Editor

Wall St rallies, Treasury yields steady ahead of holiday weekend

By Stephen Culp NEW YORK (Reuters) – Wall Street rebounded and Treasury yields paused in the wake of upbeat economic data on Friday as investors positioned themselves ahead of the long U.S. Memorial Day weekend and the unofficial start to summer. The U.S. stock market’s bounce-back caps a week in which minutes from the most recent Federal Reserve policy meeting struck a more hawkish-than-expected tone, economic data hinted at the possibility of rising inflation and … Read more…

Categories Uncategorized

Lilly invests further $5.3 billion in new Indiana site as obesity drug demand soars

By Patrick Wingrove (Reuters) -Eli Lilly said on Friday it has invested another $5.3 billion in its new Lebanon, Indiana manufacturing plant, more than doubling its previous investment, as it scrambles to meet soaring demand for its weight-loss and diabetes drugs. The new investment, which brings the total to $9 billion, will help boost production of the active pharmaceutical ingredients (API) for Lilly’s powerful weight-loss drug Zepbound and diabetes treatment Mounjaro, the company said. “Today’s … Read more…

The Surging Indexes – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) At Friday’s close all three indexes stood near records, as the market was sizzling. The Dow Jones Industrial Average was up 1.2%, the S&P 500 and Nasdaq Composite were up !.5% and 2.1% respectfully. For the month of May the S&P 500 was up 5.3%, with nearly all equities in the positive. “The market is very keyed in on this notion of a soft landing, and most data points … Read more…

Elon Musk: I’m against tax incentives for EVs

PARIS (Reuters) – Tesla founder Elon Musk on Thursday told tech investors gathered in Paris that he was against any tax incentives or tariffs that favour electric cars, just as he was against benefits for oil and gas. “Neither Tesla nor I asked for these tariffs, in fact I was surprised when they were announced”, Musk said, referring to such policies recently announced by the United States. (Reporting by Martin Coulter, Tassilo Hummel, editing by … Read more…

Tesla drops reference to its goal of delivering 20 million vehicles annually in impact report

(Reuters) -Tesla’s latest impact report published on Thursday does not include its previously laid down target to deliver 20 million vehicles a year by 2030, another sign the company was scaling back its auto ambitions as it shifts focus to robotaxis. CEO Elon Musk last month said that Tesla would use current product lines for new affordable vehicles, as it retreated from more ambitious plans to produce an all-new model that had been expected to … Read more…

Analysis-Nvidia’s split of soaring stock could boost retail investor appeal, Dow chances

By Medha Singh and Lewis Krauskopf NEW YORK (Reuters) – Nvidia’s plan to split its stock after the stunning rise in the chipmaker’s share price could lure more interest from retail investors while potentially paving the way for the company’s inclusion in the Dow Jones Industrial Average. Nvidia shares were soaring 10% on Thursday afternoon after the company announced a 10-for-one stock split as part of a blockbuster quarterly report included its revenue and forecast … Read more…

Categories Uncategorized

Boeing’s cash flow situation is worse than expectations, S&P analyst says

(Reuters) – Boeing’s cash flow situation is incrementally worse than their expectations, an S&P Global Ratings analyst said, after the company said it would be cash-flow negative in 2024. Boeing currently has a BBB- rating from S&P, one level above “junk” status, with a negative credit rating outlook. The rating agency changed that outlook in April to “negative” from “stable” due to the increased chance that it will take more time for cash flow to … Read more…

JPMorgan poised to pay $100 million over CFTC trade reporting violations, source says

By Chris Prentice and Nupur Anand NEW YORK (Reuters) – The U.S. Commodity Futures Trading Commission is expected as soon as Wednesday to announce a $100 million settlement with JPMorgan Chase & Co over trade reporting lapses, a source with direct knowledge of the matter told Reuters. The bank is expected to admit that it broke the agency’s rules as part of that deal, the person said. A spokesperson for the CFTC declined to comment. … Read more…

Goldman Sachs CEO says Fed unlikely to cut rates this year

By Suzanne McGee BOSTON (Reuters) – Goldman Sachs CEO David Solomon said on Wednesday he does not expect the Federal Reserve to cut interest rates this year. “I’m still at zero cuts,” Solomon said at a Boston College event. “I think we’re set up for stickier inflation.” His comments came after Federal Reserve policymakers said on Tuesday the U.S. central bank should wait several more months to ensure that inflation really is back on track … Read more…

Categories Uncategorized

Pfizer rolls out another cost-cutting program, sets $1.5 billion target by 2027

(Reuters) -U.S. drugmaker Pfizer launched a new multi-year program to reduce its expenses by about $1.5 billion by the end of 2027, adding on to a $4 billion cost cutting plan it announced last year. The cost cuts are the latest move by the company to respond to slumping demand for its COVID-19 products after they powered it to report record revenues in 2021 and 2022. Pfizer’s shares were up 2.6% at $29.3 in afternoon … Read more…