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Scientists are setting out to collect genetic material from 500,000 people of African ancestry to create what they believe will be the world’s largest database of genomic information from the population. The initiative was launched Wednesday by Meharry Medical College in Nashville, Tennessee, as well as Regeneron Genetics Center, AstraZeneca, Novo Nordisk and Roche. Organizers said there’s a clear need for the project, pointing to research showing that less than 2% of genetic information being studied today comes from people of African ancestry. Each of the pharmaceutical companies involved intends to contribute $20 million toward the genetic and educational parts of the effort. ___The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group.

Persons: Meharry, ”, Anil Shanker, Lyndon Mitnaul Organizations: Meharry Medical College, Genetics Center, AstraZeneca, Novo Nordisk, Roche, Genomics Institute, Organizers, Regeneron Genetics, University of Zambia, Project, Genetics, Corporate, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: Nashville , Tennessee, Americas, Asia, Europe, Nashville, U.S, Africa, Meharry

☆ Vanguard sells stake in joint venture with China's Ant
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo Acquire Licensing RightsOct 17 (Reuters) - U.S. mutual fund issuer Vanguard Group said on Tuesday it had sold its stake in a joint venture with Chinese fintech giant Ant Group, hastening its retreat from the world's second-biggest economy. Vanguard said it will prioritize regions where it offers its own investment products and services. Its 49% stake in the venture, a digital investment advisory service, has been sold to Ant. A Reuters report in March said Vanguard was mulling a retreat from China after a six-year presence in the country.

Persons: Aly, Niket, Anil D'Silva Organizations: Ant Group, REUTERS, Vanguard, Ant, BlackRock, Fidelity, Reuters, Bloomberg News, Thomson Locations: Alibaba, Hangzhou, Zhejiang province, China, Washington, Beijing, Taiwan, Bengaluru

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. BofA's investment banking and trading units managed to outperform Wall Street expectations as they reported higher revenue, bucking an industry-wide slump. Total investment banking fees rose 2% to $1.2 billion, while sales and trading revenue was up 8% to $4.4 billion in the third quarter. BofA's net interest income (NII) rose 4% in the third quarter to $14.4 billion. BofA's revenue, net of interest expense, increased 3% in the quarter to $25.2 billion.

Persons: Carlo Allegri, Brian Moynihan, BofA, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Revenue at BofA's consumer banking unit rose 6% to $10.5 billion in the third quarter. BofA's investment banking and trading units outperformed. Total investment banking fees rose 2% to $1.2 billion, bucking an industry-wide slump. Sales and trading revenue was up 8% to $4.4 billion in the third quarter to its highest in more than a decade.

Persons: Carlo Allegri, Brian Moynihan, BofA, Alastair Borthwick, Borthwick, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, U.S, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

☆ Vanguard sells stake in joint venture with Ant - Bloomberg News
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo Acquire Licensing RightsOct 17 (Reuters) - U.S. asset management giant Vanguard Group has sold its 49% stake in a joint venture with Jack Ma-backed Ant Group Co, Bloomberg News reported on Tuesday, citing people familiar with the matter. An increase in geopolitical tensions recently, however, has prompted some investing giants to split off their China arms. Vanguard did not immediately respond to a Reuters request for comment. Ant did not respond to a request for comment outside business hours.

Persons: Aly, Jack Ma, Ant, Niket, Anil D'Silva Organizations: Ant Group, REUTERS, Vanguard, Ant, Bloomberg, BlackRock, Fidelity, Thomson Locations: Alibaba, Hangzhou, Zhejiang province, China, U.S, Bengaluru

Wall Street's three major indexes opened higher but lost ground after a preliminary reading on U.S. consumer sentiment showed a sharp fall in October. The moves in bonds, equities and oil reflect worries about deteriorating consumer sentiment, the global economy and geopolitical conflict, she added. However, for the week the S&P 500 registered a 0.45% gain for its second weekly advance in a row. The S&P 500 Banks index (.SPXBK) pared gains as the day wore on to close up 0.6% after rising as much as 3.4% to a three-week high. The S&P 500 posted 12 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 28 new highs and 335 new lows.

Persons: Brendan McDermid, Wells, Wall, Dow, Israel, Lauren Goodwin, Goodwin, Patrick Harker, Todd Vasos, Jeff Owen, advancers, Sinéad Carew, Shashwat Chauhan, Ankika Biswas, Shounak Dasgupta, Anil D'Silva, Shinjini Ganguli, Richard Chang Organizations: New York Stock Exchange, REUTERS, JPMorgan, Dow, Nasdaq, The United Nations, Treasury, New York Life Investments, Dow Jones, JPMorgan Chase, Citigroup, Federal Reserve Bank of Philadelphia, BlackRock, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Gaza, Israel, BLK.N, Bengaluru

☆ JPMorgan profit surges on record interest income, First Republic purchase
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 13 (Reuters) - JPMorgan Chase's (JPM.N) profit rose in the third quarter as surging rates and the acquisition of failed First Republic Bank drove its interest income to a record high, the largest U.S. lender reported on Friday. Shares of the bank rose 0.6% in premarket trading. It also hiked its 2023 NII forecast to $89 billion, excluding markets, compared with a prior forecast of $87 billion. The lender reported a profit of $13.15 billion, or $4.33 per share, for the three months ended Sept. 30.

Persons: Caitlin Ochs, JPMorgan Chase's, Jamie Dimon, Dimon, SoftBank Group's, Niket, Nupur Anand, Lananh Nguyen, Anil D'Silva Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, Bank, First Republic, Wall Street, Arm Holdings, Investment, Thomson Locations: New York City, U.S, Ukraine, Israel, Bengaluru, New York

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) rose between 3% and 5% after trouncing quarterly profit estimates as they benefited from higher interest rates. The S&P 500 Banks index (.SPXBK) gained 3.2%, hitting a three-week high. Options traders are bracing for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. The energy sector (.SPNY) tracked a more than 3% jump in crude prices and led the gains among S&P 500 sectors.

Persons: Brendan McDermid, Wells, JPMorgan Chase, Wells Fargo, Stuart Cole, Cole, Patrick Harker, Investors, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Chakrabarty, Shounak Dasgupta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Companies JPMorgan, Citigroup, Dow, Nasdaq, JPMorgan, Citi, Equiti, BlackRock, Federal Reserve Bank of Philadelphia, Dow Jones, Hamas, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Israel, Gaza City, Bengaluru

☆ Microsoft-Activision: Ubisoft deal helps win Britain's nod
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

Oct 13 (Reuters) - Britain's antitrust regulator on Friday cleared Microsoft's (MSFT.O) acquisition of "Call of Duty" maker Activision Blizzard (ATVI.O) after the restructured deal substantially addressed its earlier concerns. In August, Activision agreed to sell its non-European streaming rights to Ubisoft Entertainment (UBIP.PA) to get the biggest deal yet in video-gaming past Britain's Competition and Markets Authority (CMA). "We have now crossed the final regulatory hurdle to close this acquisition, which we believe will benefit players and the gaming industry worldwide," Microsoft President Brad Smith said. The company had in July extended the deadline to close the deal by Oct. 18. Here is a snapshot of key events in the Microsoft-Activision saga:Reporting by Tiyashi Datta, Jaspreet Singh and Yadarisa Shabong in Bengaluru; Editing by Anil D'Silva, Shinjini Ganguli and Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Brad Smith, Tiyashi Datta, Jaspreet Singh, Yadarisa, Anil D'Silva, Shinjini Organizations: Activision, Ubisoft Entertainment, Markets Authority, Microsoft, Thomson Locations: Bengaluru

☆ Jeremy Grantham and Bill Gross have warned stocks are overvalued. Wharton professor Jeremy Siegel disagrees: "They are underpriced"
▼ + stars: | 2023-10-13 | by ( Anil Varma | ) www.businessinsider.com time to read: +3 min

Wharton professor Jeremy Siegel rejects the notion that US stocks are overvalued, saying they are in fact "underpriced". "Even if there is a mild recession, these are great long-term values," Siegel said, referring to the current levels in stocks. Wharton finance professor and markets guru Jeremy Siegel suggests just the opposite might be the case. Even if there is a mild recession, these are great long-term values. Stocks are almost to levels where earnings yields are above 6%, which equate to real returns going forward," Siegel wrote.

Persons: Wharton, Jeremy Siegel, Jeremy Grantham, Bill Gross, Jeffrey Gundlach, Siegel, —, Wall, MacroEdge Organizations: Service, DoubleLine, JPMorgan, Equity

☆ JPMorgan profit beats estimates on record interest income, First Republic purchase
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 13 (Reuters) - JPMorgan Chase (JPM.N) beat expectations for third-quarter profit on Friday as a tighter monetary policy and the acquisition of failed First Republic Bank drove its interest income to a record high. Shares of the bank rose 1.1% to $147.40 in premarket trading. Rivas, who previously ran the financial institutions group, was one of JPMorgan's lead negotiators in its purchase of First Republic. The lender's profit rose 35% to $13.15 billion, or $4.33 per share, for the three months ended Sept. 30. Excluding one-time costs, the bank reported a profit of $4.50 per share, above analysts' average estimate of $3.96 per share, according to LSEG IBES data.

Persons: Caitlin Ochs, JPMorgan Chase, Jamie Dimon, Dimon, NII, SoftBank Group's, Jeremy Barnum, Fernando Rivas, Rivas, JPMorgan's, Jay Horine, Wells Fargo, Niket, Nupur Anand, Lananh Nguyen, Anil D'Silva Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, Bank, First Republic, First, Federal, Arm Holdings, Investment, Reuters, Thomson Locations: New York City, U.S, Ukraine, Israel, First Republic, North America, Bengaluru, New York

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Based on the low end of the range, Birkenstock could be valued at as low as $8.5 billion. Their shares have, however, given up gains since going public, muddying the outlook for the IPO market. As of Tuesday's close, Instacart shares were 10% below their IPO price. The company had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30.

Persons: Fabrizio Bensch, Bernard Arnault, Louis Vuitton Moet Hennessy, Susannah Streeter, Hargreaves Lansdown, Margot Robbie, Barbie, Tommy Tranfo, Tranfo, Birkenstock, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Arm Holdings, Hargreaves, Reuters, Reuters Graphics, Thomson Locations: Berlin, Germany, French, Langen, Bengaluru

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. The company's IPO raised $1.48 billion after its 32.3 million shares were conservatively priced at $46 apiece, positioning the 250-year-old brand for a smooth market debut. "Arguably, this should position Birkenstock more favorably in an environment where real interest rates are high and still rising. Birkenstock had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30. The brand has partnerships deal with luxury fashion brands, including Dior, Stüssy, Manolo Blahnik and Rick Owens.

Persons: Fabrizio Bensch, Susannah Streeter, Hargreaves Lansdown, Birkenstock, Javier Gonzalez Lastra, France's Bernard Arnault, Louis Vuitton Moet Hennessy, Margot Robbie, Barbie, Michael Ashley Schulman, Tommy Tranfo, Tranfo, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Hargreaves, Arm Holdings, Tema, Reuters Graphics, Running, Capital Advisors, Thomson Locations: Berlin, Germany, Langen, Bengaluru

☆ Birkenstock shares fall 11% in market debut to notch $8.32 bln valuation
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. REUTERS/Toby Melville Acquire Licensing RightsOct 11 (Reuters) - Luxury sandal maker Birkenstock (BIRK.N) notched a valuation of $8.32 billion in its market debut on Wednesday after shares opened 11% below their offer price. The stock began trading at $41 apiece on the New York Stock Exchange, compared with the initial public offering price of $46 apiece. Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Thomson Locations: London, Britain, Bengaluru

☆ India's Bharti Group to buy out French partner AXA's stake in JV
▼ + stars: | 2023-10-11 | by ( Hritam Mukherjee | ) www.reuters.com time to read: +2 min

Logos of France's biggest insurer Axa are seen on a building in Nanterre, near Paris, March 8, 2016. REUTERS/Christian Hartmann/File Photo Acquire Licensing RightsBENGALURU, Oct 11 (Reuters) - Bharti Group will acquire French insurer AXA's (AXAF.PA) 49% stake in Bharti AXA Life Insurance Co, the Indian conglomerate said on Wednesday, taking full control of a venture that was jointly run for nearly two decades. "There is ample scope for life insurance to grow in India. Bharti's JV deal, made through its Bharti Life Ventures arm, is expected to close by December this year, subject to regulatory approvals. The company competes with HDFC Life Insurance (HDFL.NS), ICICI Prudential Life Insurance (ICIR.NS), SBI Life Insurance (SBIL.NS) and LIC in a market ranked ninth in the world, according to the insurance regulatory body's latest annual report.

Persons: Christian Hartmann, Bharti, Burman, Avinash Singh, Hritam Mukherjee, Nivedita Bhattacharjee, Anil D'Silva Organizations: Axa, REUTERS, Rights, Bharti Group, Bharti AXA Life Insurance, Bharti, AXA, Life Insurance Corporation of India, United Provident Association, Insurance, JV, Religare Enterprises, Emkay Global Financial Services, Bharti's JV, Ventures, Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, Bharti Airtel, Bharti Realty, Del Monte Foods, Del, Del Monte Pacific, Thomson Locations: Nanterre, Paris, India, Del Monte, Bengaluru

☆ California regulator proposes $45 mln penalty for PG&E over 2021 Dixie fire
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

A firefighter continues to hold the line of the Dixie Fire near Taylorsville, California, U.S., August 10, 2021. REUTERS/David Swanson/File Photo Acquire Licensing RightsOct 10 (Reuters) - The California Public Utilities Commission (CPUC) on Monday proposed a $45 million shareholder-funded penalty against Pacific Gas and Electric Company (PG&E) for its connections to the destructive 2021 Dixie wildfire. The proposed penalty, pending CPUC Commissioner's approval, consists of a $2.5 million fine to the California General Fund, $2.5 million payment to tribes impacted by the fire for remediation, and $40 million for capital expenditures to transition records to electronic format. CPUC enforcement staff is recommending this penalty under an Administrative Consent Order (ACO) and Agreement, as per a release on the state regulator's website. Reporting by Anjana Anil and Swati Verma in Bengaluru; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: David Swanson, Anjana Anil, Swati Verma, Miral Organizations: REUTERS, California Public Utilities Commission, Pacific Gas and Electric Company, California General Fund, Thomson Locations: Taylorsville , California, U.S, California, Bengaluru

☆ Kerrisdale Capital goes short on Joby Aviation over earnings concerns
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - Kerrisdale Capital said on Tuesday it had taken a short position on Joby Aviation (JOBY.N) over profitability concerns, sending the electric aircraft maker's shares down nearly 5%. California-based Joby said Kerrisdale has a "vested interest" in lowering its share price. Joby plans to operate like a rideshare app, unlike other electric vertical takeoff and landing (eVTOL) peers that intend to sell their aircraft to customers including airlines and logistics firms. Kerrisdale warned of higher operating costs as the company's electric aircraft are likely to offer lower range and power than traditional helicopters. The U.S. aviation regulator in June gave Joby, which is backed by investors such as Delta Air Lines (DAL.N), Toyota Motor (7203.T) and Intel Corp (INTC.O), the nod to flight-test its electric air taxi.

Persons: Joby, Kerrisdale, Nathan Gomes, Anil D'Silva Organizations: Kerrisdale, Joby Aviation, Delta Air Lines, Toyota, Intel Corp, Thomson Locations: California, U.S, Bengaluru

☆ Global central banks are hoarding gold like never before as they seek to reduce 'overconcentration' of dollar reserves
▼ + stars: | 2023-10-10 | by ( Anil Varma | ) www.businessinsider.com time to read: +4 min

Global central banks have been buying record amounts of gold as they seek to diversify reserves away from the dollar. "We expect central banks to continue their role as net purchasers of gold," according to the head of gold strategy at State Street. AdvertisementAdvertisementGlobal central banks have been snapping up record amounts of gold since the start of 2022 - a trend that should continue as countries look to move away from an "overconcentration" of reserves in the dollar, according to State Street Global Advisors. In addition to reserve diversification, the trend is also driven by central banks' desire to strengthen balance sheets and increase liquidity without adding credit risk, according to the firm. AdvertisementAdvertisement"Therefore, as we look ahead, we expect central banks to continue their role as net purchasers of gold," he added.

Persons: —, Maxwell Gold, Vladimir Putin Organizations: State, Service, Street Global Advisors, Society, Worldwide Interbank Financial Telecommunications, Force Locations: China, Russia, Iran, India, Indonesia

The British company gets most of its revenue from the smartphone market, in which it has a 99% share across Google's Android and Apple's iOS devices. Arm shares last closed at $54.08, compared with the IPO price of $51. Such growth would benefit SoftBank, which told investors ahead of the Arm IPO that it plans to remain the majority owner in the company it considers its crown jewel. But some brokerages, including HSBC, urged caution, saying Arm's shares could remain range-bound as uncertainty over a smartphone market recovery pressures earnings. At least 17 brokerages started covering Arm, with an average rating of "buy" and a median price target of $63.50.

Persons: Dado Ruvic, Goldman Sachs, TD Cowen, Roshan Abraham, Savio D'Souza, Anil D'Silva, Shounak Organizations: REUTERS, Holdings, Wall Street, SoftBank, J.P.Morgan, British, Citi, Deutsche Bank, Rosenblatt Securities, Philadelphia Semiconductors, HSBC, Thomson Locations: brokerages, Philadelphia, Bengaluru

Arm shares last closed at $54.08, about two dollars below their IPO price. TD Cowen said Arm faces some challenges from the weak smartphone market, but its current revenue represented an "under-monetization of its importance to the industry". Such growth would benefit SoftBank, which told investors ahead of the Arm IPO that it plans to remain the majority owner in the company it considers its crown jewel. But some brokerages, including HSBC, urged caution, saying Arm's shares could remain range-bound as uncertainty over a smartphone market recovery pressures earnings. But by 8 am ET on Monday, at least 15 brokerages started covering Arm with a mean rating of "buy" and a $60 median price target.

Persons: Dado Ruvic, Morgan, Goldman Sachs, TD Cowen, Roshan Abraham, Savio D'Souza, Anil D'Silva Organizations: REUTERS, Arm Holdings, SoftBank, Citi, Deutsche Bank, Mizuho, HSBC, Thomson Locations: brokerages, British, J.P, Morgan, Bengaluru

☆ Indexes end up sharply with tech after strong jobs, slower wage growth
▼ + stars: | 2023-10-06 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The S&P 500 and Nasdaq registered their biggest daily percentage gains since late August, and the S&P 500 rose for the week, snapping a four-week losing streak. Information technology (.SPLRCT) was up the most of any S&P 500 sector, followed by communication services (.SPLRCL). He said also that the S&P 500 appeared to bounce after nearing its 200-day moving average, currently at around 4,208. For the week, the S&P 500 was up 0.5%, the Dow fell 0.3% and the Nasdaq rose 1.6%. The S&P 500 posted six new 52-week highs and 52 new lows; the Nasdaq Composite recorded 27 new highs and 260 new lows.

Persons: Stocks, Robert Pavlik, Brendan McDermid, Caroline Valetkevitch, Sinead Carew, Ankika Biswas, Shashwat Chauhan, Anil D'Silva, Shounak Dasgupta, David Gregorio Our Organizations: Companies, Exxon, Dow, Nasdaq, Federal Reserve, Dakota Wealth, Treasury, Traders, New York Stock Exchange, REUTERS, Dow Jones, JPMorgan Chase, Exxon Mobil, Reuters, Natural Resources, NYSE, Thomson Locations: Fairfield , Connecticut, New York City, U.S, New York, Bengaluru

☆ Indexes rally with tech after strong jobs, slower wage growth
▼ + stars: | 2023-10-06 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

The S&P 500 rose for the week, snapping a four-week losing streak. Information technology (.SPLRCT) was up the most of any S&P 500 sector, followed by communication services (.SPLRCL). Stocks initially fell early after the jobs data, which showed U.S. employment increased by the most in eight months in September but also that wage growth cooled. Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, said the S&P 500 appeared to bounce after nearing its 200-day moving average, currently at around 4,208. Market watchers have been weighing whether the Fed may be done hiking interest rates after a recent surge in long-term U.S. Treasury yields.

Persons: Brendan McDermid, Stocks, Robert Pavlik, Sinead Carew, Ankika Biswas, Shashwat Chauhan, Anil D'Silva, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Companies, Exxon, YORK, Dakota Wealth, Federal Reserve, Treasury, Nasdaq, Dow Jones, JPMorgan Chase, Exxon Mobil, Reuters, Natural Resources, Thomson Locations: New York City, U.S, Fairfield , Connecticut, New York, Bengaluru

☆ Amgen completes $27.8 bln Horizon Therapeutics deal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

An Amgen sign is seen at the company's office in South San Francisco, California in this October 21, 2013 photo. Amgen, which has gained Horizon's two key products Tepezza and Krystexxa, said it will provide an updated annual forecast during its third-quarter earnings call. RBC Capital Markets analyst Gregory Renza expects Amgen's updated forecast to weave in revenue from Horizon's drugs, which could partially offset the company's "maturing product line". Tepezza could be a "core driver" for Amgen, Renza said, adding that the drug can bring in $3.9 billion in peak sales. Reporting by Mariam Sunny and Sriparna Roy in Bengaluru; Editing by Anil D'Silva and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Galbraith, Gregory Renza, Renza, Mariam Sunny, Sriparna Roy, Anil D'Silva, Sherry Jacob, Phillips Organizations: Horizon Therapeutics, U.S . Federal Trade Commission, FTC, RBC Capital Markets, Thomson Locations: South San Francisco , California, Bengaluru

☆ Amgen completes $27.8 billion Horizon deal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

An Amgen sign is seen at the company's office in South San Francisco, California in this October 21, 2013 photo. REUTERS/Robert Galbraith/File Photo Acquire Licensing RightsOct 6 (Reuters) - Amgen (AMGN.O) said on Friday it had completed the $27.8 billion acquisition of Horizon Therapeutics (HZNP.O) after it received the go-ahead from the U.S. Federal Trade Commission (FTC) last month on certain conditions. Under the settlement terms with the FTC following its lawsuit to block the deal, Amgen is prevented from using anticompetitive tactics to extend the market dominance of Horizon's thyroid eye disease treatment Tepezza and gout drug Krystexxa. The deal closure was within the fourth-quarter timeline set by the two companies. Reporting by Mariam Sunny in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Galbraith, Mariam Sunny, Anil D'Silva Organizations: Horizon Therapeutics, U.S . Federal Trade Commission, FTC, Thomson Locations: South San Francisco , California, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The S&P 500 (.SPX) eyes its fifth straight weekly fall, while the Dow (.DJI) is on track to decline for the third straight week. Energy (.SPNY) is set to be worst hit amongst the major S&P 500 sectors this week, while communications services (.SPLRCL) is on track to be the best performing. Looking ahead, data would take center stage once again with September consumer price inflation and producer price index readings due next week. ET, Dow e-minis were up 74 points, or 0.22%, S&P 500 e-minis were up 10.25 points, or 0.24%, and Nasdaq 100 e-minis were up 43.5 points, or 0.29%.

Persons: Brendan McDermid, Levi Strauss, Tesla, that's, Marios Hadjikyriacos, LEVI.N, Ankika Biswas, Shashwat Chauhan, Anil D'Silva, Shounak Organizations: New York Stock Exchange, REUTERS, Exxon, Dow, Nasdaq, Labor, XM, Traders, Energy, Federal, JPMorgan Chase, Citigroup, BlackRock, Dow e, Tesla, Exxon Mobil, Reuters, Natural Resources, Thomson Locations: New York City, U.S, Wells Fargo, United States, Bengaluru

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