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☆ Analysis: Amgen's antitrust woes spur wider pharmaceutical deal fears
▼ + stars: | 2023-05-17 | by ( David Carnevali | ) www.reuters.com time to read: +4 min

Even shares of drug companies that do not have pending deals but are seen by analysts and investors as potential acquisition targets were hit. FTC officials did not respond to a request for comment on whether they planned to challenge any other pharmaceutical acquisitions. "We could see similar challenges to the Pfizer/Seagen deal" BMO analysts wrote in a note, arguing that the FTC could target other major drug companies with the resources to engage in bundling. UNDER THE RADARConversely, investors and analysts are hoping that smaller pharmaceutical acquisitions will continue to fly under the radar of regulators. Reporting by David Carnevali in New York; Editing by Greg Roumeliotis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street closes lower after Home Depot outlook, US retail sales
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The Commerce Department reported retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates. While the market is currently pricing in a rate cut by the end of the year, recent comments from Fed officials suggested they are not ready to cut rates soon. Cleveland Fed President Loretta Mester said she does not think the central bank can hold interest rates steady yet. (This story has been corrected to say 'a rate cut,' instead of 'a rate hike,' in paragraph 8)Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Musk revealed those plans on Tuesday at the company's annual meeting, an about-face for the celebrity executive who recently acquired social media platform Twitter. Musk told CNBC he did not yet have a "fully formed strategy" for Tesla advertising. Tesla spent $151,947 on advertising in the U.S. in 2022, according to advertising intelligence firm Vivvix, which measured ads across places including TV, social media, Web banners and billboards. Diaz-Ortiz is a former Twitter manager who has written books about the social media company. Thomas Martin, senior portfolio manager at Tesla shareholder Globalt Investments, sees Musk's embrace of advertising as a positive.

☆ Netflix ad tier has nearly 5 mln monthly active users
▼ + stars: | 2023-05-17 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

LOS ANGELES, May 17 (Reuters) - Netflix Inc's (NFLX.O) recently launched ad-supported tier reaches nearly 5 million active users per month, executives said on Wednesday in a pitch that emphasized the breadth of its programming to potential advertisers. On Wednesday, Netflix made its first presentation to advertisers at the annual ritual known as the upfronts, where networks aim to lock in ad commitments for upcoming shows. Jeremi Gorman, Netflix's president of worldwide advertising, said that global monthly active users had reached 5 million. Monthly active users count all adult profiles used on one account with ads. Netflix reported 232.5 million paying subscribers around the world as of the end of March.

☆ Mexican president: 'No problem' if Grupo Mexico buys Citi's Banamex unit
▼ + stars: | 2023-05-16 | by ( Brendan O'Boyle | ) www.reuters.com time to read: +1 min

Lopez Obrador said the mining and transport conglomerate (GMEXICOB.MX) remains one of the possible buyers of the retail banking unit, also known locally as Banamex. Lopez Obrador said he believes several "recommendations" he has for the sale are being met. Reuters reported last week that Grupo Mexico was closing in on a $7 billion deal to purchase Banamex. Lopez Obrador, a leftist economic nationalist, referenced tensions with Grupo Mexico's billionaire magnate German Larrea. When it comes to the sale and purchase of the bank there is no problem," Lopez Obrador said.

☆ S&P 500, Dow fall, dragged by Home Depot outlook, US retail sales
▼ + stars: | 2023-05-16 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Home Depot (HD.N) shed 1.73%, the biggest drag on the Dow Industrials and among the heaviest weights on the S&P 500 after the home improvement retailer cut its annual sales forecast and projected a steeper-than-expected decline in profit. The Commerce Department reported retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates. Cleveland Fed President Loretta Mester said she does not think the central bank can hold interest rates steady yet. The S&P 500 posted 10 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 42 new highs and 163 new lows.

The Commerce Department reported retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. "The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here." Dow Jones Industrial Average (.DJI) component Home Depot (HD.N) shed 1.4%, hitting its lowest level in over six months after the company lowered its annual sales forecast. Shares of Capital One Financial Corp (COF.N) jumped 2.4%, rising the most on the S&P 500, after Berkshire Hathaway Inc (BRKa.N) on Monday disclosed it has begun investing in the consumer lender.

☆ US FTC sues to block Amgen's $27.8 bln deal for Horizon Therapeutics
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 16 (Reuters) - The U.S. Federal Trade Commission said on Tuesday it would sue to stop Amgen Inc's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics Plc (HZNP.O). The agency said it was opposing the deal because it would give Amgen "monopoly positions" for medicines used to treat thyroid eye disease and chronic refractory gout. The deal, which was announced in December 2022, would give Amgen two fast-growing drugs, the thyroid eye disease treatment Tepezza and gout treatment Krystexxa. Other key drugs in Amgen's product portfolio, such as psoriasis therapy Otezla, face the loss of patent protections over the next few years. It is unusual for the agency to sue to stop a pharmaceutical deal.

☆ FTC sues to block Amgen's $27.8 bln deal for Horizon Therapeutics -statement
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, May 16 (Reuters) - The U.S. Federal Trade Commission said on Tuesday that it would sue to stop Amgen Inc's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics Plc (HZNP.O). The deal, which was announced in December 2022, would give Amgen two fast-growing drugs, the thyroid eye disease treatment Tepezza and gout treatment Krystexxa. Amgen hopes they can act as a bulwark against competition for its blockbuster arthritis drug Enbrel. Furthermore, other key drugs in its portfolio, such as psoriasis therapy Otezla, face loss of patents over the next few years. Reporting by Diane Bartz; editing by Tim AhmannOur Standards: The Thomson Reuters Trust Principles.

☆ Google to delete inactive accounts starting December
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Alphabet Inc's (GOOGL.O) Google on Tuesday said it would delete accounts that had remained unused for two years starting December, in a bid to prevent security threats including hacks. The company said that if a Google account had not been used or signed into for at least two years, it might delete the account and content across Google Workspace, which includes Gmail, Docs, Drive, Meet and Calendar, as well as YouTube and Google Photos. The policy change only applies to personal Google Accounts and not to those for organizations like schools or businesses. In 2020, Google had said it would remove content stored in an inactive account, but not delete the account itself. Starting Tuesday, Google will send multiple notifications to the account email address and recovery mail of the inactive accounts before deletion.

The Commerce Department reported retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. "The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here." "There is little chance we will see a resolution to the U.S. debt ceiling issue today," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "The negotiations will likely remain tight as Republicans ask decent spending cuts to accept a debt ceiling relief, while Biden is not willing to compromise on spending into the election year."

The main indexes started the week with modest gains as trading was range-bound amid a wrangling in Washington between the White House and Republicans. "There is little chance we will see a resolution to the U.S. debt ceiling issue today," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Shares of rival Lowe's Companies Inc (LOW.N) fell 3.2%, while retail giant Walmart Inc (WMT.N) slipped 0.4%. Focus will also be on economic data, with retail sales expected to increase by 0.8% in April after falling 0.6% in the month before. ET, Dow e-minis were down 80 points, or 0.24%, S&P 500 e-minis were down 3 points, or 0.07%, and Nasdaq 100 e-minis were up 5.25 points, or 0.04%.

☆ FTC to block Amgen's $27.8 billion deal for Horizon Therapeutics - source
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 15 (Reuters) - The U.S. Federal Trade Commission is expected to file a lawsuit as early as Tuesday to block Amgen Inc's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics PLC (HZNP.O), a person familiar with the matter told Reuters. Amgen struck a deal last year to buy Horizon to strengthen its rare diseases drugs portfolio. Senator Elizabeth Warren, an outspoken critic of corporate consolidation, wrote to the FTC earlier this year expressing her concerns about pharmaceutical deals including the Amgen purchase of Horizon. The Democratic Senator said both Amgen and Horizon Therapeutics "have engaged in brazen price increases," including on Amgen's Enbrel for arthritis and Horizon’s Krystexxa, a gout medication. The deal would give Amgen two fast-growing drugs, the thyroid eye disease treatment Tepezza and Krystexxa.

The Commerce Department reported retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. "The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here." The S&P 500 retail index (.SPXRT) lost 0.6%. Shares of Capital One Financial Corp (COF.N) jumped 5.4%, rising the most on the S&P 500, after Berkshire Hathaway Inc (BRKa.N) on Monday disclosed it has begun investing in the consumer lender.

BEIJING, May 16 (Reuters) - Baidu Inc's (9888.HK) experience in tailoring its search engine to Chinese regulatory requirements makes it confident its AI-driven chatbot won't make mistakes on "important and sensitive topics", the company said on Tuesday. "For important and sensitive topics, we have to make sure artificial intelligence will not hallucinate," Li said, using the industry term for when AI models generate outputs different from what is expected. Li said industry regulation was not final yet, and the company would continue to update its strategy as it evolves. "Baidu has been operating search in China for more than 20 years and has extensive experience with Chinese culture and the regulatory environment," he said. Reporting by Eduardo Baptista in Beijing, Yuvraj Malik in Bengaluru Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ OpenAI readies new open-source AI model - The Information
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

May 15 (Reuters) - OpenAI is preparing to release a new open-source language model to the public, The Information reported on Monday, citing a person with knowledge of the plan. OpenAI's ChatGPT, known for producing prose or poetry on command, has gained widespread attention in Silicon Valley as investors see generative AI as the next big growth area for tech companies. Meta Platforms Inc (META.O) is now rushing to join competitors Microsoft and Google in releasing generative AI products capable of creating human-like writing, art and other content. OpenAI is unlikely to release a model that is competitive with GPT, the report said. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

The unboxed assembly process is intended to enable Tesla to hit that ambitious price target. Several big questions loom: What sort of impact will Tesla's process have on the auto industry overall? Body panels are painted separately, then joined together toward the end of the assembly process. If everything works as planned, the unboxed process could rewrite the industry's standard playbook and practices. Oba worked previously for the Toyota Production System Support Center, a division that helps the automaker's suppliers and others implement TPS.

The moves add to a trio of Barclays U.S. investment bankers that UBS announced it hired last month. Many Credit Suisse bankers are based in the United States. Sources told Reuters last month that UBS plans to retain only a small number of Credit Suisse senior bankers with strong client relationships. At Barclays, Braham was global chair of investment banking for technology, while Hardegree served as vice chair and head of technology M&A. Williams, Meyer and Tittle were managing directors in the investment banking group.

May 12 (Reuters) - Elon Musk's appointment of a new Twitter chief may free up the billionaire from a major distraction and allow him to focus more on Tesla Inc (TSLA.O), analysts said on Friday. Tesla shares, which have gained 40% this year, reversed course to trade down about 2% as broader markets fell. The stock had its worst year in 2022, losing 65%, amid Musk's on-again, off-again offer for Twitter. Although Twitter has taken much of Musk's time since its takeover, he still actively manages several other businesses such as SpaceX and Neuralink. Musk recently formed an AI company called TruthGPT to take on OpenAI's ChatGPT and Alphabet Inc's (GOOGL.O) Bard.

☆ Factbox: Novo Nordisk's weight-loss drug cuts heart disease risk in study
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. AMGENAmgen's (AMGN.O) experimental obesity drug, AMG133, showed a mean weight loss of 14.5% after 12 weeks of treatment at the highest monthly dose. The company plans to test higher doses of the drug over a longer treatment window in a mid-stage trial. ZEALAND PHARMADenmark's Zealand Pharma (ZELA.CO) and Boehringer Ingelheim's experimental obesity treatment achieved up to 14.9% weight loss in a mid-stage trial on Wednesday. OPKO HEALTH Opko Health (OPK.O) has completed a mid-stage trial of its obesity drug, pegapamodutide, which it expects will have fewer side effects.

Persons: Jim Vondruska, Wegovy, Eli Lilly, ELI LILLY Lilly, Mounjaro, LLY.N, danuglipron, AMGEN, ALTIMMUNE, Mariam Sunny, Pratik Jain, Sriparna Roy, Sriraj Kalluvila, Anil D'Silva Organizations: REUTERS, Novo Nordisk, Pfizer, NOVO NORDISK Novo Nordisk, Novo, PFIZER Pfizer Inc, danuglipron, THERAPEUTICS, Therapeutics, ZEALAND PHARMA Denmark's Zealand Pharma, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ Brazil Supreme Court justice orders investigation into Google, Telegram execs
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, May 12 (Reuters) - Brazil's Supreme Court on Friday ordered an investigation into executives at social messaging service Telegram and Alphabet Inc's (GOOGL.O) Google who are in charge of a campaign criticizing a proposed internet regulation bill. They later removed the posts following orders from the Supreme Court. In his request, Lira said tech companies have used "all sorts of tricks in a sordid campaign of disinformation, manipulation and intimidation, taking advantage of their hegemonic position in the market." Google declined to comment on the matter, while Telegram did not respond to a request for comment. Reporting by Ricardo Brito; Writing by Peter Frontini; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Asian stocks rise as US inflation cools
▼ + stars: | 2023-05-11 | by ( Julie Zhu | ) www.reuters.com time to read: +3 min

HONG KONG, May 11 (Reuters) - Asian shares rose on Thursday as investors cheered signs of easing inflationary pressure in the U.S. after data showed consumer prices in April rose at a slower-than-expected pace. read moreEarly in the Asian day, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.4%. A gauge of global stock markets rose and bond yields slid on Wednesday after data showed U.S. consumer prices in April rose at a slightly slower-than-expected pace, suggesting the Federal Reserve is succeeding in taming high inflation. The two-year Treasury yield, which typically moves in step with rate expectations, touched 3.9222% compared with a U.S. close of 3.901%. Oil prices rose in early Asian trade after strong demand for fuels in the U.S. outweighed concerns about the possibility of the world's biggest oil producer and consumer defaulting on its debt.

☆ GM, VW face idled capacity risk in China without faster EV transition -Greenpeace
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Rebecca Cook/File PhotoSHANGHAI/BERLIN, May 11 (Reuters) - Automakers including Volkswagen and General Motors could have considerable unused production capacity for conventionally powered vehicles in China by 2030 if they do not speed up their transition to electric vehicles (EV), Greenpeace said on Thursday. By the end of 2021, China had total annual production capacity for 40.89 million passenger vehicles of all fuel types with a utilisation rate of 52.5%, showed data from the China Passenger Car Association. If the sales rate reaches 70%, the average unused capacity utilisation rate for ICE production would rise to two thirds, Greenpeace said, basing its estimates on public information about planned capacity and projected sales. GM and Volkswagen will face the largest pressure with over 3 million units of idled capacity for ICE cars in China, presenting a major risk for those automakers, Greenpeace said. Volkswagen pointed to its rising sales in China and said it expects to profit from the country's growing demand for cars.

☆ Grupo Mexico nearing $7 bln deal for Citi's Banamex unit -source
▼ + stars: | 2023-05-11 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

[1/2] The logo of Banamex bank is on a branch in Mexico City, Mexico, November 17, 2017. As part of the deal, Citi will retain a roughly 10% stake in the Banamex unit, the source said, requesting anonymity as the discussions are confidential. Reuters had reported in February that Grupo Mexico's proposed deal for Banamex could value it at $7 billion or more. Grupo Mexico did not immediately respond to a request for comment. Bloomberg reported on talks advancing between Grupo Mexico and Banamex earlier on Wednesday.

"Markets reacted positively because they saw the inflation data as a small positive," said Michael Harris, president at hedge fund Quest Partners LLC. The rate-sensitive S&P 500 technology sector index (.SPLRCT) went up 1.22% and the communication services (.SPLRCL) rose 1.69%. REUTERS/Brendan McDermidIndexes were choppy during the session, as investors digested the positive inflation print with concerns about the looming debt ceiling. Advancing issues outnumbered decliners on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored advancers. The S&P 500 posted 18 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 86 new highs and 152 new lows.

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