastructure last year, the report said. According to another report from Nikkei Asia, Japan lacks private companies with the high-performance supercomputers that are needed to build LLM, despite increased interest in the tech.
Persons: SoftBank Organizations: SoftBank Corp, Nikkei, Nvidia Locations: Ginza, Tokyo, Japan, U.S, Nikkei Asia
Specifically, the servers contained some of Nvidia's most advanced chips, according to the previously unreported tenders fulfilled between Nov. 20 and Feb. 28. While the U.S. bars Nvidia and its partners from selling advanced chips to China, including via third parties, the sale and purchase of the chips are not illegal in China. Contacted by Reuters, Nvidia said the tenders specify products that were exported and widely available before the restrictions. Daniel Gerkin, a Washington-based partner at law firm Kirkland & Ellis, said Nvidia chips could have been diverted to China without a manufacturer's knowledge, given a lack of visibility into downstream supply chains. It did not respond to subsequent questions about tenders that identified its products as a source of banned Nvidia chips.
Persons: Wong Yu Liang, Daniel Gerkin, Kirkland, Ellis, Clare Locke, Gigabyte Organizations: Nvidia, Getty, Super Micro Computer Inc, Dell Technologies Inc, Gigabyte Technology, Reuters, Chinese Academy of Sciences, Shandong Artificial Intelligence, Hubei Earthquake Administration, U.S, U.S . Commerce Department, Industry, Security, Super Micro, Dell Locations: China, U.S, Shandong, Hubei, Southwest, Heilongjiang, Washington
An Amazon delivery drone is on display at Amazon's BOS27 Robotics Innovation Hub in Westborough, Massachusetts, on Nov. 10, 2022. Amazon is shuttering its drone delivery operations in Lockeford, California, one of the earliest U.S. test sites for the decade-long project. Amazon said in a blog post Monday that it intends to keep expanding drone deliveries to more U.S. cities in 2025, and plans to open up in part of the Phoenix area later this year. The company said it's working with the Federal Aviation Administration and local officials to get permission for drone deliveries in Tolleson, Arizona, west of Phoenix. Amazon has still continued to push ahead with expanding drone deliveries.
Persons: Jeff Bezos, we've, Amazon, it's Organizations: Amazon, Federal Aviation Administration, FAA, Station ,, Embention Locations: Westborough , Massachusetts, Lockeford , California, U.S, Tolleson , Arizona, Phoenix, Lockeford, Station, Station , Texas, Houston, Sacramento
META mountain 2022-11-03 Meta's stock performance since Nov. 3, 2022, which marked its lowest close during its dramatic sell-off that year. In a recent Wedbush consumer survey, 60% of TikTok users who responded said either Facebook or Instagram were their top alternatives if TikTok were to be banned. That was followed by 19% of TikTok users who said they would go to YouTube. Meanwhile, Deutsche Bank said Meta's stock could see more upside in light of a potential TikTok ban. After initially being a drag on revenue, Meta has said Reels is now a positive contributor across its apps.
Persons: Jim, Joe Biden, ByteDance, Shou Zi Chew, TikTok, , FactSet, monetization, Philipp Schindler, We'll, Jim Cramer's, Jim Cramer, Avishek Das Organizations: Facebook, Chinese Communist Party, CNBC, Street, Meta, YouTube, Google, Wedbush Securities, Deutsche Bank, Getty Locations: U.S, Washington, Ukraine, Israel, Taiwan, China
I am a big fan of Tesla products and the company, but we do not currently own the stock. Since hitting its all-time high on Nov. 4, Tesla shares are the worst-performing member of the "Magnificent Seven". With prices running from about $40,000 for a single-motor version to $70,000 for a tri-motor variant, the Cybertruck's specifications were remarkable. China represents the largest market for EVs at the moment, and BYD is leading Tesla there. Among U.S. manufacturers, Tesla, because it eschews the conventional dealer model, has excellent flexibility on pricing, which they adjust dynamically.
Persons: Tesla, FSD, Warren Buffett's, Berkshire Hathaway, Charlie Munger, Elon Musk, General Motors, Organizations: Nvidia, Elon, EVs, Ford, Toyota, South, U.S, Ford Motor, General, Tesla Locations: U.S, China, Tesla, Europe
Trump cancels North Carolina rally due to storm
  + stars: | 2024-04-21 | by ( ) www.cnbc.com   time to read: +1 min
U.S. Republican presidential candidate Donald Trump abruptly canceled a campaign rally in North Carolina on Saturday because of an incoming storm, telling the crowd he was "devastated" and promising to return to the battleground state soon. The event was due to occur after the first week of Trump's historic criminal trial in New York stemming from a hush-money payment to a porn star. Both the Biden and Trump campaigns have set their sights on winning North Carolina, one of six or seven swing states that will likely determine the outcome in November. Trump narrowly won the state in 2020 over Biden. Biden and Vice President Kamala Harris traveled to North Carolina to campaign last month.
Persons: Donald Trump, Trump, I'm, Joe Biden, Biden, Kamala Harris Organizations: U.S, Manhattan Criminal, New York City . U.S, Republican, Democratic, Biden, Trump, North Carolina Locations: New York City ., North Carolina, Wilmington, New York, Washington , Georgia, Florida, York
Tesla's new Cybertruck is shown on display at a Tesla store in San Diego, California, on Dec. 9, 2023. Tesla has issued a voluntary recall of 3,878 Cybertrucks to fix a "stuck pedal" issue that had been depicted in a viral TikTok video posted last week by owner Jose Martinez. After assessing the problem, Tesla on April 12 decided to issue a voluntary recall of the Cybertrucks, the filing says. CNBC asked the NHTSA about the trapped pedal issue on the Cybertruck on April 14, after Martinez's video raised public awareness of the defect and unintended acceleration. The NHTSA said it "uses many data sources in its enforcement processes, including social media and vehicle owner and other related forums."
Persons: Tesla, Jose Martinez, Elon Musk Organizations: National, Traffic Safety Administration, CNBC, NHTSA Locations: San Diego , California
Lululemon is planning to shut down its Washington distribution center and lay off 128 employees after opening a massive new warehouse outside of Los Angeles, the company confirmed Friday. "While some employees will be retained and will relocate to other facilities, including our recently opened distribution center in the greater Los Angeles area, the optimization will result in the reduction of just over 100 positions within the existing Sumner distribution center," the person added. The closure comes after Lululemon more than tripled its warehouse footprint in the past few years to accommodate its rapid growth. In 2021, it entered into a new lease for a 1.26 million square-foot facility outside of Los Angeles in Ontario, California, filings show. In 2022, it leased a 980,000 square foot warehouse outside of Toronto in Brampton, Ontario.
Persons: Lululemon, Sumner, , CNBC's Annie Palmer Organizations: state's Employment Security Department Locations: San Diego , California, Washington, Los Angeles, Sumner, Seattle, Sumner , WA, U.S, Canada, Toronto, Ontario , California, Brampton , Ontario, California, North America, Americas
Michael Saylor, chairman and chief executive officer at MicroStrategy, during an interview at the Bitcoin 2023 conference in Miami Beach, Florida, US, on Thursday, May 18, 2023. MicroStrategy founder and bitcoin evangelist Michael Saylor entered into a stock-sale plan with his company last summer that allowed him to unload up to 400,000 shares in the first four months of 2024. With the plan more than 90% of the way to completion, Saylor has netted about $370 million from this year's stock sales, thanks to the stratospheric rise in value of MicroStrategy, which is effectively a bitcoin holding company. Saylor is the largest MicroStrategy shareholder, with Class B holdings worth about $2.3 billion. At the end of 2023, Saylor owned another 400,000 Class A shares due to an option he received in 2014.
Persons: Michael Saylor, Saylor, MicroStrategy, unexercised Organizations: CNBC Locations: Miami Beach , Florida
China said it "firmly opposes" the U.S. investigation into its maritime, logistics and shipbuilding industries, calling the move a "mistake on top of a mistake." In an official statement late Wednesday, China's ministry of commerce said the U.S. provides hundreds of billions of dollars in "discriminatory" subsidies to its domestic industries, "yet accuses China of adopting so-called 'non-market practices.'" "In fact, the development of China's industries is the result of companies' technological innovation and active participation in market competition," the Chinese ministry said. On Wednesday, the Office of the U.S. Trade Representative initiated a probe into China's maritime, logistics and shipbuilding industries, alleging that Beijing used "unfair, non-market policies and practices" to dominate these sectors. "By launching a new Section 301 investigation, the U.S. is making a mistake on top of a mistake," the China's commerce ministry said.
Persons: Joe Biden, Xi Jinping, China's Organizations: Economic Cooperation, U.S . Trade, Trade Locations: Asia, Woodside , California, China, U.S, Beijing
USS Boxer, a Wasp-class amphibious assault ship, is returning home just 10 days after deploying. "USS Boxer is returning to San Diego to undergo additional maintenance in support of its deployment in the Indo-Pacific region," Lt. Cmdr. "We're seeing some potential delays on [the amphibious assault ship USS Wasp]," Franchetti said. A spokesperson for Surface Force Atlantic told Military.com following the incident that "during the underway, the ship discovered an engineering irregularity" and "returned to port to effect repairs." The amphibious assault ship USS Boxer transits the East Sea during Exercise Ssang Yong 2016 March 8, 2016.
Persons: Boxer, , Cmdr, Jesus Uranga, Military.com, Uranga, Craig Z, Adm, Lisa Franchetti, Franchetti, Bill Dodge, Yong, Seaman Craig Z, Konstantin Toropin Organizations: US Navy, Service, USNI News, Navy, Marine Corps, Boxer, Marines, 15th Marine Expeditionary Unit, USNI, Space, Maritime, USS Boxer, USS Boxer U.S . 5th, . Navy, Naval, Surface Force, REUTERS, U.S . Navy, Reuters, USS, Somerset Locations: San Diego, Boxer U.S, USS Boxer U.S, Norfolk, Virginia, Handout, USS Somerset, Somerset, India
Jetcityimage | Istock | Getty ImagesHow the I bond rate worksThe U.S. Department of the Treasury adjusts I bond rates every May and November. The variable rate portion resets every six months starting on the investor's I bond purchase date, not when the Treasury Department announces rate adjustments. The 1.3% fixed rate "makes it very attractive" for investors who want to preserve purchasing power long term, according to Tumin. How the fixed rate could changeSince the variable rate for I bonds is based on six months of inflation data, experts agree it will fall from 3.94% to 2.96% in May. Enna looks at a half-year average of real yields for 5- and 10-year TIPS to predict fixed rate changes.
Persons: David Enna Organizations: Istock, U.S . Department of, Treasury, Treasury Department Locations: Enna
An AWS spokesperson said in an emailed statement that the company has introduced more cost-effective options for moving data. As of March, AWS had removed Snowmobile from its website, and the Amazon unit has stopped offering the service, CNBC has confirmed. Andy Jassy, now Amazon's CEO, called it the Snowmobile, and said the company would be using the truck to help customers speedily transfer data to Amazon Web Services facilities. "We intend to make sure that Snowmobile is both faster and less expensive than using a network-based data transfer model," Barr wrote. Clients generally find that sending data to AWS online is more economical than using Snowmobile, the company said.
Persons: we've, Andy Jassy, Jassy, Jeff Barr, Barr, Maxar, There's, we're Organizations: AWS, CNBC, Amazon Web Services, Amazon, Microsoft Locations: Las Vegas
The dollar stood just off its highest since early November against a handful of peer currencies on Tuesday, raising intervention worries as the yen languished at its lowest level since 1990 following hotter-than-expected U.S. retail sales. The dollar stood just off its highest since early November against a handful of peer currencies on Tuesday, raising intervention worries as the yen languished at its lowest level since 1990 following hotter-than-expected U.S. retail sales. In the U.S., retail sales rose 0.7% last month, compared with the 0.3% rise that economists polled by Reuters had forecast. The Japanese yen languished under the dollar's continued strength and large interest rate differential between the two countries, breaching 154 to hit a fresh 34-year low against the dollar on Monday. The offshore Chinese yuan was mostly unchanged at 7.2620 per dollar ahead of the key economic data releases out of China.
Persons: Matt Simpson, Shunichi Suzuki, Index's Simpson, bitcoin Organizations: Reuters, Federal Reserve, U.S ., U.S, Traders, Japanese Finance, European Central Bank Locations: China, U.S, Middle
US naval forces in the Middle East have been involved in shooting down malign threats for months. The cost of munition expenditure during this time is approaching $1 billion, the Navy secretary said. AdvertisementThe US Navy has fired nearly $1 billion in missiles to counter threats from Iran and its proxy forces over the past six months, the sea service's top civilian official revealed on Tuesday. USS Dwight D. Eisenhower conducts flight operations in response to the Houthis in the Red Sea. The Pentagon's Red Sea operations, however, have raised questions about sustainability, as the Houthis show no sign of letting up their attacks.
Persons: , Navy Carlos Del Toro, Arleigh Burke, Aaron Lau Del Toro, Biden, Dwight D, Eisenhower, Kaitlin Watt Del Toro, Israel Organizations: Service, US Navy, US, Navy, Defense, Carney, Senate, House Republicans, Congress Locations: Iran, Yemen, Israel, Suez, Ukraine, Red, Gulf of Aden
Arkhouse then launched its proxy fight and put forward nine nominees to Macy's 15-person board. Turning the tideOther department store chains have faced challenges from activists in recent years, and even when those efforts fall short, the pressure can bring about sweeping changes. That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury. Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed. Arkhouse, for its part, has said it plans to keep Macy's stores open.
Persons: Bing Guan, Tony Spring, Arkhouse, Neil Saunders, Macy's, Michelle Gass, Levi Strauss, Chip Bergh, Ben Hider, , GlobalData's Saunders, It'll, Gavriel Kahane, Kahane, it's Organizations: Macy's Inc, National Retail Federation, Bloomberg, Getty, Arkhouse Management, Capital Management, American, Brigade, Levi, Herald, Sears, CNBC, Macy's, Fortress Investment Group, One Investment Management Locations: Herald, New York, Macy's, New York City
General Motors is buying back a ton of stock; Ford, so far, not so much. Before the buyback disclosure late this year, Ford had been down 10%, which was less than GM's 14% decline. In 2023, Ford spent $5.33 billion on dividends and stock repurchases, with only 6.3% of that total on buybacks. In guidance alongside Q4 numbers, Ford said it expects warranty costs for full-year 2024 to be flat year over year. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Ford, Jim Cramer, General Motors, Adrian Yanoshik, Jim, Morgan Stanley, Adam Jonas, Jonas, BEV, John Lawler, Redburn's Yanoshik, Jim Cramer's, Paul Hennessy, LightRocket Organizations: General Motors, Ford, GM, CNBC, General, United Auto Workers, Capital, Renaissance, Getty
Former U.S. President Donald Trump speaks from the hallway outside a courtroom where he is attending a hearing in his criminal case on charges stemming from hush money paid to a porn star, in New York City on March 25, 2024. Michael Cohen, former attorney for Donald Trump, arrives to the New York Courthouse on March 13, 2023. In 2018, Cohen pleaded guilty to campaign finance charges related to hush money payments made to two women before the 2016 election. Trump has voluntarily attended numerous hearings in the hush money case and his other criminal cases, generating waves of mainstream media attention that his regular campaign events no longer muster. Former U.S. President Donald Trump sits with his lawyer Susan Necheles in the courtroom at a hearing in his criminal case on charges stemming from hush money paid to a porn star, in New York City on March 25, 2024.
Persons: Donald Trump, Brendan Mcdermid, Reuters Donald Trump, Trump, Stormy Daniels, Attorney Alvin Bragg, Jane Rosenberg, Reuters Trump, Michael Cohen, Eduardo Munoz, Trump's, Cohen, Daniels, Bragg, Karen McDougal, David Pecker, Juan Merchan, Will Trump, Eric Trump, Angela Weiss, Judge Merchan, , Norm Eisen, Eisen, Reuters Cohen, McDougal, Bradley Smith, Susan Necheles, Reuters Trump's Organizations: U.S, Reuters, Manhattan, Attorney, New, DA, Reuters Central, Trump, Trump Organization, National Enquirer, American Media Inc, Former U.S, Manhattan Criminal, Eric Trump Via Reuters, Trump Media & Technology Group, Manhattan Federal, AFP, Getty, Democrats, Court, NBC, Federal, Commission Locations: New York City, New York, Manhattan, Lago, Palm Beach , Florida
Eaton and DuPont are both unconventional AI plays, as the data center market grows to meet the demands of the generative AI boom. Wells Fargo Investment Institute last month described rising data center demand as having positive "trickle-down effects" on the industrial sector. WFII wrote that spending from Big Tech firms into data centers, in particular, creates "meaningful downstream impacts" for industrial companies. Amazon Web Services is reportedly investing nearly $150 billion in data centers within the next 15 years to support AI efforts. During a Barclays investor conference in February, CFO Lori Koch said DuPont's data center and AI exposure will help boost the company's electronics business.
Persons: Eaton, Jensen Huang, Huang, chipmaker, Sameer Samana, WFII, Jim Cramer, Eaton's, DuPont, Lori Koch, Koch, Jim Cramer's Organizations: The, DuPont, Club, Nvidia, Wells, Wells Fargo Investment Institute, CNBC, Big Tech, , Microsoft, Services, McKinsey, workloads, Electrical, Management, Barclays, Wall Street, RBC Capital Markets, Eaton, RBC, U.S, De Nemours, DuPont's Electronics, Semiconductor Technologies, DuPont's Semiconductor Technologies, Jim Cramer's Charitable Locations: Wells Fargo, U.S, Eaton, China
Cava — Shares jumped 4.4% after Argus upgraded the Mediterranean food chain to buy from hold, saying investors should buy the dip. Cava has a "long runway to growth," the firm said. Nvidia — Shares rose 1.7% as the "Magnificent Seven" leader tried to claw its way out of correction territory . Earnings came in at 45 cents per share, 9 cents ahead of the 36 cents expected by analysts polled by LSEG. Alibaba — Shares rose 1.2% on news that Jack Ma, co-founder of the China-based e-commerce company, touted Alibaba's management and talked about the potential for AI in an internal memo to employees.
Persons: Truist, Cava —, William Blair, Vital, Jefferies, Wednesday's, Albemarle, Jack Ma, Samantha Subin, Michelle Fox Theobald, Lisa Kailai Han Organizations: Hoka, Argus, Nvidia, Vital, Mizuho, Zillow, National Association of Realtors, GoodRx Holdings, Delta Air Lines, LSEG, Bank of America, Taiwan Semiconductor Manufacturing Locations: Cava, China
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