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☆ Purdue mess pits drug victims against due process
▼ + stars: | 2023-12-05 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

That’s the dilemma currently facing the parties involved in the case regarding Purdue Pharma, including states, individuals, and the company’s founding Sackler family. According to the lawsuit, the family withdrew $11 billion from Purdue, but only contributed $6 billion to the settlement. Side with the DOJ, and the Supreme Court could clean up the bankruptcy process that often shields individuals and companies. For now, though, either the victims of the opioid epidemic will have to wait, or those wanting to end bankruptcy shields will. Follow @rob_cyran on XCONTEXT NEWSThe Supreme Court heard arguments on Dec. 4 over whether to approve the Purdue Pharmaceuticals bankruptcy agreement.

Persons: Sackler, Elena Kagan, Neil Gorsuch, Kagan, Gorsuch, Brett Kavanaugh, They’ve, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S, Supreme, Purdue Pharma, U.S . Department of Justice, Purdue, Liberal, DOJ, Purdue Pharmaceuticals, Thomson

☆ Wolfe Research says investors are too optimistic and sees the S&P 500 dropping 8% in 2024
▼ + stars: | 2023-12-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

If this year's early Santa Claus rally is any indication, investors may be getting too optimistic about the prospects of a rate cut early next year, according to Wolfe Research. The Dow Jones Industrial Average and S & P 500 hit fresh year-to-date closing highs on Friday. .SPX YTD mountain S & P 500 YTD chart Investors have been sending stocks flying on the back of expectations that the Federal Reserve will adopt more dovish policy next year. Senyek's base line scenario for 2024 sees these factors bringing the S & P 500 to 4,250 by year-end 2024, implying about an 8% drop. His bull case takes the S & P 500 up to 4,995 for a 9% gain, while his bear case calls stocks to plunge 22% to 3,565.

Persons: Santa Claus, Chris Senyek, Senyek Organizations: Wolfe Research, Dow Jones Industrial, Federal Reserve, Traders, pharma Locations: Santa, U.S

☆ Israel Tells More Gazans to Leave, and Supreme Court to Hear Pharma Case
▼ + stars: | 2023-12-04 | by ( New York Times Audio | Ian Stewart | ) www.nytimes.com time to read: 1 min

The New York Times Audio app is home to journalism and storytelling, and provides news, depth and serendipity. If you haven’t already, download it here — available to Times news subscribers on iOS — and sign up for our weekly newsletter. The Headlines brings you the biggest stories of the day from the Times journalists who are covering them, all in about five minutes.

Organizations: New York Times, Times

☆ US Supreme Court to scrutinize controversial opioid crisis settlement that would give Sackler family immunity
▼ + stars: | 2023-12-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Barring individual victims from pursuing their own lawsuits against the Sackler family “raises serious constitutional questions,” the department argued. OxyContin’s commercial success helped the Sackler family earn billions of dollars and the family became known for philanthropy around the world. As the country’s opioid crisis worsened, attention shifted to the role played by Purdue Pharma and the Sackler family. Many of the suits allege that the Sackler family knew of OxyContin’s addictive properties but, nevertheless, continued to promote the drug. The Supreme Court hearing comes at a time of devastating losses due to drug overdoses in the US.

Persons: Los Angeles CNN —, Sackler, Mortimer, Raymond Sackler, “, George Frey, Elizabeth Prelogar, ” Anthony Casey, , –, Purdue Frederick, ” Lindsey Simon, ” Organizations: Los Angeles CNN, Purdue, New, US, US Justice Department, Purdue Pharma, Supreme, Knoa Pharma, Purdue Pharma L.P, Bloomberg, Sackler, ”, University of Chicago, school’s, Law, Finance, Guggenheim, Centers for Disease Control, “, Emory University Locations: New York, Purdue, Provo , Utah, U.S, United States, Paris

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Amazon, GM, Uber, Carvana, Nike, Palo Alto & more
▼ + stars: | 2023-12-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Wells Fargo downgrades Lululemon to equal weight from overweight Wells said in its downgrade of the stock that it sees less balanced risk/reward. Morgan Stanley downgrades Sea Limited to equal weight from overweight Morgan Stanley downgraded the Singapore-based tech conglomerate until its business outlook is clearer. Morgan Stanley upgrades Insulet to overweight from equal weight Morgan Stanley initiated the insulin pump therapy company and said it sees room for further gains. Wells Fargo reiterates Nike as overweight Wells says Nike is a top defensive pick for 2024. Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said Palo Alto shares have the poten tial to rise further.

Persons: Morgan Stanley, Mizuho, Wells, LULU, Roth, Evercore, Piper Sandler, Piper, NVDA, Goldman Sachs, Goldman, it's bullish, KeyBanc, Worthington Enterprises –, TD Cowen, Coinbase, underperform TD Cowen, Oppenheimer, Uber, Truist, Herc, Palo Organizations: West Bancorp, Bank of America, Union Pacific, US Bancorp, Motors, Mizuho, GM, UAW, UBS, Apple, Deutsche Bank downgrades Anheuser Busch InBev, Deutsche, Deutsche Bank, Airlines, Alaska, " Bank of America, Google, Walmart, Nvidia, AMD, European Partners, Coke, JPMorgan, of America, Magellan, MMP, Arrowhead Pharmaceuticals, Arrowhead Pharma, Worthington Steel, Worthington Industries, Worthington Enterprises, Barclays, Resources, Herc Holdings, United Rentals, Nike, Palo Alto, Palo Locations: China, Singapore, Indonesia

WASHINGTON (AP) — The Supreme Court is hearing arguments over a nationwide settlement with OxyContin maker Purdue Pharma that would shield members of the Sackler family who own the company from civil lawsuits over the toll of opioids. The agreement hammered out with state and local governments and victims would provide billions of dollars to combat the opioid epidemic. Sackler family members no longer are on the company's board and they have not received payouts from it since before Purdue Pharma entered bankruptcy. In the decade before that, though, they were paid more than $10 billion, about half of which family members said went to pay taxes. A decision in Harrington v. Purdue Pharma, 22-859, is expected by early summer.

Persons: Sackler, Biden, Trump, ” OxyContin Organizations: WASHINGTON, Purdue Pharma, U.S, Bankruptcy, Justice Department, Purdue Locations: Stamford , Connecticut, Harrington

☆ Former Harvard disinformation scholar says she was pushed out of her job after college faced pressure from Facebook
▼ + stars: | 2023-12-04 | by ( Donie O'Sullivan | Clare Duffy | ) edition.cnn.com time to read: +2 min

CNN —A nationally recognized online disinformation researcher has accused Harvard University of shutting the project she led to protect its relationship with mega-donor and Facebook founder Mark Zuckerberg. The allegations, made by Dr. Joan Donovan, raise questions about the influence the tech giant might have over seemingly independent research. Beginning in 2018, Dr. Donovan worked for the Shorenstein Center at Harvard University’s John F. Kennedy School of Government, and ran its Technology and Social Change Research Project, where she led studies of media manipulation campaigns. But last year Harvard informed Dr. Donovan it was shutting the project down, Donovan claims. The Chan Zuckerberg Initiative is the philanthropy run by Zuckerberg and his wife, Priscilla Chan, who both attended Harvard.

Persons: Mark Zuckerberg, Joan Donovan, Donovan, Harvard University’s John F, Dr, Miguel Cardona, Chan, Chan Zuckerberg, Zuckerberg, Priscilla Chan, ” Libby Liu, Frances Haugen, “ We’ve, ” Liu Organizations: CNN, Harvard University, Meta, Shorenstein, Harvard University’s, Kennedy School of Government, Technology, Research, Harvard, US Education, University, Initiative, The Washington Post, Post, Big Energy, Big Pharma

At issue is whether U.S. bankruptcy law allows Purdue's restructuring to include legal protections for the members of the Sackler family, who have not filed for personal bankruptcy. Members of the Sackler family have denied wrongdoing but expressed regret that OxyContin "unexpectedly became part of an opioid crisis." They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." The administration told the Supreme Court that Purdue's settlement is an abuse of bankruptcy protections meant for debtors in "financial distress," not people like the Sacklers. The administration has also alleged that the Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to its opioid settlement.

Persons: painkiller, George Frey, Joe Biden's, Sackler, Biden, OxyContin, John Kruzel, Andrew Chung, Will Dunham Organizations: Purdue Pharma L.D, REUTERS, Rights, Purdue Pharma, WASHINGTON, U.S, Supreme, Purdue, Circuit, Thomson Locations: Provo , Utah, U.S, Stamford , Connecticut, Manhattan

☆ Supreme Court to Hear Challenge to Controversial Purdue Pharma Deal
▼ + stars: | 2023-12-04 | by ( Abbie Vansickle | More About Abbie Vansickle | ) www.nytimes.com time to read: +1 min

Purdue Pharma and the wealthy family that controlled it are forever linked to the deadly opioid epidemic, which has left hundreds of thousands of people dead. But their role in the public health crisis is not the central question that the Supreme Court will wrestle with on Monday when it hears arguments over a bankruptcy settlement involving Purdue, the maker of the highly addictive painkiller OxyContin. Instead, the justices will focus on a narrower issue: whether the plan, devised to address the thousands of claims brought by state and local governments, tribes, hospitals and individual victims, can give wide-ranging legal protections to members of the Sackler family, the owners of the company. Under the deal, the Sacklers would pay up to $6 billion of their fortune toward settling those claims in exchange for immunity from all civil legal disputes related to the opioid crisis and Purdue.

Persons: Sackler Organizations: Purdue Pharma, Purdue

☆ Supreme Court questions opioid liability protections for Sackler family
▼ + stars: | 2023-12-04 | by ( Lawrence Hurley | ) www.cnbc.com time to read: +4 min

WASHINGTON — Members of the Supreme Court seemed conflicted on Monday over whether to allow the bankruptcy reorganization of opioid maker Purdue Pharma, which includes a provision that protects the Sackler family from liability from future lawsuits. During the oral argument, justices expressed skepticism that a bankruptcy court had legal authority to release the Sacklers from potential legal claims. No Sackler family member has had any involvement in the company since 2019. The company sought bankruptcy protection, but the Sackler family members did not. She added that it would be "an extraordinary thing" if the court allowed the family to "basically subvert" the bankruptcy process.

Persons: Sackler, Pharm, Biden, Neil Gorsuch, Brett Kavanaugh, Elena Kagan's, Kagan, Pratik Shah, Elizabeth Prelogar Organizations: WASHINGTON, Purdue Pharma, New York's Southern, Federal Court, Purdue Locations: New York's, White Plains

☆ Roche’s late obesity punt offers wider market cure
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann Acquire Licensing RightsLONDON, Dec 4 (Reuters Breakingviews) - Roche’s (ROG.S) foray into the prospective $100 billion obesity market can bring wider benefits. On Monday, the $224 billion Swiss pharma group said it had agreed to take over weight-loss drug developer Carmot Therapeutics for $2.7 billion. Market leader Novo Nordisk (NOVOb.CO) is already selling obesity drugs in the U.S. and parts of Europe. Still, Schinecker’s obesity bet could turn successful if it ends up undercutting obesity pioneers on prices. With over 1 billion people globally classed as seriously overweight, other drugmakers will follow Roche on the obesity bandwagon.

Persons: drugmaker Roche, Arnd, Eli Lilly’s, Thomas Schinecker, Eli Lilly, Eccogene, Roche, Aimee Donnellan, Neiman Marcus, Lisa Jucca, Oliver Taslic Organizations: REUTERS, Reuters, Swiss pharma, Carmot Therapeutics, Novo Nordisk, U.S . Food, Drug Administration, AstraZeneca, Novo, X, Saks, Thomson Locations: Basel, Switzerland, U.S, Europe, Hong Kong

☆ The oxycontin-peddling Sackler family has tried to get immunity from civil lawsuits by filing for bankruptcy. That might be illegal.
▼ + stars: | 2023-12-03 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

The US Supreme Court will decide whether Purdue Pharma's bankruptcy settlement will stand. Officially referred to as third-party nonconsensual releases, the legal maneuver allows organizations to settle personal injury claims in bankruptcy court instead of civil court. Legal experts say companies are more often relying on bankruptcy court than civil court to settle claims, The New York Times reported. Opponents of the practice say it robs regular people of their day in civil court. The Sacklers' settlement deal did not require the Sacklers themselves to declare bankruptcy, just Purdue Pharma, according to the Times.

Persons: Sackler, — Organizations: Purdue, Service, Purdue Pharma, Reuters, The New York Times, Times

☆ Explainer: How will the Supreme Court reshape US opioid epidemic relief?
▼ + stars: | 2023-12-03 | by ( John Kruzel | ) www.reuters.com time to read: +5 min

The settlement also would shield the Stamford, Connecticut-based pharmaceutical company's wealthy Sackler family owners from lawsuits brought by opioid victims. A U.S. bankruptcy court approved that restructuring plan in 2021. Lawsuits against Purdue and Sackler family members accuse them of fueling the opioid epidemic through deceptive marketing of its pain medication. They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." The administration also has said Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to the opioid settlement.

Persons: OxyContin, Sackler, Department's, Joshua Silverstein, Silverstein, Joe Biden's, John Kruzel, Dietrich Knauth, Will Dunham Organizations: Purdue Pharma, WASHINGTON, U.S, Supreme, Purdue, U.S ., District of Columbia, University of Arkansas, Justice Department, Thomson Locations: Stamford , Connecticut, United States, U.S, Little, New York

☆ At Core of Purdue Pharma Case: Who Can Get Immunity in Settlements?
▼ + stars: | 2023-12-03 | by ( Abbie Vansickle | More About Abbie Vansickle | ) www.nytimes.com time to read: +1 min

For years, Purdue Pharma, the maker of the prescription painkiller OxyContin, had been entangled in lawsuits seeking to hold it to account for its role in the spiraling opioid crisis. A pathbreaking settlement reached last year appeared to signal the end to thousands of those cases, funneling billions of dollars toward fighting the epidemic in exchange for exempting members of the billionaire Sackler family, which once controlled the company, from civil lawsuits. But on Monday, the Supreme Court will hear arguments over whether the agreement is a violation of federal law in a case that could have ramifications not just for Purdue but also for organizations that turn to bankruptcy court, as the company did, to resolve claims of mass injury. “There’s huge implications for all of corporate bankruptcy,” said Anthony J. Casey, a law professor at the University of Chicago. “I think this is probably the most important bankruptcy case before the court in 30, maybe 40 years.”

Persons: Sackler, “, ”, Anthony J, Casey Organizations: Purdue Pharma, Purdue, University of Chicago

☆ DeSantis Says He Would Pass a Bill to ‘Supersede’ Obamacare
▼ + stars: | 2023-12-03 | by ( Maggie Astor | More About Maggie Astor | ) www.nytimes.com time to read: +1 min

Ron DeSantis of Florida said on Sunday that, if elected president, he would pursue legislation that would “supersede” the Affordable Care Act, echoing former President Donald J. Trump’s comments, which Democrats seized upon last week. “We’re going to look at the big institutions that are causing prices to be high — big pharma, big insurance and big government — but it’s going to need to be where you have a reform package that’s going to be put in place,” he said. “Obamacare promised lower premiums. After President Biden’s campaign denounced the statement, Mr. Trump wrote: “I don’t want to terminate Obamacare, I want to REPLACE IT with MUCH BETTER HEALTHCARE. Obamacare Sucks!!

Persons: Ron DeSantis, Donald J, Mr, DeSantis, ”, Trump’s, “ We’re, “ Obamacare, Trump, Biden’s Organizations: Affordable, Press, pharma Locations: Florida

☆ December's 'best-in-class' stocks include this obesity beneficiary, Wall Street analysts say
▼ + stars: | 2023-12-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

An obesity beneficiary and a snack foods company are just a few of the top stocks to buy in December, analysts said this week. Wall Street research firms named a slew of companies that they believe have upside heading into the years end. Obin said the company has a "preponderance" of margin tailwinds for 2024, including "differentiated auto exposure, underappreciated margin expansion opportunities, and best-in-class execution." "We are including BUY-rated EL in our research team's Best-of-Breed Bison initiative, which focuses on long-term best-in-class companies with sustainable competitive moats," analyst Linda Bolton Weiser said earlier this week. Estee Lauder — DA Davidson, buy rating "We are including BUY-rated EL in our research team's Best-of-Breed Bison initiative, which focuses on long-term best-in-class companies with sustainable competitive moats.

Persons: Estee Lauder, Gracell Biotechnologies, Eli Lilly, Andrew Obin, Obin, it's, Nik Modi, Modi, MDLZ, Mondelez, LSEG, Estee Lauder DA Davidson, Linda Bolton Weiser, Bolton Weiser, Gracell, Eli Lilly — Morgan Stanley, Estee Lauder —, Davidson Organizations: CNBC, ITT, Gracell, Bank of America, RBC, ISI, pharma, ITT — Bank of America

☆ Friday's analyst calls: Big drug stock upgrade, Alibaba downgrade, a new AI play
▼ + stars: | 2023-12-01 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The analyst lowered her price target to $99 from $106 per share. The new price target implies just a 5% gain from Thursday's close. The analyst's $115 price target, hiked from $70 previously, implies 43% upside from where the stock closed Thursday, at $80.36. ET: Morgan Stanley downgrades Alibaba Morgan Stanley cut Alibaba to equal-weight from overweight and lowered the firm's price target to $90 from $110. The analyst's $190 price target implies shares can rise just 2.6% from where they closed Thursday.

Persons: JPMorgan downgrades, Jessica Fye, Fye, Sarah Min, Wells Fargo, Andrew Nowinski, GenAI, Nowinski, FactSet, — Sarah Min, Morgan Stanley downgrades Alibaba Morgan Stanley, Alibaba, Morgan Stanley, PDD, John Melloy, Jason Bazinet, Bazinet, Johnson, Danielle Antalffy, Antalffy, Robert Ohmes, — John Melloy Organizations: CNBC, Spotify, JPMorgan, Investors, U.S, PDD Holdings, Citi, UBS, Johnson, Pharma, Bank of America, of America, Costco Locations: BioNTech, Thursday's, Wells Fargo, China, Darzalex, DARZALEX

☆ Here are Thursday's biggest analyst calls: Nvidia, Apple, Eli Lilly, Salesforce, Snowflake, Snap, Pinterest and more
▼ + stars: | 2023-11-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Jefferies upgrades Pinterest and Snap to buy from hold Jefferies sees growth upside in 2024 for both stocks. " Wolfe upgrades Ally Financial to outperform from peer perform Wolfe said in its upgrade of the financial company that it's well-positioned. "In an environment where the probability of a mild recession or soft landing both appear plausible, we believe ALLY is well positioned to outperform in either scenario and upgrade shares to Outperform." "We continue to believe that Salesforce is on track to become the next quality [growth at a reasonable price] stock." Goldman Sachs reiterates Snowflake as buy Goldman Sachs stood by its buy rating on Snowflake after earnings on Wednesday.

Persons: Berenberg, Eli Lilly, Lilly, Wells, BTIG, Jefferies, Bernstein, Burger, Wolfe, TD Cowen downgrades Okta, Cowen, Stifel, Raymond James, Morgan Stanley, Bilibili, BILI, Baird, Pat Shanahan, Wells Fargo, Salesforce, Goldman Sachs, Snowflake, DUK Organizations: pharma, Nvidia, NVIDIA, Jefferies, SNAP, BK, UBS, Service Corporation, Deutsche Bank, Lattice Semiconductor, Apple, JPMorgan, Nokia, Infineon, Watch, Hewlett Packard Enterprise, Barclays, GE Healthcare, Airbus, Bank of America, Duke Energy, HSBC, Molson Coors Locations: FTCH, North America, China

☆ Can a Big Pharma Ever Be Worth $1 Trillion?
▼ + stars: | 2023-11-29 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Daniel Skovronsky, chief scientific and medical officer at Eli Lilly, pushed the company to move more quickly and focus more on science. Photo: Maddie McGarvey for The Wall Street JournalThere are five tech companies valued at over $1 trillion. In healthcare, the closest contender is Eli Lilly . This year it became the first big pharmaceutical to surpass a market capitalization of $500 billion thanks to the popularity of its obesity and diabetes medications and, to a lesser extent, its experimental Alzheimer’s drug. But hanging over Lilly and rival Novo Nordisk is a reality that puts the brakes on big pharma’s ascent: the patent cliff.

Persons: Daniel Skovronsky, Eli Lilly, Maddie McGarvey, Lilly Organizations: Wall, Novo Nordisk

☆ Forbes built a hall of shame for all the questionable people on its 30 Under 30 lists
▼ + stars: | 2023-11-29 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

Plenty of people on the Forbes 30 Under 30 lists have turned out to be not quite so shiny. AdvertisementThe Forbes "30 Under 30" lists celebrate the achievements of young people making a mark in a range of sectors. Its "hall of shame" starts – appropriately enough – with Sam Bankman-Fried, the FTX cofounder who was on the 30 Under 30 finance list in 2021. Caroline Ellison was on the Forbes 30 under 30 list last year. Outside the 30 Under 30 finance class, the gun rights activist Cody Wilson also makes the hall of shame.

Persons: Forbes, Sam Bankman, Martin Shkreli, —, Mark Zuckerberg, FTX, Fried, Caroline Ellison, Eduardo Munoz Alvarez Martin Shkreli, Craig Ruttle, Charlie Javice, Frank, JP Morgan Chase, Javice, Morgan, She's, Nate Paul, Lucas Duplan Clinkle, Lucas Duplan, Peter Thiel, Andreesen Horowitz, Cody Wilson, Kelly West, Steph Korey, James O'Keefe, Prendergrast, she's Organizations: Forbes, Service, Prosecutors, Justice, TechCrunch, Business, Reuters, Project Veritas, The City Magazine Locations: Alameda

Bernstein named Taiwan Semiconductor a "best idea" for 2024, raising its price target on the stock. — Alex Harring 7:01 a.m. In addition to the best-pick honor, analyst Steve Scala has an outperform rating and $86 price target. Analyst Michael Lavery downgraded the stock to neutral from overweight and slashed his price target by $40 to $200. ET: Morgan Stanley hikes PDD price target, calls stock a top pick following earnings Morgan Stanley named Chinese e-commerce name PDD Holdings a top pick following its latest quarterly earnings report.

Persons: Bernstein, Morgan Stanley, LSEG, Bank of America's Tal Liani, Morgan Stanley's Hamza Fodderwala, Alex Harring, Craig Siegenthaler, Blackstone, That's, — Alex Harring, Ken Hoexter, Hoexter, TD Cowen, Steve Scala, Scala, Jefferies, John Colantuoni, bode, Colantuoni, Neil Beveridge, Josh Silverstein, Silverstein, JMP, Baldwin, Mitch Germain, Germain doesn't, Germain, Piper Sandler, Michael Lavery, Lavery, elasticities, HSY's, Hershey, Eddy Wang, Wang, Mark Li, Li, — Fred Imbert Organizations: CNBC, Taiwan Semiconductor, Holdings, Wall, Bank of America, Bank of America's, KKR, Apollo Global Management, Pacific, Transport, AstraZeneca, pharma, Airbnb, Toyota, UBS, Exxon Mobil, Natural Resources, Exxon Mobil's, Hershey, PDD, U.S, LSEG, Commerce, PDD's U.S, Apple, Huawei Locations: Tuesday's, Ivory Coast, Ghana, 4Q23, Taiwan, China

☆ White House puts corporate 'price gouging' front and center: 'We see American families hurting'
▼ + stars: | 2023-11-29 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Companies should pass those savings on to consumers," White House Press Secretary Karine Jean-Pierre told reporters aboard Air Force One, en route to Colorado. "That's why taking on price gouging has been part of the President's economic agenda." But drawing a direct line from corporate pricing practices to how voters feel about the economy could prove challenging for the Biden White House. "Whether it's junk fees, whether it's price gouging, whether it's calling out big pharma, whether it's calling out big oil, we're going to continue to do that," Jean-Pierre said Tuesday. "Because of the price gouging, we see American families hurting," she said.

Persons: Joe Biden, Joe Biden's, Karine Jean, Pierre, Biden, Jean Organizations: Warehouse Union, Pacific Maritime Association, White, Companies, House Press, Air Force, Black, Biden White, Consumers Locations: Washington ,, Colorado

☆ Stocks making the biggest moves premarket: General Motors, Petco, Foot Locker and more
▼ + stars: | 2023-11-29 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

Petco — Shares of the pet retailer plummeted 17% after reporting a third-quarter loss of 5 cents per share. Analysts had anticipated the company would earn 2 cents per share on revenue of $1.51 billion, according to a LSEG survey. CrowdStrike — Shares of the cybersecurity company gained 2.7% after it reported positive third-quarter earnings and raised its fourth-quarter forecast. The results topped estimates of 74 cents per share on revenue of $777 million expected by analysts, according to LSEG. The company, which was slated to report its third-quarter earnings after the bell on Wednesday, posted its results early.

Persons: TD Cowen, Steve, Hormel, LSEG, NetApp, CrowdStrike, Okta, Phillips, Elliott, CNBC's David Faber, —, Macheel, Jesse Pound Organizations: Toyota, AstraZeneca, pharma, LSEG, General Motors, GM, JMP Securities, Elliott Management Locations: Tuesday's, U.S

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 28, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - The EU is falling behind Britain in tapping into savers' money to boost the stock market, despite reforms in continental Europe being a step in the right direction, an official with Germany's bourse told Reuters. For Maassen there is an opportunity in Europe to rival US capital markets. Maassen urged policymakers to speed up the implementation of the Capital Markets Union, a longstanding project to create a single market for capital beyond national borders. Earlier this month, European Central Bank President Christine Lagarde called for a capital markets union, with a single supervisor and trading infrastructure, to finance its digitalisation and green transition.

Persons: Stefan Maassen, Jeremy Hunt, Hunt, ThyssenKrupp, Maassen, Germany's, Christine Lagarde, Lagarde, Pablo Mayo Cerqueiro, Anousha Sakoui, Christina Fincher Organizations: REUTERS, Staff, Germany's bourse, Reuters, Capital Markets, Deutsche, Frankfurt Stock Exchange, Schott Pharma, OLB Bank, DKV, New York Stock Exchange, EU, Capital Markets Union, European Union, European Central Bank, ., Thomson Locations: Frankfurt, Germany, EU, Europe, we're, U.S

The full benefit for these Indian manufacturers will not be immediate, said Peter DeYoung, CEO of Piramal Pharma Solutions. Nimgaonkar said Indian CDMOs need to do more to ensure their reputation on quality standards matches Western and Chinese ones. The Indian CDMOs told Reuters that their facilities are routinely inspected by the FDA. Aragen counts seven of the 10 biggest pharma companies as clients, he said, declining to name them. "New biotechs are deciding to put eggs in both the Indian and China baskets from the start," Subramanian said.

Persons: Trump, Tommy Erdei, Ashish Nimgaonkar, Nimgaonkar, Sai, Peter DeYoung, Helen Chen, CDMOs, Piramal, DeYoung, Ramesh Subramanian, Subramanian, Maggie Fick, Andrew Silver, Michele Gershberg, Catherine Evans Organizations: Jefferies, Glyscend Therapeutics, Reuters, Sciences, Piramal Pharma, Sai Life Sciences, Western pharma, Piramal Pharma Solutions, L.E.K, Consulting, pharma, U.S . Food, Drug Administration, FDA, Thomson Locations: China, India, SHANGHAI, HYDERABAD, U.S, Shanghai, United States, London, Hyderabad

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