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: A small biotech says Pfizer infringed on its patent with Paxlovid

Enanta Pharmaceuticals is seeking compensation as it develops its own COVID-19 antiviral......»»

Category: topSource: marketwatchJun 22nd, 2022

3 Generic Drug Stocks to Watch Amid Continued Pricing Pressure

The impact of COVID-19 and continued pricing pressure on the Zacks Medical-Generic Drugs industry remains. New product launches may provide some respite for BHC, AMPH and SLGL. Sales of several generic drug makers are likely to decline in 2022. However, a recovery in demand, especially in the United States and Europe, following the easing of restrictions, can provide some top-line support. Product launches have been driving revenues of major generic drugmakers higher, which will likely continue in 2022. Moreover, approval of more biosimilar products will help generic drugmakers accelerate top-line growth, as biosimilars will likely have less competition due to development complexity leading to higher price realization.A residual impact of the COVID-19 pandemic is likely to continue for the Medical - Generic Drugs industry in 2022, hurting revenue growth. Although demand for cough and cold products is recovering, uncertainty lingers with the rise in COVID-19 infection cases in some countries. Physical distancing amid strong lockdowns in several parts of China may hurt demand for cough and cold products in the country. Meanwhile, pricing pressure is easing in North American and European markets but it continues to hurt the top line of generic drugmakers. The consolidation of the volume of drugs among different players in this segment is also hurting the top line of individual generic drugmakers.Companies like Bausch Health BHC, Amphastar Pharmaceuticals AMPH and SolGel Technologies SLGL are poised to beat the COVID-19 challenge on the back of continued demand for their existing products, product launches and other favorable macro factors, including price stabilization.Industry DescriptionThe Medical - Generic Drugs industry comprises companies, which develop and market chemically/biologically identical versions of a brand-name drug once patents, providing exclusivity to the branded drugs, expire. These drugs can be divided into two categories — generic and biosimilar — based on their composition. The generic segment is controlled by a few large generic drugmakers and generic units of large pharma companies. However, several smaller companies also develop generic versions of branded drugs. Generic/biosimilar drugs are significantly cheaper than the original drugs. However, competition in this segment is stiff, which results in thin margins for the manufacturing companies. A few companies in this industry also have some branded drugs in their portfolio, which help them to tap a higher-margin market.3 Trends Shaping the Future of the Generic Drugs IndustryLoss of Patent Exclusivity of Branded Drugs: Generic drugmakers mainly rely on the loss of patent exclusivity of branded drugs. They apply to the FDA for the approval of their generic or biosimilar version of branded drugs, which have lost patent protection. Patent loss of blockbuster drugs like AbbVie’s Humira provides significant opportunities for generic drugmakers. However, these companies may have to face litigation to market the generic version of these drugs and may have to wait for several years before being able to launch an approved generic drug. A company may launch an authorized generic version of a branded product, gaining exclusivity for several months over other generic versions of the same drug. Although the development of biosimilars is a complex process, the generic players have already launched a few.Stiff Competition and Pricing Pressure: The generic drug industry faces stiff competition and pricing pressure. The market is already crowded and faster approval by the FDA will bring in more generic drugs. Although the pricing environment showed some signs of stabilization in the last two years, it continued to hurt sales of several players during the past few quarters. The trend is likely to continue in 2022 as well. Meanwhile, the launch of generic/biosimilar products should strengthen the businesses of major generic drugmakers amid the coronavirus pandemic. With several biosimilars set for launch in 2022, the top line of the industry players is likely to improve greatly due to the potential of attracting higher prices.Patent Settlements: The successful resolution of patent challenges continues to be an important catalyst for the growth of generic drugmakers as these can lead to product launches. The settlement of these challenges accelerates the availability of low-cost generic products and also removes uncertainties associated with litigation. However, active patent challenges require litigation, thereby leading to higher costs.Zacks Industry Rank Indicates Dull ProspectsThe Zacks Medical – Generic Drugs industry is a small 17-stock group, which is housed within the broader Zacks Medical sector.The group’s Zacks Industry Rank is basically the average of the Zacks Rank of all the member stocks. The Zacks Medical – Generic Drugs industry currently carries a Zacks Industry Rank #206, which places it in the bottom 19% of the 253 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.Against this backdrop, we will present a few noteworthy stocks. But before that, it’s worth taking a look at the industry’s stock market performance and current valuation.Industry Underperforms S&P 500 and SectorThe Zacks Medical – Generic Drugs industry has underperformed the broader Zacks Medical sector as well as the S&P 500 Index in the past year.The industry has declined 40.6% over this period compared with the broader sector’s 19.1% decrease. Meanwhile, the S&P 500 has decreased 1.8% in the said time frame.One-Year Price PerformanceIndustry's Current ValuationOn the basis of forward 12 months price-to-sales (P/S F12M), which is a commonly used multiple for valuing generic companies, the industry is currently trading at 0.76X compared with the S&P 500’s 4.01X and the Zacks Medical sector’s 2.09X.Over the last five years, the industry has traded as high as 1.27X, as low as 0.76X, and at the median of 1.02X, as the charts below show.Price-to-Sales Forward Twelve Months (F12M) Ratio3 Generic Drug Stocks to Keep an Eye OnAmphastar: The company develops, manufactures, and markets generic and proprietary injectable, inhalation, and intranasal products, as well as an insulin-active pharmaceutical ingredient. The company is focused on expanding its portfolio of generics and biosimilars. Currently, the company has five generic drugs and one branded product under review with the FDA. It is also developing three biosimilar drugs and eight generic drugs with significant market opportunity. The company plans to launch a new drug, Vasopressin, in the third quarter of 2022. Meanwhile, the sales of several key products demonstrated a recovering trend from the unfavorable impact of COVID-19 during the second half of 2021. We expect the recovery in sales growth momentum to continue in 2022.The consensus estimate for 2022 has improved from earnings per share of $1.46 to $1.62 over the past 60 days.Amphastar carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Bausch Health: The company develops, manufactures and markets a wide array of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products. The new drugs should continue to fuel the top line. Several key products gained market share in 2021, which is likely to improve revenues in 2022. The company’s plans to divest its eye health and Solta Medical businesses into a separate publicly trading company through an initial public offering will enable it to pay down its huge debt levels.The consensus estimate for 2022 has been stable at $4.50 per share over the past 60 days. The company has a Zacks Rank #3.SolGel: It is a dermatology company engaged in developing generic topical drug products for the treatment of skin diseases. The company recently received FDA approval for two proprietary skin treatment drugs. It also sold its rights to certain generic collaborative programs. The company believes that its cash resources will enable funding of operational and capital expenditure requirements through the end of 2023.The consensus estimate for 2022 earnings has narrowed from 75 cents to 63 cents over the past 60 days. The company has a Zacks Rank #3. Just Released: Zacks' 7 Best Stocks for Today Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +25.4% per year. These 7 were selected because of their superior potential for immediate breakout. See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bausch Health Cos Inc. (BHC): Free Stock Analysis Report Amphastar Pharmaceuticals, Inc. (AMPH): Free Stock Analysis Report SolGel Technologies Ltd. (SLGL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 2nd, 2022

2021 Greatest Hits: The Most Popular Articles Of The Past Year And A Look Ahead

2021 Greatest Hits: The Most Popular Articles Of The Past Year And A Look Ahead One year ago, when looking at the 20 most popular stories of 2020, we said that the year would be a very tough act to follow as there "could not have been more regime shifts, volatility moments, and memes than 2020." And yet despite the exceedingly high bar for 2021, the year did not disappoint and proved to be a successful contender, and if judging by the sheer breadth of narratives, stories, surprises, plot twists and unexpected developments, 2021 was even more memorable and event-filled than 2020. Where does one start? While covid was the story of 2020, the pandemic that emerged out of a (Fauci-funded) genetic lab team in Wuhan, China dominated newsflow, politics and capital markets for the second year in a row. And while the biggest plot twist of 2020 was Biden's victory over Trump in the presidential election (it took the pandemic lockdowns and mail-in ballots to hand the outcome to Biden), largely thanks to Covid, Biden failed to hold to his biggest presidential promise of defeating covid, and not only did he admit in late 2021 that there is "no Federal solution" to covid waving a white flag of surrender less than a year into his presidency, but following the recent emergence of the Xi, pardon Omicron variant, the number of covid cases in the US has just shattered all records. The silver lining is not only that deaths and hospitalizations have failed to follow the number of cases, but that the scaremongering narrative itself is starting to melt in response to growing grassroots discontent with vaccine after vaccine and booster after booster, which by now it is clear, do nothing to contain the pandemic. And now that it is clear that omicron is about as mild as a moderate case of the flu, the hope has finally emerged that this latest strain will finally kill off the pandemic as it becomes the dominant, rapidly-spreading variant, leading to worldwide herd immunity thanks to the immune system's natural response. Yes, it may mean billions less in revenue for Pfizer and Moderna, but it will be a colossal victory for the entire world. The second biggest story of 2021 was undoubtedly the scourge of soaring inflation, which contrary to macrotourist predictions that it would prove "transitory", refused to do so and kept rising, and rising, and rising, until it hit levels not seen since the Volcker galloping inflation days of the 1980s. The only difference of course is that back then, the Fed Funds rate hit 20%. Now it is at 0%, and any attempts to hike aggressively will lead to a horrific market crash, something the Fed knows very well. Whether this was due to supply-chain blockages and a lack of goods and services pushing prices higher, or due to massive stimulus pushing demand for goods - and also prices - higher, or simply the result of a record injection of central bank liquidity into the system, is irrelevant but what does matter is that it got so bad that even Biden, facing a mauling for his Democratic party in next year's midterm elections, freaked out about soaring prices and pushed hard to lower the price of gasoline, ordering releases from the US Strategic Petroleum Reserve and vowing to punish energy companies that dare to make a profit, while ordering Powell to contain the surge in prices even if means the market is hit. Unfortunately for Biden, the market will be hit even as inflation still remain red hot for much of the coming year. And speaking of markets, while 2022 may be a year when the piper finally gets paid, 2021 was yet another blockbuster year for risk assets, largely on the back of the continued global response to the 2020 covid pandemic, when as we wrote last year, we saw "the official arrival of global Helicopter Money, tens of trillions in fiscal and monetary stimulus, an overhaul of the global economy punctuated by an unprecedented explosion in world debt, an Orwellian crackdown on civil liberties by governments everywhere, and ultimately set the scene for what even the World Economic Forum called simply "The Great Reset." Yes, the staggering liquidity injections that started in 2020, continued throughout 2021 and the final tally is that after $3 trillion in emergency liquidity injections in the immediate aftermath of the pandemic to stabilize the world, the Fed injected almost $2 trillion in the subsequent period, of which $1.5 trillion in 2021, a year where economists were "puzzled" why inflation was soaring. This, of course, excludes the tens of trillions of monetary stimulus injected by other central banks as well as the boundless fiscal stimulus that was greenlighted with the launch of helicopter money (i.e., MMT) in 2020. It's also why with inflation running red hot and real rates the lowest they have ever been, everyone was forced to rush into the "safety" of stocks (or stonks as they came to be known among GenZ), and why after last year's torrid stock market returns, the S&P rose another 27% in 2021 and up a staggering 114% from the March 2020 lows, in the process trouncing all previous mega-rallies (including those in 1929, 1938, 1974 and 2009)... ... making this the third consecutive year of double-digit returns. This reminds us of something we said last year: "it's almost as if the world's richest asset owners requested the covid pandemic." A year later, we got confirmation for this rhetorical statement, when we calculated that in the 18 months since the covid pandemic, the richest 1% of US society have seen their net worth increase by over $30 trillion. As a result, the US is now officially a banana republic where the middle 60% of US households by income - a measure economists use as a definition of the middle class - saw their combined assets drop from 26.7% to 26.6% of national wealth as of June, the lowest in Federal Reserve data, while for the first time the super rich had a bigger share, at 27%. Yes, the 1% now own more wealth than the entire US middle class, a definition traditionally reserve for kleptocracies and despotic African banana republics. It wasn't just the rich, however: politicians the world over would benefit from the transition from QE to outright helicopter money and MMT which made the over monetization of deficits widely accepted in the blink of an eye. The common theme here is simple: no matter what happens, capital markets can never again be allowed to drop, regardless of the cost or how much more debt has to be incurred. Indeed, as we look back at the news barrage over the past year, and past decade for that matter, the one thing that becomes especially clear amid the constant din of markets, of politics, of social upheaval and geopolitical strife - and now pandemics -  in fact a world that is so flooded with constant conflicting newsflow and changing storylines that many now say it has become virtually impossible to even try to predict the future, is that despite the people's desire for change, for something original and untried, the world's established forces will not allow it and will fight to preserve the broken status quo at any price - even global coordinated shutdowns - which is perhaps why it always boils down to one thing - capital markets, that bedrock of Western capitalism and the "modern way of life", where control, even if it means central planning the likes of which have not been seen since the days of the USSR, and an upward trajectory must be preserved at all costs, as the alternative is a global, socio-economic collapse. And since it is the daily gyrations of stocks that sway popular moods the interplay between capital markets and politics has never been more profound or more consequential. The more powerful message here is the implicit realization and admission by politicians, not just Trump who had a penchant of tweeting about the S&P every time it rose, but also his peers on both sides of the aisle, that the stock market is now seen as the consummate barometer of one's political achievements and approval. Which is also why capital markets are now, more than ever, a political tool whose purpose is no longer to distribute capital efficiently and discount the future, but to manipulate voter sentiments far more efficiently than any fake Russian election interference attempt ever could. Which brings us back to 2021 and the past decade, which was best summarized by a recent Bill Blain article who said that "the last 10-years has been a story of massive central banking distortion to address the 2008 crisis. Now central banks face the consequences and are trapped. The distortion can’t go uncorrected indefinitely." He is right: the distortion will eventually collapse especially if the Fed follows through with its attempt rate hikes some time in mid-2020, but so far the establishment and the "top 1%" have been successful - perhaps the correct word is lucky - in preserving the value of risk assets: on the back of the Fed's firehose of liquidity the S&P500 returned an impressive 27% in 2021, following a 15.5% return in 2020 and 28.50% in 2019. It did so by staging the greatest rally off all time from the March lows, surpassing all of the 4 greatest rallies off the lows of the past century (1929,1938, 1974, and 2009). Yet this continued can-kicking by the establishment - all of which was made possible by the covid pandemic and lockdowns which served as an all too convenient scapegoat for the unprecedented response that served to propel risk assets (and fiat alternatives such as gold and bitcoin) to all time highs - has come with a price... and an increasingly higher price in fact. As even Bank of America CIO Michael Hartnett admits, Fed's response to the the pandemic "worsened inequality" as the value of financial assets - Wall Street -  relative to economy - Main Street - hit all-time high of 6.3x. And while the Fed was the dynamo that has propelled markets higher ever since the Lehman collapse, last year certainly had its share of breakout moments. Here is a sampling. Gamestop and the emergence of meme stonks and the daytrading apes: In January markets were hypnotized by the massive trading volumes, rolling short squeezes and surging share prices of unremarkable established companies such as consoles retailer GameStop and cinema chain AMC and various other micro and midcap names. What began as a discussion on untapped value at GameStop on Reddit months earlier by Keith Gill, better known as Roaring Kitty, morphed into a hedge fund-orchestrated, crowdsourced effort to squeeze out the short position held by a hedge fund, Melvin Capital. The momentum flooded through the retail market, where daytraders shunned stocks and bought massive out of the money calls, sparking rampant "gamma squeezes" in the process forcing some brokers to curb trading. Robinhood, a popular broker for day traders and Citadel's most lucrative "subsidiary", required a cash injection to withstand the demands placed on it by its clearing house. The company IPOed later in the year only to see its shares collapse as it emerged its business model was disappointing hollow absent constant retail euphoria. Ultimately, the market received a crash course in the power of retail investors on a mission. Ultimately, "retail favorite" stocks ended the year on a subdued note as the trading frenzy from earlier in the year petered out, but despite underperforming the S&P500, retail traders still outperformed hedge funds by more than 100%. Failed seven-year Treasury auction:  Whereas auctions of seven-year US government debt generally spark interest only among specialists, on on February 25 2021, one such typically boring event sparked shockwaves across financial markets, as the weakest demand on record hit prices across the whole spectrum of Treasury bonds. The five-, seven- and 10-year notes all fell sharply in price. Researchers at the Federal Reserve called it a “flash event”; we called it a "catastrophic, tailing" auction, the closest thing the US has had to a failed Trasury auction. The flare-up, as the FT put it, reflects one of the most pressing investor concerns of the year: inflation. At the time, fund managers were just starting to realize that consumer price rises were back with a vengeance — a huge threat to the bond market which still remembers the dire days of the Volcker Fed when inflation was about as high as it is today but the 30Y was trading around 15%. The February auaction also illustrated that the world’s most important market was far less liquid and not as structurally robust as investors had hoped. It was an extreme example of a long-running issue: since the financial crisis the traditional providers of liquidity, a group of 24 Wall Street banks, have pulled back because of higher costs associated with post-2008 capital requirements, while leaving liquidity provision to the Fed. Those banks, in their reduced role, as well as the hedge funds and high-frequency traders that have stepped into their place, have tended to withdraw in moments of market volatility. Needless to say, with the Fed now tapering its record QE, we expect many more such "flash" episodes in the bond market in the year ahead. The arch ego of Archegos: In March 2021 several banks received a brutal reminder that some of family offices, which manage some $6 trillion in wealth of successful billionaires and entrepreneurs and which have minimal reporting requirements, take risks that would make the most serrated hedge fund manager wince, when Bill Hwang’s Archegos Capital Management imploded in spectacular style. As we learned in late March when several high-flying stocks suddenly collapsed, Hwang - a former protege of fabled hedge fund group Tiger Management - had built up a vast pile of leverage using opaque Total Return Swaps with a handful of banks to boost bets on a small number of stocks (the same banks were quite happy to help despite Hwang’s having been barred from US markets in 2013 over allegations of an insider-trading scheme, as he paid generously for the privilege of borrowing the banks' balance sheet). When one of Archegos more recent bets, ViacomCBS, suddenly tumbled it set off a liquidation cascade that left banks including Credit Suisse and Nomura with billions of dollars in losses. Conveniently, as the FT noted, the damage was contained to the banks rather than leaking across financial markets, but the episode sparked a rethink among banks over how to treat these clients and how much leverage to extend. The second coming of cryptos: After hitting an all time high in late 2017 and subsequently slumping into a "crypto winter", cryptocurrencies enjoyed a huge rebound in early 2021 which sent their prices soaring amid fears of galloping inflation (as shown below, and contrary to some financial speculation, the crypto space has traditionally been a hedge either to too much liquidity or a hedge to too much inflation). As a result, Bitcoin rose to a series of new record highs that culminated at just below $62,000, nearly three times higher than their previous all time high. But the smooth ride came to a halt in May when China’s crackdown on the cryptocurrency and its production, or “mining”, sparked the first serious crash of 2021. The price of bitcoin then collapsed as much as 30% on May 19, hitting a low of $30,000 amid a liquidation of levered positions in chaotic trading conditions following a warning from Chinese authorities of tighter curbs ahead. A public acceptance by Tesla chief and crypto cheerleader Elon Musk of the industry’s environmental impact added to the declines. However, as with all previous crypto crashes, this one too proved transitory, and prices resumed their upward trajectory in late September when investors started to price in the launch of futures-based bitcoin exchange traded funds in the US. The launch of these contracts subsequently pushed bitcoin to a new all-time high in early November before prices stumbled again in early December, this time due to a rise in institutional ownership when an overall drop in the market dragged down cryptos as well. That demonstrated the growing linkage between Wall Street and cryptocurrencies, due to the growing sway of large investors in digital markets. China's common prosperity crash: China’s education and tech sectors were one of the perennial Wall Street darlings. Companies such as New Oriental, TAL Education as well as Alibaba and Didi had come to be worth billions of dollars after highly publicized US stock market flotations. So when Beijing effectively outlawed swaths of the country’s for-profit education industry in July 2021, followed by draconian anti-trust regulations on the country's fintech names (where Xi Jinping also meant to teach the country's billionaire class a lesson who is truly in charge), the short-term market impact was brutal. Beijing’s initial measures emerged as part of a wider effort to make education more affordable as part of president Xi Jinping’s drive for "common prosperity" but that quickly raised questions over whether growth prospects across corporate China are countered by the capacity of the government to overhaul entire business models overnight. Sure enough, volatility stemming from the education sector was soon overshadowed by another set of government reforms related to common prosperity, a crackdown on leverage across the real estate sector where the biggest casualty was Evergrande, the world’s most indebted developer. The company, whose boss was not long ago China's 2nd richest man, was engulfed by a liquidity crisis in the summer that eventually resulted in a default in early December. Still, as the FT notes, China continues to draw in huge amounts of foreign capital, pushing the Chinese yuan to end 2021 at the strongest level since May 2018, a major hurdle to China's attempts to kickstart its slowing economy, and surely a precursor to even more monetary easing. Natgas hyperinflation: Natural gas supplanted crude oil as the world’s most important commodity in October and December as prices exploded to unprecedented levels and the world scrambled for scarce supplies amid the developed world's catastrophic transition to "green" energy. The crunch was particularly acute in Europe, which has become increasingly reliant on imports. Futures linked to TTF, the region’s wholesale gas price, hit a record €137 per megawatt hour in early October, rising more than 75%. In Asia, spot liquefied natural gas prices briefly passed the equivalent of more than $320 a barrel of oil in October. (At the time, Brent crude was trading at $80). A number of factors contributed, including rising demand as pandemic restrictions eased, supply disruptions in the LNG market and weather-induced shortfalls in renewable energy. In Europe, this was aggravated by plunging export volumes from Gazprom, Russia’s state-backed monopoly pipeline supplier, amid a bitter political fight over the launch of the Nordstream 2 pipeline. And with delays to the Nord Stream 2 gas pipeline from Russia to Germany, analysts say the European gas market - where storage is only 66% full - a cold snap or supply disruption away from another price spike Turkey's (latest) currency crisis:  As the FT's Jonathan Wheatley writes, Recep Tayyip Erdogan was once a source of strength for the Turkish lira, and in his first five years in power from 2003, the currency rallied from TL1.6 per US dollar to near parity at TL1.2. But those days are long gone, as Erdogan's bizarre fascination with unorthodox economics, namely the theory that lower rates lead to lower inflation also known as "Erdoganomics", has sparked a historic collapse in the: having traded at about TL7 to the dollar in February, it has since fallen beyond TL17, making it the worst performing currency of 2021. The lira’s defining moment in 2021 came on November 18 when the central bank, in spite of soaring inflation, cut its policy rate for the third time since September, at Erdogan’s behest (any central banker in Turkey who disagrees with "Erdoganomics" is promptly fired and replaced with an ideological puppet). The lira recovered some of its losses in late December when Erdogan came up with the "brilliant" idea of erecting the infamous "doom loop" which ties Turkey's balance sheet to its currency. It has worked for now (the lira surged from TL18 against the dollar to TL12, but this particular band aid solution will only last so long). The lira’s problems are not only Erdogan’s doing. A strengthening dollar, rising oil prices, the relentless covid pandemic and weak growth in developing economies have been bad for other emerging market currencies, too, but as long as Erdogan is in charge, shorting the lira remains the best trade entering 2022. While these, and many more, stories provided a diversion from the boring existence of centrally-planned markets, we are confident that the trends observed in recent years will continue: coming years will be marked by even bigger government (because only more government can "fix" problems created by government), higher stock prices and dollar debasement (because only more Fed intervention can "fix" the problems created by the Fed), and a policy flip from monetary and QE to fiscal & MMT, all of which will keep inflation at scorching levels, much to the persistent confusion of economists everywhere. Of course, we said much of this last year as well, but while we got most trends right, we were wrong about one thing: we were confident that China's aggressive roll out of the digital yuan would be a bang - or as we put it "it is very likely that while 2020 was an insane year, it may prove to be just an appetizer to the shockwaves that will be unleashed in 2021 when we see the first stage of the most historic overhaul of the fiat payment system in history" - however it turned out to be a whimper. A big reason for that was that the initial reception of the "revolutionary" currency was nothing short of disastrous, with Chinese admitting they were "not at all excited" about the prospect of yet one more surveillance mechanism for Beijing, because that's really what digital currencies are: a way for central banks everywhere to micromanage and scrutinize every single transaction, allowing the powers that be to demonetize any one person - or whole groups - with the flick of a switch. Then again, while digital money may not have made its triumphant arrival in 2021, we are confident that the launch date has merely been pushed back to 2022 when the rollout of the next monetary revolution is expected to begin in earnest. Here we should again note one thing: in a world undergoing historic transformations, any free press must be throttled and controlled, and over the past year we have seen unprecedented efforts by legacy media and its corporate owners, as well as the new "social media" overlords do everything in their power to stifle independent thought. For us it had been especially "personal" on more than one occasions. Last January, Twitter suspended our account because we dared to challenge the conventional narrative about the source of the Wuhan virus. It was only six months later that Twitter apologized, and set us free, admitting it had made a mistake. Yet barely had twitter readmitted us, when something even more unprecedented happened: for the first time ever (to our knowledge) Google - the world's largest online ad provider and monopoly - demonetized our website not because of any complaints about our writing but because of the contents of our comment section. It then held us hostage until we agreed to implement some prerequisite screening and moderation of the comments section. Google's action was followed by the likes of PayPal, Amazon, and many other financial and ad platforms, who rushed to demonetize and suspend us simply because they disagreed with what we had to say. This was a stark lesson in how quickly an ad-funded business can disintegrate in this world which resembles the dystopia of 1984 more and more each day, and we have since taken measures. One year ago, for the first time in our 13 year history, we launched a paid version of our website, which is entirely ad and moderation free, and offers readers a variety of premium content. It wasn't our intention to make this transformation but unfortunately we know which way the wind is blowing and it is only a matter of time before the gatekeepers of online ad spending block us again. As such, if we are to have any hope in continuing it will come directly from you, our readers. We will keep the free website running for as long as possible, but we are certain that it is only a matter of time before the hammer falls as the censorship bandwagon rolls out much more aggressively in the coming year. That said, whether the story of 2022, and the next decade for that matter, is one of helicopter or digital money, of (hyper)inflation or deflation: what is key, and what we learned in the past decade, is that the status quo will throw anything at the problem to kick the can, it will certainly not let any crisis go to waste... even the deadliest pandemic in over a century. And while many already knew that, the events of 2021 made it clear to a fault that not even a modest market correction can be tolerated going forward. After all, if central banks aim to punish all selling, then the logical outcome is to buy everything, and investors, traders and speculators did just that armed with the clearest backstop guarantee from the Fed, which in the deapths of the covid crash crossed the Rubicon when it formally nationalized the bond market as it started buying both investment grade bonds and junk bond ETFs in the open market. As such it is no longer even a debatable issue if the Fed will buy stocks after the next crash - the only question is when. Meanwhile, for all those lamenting the relentless coverage of politics in a financial blog, why finance appears to have taken a secondary role, and why the political "narrative" has taken a dominant role for financial analysts, the past year showed vividly why that is the case: in a world where markets gyrated, and "rotated" from value stocks to growth and vice versa, purely on speculation of how big the next stimulus out of Washington will be, the narrative over Biden's trillions proved to be one of the biggest market moving events for much of the year. And with the Biden stimulus plan off the table for now, the Fed will find it very difficult to tighten financial conditions, especially if it does so just as the economy is slowing. Here we like to remind readers of one of our favorite charts: every financial crisis is the result of Fed tightening. As for predictions about the future, as the past two years so vividly showed, when it comes to actual surprises and all true "black swans", it won't be what anyone had expected. And so while many themes, both in the political and financial realm, did get some accelerated closure courtesy of China's covid pandemic, dramatic changes in 2021 persisted, and will continue to manifest themselves in often violent and unexpected ways - from the ongoing record polarization in the US political arena, to "populist" upheavals around the developed world, to the gradual transition to a global Universal Basic (i.e., socialized) Income regime, to China's ongoing fight with preserving stability in its gargantuan financial system which is now two and a half times the size of the US. As always, we thank all of our readers for making this website - which has never seen one dollar of outside funding (and despite amusing recurring allegations, has certainly never seen a ruble from the KGB either, although now that the entire Russian hysteria episode is over, those allegations have finally quieted down), and has never spent one dollar on marketing - a small (or not so small) part of your daily routine. Which also brings us to another critical topic: that of fake news, and something we - and others who do not comply with the established narrative - have been accused of. While we find the narrative of fake news laughable, after all every single article in this website is backed by facts and links to outside sources, it is clearly a dangerous development, and a very slippery slope that the entire developed world is pushing for what is, when stripped of fancy jargon, internet censorship under the guise of protecting the average person from "dangerous, fake information." It's also why we are preparing for the next onslaught against independent thought and why we had no choice but to roll out a premium version of this website. In addition to the other themes noted above, we expect the crackdown on free speech to accelerate in the coming year when key midterm elections will be held, especially as the following list of Top 20 articles for 2021 reveals, many of the most popular articles in the past year were precisely those which the conventional media would not touch out of fear of repercussions, which in turn allowed the alternative media to continue to flourish in an orchestrated information vacuum and take significant market share from the established outlets by covering topics which the public relations arm of established media outlets refused to do, in the process earning itself the derogatory "fake news" condemnation. We are grateful that our readers - who hit a new record high in 2021 - have realized it is incumbent upon them to decide what is, and isn't "fake news." * * * And so, before we get into the details of what has now become an annual tradition for the last day of the year, those who wish to jog down memory lane, can refresh our most popular articles for every year during our no longer that brief, almost 11-year existence, starting with 2009 and continuing with 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 and 2020. So without further ado, here are the articles that you, our readers, found to be the most engaging, interesting and popular based on the number of hits, during the past year. In 20th spot with 600,000 reads, was an article that touched on one of the most defining features of the market: the reflation theme the sparked a massive rally at the start of the year courtesy of the surprise outcome in the Georgia Senate race, where Democrats ended up wining both seats up for grabs, effectively giving the Dems a majority in both the House and the Senate, where despite the even, 50-seat split, Kamala Harris would cast the winning tie-breaker vote to pursue a historic fiscal stimulus. And sure enough, as we described in "Bitcoin Surges To Record High, Stocks & Bonds Battered As Dems Look Set To Take Both Georgia Senate Seats", with trillions in "stimmies" flooding both the economy and the market, not only did retail traders enjoy unprecedented returns when trading meme "stonks" and forcing short squeezes that crippled numerous hedge funds, but expectations of sharply higher inflation also helped push bitcoin and the entire crypto sector to new all time highs, which in turn legitimized the product across institutional investors and helped it reach a market cap north of $3 trillion.  In 19th spot, over 613,000 readers were thrilled to read at the start of September that "Biden Unveils Most Severe COVID Actions Yet: Mandates Vax For All Federal Workers, Contractors, & Large Private Companies." Of course, just a few weeks later much of Biden's mandate would be struck down in courts, where it is now headed to a decision by SCOTUS, while the constantly shifting "scientific" goal posts mean that just a few months later the latest set of CDC regulations have seen regulators and officials reverse the constant drone of fearmongering and are now even seeking to cut back on the duration of quarantine and other lockdown measures amid a public mood that is growing increasingly hostile to the government response. One of the defining political events of 2021 was the so-called "Jan 6 Insurrection", which the for America's conservatives was blown wildly out of proportion yet which the leftist media and Democrats in Congress have been periodically trying to push to the front pages in hopes of distracting from the growing list of failures of the Obama admin. Yet as we asked back in January, "Why Was Founder Of Far-Left BLM Group Filming Inside Capitol As Police Shot Protester?" No less than 614,000 readers found this question worthy of a response. Since then many more questions have emerged surrounding this event, many of which focus on what role the FBI had in organizing and encouraging this event, including the use of various informants and instigators. For now, a response will have to wait at least until the mid-term elections of 2022 when Republicans are expected to sweep one if not both chambers. Linked to the above, the 17th most read article of 2021 with 617,000 views, was an article we published on the very same day, which detailed that "Armed Protesters Begin To Arrive At State Capitols Around The Nation." At the end of the day, it was much ado about nothing and all protests concluded peacefully and without incident: perhaps the FBI was simply spread too thin? 2021 was a year defined by various waves of the covid pandemic which hammered poor Americans forced to hunker down at home and missing on pay, and crippled countless small mom and pop businesses. And yet, it was also a bonanza for a handful of pharma companies such as Pfizer and Moderna which made billions from the sale of "vaccines" which we now know do little if anything to halt the spread of the virus, and are instead now being pitched as palliatives, preventing a far worse clinical outcome. The same pharma companies also benefited from an unconditional indemnity, which surely would come in useful when the full side-effects of their mRNA-based therapies became apparent. One such condition to emerge was myocarditis among a subset of the vaxxed. And while the vaccines continue to be broadly rolled out across most developed nations, one place that said enough was Sweden. As over 620,000 readers found out in "Sweden Suspends Moderna Shot Indefinitely After Vaxxed Patients Develop Crippling Heart Condition", not every country was willing to use its citizens as experimental guniea pigs. This was enough to make the article the 16th most read on these pages, but perhaps in light of the (lack of) debate over the pros and cons of the covid vaccines, this should have been the most read article this year? Moving on to the 15th most popular article, 628,000 readers were shocked to learn that "Chase Bank Cancels General Mike Flynn's Credit Cards." The action, which was taken by the largest US bank due to "reputational risk" echoed a broad push by tech giants to deplatform and silence dissenting voices by literally freezing them out of the financial system. In the end, following widespread blowback from millions of Americans, JPMorgan reversed, and reactivated Flynn's cards saying the action was made in error, but unfortunately this is just one example of how those in power can lock out any dissenters with the flick of a switch. And while democrats cheer such deplatforming today, the political winds are fickle, and we doubt they will be as excited once they find themselves on the receiving end of such actions. And speaking of censorship and media blackouts, few terms sparked greater response from those in power than the term Ivermectin. Viewed by millions as a cheap, effective alternative to offerings from the pharmaceutical complex, social networks did everything in their power to silence any mention of a drug which the Journal of Antibiotics said in 2017 was an "enigmatic multifaceted ‘wonder’ drug which continues to surprise and exceed expectations." Nowhere was this more obvious than in the discussion of how widespread use of Ivermectin beat Covid in India, the topic of the 14th most popular article of 2021 "India's Ivermectin Blackout" which was read by over 653,000 readers. Unfortunately, while vaccines continue to fail upward and now some countries are now pushing with a 4th, 5th and even 6th vaccine, Ivermectin remains a dirty word. There was more covid coverage in the 13th most popular article of 2021, "Surprise Surprise - Fauci Lied Again": Rand Paul Reacts To Wuhan Bombshell" which was viewed no less than 725,000 times. Paul's reaction came following a report which revealed that Anthony Fauci's NIAID and its parent, the NIH, funded Gain-of-Function research in Wuhan, China, strongly hinting that the emergence of covid was the result of illicit US funding. Not that long ago, Fauci had called Paul a 'liar' for accusing him of funding the risky research, in which viruses are genetically modified or otherwise altered to make them more transmissible to humans. And while we could say that Paul got the last laugh, Fauci still remains Biden's top covid advisor, which may explain why one year after Biden vowed he would shut down the pandemic, the number of new cases just hit a new all time high. One hope we have for 2022 is that people will finally open their eyes... 2021 was not just about covid - soaring prices and relentless inflation were one of the most poignant topics. It got so bad that Biden's approval rating - and that of Democrats in general - tumbled toward the end of the year, putting their mid-term ambitions in jeopardy, as the public mood soured dramatically in response to the explosion in prices. And while one can debate whether it was due to supply-issues, such as the collapse in trans-pacific supply chains and the chronic lack of labor to grow the US infrastructure, or due to roaring demand sparked by trillions in fiscal stimulus, but when the "Big Short" Michael Burry warned that hyperinflation is coming, the people listened, and with over 731,000 reads, the 12th most popular article of 2021 was "Michael Burry Warns Weimar Hyperinflation Is Coming."  Of course, Burry did not say anything we haven't warned about for the past 12 years, but at least he got the people's attention, and even mainstream names such as Twitter founder Jack Dorsey agreed with him, predicting that bitcoin will be what is left after the dollar has collapsed. While hyperinflation may will be the endgame, the question remains: when. For the 11th most read article of 2021, we go back to a topic touched upon moments ago when we addressed the full-blown media campaign seeking to discredit Ivermectin, in this case via the D-grade liberal tabloid Rolling Stone (whose modern incarnation is sadly a pale shadow of the legend that house Hunter S. Thompson's unforgettable dispatches) which published the very definition of fake news when it called Ivermectin a "horse dewormer" and claimed that, according to a hospital employee, people were overdosing on it. Just a few hours later, the article was retracted as we explained in "Rolling Stone Issues 'Update' After Horse Dewormer Hit-Piece Debunked" and over 812,000 readers found out that pretty much everything had been a fabrication. But of course, by then it was too late, and the reputation of Ivermectin as a potential covid cure had been further tarnished, much to the relief of the pharma giants who had a carte blanche to sell their experimental wares. The 10th most popular article of 2021 brings us to another issue that had split America down the middle, namely the story surrounding Kyle Rittenhouse and the full-blown media campaign that declared the teenager guilty, even when eventually proven innocent. Just days before the dramatic acquittal, we learned that "FBI Sat On Bombshell Footage From Kyle Rittenhouse Shooting", which was read by over 822,000 readers. It was unfortunate to learn that once again the scandal-plagued FBI stood at the center of yet another attempt at mass misinformation, and we can only hope that one day this "deep state" agency will be overhauled from its core, or better yet, shut down completely. As for Kyle, he will have the last laugh: according to unconfirmed rumors, his numerous legal settlements with various media outlets will be in the tens if not hundreds of millions of dollars.  And from the great US social schism, we again go back to Covid for the 9th most popular article of 2021, which described the terrifying details of one of the most draconian responses to covid in the entire world: that of Australia. Over 900,000 readers were stunned to read that the "Australian Army Begins Transferring COVID-Positive Cases, Contacts To Quarantine Camps." Alas, the latest surge in Australian cases to nosebleed, record highs merely confirms that this unprecedented government lockdown - including masks and vaccines - is nothing more than an exercise in how far government can treat its population as a herd of sheep without provoking a violent response.  The 8th most popular article of 2021 looks at the market insanity of early 2021 when, at the end of January, we saw some of the most-shorted, "meme" stocks explode higher as the Reddit daytrading horde fixed their sights on a handful of hedge funds and spent billions in stimmies in an attempt to force unprecedented ramps. That was the case with "GME Soars 75% After-Hours, Erases Losses After Liquidity-Constrained Robinhood Lifts Trading Ban", which profiled the daytrading craze that gave an entire generation the feeling that it too could win in these manipulated capital markets. Then again, judging by the waning retail interest, it is possible that the excitement of the daytrading army is fading as rapidly as it first emerged, and that absent more "stimmies" markets will remain the playground of the rich and central banks. Kyle Rittenhouse may soon be a very rich man after the ordeal he went through, but the media's mission of further polarizing US society succeeded, and millions of Americans will never accept that the teenager was innocent. It's also why with just over 1 million reads, the 7th most read article on Zero Hedge this year was that "Portland Rittenhouse Protest Escalates Into Riot." Luckily, this is not a mid-term election year and there were no moneyed interests seeking to prolong this particular riot, unlike what happened in the summer of 2020... and what we are very much afraid will again happen next year when very critical elections are on deck.  With just over 1.03 million views, the 6th most popular post focused on a viral Twitter thread on Friday from Dr Robert Laone, which laid out a disturbing trend; the most-vaccinated countries in the world are experiencing  a surge in COVID-19 cases, while the least-vaccinated countries were not. As we originally discussed in ""This Is Worrying Me Quite A Bit": mRNA Vaccine Inventor Shares Viral Thread Showing COVID Surge In Most-Vaxxed Countries", this trend has only accelerated in recent weeks with the emergence of the Omicron strain. Unfortunately, instead of engaging in a constructive discussion to see why the science keeps failing again and again, Twitter's response was chilling: with just days left in 2021, it suspended the account of Dr. Malone, one of the inventors of mRNA technology. Which brings to mind something Aaron Rogers said: "If science can't be questioned it's not science anymore it's propaganda & that's the truth." In a year that was marked a flurry of domestic fiascoes by the Biden administration, it is easy to forget that the aged president was also responsible for the biggest US foreign policy disaster since Vietnam, when the botched evacuation of Afghanistan made the US laughing stock of the world after 12 US servicemembers were killed. So it's probably not surprising that over 1.1 million readers were stunned to watch what happened next, which we profiled in the 5th most popular post of 2021, where in response to the Afghan trajedy, "Biden Delivers Surreal Press Conference, Vows To Hunt Down Isis, Blames Trump." One person watching the Biden presser was Xi Jinping, who may have once harbored doubts about reclaiming Taiwan but certainly does not any more. The 4th most popular article of 2021 again has to do with with covid, and specifically the increasingly bizarre clinical response to the disease. As we detailed in "Something Really Strange Is Happening At Hospitals All Over America" while emergency rooms were overflowing, it certainly wasn't from covid cases. Even more curiously, one of the primary ailments leading to an onslaught on ERs across the nation was heart-related issues, whether arrhytmia, cardiac incidents or general heart conditions. We hope that one day there will be a candid discussion on this topic, but until then it remains one of the topics seen as taboo by the mainstream media and the deplatforming overlords, so we'll just leave it at that. We previously discussed the anti-Ivermectin narrative that dominated the mainstream press throughout 2021 and the 3rd most popular article of the year may hold clues as to why: in late September, pharma giant Pfizer and one of the two companies to peddle an mRNA based vaccine, announced that it's launching an accelerated Phase 2/3 trial for a COVID prophylactic pill designed to ward off COVID in those may have come in contact with the disease. And, as we described in "Pfizer Launches Final Study For COVID Drug That's Suspiciously Similar To 'Horse Paste'," 1.75 million readers learned that Pfizer's drug shared at least one mechanism of action as Ivermectin - an anti-parasitic used in humans for decades, which functions as a protease inhibitor against Covid-19, which researchers speculate "could be the biophysical basis behind its antiviral efficiency." Surely, this too was just another huge coincidence. In the second most popular article of 2021, almost 2 million readers discovered (to their "shock") that Fauci and the rest of Biden's COVID advisors were proven wrong about "the science" of COVID vaccines yet again. After telling Americans that vaccines offer better protection than natural infection, a new study out of Israel suggested the opposite is true: natural infection offers a much better shield against the delta variant than vaccines, something we profiled in "This Ends The Debate' - Israeli Study Shows Natural Immunity 13x More Effective Than Vaccines At Stopping Delta." We were right about one thing: anyone who dared to suggest that natural immunity was indeed more effective than vaccines was promptly canceled and censored, and all debate almost instantly ended. Since then we have had tens of millions of "breakout" cases where vaccinated people catch covid again, while any discussion why those with natural immunity do much better remains under lock and key. It may come as a surprise to many that the most read article of 2021 was not about covid, or Biden, or inflation, or China, or even the extremely polarized US congress (and/or society), but was about one of the most long-suffering topics on these pages: precious metals and their prices. Yes, back in February the retail mania briefly targeted silver and as millions of reddit daytraders piled in in hopes of squeezing the precious metal higher, the price of silver surged higher only to tumble just as quickly as it has risen as the seller(s) once again proved more powerful than the buyers. We described this in "Silver Futures Soar 8%, Rise Above $29 As Reddit Hordes Pile In", an article which some 2.4 million gold and silver bugs read with hope, only to see their favorite precious metals slump for much of the rest of the year. And yes, the fact that both gold and silver ended the year sharply lower than where they started even though inflation hit the highest level in 40 years, remains one of the great mysteries of 2021. With all that behind us, and as we wave goodbye to another bizarre, exciting, surreal year, what lies in store for 2022, and the next decade? We don't know: as frequent and not so frequent readers are aware, we do not pretend to be able to predict the future and we don't try despite endless allegations that we constantly predict the collapse of civilization: we leave the predicting to the "smartest people in the room" who year after year have been consistently wrong about everything, and never more so than in 2021 (even the Fed admitted it is clueless when Powell said it was time to retire the term "transitory"), which destroyed the reputation of central banks, of economists, of conventional media and the professional "polling" and "strategist" class forever, not to mention all those "scientists" who made a mockery of the "expertise class" with their bungled response to the covid pandemic. We merely observe, find what is unexpected, entertaining, amusing, surprising or grotesque in an increasingly bizarre, sad, and increasingly crazy world, and then just write about it. We do know, however, that after a record $30 trillion in stimulus was conjured out of thin air by the world's central banks and politicians in the past two years, the attempt to reverse this monetary and fiscal firehose in a world addicted to trillions in newly created liquidity now that central banks are freaking out after finally getting ot the inflation they were hoping to create for so long, will end in tears. We are confident, however, that in the end it will be the very final backstoppers of the status quo regime, the central banking emperors of the New Normal, who will eventually be revealed as fully naked. When that happens and what happens after is anyone's guess. But, as we have promised - and delivered - every year for the past 13, we will be there to document every aspect of it. Finally, and as always, we wish all our readers the best of luck in 2022, with much success in trading and every other avenue of life. We bid farewell to 2021 with our traditional and unwavering year-end promise: Zero Hedge will be there each and every day - usually with a cynical smile - helping readers expose, unravel and comprehend the fallacy, fiction, fraud and farce that defines every aspect of our increasingly broken system. Tyler Durden Sun, 01/02/2022 - 03:44.....»»

Category: personnelSource: nytJan 2nd, 2022

Coronavirus links: two major strains

A coronavirus-focused linkfest is a weekly feature here at Abnormal Returns. Please stay safe, get a booster at a vaccination site near... J&JThe CDC has downgraded the J&J ($JNJ) vaccine. (nbcnews.com)The J&J ($JNJ) situation shows the travails of drug development. (statnews.com)Merck ($MRK) is now making doses of the J&J ($JNJ) Covid vaccine outside the U.S. (wsj.com)VaccinesHow many Americans are out there with only one shot? (vox.com)Why intra-nasal vaccines may provide better protection. (newatlas.com)Moderna ($MRNA) has paused its patent fight with the NIH. (washingtonpost.com)It's still unclear whether we will need annual Covid boosters. (statnews.com)What we know about getting more people vaccinated. (slate.com)Vaccine mandates prompt a surge in vaccinations. (papers.ssrn.com)BoostersThe rush is on for booster shots. (ft.com)Only about 30 percent of eligible Americans have received a booster shot. (nytimes.com)Fully vaccinated now means boosted. (theatlantic.com)OmicronOmicron is spreading rapidly throughout the U.S. (newatlas.com)How severe are Omicron infections? (scientificamerican.com)The Pfizer ($PFE) vaccine still seems to be effective in preventing hospitalization from Omicron. (marketwatch.com)The Sinovac and Sputnik vaccines seem not to be very effective against Omicron. (bloomberg.com)What to do if you get an Omicron breakthrough infection? (theatlantic.com)Why is Omicron so contagious? (scientificamerican.com)TestingAmerica's testing system is once again under strain. (nytimes.com)Why the U.S. can't rapid test like they do in other countries. (theatlantic.com)The CDC has endorsed a test-to-stay policy for school-aged children. (wsj.com)How good are rapid tests at detecting Omicron? (newscientist.com)Public healthGovernments should focus on good behavior and less on variants. (washingtonpost.com)Nothing about Omicron should change how we approach Covid. (theatlantic.com)A number of Supreme Court justices want to put religious rights above that of public health. (slate.com)WorkWorkers should be boosted before returning to the office. (cnn.com)Omicron has blown up all of the return-to-the-office plans. (nytimes.com)Apple ($AAPL) is once again requiring face masks in all its stores. (wsj.com)Google ($GOOGL) has little patience for the unvaccinated. (cnbc.com)Kroger ($KR) is going to eliminate some benefits for unvaccinated workers. (wsj.com)NYC restaurants are closing due to rising case counts among workers. (ny.eater.com)Health careIt's hard to calculate the cost that Covid-19 has had on patients with other diseases. (wsj.com)Kentucky hospitals are full up with Covid patients putting others at-risk. (bloomberg.com)More states are seeing nursing shortages and stress. (npr.org)DataMore than 800,000 Americans have died from Covid-19. (econbrowser.com)Hospitalizations are now a better indicator of Covid-19 than case counts. (nytimes.com)A new, large study finds myocarditis is at least four times more likely to occur after a covid-19 infection than after a vaccination (newscientist.com)How states have done on four criteria including health and education. (politico.com)More South Florida police have been killed by Covid-19 than all other means combined. (orlandosentinel.com)How many more would have died without vaccines? (marginalrevolution.com)MABsThe monoclonal antibody treatment called Sotrovimab seems to work against Omicron. (washingtonpost.com)Officials are stockpiling sotrovimab doses form when Omicron is dominant. (news.yahoo.com)AntiviralsPfizer says that its antiviral pill showed high effectiveness against severe disease. (statnews.com)The introduction of Pfizer's Paxlovid is a genuinely good thing, overshadowed by other news. (washingtonpost.com)PodcastsMichael Lewis talks with Richard Hatchett, head of the Coalition for Epidemic Preparedness Innovations, on the pandemic's next steps. (morningstar.com)Andy Slavitt talks with Trevor Bedford on what to expect from Omicron. (podcasts.apple.com)ResignationPeople are largely reacting to Omicron with resignation. (nymag.com)Despite 8,000 deaths a week from Covid most Americans are living as if it is over. (theatlantic.com)Gen Z is done with the pandemic. (theatlantic.com)Mixed mediaThe pandemic shows how our individual actions can cascade into big waves. (theatlantic.com)Why Omicron may be one of the last gasps of the pandemic. (unchartedterritories.tomaspueyo.com)The best books about the pandemic including "Shutdown" by Adam Tooze. (timharford.com).....»»

Category: blogSource: abnormalreturnsDec 18th, 2021

Walgreens (WBA) Buys Remaining Stake in German Wholesale Business

Walgreens' (WBA) recent acquisition of the remaining ownership stake helps the company to further solidify its position as a leading pharmaceutical wholesaler in Germany. Walgreens Boots Alliance, Inc. WBA recently inked an agreement with McKesson Corporation MCK to acquire the remaining 30% interest of their GEHE Pharma Handel (GEHE) and Alliance Healthcare Deutschland (AHD) joint venture (JV). The agreement is subject to standard regulatory approval by the relevant local authorities.Following the deal's closure, Walgreens will become the 100% owner of the combined GEHE and Alliance Healthcare businesses in Germany. The financial terms of the deal were kept under wraps.The recent investment is likely to fortify Walgreens’ International Pharmaceutical business.More on the NewsIn November 2020, Walgreens and McKesson entered into an agreement to build a joint venture combining their respective pharmaceutical wholesale businesses in Germany, AHD and GEHE. Under the terms of the agreement, Walgreens holds a 70% controlling equity interest in the JV and McKesson holds the remaining 30% interest.The recent announcement of Walgreens acquiring the remaining interest in the joint venture came on the heels of McKesson’s announcement in July 2021 of the sale of certain European businesses and its decision to exit the European region completely to reinvest in strategic growth opportunities elsewhere.Strategic EffortsPer Walgreens’ management, the acquisition of full ownership interest allows Walgreens to further bolster its position as a leading pharmaceutical wholesaler in Germany.  With the formation and development of the joint venture, Walgreens is optimistic about further boosting its innovative services to manufacturers and pharmacists in Germany.Image Source: Zacks Investment ResearchGoing by the November 2020 agreement, in the face of future challenges in the healthcare sector, the new company is focused on boosting the pharmacist's position as a healthcare professional, creating innovative added-value services and substantially improving digitalization and operational excellence.Industry ProspectsPer a report by Grand View Research, the Germany pharmaceuticals market size was valued at $41.4 billion in 2019 and is expected to see a CAGR of 6.0% by 2027. Increasing patent applications focused on developing novel drug delivery systems, new drugs, and formulations are factors driving the market.Considering the market opportunities, Walgreens’ recent acquisition is well thought-off.Recent DevelopmentsIn October 2021, Walgreens announced the expansion of its Mental Health First Aid training for more than 27,000 Walgreens pharmacists, while Boots is introducing new services focused on helping to meet the growing need in communities across Europe and the U.K.In September 2021, Walgreens, through its wholly-owned subsidiary, Walgreen Co., announced the acquisition of majority investment in Shields -- an industry leader in integrated, health system-owned specialty pharmacy care.Price PerformanceShares of the company have gained 12.5% in a year compared with the industry’s rise of 25.5%.Zacks Rank and Key PicksWalgreens currently carries a Zacks Rank #4 (Sell).A couple of better-ranked stocks from the broader medical space are Medpace Holdings, Inc. MEDP and Laboratory Corporation of America Holdings, or LabCorp LH.Medpace reported third-quarter 2021 adjusted EPS of $1.29, surpassing the Zacks Consensus Estimate by 20.6%. MEDP’s revenues of $295.57 million beat the Zacks Consensus Estimate by 1.2%. Medpace currently carries a Zacks Rank #1 (Strong Buy).Medpace has an estimated long-term growth rate of 16.4%. MEDP surpassed estimates in the trailing four quarters, the average surprise being 11.9%.LabCorp reported third-quarter 2021 adjusted EPS of $6.82, which surpassed the Zacks Consensus Estimate by 42.9%. Revenues of $4.06 billion outpaced the Zacks Consensus Estimate by 13.4%. LabCorp currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.LabCorp has an estimated long-term growth rate of 10.6%. LH surpassed estimates in the trailing four quarters, the average surprise being 25.7%. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Laboratory Corporation of America Holdings (LH): Free Stock Analysis Report McKesson Corporation (MCK): Free Stock Analysis Report Walgreens Boots Alliance, Inc. (WBA): Free Stock Analysis Report Medpace Holdings, Inc. (MEDP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksDec 1st, 2021

Adamis Pharmaceuticals Announces Third Quarter 2021 Financial Results and Provides Corporate Update

SAN DIEGO, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (NASDAQ:ADMP), a biopharmaceutical company developing and commercializing specialty products for allergy, opioid overdose, respiratory and inflammatory disease, today announced financial results for the nine months ended September 30, 2021 and provided a business update. "Adamis made significant advancements over the past year," stated Dennis J. Carlo, Ph.D., President and Chief Executive Officer of Adamis Pharmaceuticals. "We resubmitted our NDA for ZIMHI to the FDA. We initiated and began enrolling patients in a Phase 2/3 clinical trial to evaluate the use of Tempol for the treatment of COVID-19. Under our new commercial partner, we have seen significant sales growth for SYMJEPI. Most significantly, in October we received an early approval for ZIMHI for the treatment of opioid overdose and commercial introduction is expected during the first quarter of 2022." Product and Pipeline Updates and Other Corporate Developments ZIMHI On October 18, 2021, Adamis announced that the U.S. FDA had approved the Company's ZIMHI TM (naloxone HCL Injection, USP) 5 mg/0.5 mL product. ZIMHI is a high-dose naloxone injection product FDA-approved for use in the treatment of opioid overdose. According to the preliminary data from the CDC, overdose deaths in the U.S. exceeded 100,000 for the twelve months ending April 2021. The Company's U.S. commercial partner, US WorldMeds is preparing to commercially launch ZIMHI in the first quarter of 2022. SYMJEPI In October 2020, US WorldMeds completed the transition of control of the commercial operations of SYMJEPI from Sandoz, Inc. The U.S. market for epinephrine exceeded $1.7 billion in annual sales for the 12-month period ending September 30, 2021, according to Symphony Health market data. Despite the marketing challenges posed by the pandemic and related lockdowns, Symphony Health data indicates SYMJEPI unit sales increased approximately 98% for nine months ending September 30, 2021, versus the first nine months of 2020. TEMPOL Tempol has been shown to have antiviral, anti-inflammatory and antioxidant activity. Recently, the National Institutes of Health (NIH) highlighted Tempol as a potential home treatment for COVID-19. In September, the first patient was enrolled into the Company's ongoing Phase 2/3 clinical trial of Tempol as a treatment for COVID-19 and the Company is expanding the number of clinical study sites, including several potential sites outside the U.S. Adamis licensed exclusive worldwide rights under patents, patent applications and related know-how relating to Tempol for certain licensed fields including the treatment of respiratory diseases including asthma, respiratory syncytial virus infection, influenza and COVID-19. In addition to the work in COVID, the Company is exploring additional indications for the use of Tempol including, but not limited to the treatment of methamphetamine use disorder. US COMPOUNDING In July 2021, the Company sold assets relating to its US Compounding human compounding pharmacy business. Under the terms of the sale, the Company expects to receive monthly payments over a 12-month period in ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 22nd, 2021

The FDA"s War Against The Truth On Ivermectin

The FDA's War Against The Truth On Ivermectin Authored by David Henderson and Charles Hopper via The American Institute for Economic Research, On July 28, the Wall Street Journal ran our article “Why Is the FDA Attacking a Safe, Effective Drug?” In it, we outlined the potential value of the antiparasitic drug ivermectin for Covid-19, and we questioned the FDA’s vigorous attack on ivermectin. Many people praised us and many criticized us. We had clearly covered a sensitive subject. It didn’t help that one of the studies we referenced was retracted the day our article was published. Within hours of learning that fact, we sent a mea culpa to the Journal’s editors. They acted quickly, adding a note at the end of the electronic version and publishing our letter. It’s important to address two criticisms of our work. The first is that we exaggerated the FDA’s warning on ivermectin. The second is that Merck’s stance on ivermectin proved that even the company that developed ivermectin thought that it doesn’t work for Covid-19. First, we didn’t exaggerate the FDA’s warning on ivermectin. Instead, the agency changed its website after our article was published, probably to reflect the points we made. Second, Merck had two incentives to downplay ivermectin’s usefulness against the novel coronavirus. We’ll explain both points more fully. Ivermectin was developed and marketed by Merck & Co. while one of us (Hooper) worked there years ago. Dr. William C. Campbell and Professor Satoshi Omura were awarded the 2015 Nobel Prize for Physiology or Medicine. They earned it for discovering and developing avermectin. Later Campbell and some associates modified avermectin to create ivermectin. Merck & Co. has donated four billion doses of ivermectin to prevent river blindness and other diseases in areas of the world, such as Africa, where parasites are common. The ten doctors who are in the Front Line Covid-19 Critical Care Alliance call ivermectin “one of the safest, low-cost, and widely available drugs in the history of medicine.” Ivermectin is on the WHO’s List of Essential Medicines and ivermectin has been used safely in pregnant women, children, and infants. Ivermectin is an antiparasitic, but it has shown, in cell cultures in laboratories, the ability to destroy 21 viruses, including SARS-CoV-2, the cause of Covid-19. Further, ivermectin has demonstrated its potential in clinical trials for the treatment of Covid-19 and in large-scale population studies for the prevention of Covid-19. Contradicting these positive results, the FDA issued a special statement warning that “you should not use ivermectin to treat or prevent Covid-19.” The FDA’s warning, which included language such as, “serious harm,” “hospitalized,” “dangerous,” “very dangerous,” “seizures,” “coma and even death,” and “highly toxic,” might suggest that the FDA was warning against pills laced with poison. In fact, the FDA had already approved the drug years ago as a safe and effective anti-parasitic. Why would it suddenly become dangerous if used to treat Covid-19? Further, the FDA claimed, with no scientific basis, that ivermectin is not an antiviral, notwithstanding its proven antiviral activity. Interestingly, at the bottom of the FDA’s strong warning against ivermectin was this statement: “Meanwhile, effective ways to limit the spread of COVID-19 continue to be to wear your mask, stay at least 6 feet from others who don’t live with you, wash hands frequently, and avoid crowds.” Was this based on the kinds of double-blind studies that the FDA requires for drug approvals? No. After some critics claimed that we overstated or overreacted to the FDA’s special warning, we reviewed the FDA’s website and found that it had been changed, and there was no mention of the changes nor any reason given. Overall, the warnings were watered down and clarified. We noticed the following changes: The false statement that “Ivermectin is not an anti-viral (a drug for treating viruses)” was removed. “Taking a drug for an unapproved use can be very dangerous. This is true of ivermectin, too” was changed to the less alarming “Ivermectin has not been shown to be safe or effective for these indications.” (Indications is the official term used in the industry to denote new uses for a drug, such as new diseases or conditions, and/or new patient populations.) The statement, “If you have a prescription for ivermectin for an FDA-approved use, get it from a legitimate source and take it exactly as prescribed,” was changed to, “If your health care provider writes you an ivermectin prescription, fill it through a legitimate source such as a pharmacy, and take it exactly as prescribed.” This more clearly acknowledges that reasonable physicians may prescribe ivermectin for non-FDA-approved uses, such as Covid-19. The ending statement about masks, spacing, hand washing, and avoiding crowds was replaced with one that recommended getting vaccinated and following CDC guidelines. The reasonable statement “Talk to your health care provider about available COVID-19 vaccines and treatment options. Your provider can help determine the best option for you, based on your health history” was added at the end. The new warning from the FDA is more correct and less alarming than the previous one. In a statement from February, Merck, the company that originated and still sells ivermectin, agreed with the FDA that ivermectin should not be used for Covid-19. “We do not believe that the data available support the safety and efficacy of ivermectin beyond the doses and populations indicated in the regulatory agency-approved prescribing information.” To some, this appeared to be a smoking gun. Merck wants to make money, they reason, and people are interested in using ivermectin for Covid-19, therefore, Merck would warn against such usage only if the scientific evidence were overwhelming. But that’s not how the pharmaceutical industry works. Here’s how the FDA-regulated pharmaceutical industry really works. The FDA judges all drugs as guilty until proven, to the FDA’s satisfaction, both safe and efficacious. By what process does this happen? The FDA waits for a deep-pocketed sponsor to present a comprehensive package that justifies the approval of a new drug or a new use of an existing drug. For a drug like ivermectin, long since generic, a sponsor may never show up. The reason is not that the drug is ineffective; rather, the reason is that any expenditures used to secure approval for that new use will help other generic manufacturers that haven’t invested a dime. Due to generic drug substitution rules at pharmacies, Merck could spend millions of dollars to get a Covid-19 indication for ivermectin and then effectively get zero return. What company would ever make that investment? With no sponsor, there is no new FDA-approved indication and, therefore, no official recognition of ivermectin’s value. Was the FDA’s warning against ivermectin based on science? No. It was based on process. Like a typical bureaucrat, the FDA won’t recommend the use of ivermectin because, while it might help patients, such a recommendation would violate its processes. The FDA needs boxes checked off in the right order. If a sponsor never shows up and the boxes aren’t checked off, the FDA’s standard approach is to tell Americans to stay away from the drug because it might be dangerous or ineffective. Sometimes the FDA is too enthusiastic and these warnings are, frankly, alarming. Guilty until proven innocent. There are two reasons that Merck would warn against ivermectin usage, essentially throwing its own drug under the bus. Once they are marketed, doctors can prescribe drugs for uses not specifically approved by the FDA. Such usage is called off-label. Using ivermectin for Covid-19 is considered off-label because that use is not specifically listed on ivermectin’s FDA-approved label. While off-label prescribing is widespread and completely legal, it is illegal for a pharmaceutical company to promote that use. Doctors can use drugs for off-label uses and drug companies can supply them with product. But heaven forbid that companies encourage, support, or promote off-label prescribing. The fines for doing so are outrageous. During a particularly vigorous two-year period, the Justice Department collected over $6 billion from drug companies for off-label promotion cases. Merck’s lawyers haven’t forgotten that lesson. Another reason for Merck to discount ivermectin’s efficacy is a result of marketing strategy. Ivermectin is an old, cheap, off-patent drug. Merck will never make much money from ivermectin sales. Drug companies aren’t looking to spruce up last year’s winners; they want new winners with long patent lives. Not coincidentally, Merck recently released the clinical results for its new Covid-19 fighter, molnupiravir, which has shown a 50% reduction in the risk of hospitalization and death among high-risk, unvaccinated adults. Analysts are predicting multi-billion-dollar sales for molnupiravir. While we can all be happy that Merck has developed a new therapeutic that can keep us safe from the ravages of Covid-19, we should realize that the FDA’s rules give companies an incentive to focus on newer drugs while ignoring older ones. Ivermectin may or may not be a miracle drug for Covid-19. The FDA doesn’t want us to learn the truth. The FDA spreads lies and alarms Americans while preventing drug companies from providing us with scientific explorations of existing, promising, generic drugs. Tyler Durden Wed, 10/20/2021 - 19:30.....»»

Category: blogSource: zerohedgeOct 20th, 2021

Field Trip Health Ltd. Reports Fiscal Fourth Quarter and Full Year 2022 Financial Results and Provides Business Update Including Corporate Reorganization

Completed strategic review and announced intention to separate the Field Trip Discovery and Field Trip Health divisions into two independent public companies. Earned patient services revenues of $1.7 million in fiscal fourth quarter, an increase of 26.7% over the prior quarter and 228% year over year. Full year patient services revenue was $4.9 million, up from $0.96 million in the same period of the prior year. At March 31, 2022, Field Trip had approximately $63.7 million in unrestricted cash and cash equivalents. On April 5, 2022, granted U.S Patent for the first novel psychedelic molecule in development, molecule FT-104, for exclusive rights for the composition of matter, use and manufacturing of a family of hemi-ester compounds of hydroxytryptamines, including FT-104 until 2040. In May, 2022, launched Field Trip at Home Powered by Nue Life, an advanced wellness platform for personalized, at-home psychedelic care. The program's ketamine treatments, interactive companion app, and virtual aftercare programs, provides an alternative to in-clinic care for those seeking treatment, but who are unable to travel to one of Field Trip's existing locations. TORONTO, June 29, 2022 (GLOBE NEWSWIRE) -- Field Trip Health Ltd. (TSX:FTRP, FTRP.WT, NASDAQ:FTRP) ("Field Trip"), a leader in the development and delivery of psychedelic therapies, reported fiscal fourth quarter and full year 2022 results for the period ended March 31, 2022 and provided a business update. All results are reported under International Financial Reporting Standards ("IFRS") and in Canadian dollars, unless otherwise specified. Corporate Reorganization Post quarter end, Field Trip announced the completion of its previously announced strategic review and the intention to complete a reorganization that will separate the Field Trip Discovery and Field Trip Health Divisions into two independent public companies (the Spinout Transaction). The reorganization will be completed by way of a Plan of Arrangement (the Arrangement). Field Trip Discovery will be renamed Reunion Neuroscience Inc. (Reunion) and continue to focus on the research and development of novel psychedelic molecules such as FT-104. Field Trip Health will be renamed Field Trip Health & Wellness Ltd. (Field Trip H&W) and will continue its focus on developing proprietary, competitive and differentiated psychedelic-assisted therapies (PAT) through innovation in therapeutic protocols, with a view of achieving the best patient outcomes in the treatment of mental health and mood disorders. Pursuant to the terms of the Arrangement, each share of the Company will be exchanged for one common share of Reunion and approximately 0.86 common shares of Field Trip H&W. Following the completion of the Arrangement, Reunion will remain listed on the NASDAQ Stock Market and Toronto Stock Exchange, and Field Trip H&W, subject to exchange approval, will list on the TSX Venture Exchange. Concurrent with closing of the Arrangement, Field Trip H&W is expected to complete a series of private placement financings (the Concurrent Financing) for gross proceeds of $20.0 million, led by Oasis Management Company and Field Trip. Following board approval on June 14, 2022, Field Trip announced that it will increase its initial investment from $5.0 million to $9.8 million for a 21.79% equity interest in Field Trip H&W. On June 27, 2022, the Company announced its shareholders had approved the Arrangement and Concurrent Financing (thereby approving the Spinout Transaction), at a special meeting of shareholders. In addition, subject to completion of the Arrangement, shareholders approved the Field Trip H&W equity incentive plan and authorized Field Trip H&W to reserve and allot for issuance, and issue, upon the exercise of options, up to 10% of the number of common shares in Field Trip H&W issued and outstanding from time to time, on a non-diluted basis. On June 29, 2022, the Company received final court approval for the Spinout Transaction by way of the Arrangement. The closing of the Arrangement remains subject to regulatory approvals, including conditional listing approval by the TSX Venture Exchange. It is expected that the closing of the arrangement will occur on or around August 2022. The Company's management team and the Board believe that the separation of the two business divisions will establish two independent, leading businesses in their respective areas in the psychedelics sector and ultimately result in maximized long-term value for the Company's shareholders. Joseph del Moral, Field Trip's Co-founder and CEO, said, "Now that the strategic review has concluded, we are focused on the future for the separate drug development and clinics businesses and allowing them to execute on their respective strategic priorities. We are pleased that we were able to secure the financing to execute on our plan in the current challenging market environment, and we are confident that we are setting the companies up for long-term success and increased shareholder value." Key Highlights and Recent Developments During the fiscal fourth quarter, Field Trip continued to advance its drug discovery work which is focused on the research and development of its novel molecule, FT-104, as well as other molecules under development, specifically the FT-200 series. The Field Trip Health clinics business achieved operational efficiencies and increased customer reach as well as announcing innovative strategic partnerships to offer new psychedelic-assisted treatment options. Field Trip Discovery FT-104 Field Trip Discovery is leading the development of the next generation of custom synthetic molecules targeting serotonin 5HT2A receptors. FT-104 is the first drug candidate in development by the Company. FT-104, given the name "Isoprocin Gutarate", is anticipated to produce a psychedelic trip of about 2-3 hours. The structure of FT-104 is based on classical serotonin 2A psychedelics, like psilocybin, which have been reported to be useful in treating a variety of mood disorders, including depression, anxiety and substance abuse. FT-104 completed Phase 1 enabling studies in early 2022 and is now entering the clinical stage of development in 2022. In late 2021, FT Discovery entered an agreement with an Australian Clinical Research Organization (CRO) to perform a Phase 1 trial with the objective to study the safety, tolerability and pharmacokinetics of single, escalating doses of FT-104 in healthy human volunteer participants. Exploratory objectives include characterization of the intensity, duration and subjective feeling of the psychoactive experience produced by the study drug. The Phase 1 protocol was developed in collaboration with our CRO and our clinical advisory team, was approved by the Human Research Ethics Committee and is being implemented at the clinical trial site where screening and recruitment have begun. Dosing of participants in the study is expected to begin shortly. On April 5, 2022, the Company was granted a patent for claims related to FT-104. The patent application entitled, "Tryptamine Prodrugs," grants exclusive rights to Field Trip for the composition of matter, formulations, methods of use and methods of manufacture for a family of hemi-ester compounds of hydroxytryptamines, including Isoprocin. Patent protection will extend to at least mid-2040. FT-200 Group During the quarter, Field Trip continued to progress research and development of its FT-200 molecule group. Research so far is showing that candidates in the FT-200 Group are demonstrating interesting pharmacological differences with classical psychedelics that might make them safer serotonin 2A (5HT-2A or "2A") agonists with a broader use potential in mental healthcare. The aim of the work is to reduce or eliminate the potential for cardiovascular related harm by decreasing the relative activity at the serotonin 2B (5HT-2B or "2B") receptor. Early stage candidates are under continued investigations. Dr. Nathan Bryson, Field Trip's Chief Scientific Officer, said, "Field Trip Discovery has benefited greatly from our association with the clinics division over the past 2 years to better understand the responsible use and enormous potential of psychedelic drug-assisted psychotherapy to produce durable relief for patients. As Reunion Neuroscience, we feel we bring a unique perspective to the development of the next generation, regulated psychedelic medicines, such as FT-104, a proprietary clinical-stage prodrug designed to produce a short duration experience, and FT-200, a family of molecules with potentially reduced cardiovascular risk profiles." Field Trip Health Centers Throughout the fiscal fourth quarter, the Company continued to implement operational improvements to reduce costs and increase throughput at its Field Trip Health Centers. In addition, the clinics saw an improvement in marketing efficiency and revenue growth as a result of improved marketing and digital client acquisition strategies that have increased conversion of new clients to the clinics. Consequently, Field Trip Health Centers achieved fiscal fourth quarter revenue of $1.72 million, representing an increase of 26.7% over the prior quarter and more than three times higher than the same period of the prior year. During the quarter, the Company announced the opening of its Vancouver, BC and Washington, DC locations. Coming out of the strategic review, and with the increased emphasis on client acquisition through its digital platforms, Trip and Field Trip at Home™, as well as ongoing efficiency improvements of its in-center offerings, Field Trip has deferred the opening of additional new clinics. Subsequent to quarter end, Field Trip launched its Field Trip at Home™ Powered by Nue Life platform, which provides ketamine treatments from the comfort of a person's home, providing an alternative to in-clinic care. Through this arrangement, Field Trip offers increased accessibility and convenience for those interested in pursuing the powerful treatment outcomes of ketamine therapy outside of a clinic setting through Nue Life's at-home and telehealth offerings. Ronan Levy, Field Trip's Co-founder and Executive Chairman, commented, "Our Field Trip Health centers have played an important role in enabling access to ketamine and psilocybin assisted treatments that have helped change the lives of those living with depression, anxiety and other mental health conditions. With the future separation of the clinics business, we will be uniquely focused to build upon this strong foundation and direct our efforts into growth in client numbers, while also implementing operational improvements to scale efficiently, continuing the momentum of revenue growth we achieved during the fourth quarter. Furthermore, we will increase our focus on using digital platforms, such as Trip and Field Trip at Home™, to increase our reach. We will work to leverage our existing Field Trip Health Centers to maximize their impact while reducing capital requirements going forward." Financial Highlights For the fiscal fourth quarter ended March 31, 2022, the Company earned patient services revenues of $1,724,102 from its twelve clinics in operation, an ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzinga19 hr. 18 min. ago

65 members of Congress have violated a law designed to prevent insider trading and stop conflicts-of-interest

Insider has identified numerous members of Congress who've violated the transparency provision of the STOCK Act, which requires timely reporting of their stock trades. Marianne Ayala/Insider Insider and other media have identified numerous US lawmakers not complying with the federal STOCK Act. Their excuses range from oversights, to clerical errors, to inattentive accountants. Ethics watchdogs — and even some in Congress — want to ban lawmakers from trading individual stocks. See more stories on Insider's business page. Insider and several other news organizations have identified 65 members of Congress who've recently failed to properly report their financial trades as mandated by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act.Congress passed the law a decade ago to combat insider trading and conflicts of interest among their own members and force lawmakers to be more transparent about their personal financial dealings. A key provision of the law mandates that lawmakers publicly — and quickly — disclose any stock trade made by themselves, a spouse, or a dependent child.But many members of Congress have not fully complied with the law. They offer excuses including ignorance of the law, clerical errors, and mistakes by an accountant. Insider has chronicled this widespread nature of this phenomenon in a new project, "Conflicted Congress."While lawmakers who violate the STOCK Act face a fine, the penalty is usually small — $200 is the standard amount — or waived by House or Senate ethics officials. Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks. On Capitol Hill, lawmakers are now seriously debating such a ban.Here are the lawmakers discovered to have recently violated the STOCK Act — to one extent or another:Sen. Dianne Feinstein, a Democrat from CaliforniaSen. Dianne Feinstein, a Democrat from California.Anna Moneymaker/The New York Times via AP, PoolFeinstein was months late disclosing a five-figure investment her husband made into a private, youth-focused polling company.Sen. Tommy Tuberville, a Republican from AlabamaSen. Tommy Tuberville, a Republican from Alabama.Chip Somodevilla/Getty ImagesTuberville was weeks or months late in disclosing nearly 130 separate stock trades from January to May.Sen. Roger Marshall, a Republican from KansasSen. Roger Marshall, a Republican from Kansas.Leigh Vogel/Pool via APMarshall was up to 17 months late disclosing stock trades for one of his dependent children.Sen. John Hickenlooper, a Democrat from ColoradoUnited States SenateIn May 2020, Hickenlooper was months — and in two cases, more than a year — late in disclosing five separate stock trades for himself or his wife that, taken together, are worth between $565,000 and $1.3 million, nonprofit news organization Sludge reported.Then, in June, Hickenlooper failed to disclose purchases of varying classes of stock from by his wife. They include shares of Liberty Media Corporation, Qurate Retail, and Liberty Broadband Corporation in 2021 and early 2022. The stocks were valued between $516,006 and $1.2 million. Hickenlooper was also late in reporting that his wife sold between $130,004 and $300,000 worth of stock in Liberty Media Corporation and Liberty Broadband Corporation from March 2022. Sen. Rand Paul, a Republican from KentuckySen. Rand Paul.GREG NASH/POOL/AFP via Getty ImagesPaul was 16 months late in disclosing that his wife bought stock in a biopharmaceutical company that manufactures an antiviral COVID-19 treatment, the Washington Post reported.Sen. Sheldon Whitehouse, a Democrat from Rhode IslandSen. Sheldon Whitehouse, a Democrat from Rhode Island.Greg Nash - Pool/Getty ImagesWhitehouse was a couple days late disclosing January 2022 purchases of Target Corporation and Tesla Inc. stock, each valued at between $15,001 and $50,000.Sen. Tom Carper, a Democrat from DelawareSen. Tom Carper, a Democrat from Delaware.United States SenateCarper was about four months late disclosing his wife's sale of stock in a gold mining company.Sen. Cynthia Lummis, a Republican from WyomingUS Senator from Wyoming, Cynthia Lummis.Tom Williams/Roll CallLummis was several days late reporting a purchase in August of up to $100,000 in bitcoin, CNBC reported.Sen. Gary Peters, a Democrat from MichiganSen. Gary Peters, a Democrat from Michigan.United States SenatePeters was months late disclosing a purchase of up to $15,000 worth of stock in FS KKR Capital Corp., which manages business development companies, nonprofit news organization Sludge reported.Sen. Mark Kelly, a Democrat from ArizonaSen. Mark Kelly, a Democrat from Arizona.REUTERS/Mario AnzuoniKelly, a retired astronaut, failed to disclose on time his exercising of a stock option on an investment in a company that's developing a supersonic passenger aircraft, Fox Business reported. Rep. Tom Malinowski, a Democrat from New JerseyRep. Tom Malinowski, a Democrat from New Jersey.Tom Williams/CQ-Roll Call via Getty ImagesMalinowski failed to disclose dozens of stock trades made during 2020 and early 2021, doing so only after questions from Insider.The independent Office of Congressional Ethics, in part citing Insider's reporting, found "substantial reason to believe" that Malinowski violated federal rules or laws designed to promote transparency and defend against conflicts. It voted 5-1 to refer its findings to the Democrat-led House Committee on Ethics, which confirmed on October 21 that it will continue reviewing the matter.Rep. Pat Fallon, a Republican from TexasRep. Pat Fallon, a Republican from Texas.Tom Williams/CQ-Roll Call, Inc via Getty ImagesFallon was months late disclosing dozens of stock trades during early- and mid-2021 that together are worth as much as $17.53 million. Fallon was late again in December 2021 disclosing stock trades.Rep. Diana Harshbarger, a Republican from TennesseeRep. Diana Harshbarger, a Republican from Tennessee.Tom Williams/CQ-Roll Call, Inc via Getty ImagesHarshbarger failed to properly disclose more than 700 stock trades that together are worth as much as $10.9 million.Rep. Susie Lee, a Democrat of NevadaRep. Susie Lee, a Democrat from Nevada.Michael Brochstein/Getty ImagesLee failed to properly disclose more than 200 stock trades between early-2020 and mid-2021. Together, the trades are worth as much as $3.3 million.Rep. Madison Cawthorn, a Republican from North CarolinaRep. Madison Cawthorn, a Republican from North Carolina.Jabin Botsford/The Washington Post via Getty ImagesCawthorn was months late in May 2022 when disclosing hundreds of thousands of dollars worth of purchases and sales of two cryptocurrencies: ethereum and Let's Go Brandon Coin, the latter referencing an anti-Joe Bien slogan.Then, in June 2022, he was again months late in disclosing two-dozen additional cryptocurrency trades. Rep. Katherine Clark, a Democrat from MassachusettsRep. Katherine Clark, a Democrat from Massachusetts.MassLiveClark, one of the highest-ranking Democrats in the House, was several weeks late in disclosing 19 of her husband's stock transactions. Together, the trades are worth as much as $285,000. She has since stopped trading stocks.Rep. Blake Moore, a Republican from UtahRep. Blake Moore, a Republican from Utah.Caroline Brehman/CQ-Roll Call via Getty ImagesMoore in early- to mid-2021 did not properly disclose dozens of stock and stock-option trades together worth as much as $1.1 million. He was late again disclosing trades made in August.Rep. Jamie Raskin, a Democrat from MarylandRep. Jamie Raskin, a Democrat from Maryland.ReutersRaskin failed to disclose on three annual congressional financial reports that his wife, Sarah Bloom Raskin, held stock in Reserve Trust. He then didn't disclose that she sold the stock, valued at $1.5 million, until months after a federal deadline for doing so. In early 2022, Raskin explained that sale disclosure delay occurred following his son's death.Then, in June 2022, Raskin was again late disclosing stock trades. This time, it involved an exchange of stocks his wife received when I(X) Investments merged with Net Zero — a trade valued at between $250,001 and $500,000.  Rep. Mikie Sherrill, a Democrat from New JerseyRep. Mikie Sherrill, a Democrat from New Jersey.Andrew Harnik/AP PhotoSherrill was months late disclosing two sales of vested stock her husband earned as part of his employment. The trades were worth up to $350,000 and Sherrill paid a $400 late fee. Rep. Mo Brooks, a Republican from AlabamaRep. Mo Brooks, a Republican from Alabama.Bill Clark/CQ Roll Call via Getty ImagesBrooks, who is running for US Senate, failed to properly disclose a sale of Pfizer stock worth up to $50,000.Rep. Dan Crenshaw, a Republican from TexasRep. Dan Crenshaw, a Republican from Texas.Facebook/Crenshaw for CongressCrenshaw was months late disclosing several stock trades he made in the early days of the COVID-19 pandemic, the Daily Beast reported.Rep. Kathy Manning, a Democrat from North CarolinaRep. Kathy Manning speaks during the news conference on the introduction of the Medicaid Saves Lives Act on Wednesday, July 21, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesManning and her husband were late — sometimes by months — disclosing several dozen stock trades made in 2021 that together were worth up to $1.25 million, according to nonprofit news organization Sludge.Rep. Kevin Hern, a Republican from OklahomaRep. Kevin Hern, a Republican from Oklahoma.Bill Clark/CQ-Roll Call, Inc via Getty ImagesHern did not disclose nearly two-dozen stock trades in a timely manner, in violation of the STOCK Act. Taken together, the trades are worth as much as $2.7 million.Rep. Debbie Wasserman Schultz, a Democrat from FloridaRep. Debbie Wasserman Schultz, a Democrat from Florida.Joe Raedle/Getty ImagesWasserman Schultz was months late reporting four stock trades made either for herself or her child.Rep. Michael Guest, a Republican from MississippiRep. Michael Guest, a Republican from Mississippi.Chip Somodevilla/Getty ImagesGuest was more than eight months late disclosing trades in the stock of two oil companies held by a family trust benefitting his wife.Rep. Sean Patrick Maloney, a Democrat from New YorkRep. Sean Patrick Maloney, a Democrat from New York.Tom Williams/CQ-Roll CallMaloney was months late in disclosing he sold eight stocks he inherited in mid-2020 when his mother died.Rep. Brian Mast, a Republican from FloridaRep. Brian Mast, a Republican from Florida.Ting Shen-Pool/Getty ImagesMast was late disclosing that he had purchased up to $100,000 in stock in an aerospace company. The president of the company had just testified before a congressional subcommittee on which Mast sits.Rep. Lori Trahan, a Democrat from MassachusettsRep. Lori Trahan, a Democrat from Massachusetts.Bill Clark/CQ Roll CallTrahan was months late disclosing the sale of stock shares in a software company.Rep. John Rutherford, a Republican from FloridaRep. John Rutherford, a Republican from Florida.Drew Angerer/Getty ImagesRutherford failed to properly disclose five individual stock transactions he made in late 2020.Rep. Brad Schneider, a Democrat from IllinoisRep. Brad Schneider, a Democrat from Illinois.Samuel Corum/Getty ImagesSchneider was about two months late disclosing two stock trades involving a pet insurance company.Rep. David Trone, a Democrat of MarylandRep. David Trone, a Democrat of Maryland.Michael Brochstein/SOPA Images/LightRocket via Getty ImagesTrone was months late reporting several stocks and structured notes that together are worth well into the hundreds of thousands of dollars.Rep. Pete Sessions, a Republican from TexasRep. Pete Sessions, a Republican from Texas.APSessions was a month late in reporting a purchase of stock in Amazon.com he made during August 2021. Separately, in early 2022, Sessions was late disclosing seven trades he made in late 2021. Sessions has been an outspoken advocate of allowing members of Congress to trade individual stocks.Rep. Dan Meuser, a Republican from PennsylvaniaRep. Dan Meuser, a Republican from Pennsylvania.Bill Clark/CQ Roll CallMeuser was about one year late disclosing hundreds of thousands of dollars worth of stock purchases his wife and children made during March 2020, LegiStorm reported.Rep. Vicente Gonzalez, a Democrat from TexasRep. Vicente Gonzalez, a Democrat from Texas.Bill Clark/CQ Roll CallGonzalez was nearly a year late in disclosing a sale of up to $15,000 worth of mining company stock.Rep. Kathy Castor, a Democrat of FloridaRep. Kathy Castor, a Democrat from Florida.Bill Clark/CQ-Roll Call via Getty ImagesCastor was late disclosing the purchase of tens of thousands of dollars worth of stock shares throughout 2021.Rep. Maria Elvira Salazar, a Republican from FloridaRepublican Rep. Maria Elvira Salazar of Florida at a press conference outside the Capitol on March 17, 2021.Caroline Brehman/CQ-Roll Call via Getty ImagesSalazar was weeks late disclosing a health care company stock share exchange valued at between $250,001 and $500,000.Rep. Bill Pascrell, a Democrat of New JerseyRep. Bill Pascrell, a Democrat of Maryland, paid a late fee after he was tardy disclosing stock trades.Bill Clark/CQ Roll CallPascrell was overdue reporting stock trades he made in December 2019 in General Electric and in August 2019 in pharmaceutical company Johnson & Johnson.Rep. August Pfluger, a Republican from TexasRep. August Pfluger, a Republican from Texas.Tom Williams/CQ-Roll Call via Getty ImagesPfluger was several months late disclosing numerous stock purchases or sales made in January or March either by himself or by his wife.Rep. Brian Higgins, a Democrat from New YorkRep. Brian Higgins.Tom Williams/CQ Roll CallHiggins was about 11 months late disclosing three stock trades he made in late 2020.Rep. Cheri Bustos, a Democrat from IllinoisRep. Cheri Bustos, a Democrat from Illinois.Chip Somodevilla/Getty ImagesBustos was months late in disclosing that she had sold up to $150,000 worth of stocks in March.Rep. Steve Chabot, a Republican from OhioSteve Chabot, a Republican from Ohio.Al Behrman/APChabot was months late disclosing a stock share exchange he held in early 2021.Rep. Victoria Spartz, a Republican from IndianaRep. Victoria Spartz, a Republican from Indiana.Bill Clark/CQ-Roll Call via Getty ImagesSpartz was two weeks late disclosing a purchase of up to $50,000 worth of stock in a commercial real-estate firm.Rep. Rick Allen, a Republican from GeorgiaRep. Rick Allen, a Republican from Georgia.Bill Clark/CQ-Roll Call via Getty ImagesAllen, a four-term Republican who represents a large southeastern region of Georgia, appears to have improperly disclosed the purchases and sales of several stocks during 2019 and 2020.Rep. Kim Schrier, a Democrat from WashingtonRep. Kim Schrier, a Democrat from Washington.Tom Williams/CQ-Roll Call, Inc via Getty ImagesSchrier was more than two months late disclosing that her husband purchased up to $1 million in Apple Inc. stock, Sludge and Forbes reported. Schrier's office told Insider that the congresswoman was initially unaware of the transaction.Rep. Kurt Schrader, a Democrat from OregonRep. Kurt Schrader, a Democrat from Oregon, is the latest member of Congress to violate the federal Stop Trading on Congressional Knowledge Act of 2012 by improperly disclosing personal stock trades.Bill Clark/CQ Roll CallSchrader failed to disclose two stock trades from December 2021 on time.Rep. Mike Kelly, a Republican from PennsylvaniaRep. Mike Kelly, a Republican from Pennsylvania.Caroline Brehman/CQ-Roll Call, Inc via Getty ImagesKelly was more than seven weeks late reporting a stock purchase made by his wife.Rep. Chris Jacobs, a Republican from New YorkRep. Chris Jacobs, a Republican from New York.Bill Clark/CQ-Roll Call via Getty ImagesJacobs was months late filing various transactions made throughout early- to mid-2021, Forbes reported.Rep. Bobby Scott, a Democrat from VirginiaRep. Bobby Scott, a Democrat from Virginia.Tom Williams/CQ-Roll Call, Inc via Getty ImagesScott was months late in disclosing a pair of stock sales from December 2020, Forbes reported. NPR also reported several other late transactions, as first identified by the nonpartisan Campaign Legal Center.Rep. Austin Scott, a Republican from GeorgiaRep. Austin Scott, a Republican from Georgia.Sean Rayford/Getty ImagesScott, a Republican from Georgia, was a week late reporting a handful of transactions conducted by his spouse.Rep. Ed Perlmutter, a Democrat from ColoradoRep. Ed Perlmutter, a Democrat from Colorado.Samuel Corum/Getty ImagesPerlmutter ran a few days late in filing disclosures for as much as $30,000 in stock trades his wife made in June.Dwight Evans, a Democrat from PennsylvaniaDwight Evans, a Democrat from Pennsylvania.US House of RepresentativesEvans in December 2021 failed to properly disclose a sale of up to $15,000 worth of stock in American Electric Power Co. Inc. Rep. Tom Suozzi, a Democrat from New YorkU.S. Congressman Tom Suozzi speaks at a ceremony honoring heroic police officers at police headquarters in Glen Cove, New York on August 24, 2020.Raychel Brightman/Newsday RM via Getty ImagesSuozzi failed to file required reports on about 300 financial transactions, NPR reported, citing research from the Campaign Legal Center. In March 2022, Suozzi disclosed more than 30 stock trades months or years past a federal deadline, Insider reported. In May 2022, he disclosed 10 more stock trades weeks past the federal deadline for doing so.Rep. Warren Davidson, a Republican from OhioRep. Warren Davidson, a Republican from Ohio.John Minchillo/APDavidson didn't properly disclose the sale of stock worth up to $100,000, reported NPR, citing Campaign Legal Center research.Rep. Lance Gooden, a Republican from TexasRep. Lance Gooden, a Republican from Texas.House Television via APGooden failed to file mandatory periodic transaction reports for a dozen stock transactions, per the STOCK Act, reported NPR, citing Campaign Legal Center research. Gooden's office disputed to the Dallas Morning News that the lawmaker did anything wrong.Rep. Chuck Fleischmann, a Republican from TennesseeRep. Chuck Fleischmann, a Republican from Tennessee.Tom Williams/CQ Roll CallFleischmann, a Republican from Tennessee, was late in disclosing a pair of stock transactions together worth up to $30,000.Rep. Michael Burgess, a Republican from TexasRep. Michael Burgess, a Republican from Texas.Chip Somodevilla/Getty ImagesIn December 2021, Burgess failed to disclose on time the sale of 100 stock shares in health insurer Cigna Corp. Rep. Cindy Axne, a Democrat from IowaRep. Cindy Axne, a Democrat from Iowa.Joshua Lott/Getty ImagesDuring 2019 and 2020, Axne didn't file required periodic transaction reports for more than three-dozen trades, reported NPR, citing research by the Campaign Legal Center.Del. Michael San Nicolas, a Democrat from GuamDel. Michael San Nicolas, a Democrat from Guam.Tom Williams/CQ Roll CallSan Nicolas did not properly disclose two trades — one in 2019 and another in 2020, reported NPR, citing Campaign Legal Center research.Rep. Peter Welch, a Democrat from VermontRep. Peter Welch, a Democrat from Vermont.Jacquelyn Martin/Pool/Getty ImagesWelch, an outspoken environmentalist, was late disclosing the sale of his wife's ExxonMobil stock. In December, Welch's office told Insider that the congressman and his wife would both stop trading individual stocks.Rep. Jim Banks, a Republican from IndianaRep. Jim Banks, a Republican from Indiana.NICHOLAS KAMM/AFP via Getty ImagesBanks was a week late reporting a handful of stock transactions.Rep. Mike Garcia, a Republican from CaliforniaRep. Mike Garcia, a Republican from California.US House of RepresentativesGarcia was late disclosing several stock trades he made in mid-2020, as first reported by the American Independent.Rep. Rob Wittman, a Republican from VirginiaRep. Rob Wittman, a Republican from Virginia.Carolyn Kaster/APWittman was a few days late in disclosing four of his stock transactions that included pharmaceutical company Johnson & Johnson.Rep. Alan Lowenthal, a Democrat from CaliforniaRep. Alan Lowenthal, a Democrat from California.US House of RepresentativesLowenthal was late disclosing his wife's purchase of a corporate bond in cloud computing and technology company VMWare, worth between $15,001 and $50,000, Forbes reported. "We have no comment," Lowenthal spokesman Keith Higginbotham told Insider on November 18. In June, Lowenthal violated the STOCK Act again when he was months late disclosing four stock or corporate bond trades.Rep. Jim Hagedorn, a Republican from MinnesotaRep. Jim Hagedorn, a Republican from Minnesota.US House of RepresentativesHagedorn was more than three months late disclosing the sale of stock in a company that makes colon cancer-screening products. Hagedorn died in February 2022.Rep. Roger Williams, a Republican from TexasRep. Roger Williams, a Republican from Texas.Associated Press/Carolyn KasterWilliams did not properly report three stock transactions his wife made in 2019, reported NPR, citing Campaign Legal Center research.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 29th, 2022

Biotech Stock Roundup: EPZM Soars on IPSEY Offer, KZR Up on Study Data & More

Regulatory and other updates from Epizyme (MRNA) and Kezar (KZR) are a few key highlights from the biotech sector during the past week. The biotech sector has been in the spotlight in the past week with important pipeline and regulatory updates. Deals and collaborations have also taken center stage in this space.Recap of the Week’s Most Important Stories:Epizyme Surges on Acquisition News:  Shares of Epizyme, Inc. EPZM surged following the news of its acquisition by European company Ipsen IPSEY. Per the terms, Ipsen will acquire all the outstanding shares of Epizyme for an estimated aggregate consideration of $247 million. Ipsen will pay cash of $1.45 per share to current Epizyme shareholders and one contingent value right (CVR) per share. A CVR of 30 cents per share will be paid by Ipsen if, by Dec 31, 2026, the aggregate sales of EPZM’s lead drug Tazverik (excluding sales in Japan and Greater China) in any four consecutive quarters cross $250 million. In addition, the shareholders will get 70 cents per share if the combination of Tazverik and R2 (rituximab and Revlimid) gets FDA approval to treat second-line follicular lymphoma by Jan 1, 2028.Investors cheered the news as the offer price of $1.45 represented a premium of 52.7% to Epizyme’s closing price on Jun 24. Tazverik (tazemetostat), a first-in-class, chemotherapy-free EZH2 inhibitor, was granted Accelerated Approval by the FDA for adults with relapsed or refractory follicular lymphoma (FL) whose tumors are positive for an EZH2 mutation as detected by an FDA-approved test and who have received at least two prior systemic therapies. It is also approved for adult patients with relapsed or refractory follicular lymphoma who have no satisfactory alternative treatment options, as well as for adults and pediatric patients aged 16 years and older with metastatic or locally advanced epithelioid sarcoma not eligible for complete resection.  The acquisition will bolster Ipsen’s growing oncology presence.Epizyme currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Kezar Surges on Study Data:  Shares of clinical-stage biotechnology company Kezar Life Sciences, Inc. KZR skyrocketed after the company reported positive top-line results from the MISSION phase II study evaluating zetomipzomib, a novel, first-in-class selective immunoproteasome inhibitor, in patients with active lupus nephritis (LN), a type of kidney disease. Data from the MISSION study showed that treatment with zetomipzomib led to 64.7% of active LN patients in the study achieving an objective response rate, as measured by a 50% or greater reduction in urine protein to creatinine ratio (UPCR) from baseline at six months. Moreover, 35.2% of patients achieved a complete response rate (CRR) with a UPCR of 0.5 or less. Zetomipzomib continues to demonstrate favorable safety and tolerability profile for administration over the six-month treatment period.   The company plans to continue developing zetomipzomib for patients with lupus nephritis and evaluate development opportunities for systemic lupus erythematosus.Sutro Gains on Collaboration:  Shares of Sutro Biopharma, Inc. STRO soared after the company announced a worldwide strategic collaboration and licensing agreement focused on the discovery and development of novel immunostimulatory antibody-drug conjugates (iADCs) with Astellas Pharma Inc.  Both the companies will leverage the unique cancer-fighting potential of iADCs as a novel modality, enabled by Sutro’s ability to engineer complex conjugated antibodies and Astellas’ global oncology R&D expertise.Per the terms, Sutro will receive an upfront cash payment of $90 million to develop iADCs for three biological targets. It may be eligible to receive up to an additional $422.5 million in milestone payments for each product candidate and tiered royalties ranging from low double-digit to mid-teens on worldwide sales of any commercial products that may result from the collaboration.Further, Sutro gets the option to share the costs and profits for developing and commercializing product candidates in the United States. Both the companies will share the costs of such co-development and co-commercialization equally if Sutro exercises this option for a particular product candidate. The resulting profits/losses from co-commercialization will also be shared equally in the United States.Updates From Gilead:  Gilead Sciences, Inc. GILD announced that the European Commission (“EC”) has approved its CAR T-cell therapy Yescarta (axicabtagene ciloleucel) for a third indication. Yescarta has been approved for treating adult patients with relapsed or refractory FL after three or more lines of systemic therapy.The approval is supported by data from the pivotal ZUMA-5 study, which demonstrated an overall response rate of 91% and a complete response rate of 77% in patients who received Yescarta after three or more lines of therapy.  Yescarta is indicated for treating adult patients with large B-cell lymphoma that is refractory to first-line chemoimmunotherapy or that relapses within 12 months of first-line chemoimmunotherapy. It is also indicated for the treatment of adult patients with relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy, including diffuse large B-cell lymphoma (DLBCL) not otherwise specified, primary mediastinal large B-cell lymphoma, high-grade B-cell lymphoma and DLBCL arising from FL.Gilead also resubmitted its new drug application (NDA) to the FDA for experimental candidate lenacapavir. The company is seeking approval of lenacapavir, an investigational, long-acting HIV-1 capsid inhibitor, for the treatment of HIV-1 infection in heavily treatment-experienced (HTE) people with multi-drug resistant (MDR) HIV-1 infection. The resubmission comes in response to the complete response letter (CRL) issued by the agency in February 2022.  The CRL cited Chemistry Manufacturing and Controls (CMC) issues relating to the compatibility of lenacapavir in borosilicate vials.  Earlier, the Committee for Medicinal Products for Human Use of the European Medicines Agency adopted a positive opinion for pipeline candidate lenacapavir. Gilead is seeking EC’s approval of the candidate for the treatment of HIV-1, in combination with other antiretroviral(s), in adults with multi-drug resistant HIV-1 infection for whom it is otherwise not possible to construct a suppressive antiviral regimen.PerformanceThe Nasdaq Biotechnology Index has gained 4.43% in the past four trading sessions. Among the biotech giants, Moderna has gained 9.39% during the period. Over the past six months, shares of Moderna have lost 41.03%. (See the last biotech stock roundup here: Biotech Stock Roundup: MRNA’s Jab Update, ACER Down on Regulatory News & More)Image Source: Zacks Investment ResearchWhat's Next in Biotech?Stay tuned for more pipeline and regulatory updates.  Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Gilead Sciences, Inc. (GILD): Free Stock Analysis Report Epizyme, Inc. (EPZM): Free Stock Analysis Report IPSEN (IPSEY): Free Stock Analysis Report Kezar Life Sciences, Inc. (KZR): Free Stock Analysis Report Sutro Biopharma, Inc. (STRO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJun 29th, 2022

The Gas Inflation Crisis Is Far From Over – Where Will Prices Finally Stop?

The Gas Inflation Crisis Is Far From Over – Where Will Prices Finally Stop? Authored by Brandon Smith via Alt-Market.us After a single Federal Reserve rate hike of 75bps I am noticing a trend among mainstream economists whipping out their crystal balls and predicting an almost immediate reversion to deflationary conditions. In their view, a recession will “balance everything out.” For most of these people I would suggest that they keep their crystal balls in their pants; they have been consistently wrong and it’s time for them to shut up. If you were predicting that inflation would be “transitory” last year, then you have no right to act like you are an economist today. It’s going to take a lot more than one semi-aggressive rate hike from the central bank to stop the inflation problem, and when I say “inflation” I am talking about PRICE INFLATION, not the mere increase of the money supply or a bubble in stock markets. There are far too many financial analysts out there that don’t even grasp what true inflation really entails. There are certain sectors of the economy that will indeed see deflationary pressures. Real GDP, for example, is witnessing declines. Retail sales are in decline. US wages are stagnant in comparison to prices. Housing sales are now falling rapidly. Manufacturing is dropping. Yet, prices continue to remain high. Clearly there is a mix of inflationary and deflationary elements within the same economic crisis. In other words, it’s a stagflation event. An area in which prices continue to climb without much relent is energy. The mainstream blames this almost entirely on Russia’s conflict with Ukraine and the evolving sanctions against Russian oil and natural gas. However, gas prices were spiking well before Russia ever invaded Ukraine. Inflation in the overall economy hit 40 year highs long before Ukraine became an issue, as Federal Reserve Chairman Jerome Powell finally admitted this past week. Let’s not pretend like we don’t know the cause of all of this. It is caused by fiat money printing by the Federal Reserve since 2008, and central banks in general are the culprits. The bankers can fund or refuse to fund whatever they wish. Government politicians play their role in creating inflation by ASKING for the money, but it is the Fed that decides if they create the money. The government has zero power to dictate policy to the Fed; as Alan Greenspan once admitted, the Fed answers to no one. The central bank could print us into oblivion if they wished, and this is essentially what they have done. That said, there are other elements to our current crisis beyond too many dollars. There is also the issue of supply chain disruptions. I am specifically reminded of the stagflation threat that occurred in 1970s. The oil and stagflation crisis of the late 1970s ran its course right before I was born, so obviously I can’t give a first hand accounting of what it was like, but when I study the events that led up to it I find a lot of similarities to the situation we are facing today. Though, the crisis that is developing right now has the potential to become far worse. In the early 1970s Richard Nixon, at the request of central bankers, removed the dollar from the last vestiges of the gold standard. Central banks shifted away from gold as the primary trade mechanism between governments and started switching over to Special Drawing Rights; the IMF’s basket currency system. Not surprisingly, the dollar began an immediate spiral and its buying power began to crash. Stagflation became a household concern throughout the 70s. This problem was mitigated eventually as the dollar’s world reserve status grew. Basically, we exported many of our dollars overseas for use in global trade, and by extension we also exported a lot of our inflation/stagflation. As long as the dollar remained the premier reserve currency, most of the consequences of central bank fiat printing would not be felt by the general populace. In terms of gasoline, the dollar has been the petro-currency for decades which allowed us to keep prices in the US lower than in many countries. But things are changing. The dollar’s portion of global trade has been in decline for the past several years, and the Fed just keeps creating more greenbacks from nothing. In 2020 alone, the Fed conjured $6 trillion to fuel the covid stimulus response, pumping all that money directly into the system through covid checks and PPP loans. In order for this process to continue, the dollar’s global percentage of trade would have to keep growing in order to export US inflation overseas. This is not happening. The dollar’s percentage of global trade is in reversion. We are dealing with the end of a cycle that started in the 1970s. We are going back to the beginning. Furthermore, the gas crisis in the late 70s and early 80s was also driven by the Iranian revolution and the removal of Iranian oil supplies from the global market. This created a loss of around 7% of total oil from markets, but it resulted in gas prices exploding from 65 cents in 1978 to $1.35 in 1981. Prices more than doubled in the span of three years and never went back to where they were before the crisis. As in the late 1970s, we also have a supply chain issue with an OPEC nation. The Russian portion of the global oil production was around 10% in 2020, but the nation is the 2nd largest oil exporter in the world. Only 3% of oil imported into the US comes from Russia, but Europe relies on Russia for around 25% of its total oil consumption. The EU now supposedly cutting off that supply of oil, though there are questions surrounding loopholes and how much Russian oil is actually still being supplied to European nations. As sanctions continue, the EU will have to go to other exporters to get what they need and this is reducing the amount of supply available to western countries. The Russians have simply adapted, and are now selling more oil as a discount to major eastern markets like China and India. But for the rest of us, Europe’s thirst for oil is going to continue to cause price expansion as supplies falter. So where does this leave us? Our situation is similar to the gas crisis of the late 1970s because we have ongoing stagflation, a weakening currency as well as a major economic conflict with an OPEC producer. That said, things are measurably worse than the 1970s for a few reasons, notably the fact that our country is in far more debt, foreign treasury and dollar holdings are in decline, and the conflict with Russia is far more egregious than our troubles with Iran in the 70s. I suspect we will see at least a 300% markup in gas prices from pre-pandemic lows, which were around $2.60 per gallon for regular. Meaning, prices will continue to climb over the course of this year and level out around $7.50 per gallon by the second quarter of 2023. I am basing the pace of the price increases according to the pace that occurred from 1979-1981. Obviously, there will be market dips and pauses, but it is unlikely we will see prices at the pump fall dramatically anytime soon. There will be endless predictions in the mainstream media about when inflation will stop and many pundits will claim that the Fed will capitulate soon on rate hikes. All this clamor will affect oil markets to a point, but prices will continue to rise regardless. Some people will argue that declining demand will stop rising prices, however, the stagflation problem does not only revolve around demand, there are many other factors at play. Unless we see a drop in demand similar to what we saw at the beginning of the pandemic lockdowns, there is little chance there will be a meaningful reversal. Also, for anyone hoping that US shale or OPEC will pick up the slack from Russia, this is not going to happen. Oil industry experts have already noted that because of inflation and lack of manpower there will not be a major uptick in oil pumping and so shortages will continue for some time. What does this mean for the wider economy? Inflation in necessities like gasmuch means an implosion in retail. People will divert funds away from other purchases to cover gas and energy costs. Expensive gas also means expensive freight rates, which means higher prices for everything else on the store shelves. Expensive gas will also cause smaller freight companies to go bankrupt or close up shop, along with much higher interest rates being instituted by the Fed. My own grandfather lost his trucking and freight company in the 1970’s for this exact reason. In turn, less freight means less supply, which in turn means higher prices on everything. It’s a terrible cycle. The point is, you should expect gas prices to remain very high (into the $7 per gallon range) over the course of the next year, and this will affect EVERYTHING else in terms of your pocket book and your life. Don’t put too much stock in the people claiming deflation is on the way; not in prices of necessities it’s not. Eventually, lack of demand will slow price increases but not until we are much higher than the current national average of $5 a gallon. And, if you live in a state with high gas taxes like California, then be prepared for double digit costs at the pump. Tyler Durden Sat, 06/25/2022 - 13:30.....»»

Category: personnelSource: nytJun 25th, 2022

Sarepta (SRPT) Down on Clinical Hold on DMD Candidate SRP-5051

The FDA places Sarepta's (SRPT) next-generation DMD candidate, SRP-5051, on clinical hold, following a report of hypomagnesemia in the ongoing phase II MOMENTUM study. Sarepta Therapeutics SRPT announced that the FDA has placed a clinical hold on its next-generation exon-skipping pipeline candidate, SRP-5051 (vesleteplirsen), following a report of a serious adverse event of hypomagnesemia in the ongoing phase II MOMENTUM study. The study is evaluating SRP-5051 for treating Duchenne muscular dystrophy (DMD) patients with skipping exon 51.The FDA has requested information on all cases of hypomagnesemia, including a small number of non-serious grade 2 cases, following treatment with SRP-5051. The regulatory authority has requested these adverse events data to assess the adequacy of the risk mitigation and safety monitoring plan. Sarepta is planning to submit these data to the FDA and resume dosing in the study as soon as possible. Please note that hypomagnesemia can lead to life-threatening complications.Sarepta claimed that the occurrence of hypomagnesemia was transient and the magnesium levels returned to normal in patients following additional supplementation.Shares of Sarepta declined 3.9% during after-hours trading on Jun 23, following the dismal regulatory update related to SRP-5051. In fact, Sarepta’s shares have declined 20.3% so far this year compared with the industry’s decrease of 25.6%.Image Source: Zacks Investment ResearchSRP-5051 is being evaluated in a similar patient population targeted by Sarepta’s lead drug Exondys 51. SRP-5051 has the potential to offer DMD patients a better alternative with a much lower dose and a new drug with longer patent protection.SRP-5051 achieved a 1.6-fold increase in exon skipping and a five-fold increase in the percentage of normal dystrophin compared to Exondys 51 at 24 weeks, per previous data readout from the MOMENTUM study. Moreover, the PROMOVI study evaluated a weekly 30mg/kg of Exondys 51, significantly higher compared to the SRP-5051 dose.The clinical hold placed by the FDA only affects the U.S. portion of the MOMENTUM study, which is being conducted globally. The study continues in ex-U.S. regions where ongoing enrollment is expected to be completed by the end of 2022.Sarepta has a portfolio of three commercialized DMD drugs — Exondys 51, Vyondys 53 and Amondys 45. The strong performance of these DMD drugs has been the key driver for Sarepta in the past few years.Sarepta also puts focus on developing novel treatments for DMD as well as other muscular atrophies. Apart from the next-generation SRP-5051, the company is developing several gene therapies targeting muscular atrophies. Sarepta is also one of the pioneers in gene therapy development.Last year, SRPT initiated the first pivotal study — EMBARK — to evaluate its lead gene therapy candidate, SRP-9001, for DMD patients. Sarepta is developing the micro-dystrophin-encoding gene therapy candidate in collaboration with Roche RHHBY. Sarepta and Roche entered into a licensing agreement to develop SRP-9001 in 2019. Per the agreement, Roche has exclusive rights to launch and commercialize SRP-9001 in the ex-U.S. markets. Roche made $1.15-billion upfront payments and will pay up to $1.7 billion in regulatory and sales milestones to Sarepta.Apart from DMD, Sarepta is developing gene therapies for treating Limb-girdle muscular dystrophy, Mucopolysaccharidosis type IIIA (MPS IIIA) and Pompe Disease in different clinical-stage studies.Sarepta Therapeutics, Inc. Price Sarepta Therapeutics, Inc. price | Sarepta Therapeutics, Inc. QuoteZacks Rank & Stocks to ConsiderSarepta currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.A couple of better-ranked biotech stocks are Alkermes ALKS and Sesen Bio SESN, both sporting a Zacks Rank #1.The Zacks Consensus Estimate for Alkermes’ 2022 loss per share has narrowed from 10 cents to 3 cents in the past 60 days. Shares of ALKS have risen 27.1% year to date.Earnings of Alkermes beat estimates in each of the last four quarters, the average being 350.48%.The Zacks Consensus Estimate for Sesen Bio’s 2022 loss has narrowed from 33 cents to 32 cents per share in the past 60 days. Shares of SESN have gained 1.2% in the year-to-date period.Earnings of Sesen Bio beat estimates in three of the last four quarters and missed the mark on one occasion, the average surprise being 69.94%. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +25.4% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Roche Holding AG (RHHBY): Free Stock Analysis Report Alkermes plc (ALKS): Free Stock Analysis Report Sarepta Therapeutics, Inc. (SRPT): Free Stock Analysis Report SESEN BIO, INC. (SESN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJun 24th, 2022

64 members of Congress have violated a law designed to prevent insider trading and stop conflicts-of-interest

Insider has identified numerous members of Congress who've violated the transparency provision of the STOCK Act, which requires timely reporting of their stock trades. Marianne Ayala/Insider Insider and other media have identified numerous US lawmakers not complying with the federal STOCK Act. Their excuses range from oversights, to clerical errors, to inattentive accountants. Ethics watchdogs — and even some in Congress — want to ban lawmakers from trading individual stocks. See more stories on Insider's business page. Insider and several other news organizations have identified 64 members of Congress who've recently failed to properly report their financial trades as mandated by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act.Congress passed the law a decade ago to combat insider trading and conflicts of interest among their own members and force lawmakers to be more transparent about their personal financial dealings. A key provision of the law mandates that lawmakers publicly — and quickly — disclose any stock trade made by themselves, a spouse, or a dependent child.But many members of Congress have not fully complied with the law. They offer excuses including ignorance of the law, clerical errors, and mistakes by an accountant. Insider has chronicled this widespread nature of this phenomenon in a new project, "Conflicted Congress."While lawmakers who violate the STOCK Act face a fine, the penalty is usually small — $200 is the standard amount — or waived by House or Senate ethics officials. Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks. On Capitol Hill, lawmakers are now seriously debating such a ban.Here are the lawmakers discovered to have recently violated the STOCK Act — to one extent or another:Sen. Dianne Feinstein, a Democrat from CaliforniaSen. Dianne Feinstein, a Democrat from California.Anna Moneymaker/The New York Times via AP, PoolFeinstein was months late disclosing a five-figure investment her husband made into a private, youth-focused polling company.Sen. Tommy Tuberville, a Republican from AlabamaSen. Tommy Tuberville, a Republican from Alabama.Chip Somodevilla/Getty ImagesTuberville was weeks or months late in disclosing nearly 130 separate stock trades from January to May.Sen. Roger Marshall, a Republican from KansasSen. Roger Marshall, a Republican from Kansas.Leigh Vogel/Pool via APMarshall was up to 17 months late disclosing stock trades for one of his dependent children.Sen. John Hickenlooper, a Democrat from ColoradoUnited States SenateIn May 2020, Hickenlooper was months — and in two cases, more than a year — late in disclosing five separate stock trades for himself or his wife that, taken together, are worth between $565,000 and $1.3 million, nonprofit news organization Sludge reported.Then, in June, Hickenlooper failed to disclose purchases of varying classes of stock from by his wife. They include shares of Liberty Media Corporation, Qurate Retail, and Liberty Broadband Corporation in 2021 and early 2022. The stocks were valued between $516,006 and $1.2 million. Hickenlooper was also late in reporting that his wife sold between $130,004 and $300,000 worth of stock in Liberty Media Corporation and Liberty Broadband Corporation from March 2022. Sen. Rand Paul, a Republican from KentuckySen. Rand Paul.GREG NASH/POOL/AFP via Getty ImagesPaul was 16 months late in disclosing that his wife bought stock in a biopharmaceutical company that manufactures an antiviral COVID-19 treatment, the Washington Post reported.Sen. Sheldon Whitehouse, a Democrat from Rhode IslandSen. Sheldon Whitehouse, a Democrat from Rhode Island.Greg Nash - Pool/Getty ImagesWhitehouse was a couple days late disclosing January 2022 purchases of Target Corporation and Tesla Inc. stock, each valued at between $15,001 and $50,000.Sen. Tom Carper, a Democrat from DelawareSen. Tom Carper, a Democrat from Delaware.United States SenateCarper was about four months late disclosing his wife's sale of stock in a gold mining company.Sen. Cynthia Lummis, a Republican from WyomingUS Senator from Wyoming, Cynthia Lummis.Tom Williams/Roll CallLummis was several days late reporting a purchase in August of up to $100,000 in bitcoin, CNBC reported.Sen. Gary Peters, a Democrat from MichiganSen. Gary Peters, a Democrat from Michigan.United States SenatePeters was months late disclosing a purchase of up to $15,000 worth of stock in FS KKR Capital Corp., which manages business development companies, nonprofit news organization Sludge reported.Sen. Mark Kelly, a Democrat from ArizonaSen. Mark Kelly, a Democrat from Arizona.REUTERS/Mario AnzuoniKelly, a retired astronaut, failed to disclose on time his exercising of a stock option on an investment in a company that's developing a supersonic passenger aircraft, Fox Business reported. Rep. Tom Malinowski, a Democrat from New JerseyRep. Tom Malinowski, a Democrat from New Jersey.Tom Williams/CQ-Roll Call via Getty ImagesMalinowski failed to disclose dozens of stock trades made during 2020 and early 2021, doing so only after questions from Insider.The independent Office of Congressional Ethics, in part citing Insider's reporting, found "substantial reason to believe" that Malinowski violated federal rules or laws designed to promote transparency and defend against conflicts. It voted 5-1 to refer its findings to the Democrat-led House Committee on Ethics, which confirmed on October 21 that it will continue reviewing the matter.Rep. Pat Fallon, a Republican from TexasRep. Pat Fallon, a Republican from Texas.Tom Williams/CQ-Roll Call, Inc via Getty ImagesFallon was months late disclosing dozens of stock trades during early- and mid-2021 that together are worth as much as $17.53 million. Fallon was late again in December 2021 disclosing stock trades.Rep. Diana Harshbarger, a Republican from TennesseeRep. Diana Harshbarger, a Republican from Tennessee.Tom Williams/CQ-Roll Call, Inc via Getty ImagesHarshbarger failed to properly disclose more than 700 stock trades that together are worth as much as $10.9 million.Rep. Susie Lee, a Democrat of NevadaRep. Susie Lee, a Democrat from Nevada.Michael Brochstein/Getty ImagesLee failed to properly disclose more than 200 stock trades between early-2020 and mid-2021. Together, the trades are worth as much as $3.3 million.Rep. Madison Cawthorn, a Republican from North CarolinaRep. Madison Cawthorn, a Republican from North Carolina.Jabin Botsford/The Washington Post via Getty ImagesCawthorn was months late in May 2022 when disclosing hundreds of thousands of dollars worth of purchases and sales of two cryptocurrencies: ethereum and Let's Go Brandon Coin, the latter referencing an anti-Joe Bien slogan.Then, in June 2022, he was again months late in disclosing two-dozen additional cryptocurrency trades. Rep. Katherine Clark, a Democrat from MassachusettsRep. Katherine Clark, a Democrat from Massachusetts.MassLiveClark, one of the highest-ranking Democrats in the House, was several weeks late in disclosing 19 of her husband's stock transactions. Together, the trades are worth as much as $285,000. She has since stopped trading stocks.Rep. Blake Moore, a Republican from UtahRep. Blake Moore, a Republican from Utah.Caroline Brehman/CQ-Roll Call via Getty ImagesMoore in early- to mid-2021 did not properly disclose dozens of stock and stock-option trades together worth as much as $1.1 million. He was late again disclosing trades made in August.Rep. Jamie Raskin, a Democrat from MarylandRep. Jamie Raskin, a Democrat from Maryland.ReutersRaskin failed to disclose on three annual congressional financial reports that his wife, Sarah Bloom Raskin, held stock in Reserve Trust. He then didn't disclose that she sold the stock, valued at $1.5 million, until months after a federal deadline for doing so. In early 2022, Raskin explained that sale disclosure delay occurred following his son's death.Then, in June 2022, Raskin was again late disclosing stock trades. This time, it involved an exchange of stocks his wife received when I(X) Investments merged with Net Zero — a trade valued at between $250,001 and $500,000.  Rep. Mikie Sherrill, a Democrat from New JerseyRep. Mikie Sherrill, a Democrat from New Jersey.Andrew Harnik/AP PhotoSherrill was months late disclosing two sales of vested stock her husband earned as part of his employment. The trades were worth up to $350,000 and Sherrill paid a $400 late fee. Rep. Mo Brooks, a Republican from AlabamaRep. Mo Brooks, a Republican from Alabama.Bill Clark/CQ Roll Call via Getty ImagesBrooks, who is running for US Senate, failed to properly disclose a sale of Pfizer stock worth up to $50,000.Rep. Dan Crenshaw, a Republican from TexasRep. Dan Crenshaw, a Republican from Texas.Facebook/Crenshaw for CongressCrenshaw was months late disclosing several stock trades he made in the early days of the COVID-19 pandemic, the Daily Beast reported.Rep. Kathy Manning, a Democrat from North CarolinaRep. Kathy Manning speaks during the news conference on the introduction of the Medicaid Saves Lives Act on Wednesday, July 21, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesManning and her husband were late — sometimes by months — disclosing several dozen stock trades made in 2021 that together were worth up to $1.25 million, according to nonprofit news organization Sludge.Rep. Kevin Hern, a Republican from OklahomaRep. Kevin Hern, a Republican from Oklahoma.Bill Clark/CQ-Roll Call, Inc via Getty ImagesHern did not disclose nearly two-dozen stock trades in a timely manner, in violation of the STOCK Act. Taken together, the trades are worth as much as $2.7 million.Rep. Debbie Wasserman Schultz, a Democrat from FloridaRep. Debbie Wasserman Schultz, a Democrat from Florida.Joe Raedle/Getty ImagesWasserman Schultz was months late reporting four stock trades made either for herself or her child.Rep. Michael Guest, a Republican from MississippiRep. Michael Guest, a Republican from Mississippi.Chip Somodevilla/Getty ImagesGuest was more than eight months late disclosing trades in the stock of two oil companies held by a family trust benefitting his wife.Rep. Sean Patrick Maloney, a Democrat from New YorkRep. Sean Patrick Maloney, a Democrat from New York.Tom Williams/CQ-Roll CallMaloney was months late in disclosing he sold eight stocks he inherited in mid-2020 when his mother died.Rep. Brian Mast, a Republican from FloridaRep. Brian Mast, a Republican from Florida.Ting Shen-Pool/Getty ImagesMast was late disclosing that he had purchased up to $100,000 in stock in an aerospace company. The president of the company had just testified before a congressional subcommittee on which Mast sits.Rep. Lori Trahan, a Democrat from MassachusettsRep. Lori Trahan, a Democrat from Massachusetts.Bill Clark/CQ Roll CallTrahan was months late disclosing the sale of stock shares in a software company.Rep. John Rutherford, a Republican from FloridaRep. John Rutherford, a Republican from Florida.Drew Angerer/Getty ImagesRutherford failed to properly disclose five individual stock transactions he made in late 2020.Rep. Brad Schneider, a Democrat from IllinoisRep. Brad Schneider, a Democrat from Illinois.Samuel Corum/Getty ImagesSchneider was about two months late disclosing two stock trades involving a pet insurance company.Rep. David Trone, a Democrat of MarylandRep. David Trone, a Democrat of Maryland.Michael Brochstein/SOPA Images/LightRocket via Getty ImagesTrone was months late reporting several stocks and structured notes that together are worth well into the hundreds of thousands of dollars.Rep. Pete Sessions, a Republican from TexasRep. Pete Sessions, a Republican from Texas.APSessions was a month late in reporting a purchase of stock in Amazon.com he made during August 2021. Separately, in early 2022, Sessions was late disclosing seven trades he made in late 2021. Sessions has been an outspoken advocate of allowing members of Congress to trade individual stocks.Rep. Dan Meuser, a Republican from PennsylvaniaRep. Dan Meuser, a Republican from Pennsylvania.Bill Clark/CQ Roll CallMeuser was about one year late disclosing hundreds of thousands of dollars worth of stock purchases his wife and children made during March 2020, LegiStorm reported.Rep. Kathy Castor, a Democrat of FloridaRep. Kathy Castor, a Democrat from Florida.Bill Clark/CQ-Roll Call via Getty ImagesCastor was late disclosing the purchase of tens of thousands of dollars worth of stock shares throughout 2021.Rep. Maria Elvira Salazar, a Republican from FloridaRepublican Rep. Maria Elvira Salazar of Florida at a press conference outside the Capitol on March 17, 2021.Caroline Brehman/CQ-Roll Call via Getty ImagesSalazar was weeks late disclosing a health care compnay stock share exchange valued at between $250,001 and $500,000.Rep. Bill Pascrell, a Democrat of New JerseyRep. Bill Pascrell, a Democrat of Maryland, paid a late fee after he was tardy disclosing stock trades.Bill Clark/CQ Roll CallPascrell was overdue reporting stock trades he made in December 2019 in General Electric and in August 2019 in pharmaceutical company Johnson & Johnson.Rep. August Pfluger, a Republican from TexasRep. August Pfluger, a Republican from Texas.Tom Williams/CQ-Roll Call via Getty ImagesPfluger was several months late disclosing numerous stock purchases or sales made in January or March either by himself or by his wife.Rep. Brian Higgins, a Democrat from New YorkRep. Brian Higgins.Tom Williams/CQ Roll CallHiggins was about 11 months late disclosing three stock trades he made in late 2020.Rep. Cheri Bustos, a Democrat from IllinoisRep. Cheri Bustos, a Democrat from Illinois.Chip Somodevilla/Getty ImagesBustos was months late in disclosing that she had sold up to $150,000 worth of stocks in March.Rep. Steve Chabot, a Republican from OhioSteve Chabot, a Republican from Ohio.Al Behrman/APChabot was months late disclosing a stock share exchange he held in early 2021.Rep. Victoria Spartz, a Republican from IndianaRep. Victoria Spartz, a Republican from Indiana.Bill Clark/CQ-Roll Call via Getty ImagesSpartz was two weeks late disclosing a purchase of up to $50,000 worth of stock in a commercial real-estate firm.Rep. Rick Allen, a Republican from GeorgiaRep. Rick Allen, a Republican from Georgia.Bill Clark/CQ-Roll Call via Getty ImagesAllen, a four-term Republican who represents a large southeastern region of Georgia, appears to have improperly disclosed the purchases and sales of several stocks during 2019 and 2020.Rep. Kim Schrier, a Democrat from WashingtonRep. Kim Schrier, a Democrat from Washington.Tom Williams/CQ-Roll Call, Inc via Getty ImagesSchrier was more than two months late disclosing that her husband purchased up to $1 million in Apple Inc. stock, Sludge and Forbes reported. Schrier's office told Insider that the congresswoman was initially unaware of the transaction.Rep. Kurt Schrader, a Democrat from OregonRep. Kurt Schrader, a Democrat from Oregon, is the latest member of Congress to violate the federal Stop Trading on Congressional Knowledge Act of 2012 by improperly disclosing personal stock trades.Bill Clark/CQ Roll CallSchrader failed to disclose two stock trades from December 2021 on time.Rep. Mike Kelly, a Republican from PennsylvaniaRep. Mike Kelly, a Republican from Pennsylvania.Caroline Brehman/CQ-Roll Call, Inc via Getty ImagesKelly was more than seven weeks late reporting a stock purchase made by his wife.Rep. Chris Jacobs, a Republican from New YorkRep. Chris Jacobs, a Republican from New York.Bill Clark/CQ-Roll Call via Getty ImagesJacobs was months late filing various transactions made throughout early- to mid-2021, Forbes reported.Rep. Bobby Scott, a Democrat from VirginiaRep. Bobby Scott, a Democrat from Virginia.Tom Williams/CQ-Roll Call, Inc via Getty ImagesScott was months late in disclosing a pair of stock sales from December 2020, Forbes reported. NPR also reported several other late transactions, as first identified by the nonpartisan Campaign Legal Center.Rep. Austin Scott, a Republican from GeorgiaRep. Austin Scott, a Republican from Georgia.Sean Rayford/Getty ImagesScott, a Republican from Georgia, was a week late reporting a handful of transactions conducted by his spouse.Rep. Ed Perlmutter, a Democrat from ColoradoRep. Ed Perlmutter, a Democrat from Colorado.Samuel Corum/Getty ImagesPerlmutter ran a few days late in filing disclosures for as much as $30,000 in stock trades his wife made in June.Dwight Evans, a Democrat from PennsylvaniaDwight Evans, a Democrat from Pennsylvania.US House of RepresentativesEvans in December 2021 failed to properly disclose a sale of up to $15,000 worth of stock in American Electric Power Co. Inc. Rep. Tom Suozzi, a Democrat from New YorkU.S. Congressman Tom Suozzi speaks at a ceremony honoring heroic police officers at police headquarters in Glen Cove, New York on August 24, 2020.Raychel Brightman/Newsday RM via Getty ImagesSuozzi failed to file required reports on about 300 financial transactions, NPR reported, citing research from the Campaign Legal Center. In March 2022, Suozzi disclosed more than 30 stock trades months or years past a federal deadline, Insider reported. In May 2022, he disclosed 10 more stock trades weeks past the federal deadline for doing so.Rep. Warren Davidson, a Republican from OhioRep. Warren Davidson, a Republican from Ohio.John Minchillo/APDavidson didn't properly disclose the sale of stock worth up to $100,000, reported NPR, citing Campaign Legal Center research.Rep. Lance Gooden, a Republican from TexasRep. Lance Gooden, a Republican from Texas.House Television via APGooden failed to file mandatory periodic transaction reports for a dozen stock transactions, per the STOCK Act, reported NPR, citing Campaign Legal Center research. Gooden's office disputed to the Dallas Morning News that the lawmaker did anything wrong.Rep. Chuck Fleischmann, a Republican from TennesseeRep. Chuck Fleischmann, a Republican from Tennessee.Tom Williams/CQ Roll CallFleischmann, a Republican from Tennessee, was late in disclosing a pair of stock transactions together worth up to $30,000.Rep. Michael Burgess, a Republican from TexasRep. Michael Burgess, a Republican from Texas.Chip Somodevilla/Getty ImagesIn December 2021, Burgess failed to disclose on time the sale of 100 stock shares in health insurer Cigna Corp. Rep. Cindy Axne, a Democrat from IowaRep. Cindy Axne, a Democrat from Iowa.Joshua Lott/Getty ImagesDuring 2019 and 2020, Axne didn't file required periodic transaction reports for more than three-dozen trades, reported NPR, citing research by the Campaign Legal Center.Del. Michael San Nicolas, a Democrat from GuamDel. Michael San Nicolas, a Democrat from Guam.Tom Williams/CQ Roll CallSan Nicolas did not properly disclose two trades — one in 2019 and another in 2020, reported NPR, citing Campaign Legal Center research.Rep. Peter Welch, a Democrat from VermontRep. Peter Welch, a Democrat from Vermont.Jacquelyn Martin/Pool/Getty ImagesWelch, an outspoken environmentalist, was late disclosing the sale of his wife's ExxonMobil stock. In December, Welch's office told Insider that the congressman and his wife would both stop trading individual stocks.Rep. Jim Banks, a Republican from IndianaRep. Jim Banks, a Republican from Indiana.NICHOLAS KAMM/AFP via Getty ImagesBanks was a week late reporting a handful of stock transactions.Rep. Mike Garcia, a Republican from CaliforniaRep. Mike Garcia, a Republican from California.US House of RepresentativesGarcia was late disclosing several stock trades he made in mid-2020, as first reported by the American Independent.Rep. Rob Wittman, a Republican from VirginiaRep. Rob Wittman, a Republican from Virginia.Carolyn Kaster/APWittman was a few days late in disclosing four of his stock transactions that included pharmaceutical company Johnson & Johnson.Rep. Alan Lowenthal, a Democrat from CaliforniaRep. Alan Lowenthal, a Democrat from California.US House of RepresentativesLowenthal was late disclosing his wife's purchase of a corporate bond in cloud computing and technology company VMWare, worth between $15,001 and $50,000, Forbes reported. "We have no comment," Lowenthal spokesman Keith Higginbotham told Insider on November 18.Rep. Jim Hagedorn, a Republican from MinnesotaRep. Jim Hagedorn, a Republican from Minnesota.US House of RepresentativesHagedorn was more than three months late disclosing the sale of stock in a company that makes colon cancer-screening products. Hagedorn died in February 2022.Rep. Roger Williams, a Republican from TexasRep. Roger Williams, a Republican from Texas.Associated Press/Carolyn KasterWilliams did not properly report three stock transactions his wife made in 2019, reported NPR, citing Campaign Legal Center research.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 16th, 2022

What Corning CEO Wendell P. Weeks Learned From Steve Jobs About Risk

TIME spoke with Wendell P. Weeks for this week's Leadership Brief. (To receive weekly emails of conversations with the world’s top CEOs and business decisionmakers, click here.) Wendell P. Weeks, Corning’s long-serving leader, says he rapidly ramped up production of its new medical glass vials for COVID-19 vaccines last year based on critical lessons from his late acquaintance Steve Jobs. The Apple co-founder “changed the way I thought about risk,’’ explains Weeks, who has served as chief executive of the storied glassmaker since 2005. Corning exceeded its 2021 expectations by churning out more than 150 million vaccine vials—enough to hold more than 1.2 billion doses. The company can now produce 500 million such vials annually, thanks to a new manufacturing plant it opened about six months ahead of schedule. [time-brightcove not-tgx=”true”] Weeks stands 6 ft. 5 in. tall but prefers a low profile. No wonder few people know how extensively Corning, founded in 1851, has shaped our lives. His employer pioneered numerous innovations since developing the glass for Thomas Edison’s first lightbulb. Weeks keeps the 1880 initial Edison order on his office wall to remind him “how small things can become great.’’ Corning also invented Pyrex cookware, glass to encase TV tubes, hair-thin glass strands that formed the internet’s backbone and damage-resistant Gorilla Glass for Apple’s iPhone screens. It’s currently used in more than 8 billion devices worldwide. Weeks, a Lehigh accounting major, joined Corning in 1983 as a restructuring controller, a professional position. He later became its youngest ever vice president. The 62-year-old executive holds 34 U.S. patents. TIME recently spoke with Weeks about Corning’s growing involvement in cars and the broadband network, his view of hands-on leadership, and why CEOs should craft a 150-year strategic framework. The interview has been condensed and edited for clarity. (For coverage of the future of work, visit TIME.com/charter and sign up for the free Charter newsletter.) Why isn’t there greater public awareness of Corning’s pivotal role in so many arenas for decades? We deliberately tend to be pretty low-key. We use our core capabilities to help solve problems and make the world just a little bit better. We believe approaching that work very humbly and quietly and allowing customers to have the primary success is probably the best way. A duality is why we’ve been able to survive for 171 years. You want to evolve the way the world is going. On the other hand, you want to become a better version of yourself. In each of our areas, we’re bringing distinct expertise that has lasted for generations. You’ve previously said Corning focuses on problems that matter, such as cleaner air, safety, and more effective medicine plus fast, reliable communication. What three areas will the company focus on in coming years? Your car is going through more change than it has in 100 years. We’re helping make that car safer, cleaner, and more connected. Another area going through another huge spurt of innovation is our communication system. With the speed of information that people want today, 5G is a big thing. Cloud is a momentous event, too. We’ll also continue to bring our technology to bear in the health area, especially pharmaceutical packaging. All three areas will start to really grow by the end of three years from now. The U.S. recently enacted a $1 trillion infrastructure law that includes a $65 billion program to expand the broadband network, mostly through optic cable projects. When and how will this new program benefit Corning? It’ll start as early as 2023. These civil works projects could add a billion dollars a year of additional sales for us in serving the broadband network. Your optical communications business had sales of $4.3 billion in 2021. So, increasing its annual sales by $1 billion seems like a big deal, right? It’s significant but not huge for us company-wide because we’re so big. It’s who the program serves that matters. There has been so much fiber deployed. Yet we still have a substantial percentage of the U.S. population not touched by the state-of-the-art communication systems that fiber represents. Some are rural. But some are in the inner city. We have enough issues that divide us that there’s no reason to have us not all be able to be on the same network. We put networks in place to help do this. On June 7, the U.S. Treasury announced initial state awards from a separate $10 billion initiative also aimed at improving broadband network access in underserved communities. How will this additional program affect Corning? Access to broadband means access to opportunity—from education to health care to quality of life. Our largest segment by sales is optical communications, and we expect significant growth to continue. We are energized by momentum building from recently announced public sector investments and customers like AT&T and Verizon who are making long-term commitments with Corning to expand U.S. manufacturing capacity and prepare the future workforce. You enjoy rolling up your sleeves. In fact, you and three colleagues share the patent on Corning’s medical glass container that protects COVID-19 vaccines. Why should other business leaders be hands-on, too? I spend 40% of my time working with small teams on innovations that really matter, such as inventing and making products. It brings joy into my life, and I am good at it. It is pretty common in the tech community among chief executives who think of themselves more like founders and never want to lose touch with their products. If you want to have employees follow you, you actually have to occasionally do the work your people are engaged in. I try to set that example. Last year, Corning added two more goals for reducing its greenhouse gas emissions. Will you next set net zero carbon emission goals? And what challenges delay achieving goals that help save our planet? We’ve always tried to apply our technologies to get a more harmonious relationship with the environment. We set science-based targets. We have real goals that show a dramatic improvement in our carbon footprint. We know precisely how we’re going to get there because we’re engineering folks. We haven’t set net zero carbon emission goals covering a short time period. The biggest challenge we face is energy grids in places that we operate. We have a big manufacturing footprint in Asia, where availability of renewable energy is low. How do we help get renewable energy built there? We’ve been a big part of helping build that in the U.S. In February 2007, Steve Jobs asked you to provide 5 million square feet of Gorilla Glass by the end of May, just before Apple’s first iPhone went on sale. You initially resisted, but ultimately delivered on time. You subsequently forged strong ties with Jobs. How did his quick decision-making style influence your command of Corning? He definitely impacted me. He was trying to get me to do the iPhone cover and I was like, ‘I just don’t think we can get that many done.’ He took time to explain that I was afraid. He goes, ‘You’re basically letting your fear of embarrassment if you fail get in the way of the needs of a lot of people. You’re passing up the opportunity to be great. Look at all the people you’re speaking for at Corning who also have that opportunity.’ Steve Jobs helped me realize that ‘I’ is the wrong word to view risk. When you start to think about the pros and cons for the ‘we,’ you view risk differently and become much more of a well-balanced judge of risk. That little advice enabled a lot of better decisions than I would’ve otherwise made. It’s why I made the risky move to rapidly ramp up our production of vials for COVID-19 vaccines. Based on what Steve Jobs taught you about taking risks, how should business leaders minimize their potential downsides when they must move fast? Jeff Bezos distinguishes between a two-way door and a one-way door. Two-way doors represent reversible decisions because they swing two ways. Most doors you face as a CEO are two-way. You save time on two-way doors. You don’t over-examine risk. But one-way door decisions can almost never be reversed. If I go through, I can’t go back. If you kill a capability, it takes a long time to undo that. I overstudy one-way doors. I’m very slow, thoughtful, and careful. Years ago, you tackled huge setbacks that threatened Corning’s survival. The telecom bubble burst in 2001 while you were running its fiber optics business. Corning rang up record losses. Promoted to president in 2002, you spearheaded a painful restructuring and extensive layoffs. What was your best leadership lesson from those difficult days? The biggest thing I learned was humility—and how easy it is to be wrong. Being wrong as a leader carries implications for many beyond you. Humility sort of unlocked the second piece: How much the people around you love the same company that you do and are willing to sacrifice to help and get in the fight to turn it around. If people are willing to do that, it will always turn out well. We tackled all the hard things and tried to figure out how to be a better version of ourselves. We’ve been on that journey ever since. (For coverage of the future of work, visit TIME.com/charter and sign up for the free Charter newsletter.) Corning was among the first U.S. companies to establish its own research center. What does your R&D spending look like today as you try to develop innovative products for tomorrow? Back in the dot-com era, we set out to double the percentage of our revenue that we invest in R&D—and have done ever since. We now spend about a billion dollars a year. We invest about twice as much in our DNA as our peers, not just in glass. Even after that investment, we have a significantly higher profitability because we get distinctive inventions. We invest in areas that we can always reuse and repurpose. That ability makes that investment core and critical, and we’re going to do it for as long as I’m here. We’re investing for the next generation of our leaders, our people, our communities, and even our investors. That idea of sacrifice today for tomorrow is one of our core values that make us different. There are years when that difference makes us look bad, and years when that difference makes us look amazingly brilliant. Everybody is wrong both times. It’s just a steady approach. Your predecessor James Houghton once urged you and other top executives to craft a 150-year strategy for Corning. Are you still executing that blueprint? And should other chief executives also consider a 150-year strategy? We developed a framework rather than an actual strategy for 150 years ahead. I still use the terminology by now saying, ‘We’re here to do another 171 years of innovation and independence.’ It is a good exercise for other CEOs, too, especially if they have a founder mentality. A founder brings this deep attachment to the company. It represents him or her. We’re all mortal. One way you can beat death is by running a company where your approach and impact last beyond your lifespan. You become part of an institution that lasts longer than you. We stand on the shoulders of the people that came before. Let us give good, strong shoulders for those people who come after us to stand on......»»

Category: topSource: timeJun 15th, 2022

Black Monday: All Hell Breaks Loose As Stocks Plunge Into Bear Market, Curve Inverts, Cryptos Crater

Black Monday: All Hell Breaks Loose As Stocks Plunge Into Bear Market, Curve Inverts, Cryptos Crater For all those claiming that stocks had priced in 3 (or more) 50bps (or more) rate hikes, we have some bad news. All hell is breaking loose on Monday, with futures tumbling (again) into bear market territory, sliding below the 20% technical cutoff from January's all time high of 3,856 and tumbling as low as 3,798.25 - taking out the May 10 intraday low of 3,810 - before reversing some modest gains. S&P 500 futures sank 2.5% and Nasdaq 100 contracts slid 3.1%, in a session that has seen virtually everything crash. Dow futures were down 567 points at of 730am ET. The global selloff - which has dragged Asian and European markets to multi-month lows and which was sparked by a hotter than expected US CPI print which heaped pressure on the Federal Reserve to step up monetary tightening - accelerated on Monday as panicking traders now bet the Fed will raise rates by 175 bps by its September decision, implying two 50-bp moves and one hike of 75 bps, with Barclays and now Jefferies predicting such a move may even come this week. If that comes to pass it would be the first time since 1994 the Fed resorted to such a draconian measure. The selling in stocks was matched only by the puke in Treasuries, as yields on 10-year US Treasuries reached 3.24%, the highest since October 2018, yet where 2Y yields sold off more, sending the 2s10s curve to invert again... ... for the second time ahead of the coming recession, an unprecedented event. The US yield curve appears destined to invert again in coming weeks after Wednesday’s CPI data: BBG We'll get two concurrent recessions — zerohedge (@zerohedge) May 12, 2022 Meanwhile, the selloff in European government bonds also gathered pace, with the yield on German’s two-year government debt rising above 1% for the first time in more than a decade and Italian yields exploding and nearing 4%, ensuring that another European sovereign debt crisis is just a matter of time (recall that all Italian net bond issuance in the past decade has been monetized by the ECB... well that is ending as the ECB pivots away from QE and NIRP). The exodus from stocks and bonds is gaining momentum on fears that central banks’ battle against inflation will end up killing economic growth. Inversions along the Treasury yield curve point to fears that the Fed won’t be able to stave off a hard landing. “The Fed will not be able to pause tightening let alone start easing,” said James Athey, investment director at abrdn. “If all global central banks deliver what’s priced there are going to be some significant negative shocks to economies.” Going back to the US market, big tech stocks slumped in US premarket trading as bets that the Federal Reserve hikes rates more aggressively sent bond yields higher, and Nasdaq futures dropped. Cryptocurrency-exposed stocks cratered as Bitcoin continued its recent decline to hit an 18- month low, precipitated by news that crypto lender Celsius had halted withdrawals... ... which sent Ethereum to the most oversold level in 4 years. Here are some of the biggest U.S. movers today: Apple shares (AAPL US) -3.1%, Amazon (AMZN US) -3.4%, Microsoft (MSFT US) -2.8%, Alphabet (GOOGL US) -3.7%, Netflix -3.8% (NFLX US), Nvidia (NVDA US) -4.5% Tesla (TSLA US) shares dropped as much as 3.1% in US premarket trading amid losses across big tech stocks, while the electric-vehicle maker also filed to split shares 3-for-1 late Friday. MicroStrategy (MSTR US) -18.4%, Riot Blockchain (RIOT US) -15%, Marathon Digital (MARA US) -14%, Coinbase (COIN US) -12.5%, Bit Digital (BTBT US) -10%, Silvergate Capital (SI US) -11%, Ebang (EBON US) -4% Bluebird Bio (BLUE US) shares surge as much as 86% in US premarket trading and are set to trim year-to- date losses after the biotech firm’s two gene therapies won backing from an FDA advisory panel. Chinese education stocks New Oriental Education (EDU US) and Gaotu Techedu (GOTU US) jump 8.3% and 3.4% respectively in US premarket trading after peer Koolearn’s endeavors into livestreaming e-commerce went viral and sent its shares up 95% in two sessions. Astra Space (ASTR US) shares slump as much as 25% in US premarket trading, after the spacetech firm’s TROPICS-1 mission saw a disappointing launch at the weekend. Invesco (IVZ US) and T. Rowe (TROW US) shares may be in focus today as BMO downgrades its rating on the two companies in a note saying it favors alternative asset managers over traditional players as a way to hedge beta risk against the current macro backdrop. In Europe, the Stoxx 600 also extended declines to a three-month low, plunging mover than 2%, with over 90% of members declining, as meeting-dated OIS rates price in 125bps of tightening, one 25bps move and two 50bps hikes by October.  Tech leads the declines as bond yields rise, with cyclical sectors such as autos and consumer products also lagging as recession risks rise.  The Stoxx 600 Tech Index falls as much as 4.3% to its lowest since November 2020. Chip stocks bear the brunt of the selloff: ASML -3%, Infineon -4.2%, STMicro -3.6%, ASM International -2.9%, BE Semi -2.8%, AMS -5.3% as of 9:36am CET. As if inflation fears weren't enough, French banks tumbled after a first round of legislative elections showed that President Emmanuel Macron could lose his outright majority in parliament. Here is a look at the biggest movers: Atos shares decline as much as 12%; Oddo says the company’s reported decision to retain and restructure its legacy IT services business in a separate legal entity is bad news for the company. Getinge falls as much as 7.6% after Kepler Cheuvreux cut its recommendation to hold from buy, cautioning that headwinds and supply chain challenges may intensify as Covid-related tailwinds abate. Elior plunges as much as 15% amid renewed worries over inflation and rising interest rates impacting a caterer that’s still looking for a new CEO following the unexpected departure of the previous one. Valneva falls as much as 27% in Paris after saying its effort to salvage an agreement to sell Covid-19 shots to the European Union looks likely to fail. Subsea 7 drops as much as 13% after the offshore technology company lowered its 2022 guidance, with analysts noting execution challenges on some of its offshore wind projects. French banks decline after a first round of legislative elections showed that President Emmanuel Macron could lose his outright majority in parliament. Societe Generale shares fall as much as 4.5%, BNP Paribas -4.2% Euromoney rises as much as 4.4% after UBS raises the stock to buy from neutral, saying the financial publishing and events firm’s “ambitious” growth targets for 2025 are broadly achievable. Earlier in the session, Asian stocks also declined across the board following the hot US CPI data and amid fresh COVID concerns in China. Nikkei 225 fell below the 27k level with sentiment not helped by a deterioration in BSI All Industry data. Hang Seng and Shanghai Comp. conformed to the downbeat mood with heavy losses among tech stocks owing to the higher yield environment and with mainland bourses constrained after the latest COVID outbreak and containment measures. The Emerging-market stocks index dropped about 3%, falling for a third day in the steepest intraday drop since March, as a fresh high in US inflation sparked concerns that the Fed may need to be more aggressive with rate hikes. In FX, the Bloomberg dollar rose a fourth day as the dollar outperformed all its Group of 10 peers apart from the yen, which earlier weakened to a 24-year low with NOK and AUD the worst G-10 performers. In EMs, currencies were led lower by the South Korean won and the South African rand as the index fell for a fifth day, the longest streak since April.  The onshore yuan dropped to a two-week low as a jump in US inflation boosted the dollar and China moved to re-impose Covid restrictions in key cities. India’s rupee dropped to a new record low amid a selloff in equities spurred by continuous exodus of foreign investors. The euro fell for a third day, touching an almost one-month low of 1.0456. Sterling fell after weaker-than-expected UK GDP highlighted the risks to the economy, with a global risk-off mood adding pressure on the currency, UK GDP fell 0.3% from March. The yen erased earlier losses after earlier falling to a 24-year low while Japanese bonds tumbled, prompting a warning from the Bank of Japan as its easy monetary policy increasingly feels the strain of rising interest rates globally. Bank of Japan Governor Haruhiko Kuroda said a recent abrupt weakening of the yen is bad for the economy and pledged to closely work with the government hours after the yen hit the lowest level since 1998. Bitcoin is hampered amid broad-based losses in the crypto space with the likes of Celsius pausing withdrawals/transfers due to the "extreme market conditions". Currently, Bitcoin is at the bottom-end of a USD 23.7-27.9 range for the session. In rates, the US two-year yield exceeded the 10-year for the first time since early April, an unprecedented re-inversion. The 2-year Treasury yield touched the highest level since 2007 and the 10-year yield the highest since 2018. Treasuries continued to sell off in Asia and early European sessions, leaving 2-year yields cheaper by 15bp on the day into the US day as investors continue to digest Friday’s inflation data. Into the weakness a flurry of block trades in futures added to soaring yields. Three-month dollar Libor jumps 8.4bps. US yields remain close to cheapest levels of the day into early US session, higher by 13bp to 6bp across the curve: 2s10s, 5s30s spreads flatter by 5bp and 5.5bp on the day -- 5s30s dropped as low as -16.6bp (flattest since 2000) while 2s10s bottomed at -2bp. US 10-year yields around 3.235%, remain cheaper by 8bp on the day and lagging bunds, gilts by 2.5bp and 5bp in the sector. Fed-dated OIS now pricing in one 75bp move over the next three policy meetings with 175bp combined hikes priced by September, while 55bp -- or 20% chance of a 75bp move is priced into Wednesday’s meeting. A selloff of European government bonds gathered pace as traders priced in a more aggressive pace of tightening from the ECB, with traders now wagering on two half-point hikes by October. The Bank of Japan announced it would conduct an additional bond-buying operation, offering to purchase 500b yen in 5- to 10-year government bonds Tuesday after 10-year yields rose above the upper limit of its policy band. In commodities, oil and iron ore paced declines among growth-sensitive commodities; crude futures traded off worst levels. WTI remains ~1% lower near 119.30. Spot gold gives back half of Friday’s gains to trade near $1,855/oz. Base metals are in the red with LME tin lagging While it's a busy week ahead, with the FOMC meeting on deck where the Fed is set to hike 50bps, or maybe 75bps and even 100bps, there is nothing on Monday's calendar. Fed Vice Chair Lael Brainard will discuss the Community Reinvestment Act in a pre-recorded video and an audience Q&A; she is not expected to discuss monetary policy given the FOMC blackout period. Market Snapshot S&P 500 futures down 2.4% to 3,803.50 STOXX Europe 600 down 2.0% to 414.12 MXAP down 2.7% to 161.61 MXAPJ down 2.8% to 534.45 Nikkei down 3.0% to 26,987.44 Topix down 2.2% to 1,901.06 Hang Seng Index down 3.4% to 21,067.58 Shanghai Composite down 0.9% to 3,255.55 Sensex down 3.2% to 52,585.17 Australia S&P/ASX 200 down 1.3% to 6,931.98 Kospi down 3.5% to 2,504.51 Brent Futures down 1.9% to $119.71/bbl Gold spot down 0.8% to $1,857.56 U.S. Dollar Index up 0.39% to 104.55 German 10Y yield little changed at 1.54% Euro down 0.3% to $1.0484 Brent Futures down 1.9% to $119.69/bbl Top Overnight News “Sell everything but the dollar” is resounding across trading desks as investors reprice the risk that the Federal Reserve hikes rates more aggressively than previously thought Investors rushed to price in more aggressive Federal Reserve rate hikes Monday as the US inflation shock continued to reverberate, sending two-year Treasury yields to a 15-year high and strengthening the dollar UK Prime Minister Boris Johnson risks reopening divisions that tore his Conservative Party apart in 2019, with his government set to propose a law that would let UK ministers override parts of the Brexit deal he signed with the European Union Crypto lender Celsius Network Ltd. paused withdrawals, swaps and transfers on its platform, fueling a broad cryptocurrency selloff and prompting a competitor to announce a potential bid for its assets French President Emmanuel Macron has a week to convince voters to give him an outright majority in parliament to ease the way for the controversial social and economic reforms he promised. Shares in France fell on the results A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks declined across the board following the hot US CPI data which rose to a 40-year high and amid fresh COVID concerns in China. Nikkei 225 fell below the 27k level with sentiment not helped by a deterioration in BSI All Industry data. Hang Seng and Shanghai Comp. conformed to the downbeat mood with heavy losses among tech stocks owing to the higher yield environment and with mainland bourses constrained after the latest COVID outbreak and containment measures. Top Asian News Beijing government said the scale of Beijing’s latest outbreak linked to bars is ferocious and explosive in nature after the city reported 166 cases in a bar cluster and with 6,158 people determined as close contacts linked to the bar cluster, while Beijing announced to halt offline sports events from today and the district of Chaoyang is to launch mass COVID testing on June 13th-15th, according to Reuters. Shanghai re-imposed a ban on dine-in restaurant services in most districts and punished officials for a management lapse at a quarantine hotel, according to Business Times. At least three Chinese cities of Beijing, Nanjing and Wuhan are trialling a shorter quarantine period of 7+7 days for international arrivals at entry points, according to Global Times. Beijing government spokesperson says that the Beijing COVID-19 bar outbreak still presents risks to the community; Beijing City reports 45 new local cases of 3pm, according to a health official, via Reuters, adding that the COVID-19 bar outbreak is still developing and epidemic control is at a critical juncture. Chinese Defence Minister Wei said China firmly rejects accusations and threats by the US against China, while he added the US Indo-Pacific strategy will create confrontation and that Taiwan is first and foremost China’s Taiwan. Wei also said those that pursue Taiwan's independence will come to no good end and that China will fight to the end if anyone attempts to secede Taiwan from China, according to Reuters. Furthermore, Wei reiterated that Beijing views the annexation of Taiwan as a historic mission that must be achieved which its military would be willing to fight for but added that peaceful unification remained the biggest hope of the Chinese people and they are willing to make the biggest effort to achieve it, according to FT. China urges local governments to raise revenue and sell assets to resolve debt risks, via Reuters. Urges local govt's to lower the debt burden; adding, they will crackdown on illegal debt raising. Japanese Defence Minister Kishi met with his Chinese counterpart in Singapore and said Japan and China agreed to promote defence dialogue and exchanges, while Japan warned China against attempting to alter the status quo in the South and East China sea, according to Reuters. Australian and Chinese defence ministers met in Singapore on Sunday for the first time in three years at the sidelines of the Shangri-La Dialogue summit with the talks described as an important first step following a period of strained ties, according to AFP News Agency. European bourses are hampered across the board, Euro Stoxx 50 -2.5%, in a continuation of the fallout from Friday's US CPI and amid fresh COVID concerns in China. US futures are in-fitting with this price action, ES -2.4% (sub-3800 at worst), ahead of the FOMC where the likes of Barclays now look for a 75bp hike after the May inflation release. Sectors in Europe are all in the red and feature Travel & Leisure as the underperformer given further cancellations going into the summer period. Top European News UK Northern Ireland Secretary Lewis said the government will publish legislation on the Northern Ireland Protocol on Monday and that the bill will rectify the issues in the protocol, according to Reuters. Reports suggest that the new law could see European judges blocked from having the final say on Northern Ireland-related disputes, according to the Telegraph. UK Tory MPs accused PM Johnson of ‘damaging the UK and everything the Conservatives stand for’ as he plans to release legislation on Monday to tear up the Northern Ireland protocol, according to FT. UK government ministers are drawing up plans to cut the link between gas and electricity to help reduce household bills for millions of families, according to The Times. UK Foreign Minister Truss says she has spoken to EU VP Sefcovic about the Nothern Ireland protocol and the preference is for a negotiated solution; adding, the EU needs to be willing to change the protocol. French President Macron’s majority in parliament is at risk as an IFOP initial estimate showed that Macron’s centrist camp is seen qualified for winning 275-310 out of 577 seats after the first round of the French lower house elections, while the IPSOS initial estimate shows the centrist camp is qualified for winning 255-295 seats, according to Reuters. Note, 289 seats are required for a majority FX Greenback extends US inflation data gains as near term Fed hike expectations crank up; DXY hits 104.750 to eclipse May 16 high and expose 105.010 YTD peak. Pound undermined by negative UK GDP and output prints plus NI protocol jitters, Cable perilously close to 1.2200 and EUR/GBP tops 0.8575. Aussie hit by heightened Chinese Covid concerns and demand implication for commodities, Kiwi feeling contagion and Loonie lurching as oil prices retreat; AUD/USD sub-0.7000, NZD/USD near 0.6300 and USD/CAD just shy of 1.2850. Euro and Franc make way for outperforming Buck, but Yen claws back losses on risk dynamics allied to technical retracement; EUR/USD under 1.0500, USD/CHF above 0.9900 and USD/JPY below 134.50 vs 135.20 apex overnight. Yuan falls as Beijing suffers ferocious and explosive virus outbreak and Shanghai reimposes restrictions in most districts, USD/CNH pivots 6.7500 and USD/CNY straddles 6.7350. Commodities WTI & Brent are hampered amid the broader market pressure; though, did experience a fleeting move off lows during a break in the newsflow. Currently, the benchmarks are lower by circa. USD 2.00/bbl given Friday's CPI, China COVID, geopolitics around US-China-Taiwan and Iran-IAEA developments (or lack of) following last week's camera removal. Iraq set July Basrah medium crude OSP to Asia at a premium of USD 3.30/bbl vs Oman/Dubai average and set OSP to Europe at a discount of USD 7.60/bbl vs dated Brent, while it set OSP to North and South America at a discount of USD 1.70/bbl vs ASCI, according to Reuters citing Iraq’s SOMO. Libya’s Minister of Oil and Gas Aoun said Libya is currently losing more than 1.1mln bpd of oil production and that most oil fields are closed except for the Hamada field and the Mellitah complex, while the Al-Wafa field continues operations from time to time, according to The Libya Observer. QatarEnegy signed an agreement with TotalEnergies (TTE FP) for the North Field East expansion project, while it will announce subsequent signings with partners in the gas field expansion in the near future and possibly at the end of next week, according to Reuters. Norwegian Oil and Gas Association reached an agreement in principle with three unions of offshore workers to avert a strike although two of the unions will ask members before signing a deal, according to Reuters. Spot gold is pressured by circa. USD 15/oz amid a stronger USD and pronounced yield action; however, the yellow metal is yet to drop below USD 1850/oz and the 10-, 21- & 200-DMAs at USD 1852, 1847 & 1842 respectively. Fixed Income Bond bears still in control and pushing futures down to fresh troughs, at 145.85 for Bunds, 112.33 for Gilts and 115-30+ for 10 year T-note. Cash yields test or breach psychological levels, like 1.50%, 2.5% and 3.25%, while 2-10 year US spread inverts briefly on rising recession risk. Monday agenda very light, but big week ahead including top tier data and multiple Central Bank policy meetings. Central Banks BoJ announces new offer for bond buying programme in which it is to purchase JPY 500bln in 5yr-10yr JGBs tomorrow and will increase amount of offers for its bond buying as needed. BoJ fixed-rate bond purchases exceed JPY 1tln, at their highest since 2018, via Bloomberg; Further reported that the BoJ accepts JPY 1.5tln of bids for the daily offers to purchase 10yr bonds. BoJ Governor Kuroda says they must support the economy with monetary easing to achieve higher wages; adding, the domestic economy is still in the midst of a COVID recovery. Increasing raw material costs are increasing downward pressure, recent sharp JPY dalls are undesirable. Additionally, Japan's Finance Minister says a weak JPY has both merits and demerits. BoJ buys JPY 70.1bln in ETF, according to a disclosure. DB's Jim Reid concludes the overnight wrap This week is squarely and firmly all about the FOMC meeting on Wednesday. We go into it with the 2yr US note up +25bps on Friday and another c.+10bps this morning in Asia. The 2s10s curve has flattened around 20bps since Friday morning to c.2bps as we type. So some dramatic moves. The problem as we enter the next couple of Fed and ECB meetings is that the central banks haven't quite been able to let go of forward guidance and are a little trapped. To recap, forward guidance has prevented the Fed and the ECB from hiking as early as they needed to, largely because both saw the need to gradually wind down asset purchases over several months first as promised. However this hasn't deterred them, and they have continued to try to flag their intentions to the market in advance with the Fed having previously all but signalled a 50bps this Wednesday, as well as in July, with the ECB now signalling 25bps in July and a strong possibility of 50bps in September. Providing clarity is admirable but in the wake of another shocking US CPI print on Friday, should a 75bps hike not be a serious consideration? It seems strange that most think policy needs to be restrictive but that it's going to take several meetings to get there from a still highly accommodative position. Without the recent Fed guidance, 75bps would be firmly on the table for Wednesday. This is highly unlikely this week, but our economists think they could break cover from their own guidance and leave the door open for 75bps in July. DB Research has long been at the hawkish end on inflation and the Fed, and on Friday our US economists further raised their hiking expectations. In addition to 50bps at the next two meetings they have now added 50bps in September and November, before a return to 25bps in December (to 3.125%). They now see the peak at 4.125% in mid-2023. This is closer to the 5% view in the "Why the upcoming recession will be worse than expected" (link here) that David Folkerts-Landau, Peter Hooper and myself published back in April. If we do have a terminal Fed rate approaching a 5-handle it does raise the question as to where 10yr yields top out. My guess would be a slightly inverted curve but it would likely mean the 4.5-5% range discussed in the note from April, mentioned above, is within reason. We'll recap details of the big US CPI print in last week's recap in the second half of this piece, but it wasn't just this that was the problem on Friday, as the University of Michigan long-term inflation expectations series hit 3.3% (3.0% last month) which was the highest since 2008. This series first hit 3% last May so has actually been range trading for a year, which has been a hope for the doves. However it now risks breaking out to the upside. It's not just the Fed this week as the BoE (Thursday) and the BoJ (Friday) will also meet. For the UK, a preview from our UK economists can be found here. The team expects a +25bps hike this week and have updated their terminal rate forecast from 1.75% to 2.5%. Staying in the UK, labour market data releases will be out tomorrow with retail sales on Friday. The week will conclude with a decision from the BoJ and how they address pressures from the yen hovering around a 20-year low, as well as the growing monetary policy divergence between Japan and other G7 economies. Our chief Japan economist previews the meeting here. He expects a shortening or even the abandonment of yield curve control in H2 2023. In data terms we go back to the US for the main highlights, with PPI (tomorrow) and retail sales (Friday) the main events. China's key May indicators on Wednesday will also have global implications as we await industrial production, retail sales and property investment numbers. Elsewhere in the US, we have June's Philadelphia Fed business outlook (Wednesday), and May industrial production and capacity utilisation (Friday) numbers. April business inventories will be out on Wednesday and provide markets with a check on corporate stockpiling after Target's renewed warning last week. Finally, a slew of housing market data is due. This includes the June NAHB housing market index (Wednesday) and May building permits and housing starts (Thursday). The impact of rising mortgage rates will be in focus. In Europe, Germany's ZEW survey for June (tomorrow) is among the key data highlights. We will also see April industrial production and trade balance data for the Eurozone on Wednesday and Eurozone construction output and April trade balance data for Italy on Friday. ECB speakers will also be on the radar for investors as they tend to start to break the party line on the Monday after the ECB meeting. A lengthy line up includes ECB President Lagarde on Wednesday and six other speakers. Asian stock markets have started the week on a weaker footing with all the major indices trading deep in the red after a rough week on Wall Street. The Hang Seng (-2.81%) is leading losses across the region in early trade amid a tech sell-off whilst the Shanghai Composite (-1.20%) and CSI (-1.07%) are both sliding as a resurgence of Covid cases in China is threating global growth. Elsewhere, the Nikkei (-2.64%) is also sharply down this morning, with the Kospi declining as much as -2.50%, hitting its lowest level since November 2020. As discussed at the top, 10yr USTs (+2.81 bps) have moved higher to 3.18% while the 2yr yield (+9.8 bps) has exploded higher to 3.16%. Will we see a fresh inversion in the hours and days ahead? Oil prices are lower with Brent futures -1.36% to $120.35/bbl and WTI futures -1.48%, falling below the $120/bbl mark. On the FX side, there is no respite for the Japanese yen from rising Treasury yields as the currency hit a fresh 24yr low, declining -0.50% to 135.08 versus the dollar. DMs equity futures point to further losses with contracts on the S&P 500 (-1.33%), NASDAQ 100 (-1.87%) and DAX (-1.37%) all trading in negative territory. Moving on to the French legislative elections. In the first round, exit polls indicate that President Emmanuel Macron is at risk of losing his outright majority after a strong showing by the left-wing alliance in the first round of the country’s parliamentary election. According to the official results, Jean-Luc Mélenchon's left-wing NUPES alliance (+25.61%) finished neck and neck with Mr Macron's Ensemble (+25.71%), in terms of votes cast in Sunday's first round. An average of 5 pollsters expect Macron to win 262-301 seats, with 289 needed to keep his majority. So a nervy wait ahead of the second round. Turning back to review last week now. The business end of the week had two huge macro events that sent markets into some degree of upheaval. On Thursday, the ECB met, confirming the end of net APP purchases this month, paving the way for liftoff in July. Beyond July they opened the door for 50 basis point hikes if inflation persists or deteriorates. Judging by their upgraded forecasts, they are now in the ‘persists’ camp. President Lagarde in the press conference took great pains to commit to fighting inflation in a hawkish tone shift. The bigger market reaction was on the apparent lack of progress on any implementation tool designed to avoid fragmentation. President Lagarde tried to downplay the lack of new tool, leaning on PEPP reinvestment flexibility, but the market wasn’t comfortable that this would be enough. All told, 2yr bunds increased +30.9bps (+13.6bps Friday) on the tighter expected policy path, with the end-2022 policy rate implied by OIS markets ending the week at 0.99%, a new high and in line with our Euro economists updated call (their full review and new call here). The lack of an immediate anti-fragmentation tool saw peripheral spreads underperform, moving to new post-Covid wides, as 10yr BTPs increased +35.9bps (+16.0bps Friday) with 10yr Spanish bonds increasing +34.0bps (+15.6bps Friday), versus a 10yr bund increase of +24.3bps (+8.6bps Friday). The Friday moves above were given a further boost by yet another above consensus US CPI report, with YoY inflation gaining +8.6% in May versus expectations it would stay consistent with the prior month’s +8.3% reading. FOMC officials have consistently cited deceleration in MoM readings as necessary to find clear and convincing evidence that inflation was stabilising and returning to target, evidence which they surely didn’t get on Friday, as MoM inflation increased +1.0% from +0.3% in April, beating lofty expectations of +0.7%. The dramatic beats drove the expected path of Fed tightening sharply higher, with 2yr Treasury yields increasing +40.9bps on the week after a +25.0bp gain Friday, it’s largest one-day move since June 2009. The expected fed funds rate by the end of the year reached a new high of 3.22%. The curve aggressively bear flattened, as the reality that the Fed will have to induce slower growth to tame inflation set in; 10yr yields gained +22.0bps on the week and +11.2bps on Friday, with almost all of the increase coming in real yields. That brings 2s10s to 8.8bps, its flattest since its early-April rebound after its brief inversion. The sharp global policy repricing weighed on equity indices. All major transatlantic indices fell, including the STOXX 600 (-3.95% week, -2.69% Friday), DAX (-4.83%, -3.08%), CAC (-4.60%, -2.69%), S&P 500 (-5.05%, -2.91%), NASDAQ (-5.60%, -3.52%), FANG+ (-2.87%, -3.37%), and Russell 200 (-4.26%, -2.60%). That brings the STOXX 600 -14.49% below its YTD highs reached in the first days of the year, with the S&P 500 -18.40% below the same corresponding metric. Both indices ended the week hovering just above YTD lows. US CDX HY and Euro Crossover were +58bps and +47bps on the week and around +30bps and +25bps wider on Friday. Both are now at their post covid wides. Tyler Durden Mon, 06/13/2022 - 07:57.....»»

Category: blogSource: zerohedgeJun 13th, 2022

What Corning CEO Wendell P. Weeks Learned from Steve Jobs About Risk

TIME spoke with Wendell P. Weeks for this week's Leadership Brief. (To receive weekly emails of conversations with the world’s top CEOs and business decisionmakers, click here.) Wendell P. Weeks, Corning’s long-serving leader, says he rapidly ramped up production of its new medical glass vials for COVID-19 vaccines last year based on critical lessons from his late acquaintance Steve Jobs. The Apple co-founder “changed the way I thought about risk,’’ explains Weeks, who has served as chief executive of the storied glassmaker since 2005. Corning exceeded its 2021 expectations by churning out more than 150 million vaccine vials—enough to hold more than 1.2 billion doses. The company can now produce 500 million such vials annually, thanks to a new manufacturing plant it opened about six months ahead of schedule. [time-brightcove not-tgx=”true”] Weeks stands 6 ft. 5 in. tall but prefers a low profile. No wonder few people know how extensively Corning, founded in 1851, has shaped our lives. His employer pioneered numerous innovations since developing the glass for Thomas Edison’s first lightbulb. Weeks keeps the 1880 initial Edison order on his office wall to remind him “how small things can become great.’’ Corning also invented Pyrex cookware, glass to encase TV tubes, hair-thin glass strands that formed the internet’s backbone and damage-resistant Gorilla Glass for Apple’s iPhone screens. It’s currently used in more than 8 billion devices worldwide. Weeks, a Lehigh accounting major, joined Corning in 1983 as a restructuring controller, a professional position. He later became its youngest ever vice president. The 62-year-old executive holds 34 U.S. patents. TIME recently spoke with Weeks about Corning’s growing involvement in cars and the broadband network, his view of hands-on leadership, and why CEOs should craft a 150-year strategic framework. The interview has been condensed and edited for clarity. (For coverage of the future of work, visit TIME.com/charter and sign up for the free Charter newsletter.) Why isn’t there greater public awareness of Corning’s pivotal role in so many arenas for decades? We deliberately tend to be pretty low-key. We use our core capabilities to help solve problems and make the world just a little bit better. We believe approaching that work very humbly and quietly and allowing customers to have the primary success is probably the best way. A duality is why we’ve been able to survive for 171 years. You want to evolve the way the world is going. On the other hand, you want to become a better version of yourself. In each of our areas, we’re bringing distinct expertise that has lasted for generations. You’ve previously said Corning focuses on problems that matter, such as cleaner air, safety, and more effective medicine plus fast, reliable communication. What three areas will the company focus on in coming years? Your car is going through more change than it has in 100 years. We’re helping make that car safer, cleaner, and more connected. Another area going through another huge spurt of innovation is our communication system. With the speed of information that people want today, 5G is a big thing. Cloud is a momentous event, too. We’ll also continue to bring our technology to bear in the health area, especially pharmaceutical packaging. All three areas will start to really grow by the end of three years from now. The U.S. recently enacted a $1 trillion infrastructure law that includes a $65 billion program to expand the broadband network, mostly through optic cable projects. When and how will this new program benefit Corning? It’ll start as early as 2023. These civil works projects could add a billion dollars a year of additional sales for us in serving the broadband network. Your optical communications business had sales of $4.3 billion in 2021. So, increasing its annual sales by $1 billion seems like a big deal, right? It’s significant but not huge for us company-wide because we’re so big. It’s who the program serves that matters. There has been so much fiber deployed. Yet we still have a substantial percentage of the U.S. population not touched by the state-of-the-art communication systems that fiber represents. Some are rural. But some are in the inner city. We have enough issues that divide us that there’s no reason to have us not all be able to be on the same network. We put networks in place to help do this. On June 7, the U.S. Treasury announced initial state awards from a separate $10 billion initiative also aimed at improving broadband network access in underserved communities. How will this additional program affect Corning? Access to broadband means access to opportunity—from education to health care to quality of life. Our largest segment by sales is optical communications, and we expect significant growth to continue. We are energized by momentum building from recently announced public sector investments and customers like AT&T and Verizon who are making long-term commitments with Corning to expand U.S. manufacturing capacity and prepare the future workforce. You enjoy rolling up your sleeves. In fact, you and three colleagues share the patent on Corning’s medical glass container that protects COVID-19 vaccines. Why should other business leaders be hands-on, too? I spend 40% of my time working with small teams on innovations that really matter, such as inventing and making products. It brings joy into my life, and I am good at it. It is pretty common in the tech community among chief executives who think of themselves more like founders and never want to lose touch with their products. If you want to have employees follow you, you actually have to occasionally do the work your people are engaged in. I try to set that example. Last year, Corning added two more goals for reducing its greenhouse gas emissions. Will you next set net zero carbon emission goals? And what challenges delay achieving goals that help save our planet? We’ve always tried to apply our technologies to get a more harmonious relationship with the environment. We set science-based targets. We have real goals that show a dramatic improvement in our carbon footprint. We know precisely how we’re going to get there because we’re engineering folks. We haven’t set net zero carbon emission goals covering a short time period. The biggest challenge we face is energy grids in places that we operate. We have a big manufacturing footprint in Asia, where availability of renewable energy is low. How do we help get renewable energy built there? We’ve been a big part of helping build that in the U.S. In February 2007, Steve Jobs asked you to provide 5 million square feet of Gorilla Glass by the end of May, just before Apple’s first iPhone went on sale. You initially resisted, but ultimately delivered on time. You subsequently forged strong ties with Jobs. How did his quick decision-making style influence your command of Corning? He definitely impacted me. He was trying to get me to do the iPhone cover and I was like, ‘I just don’t think we can get that many done.’ He took time to explain that I was afraid. He goes, ‘You’re basically letting your fear of embarrassment if you fail get in the way of the needs of a lot of people. You’re passing up the opportunity to be great. Look at all the people you’re speaking for at Corning who also have that opportunity.’ Steve Jobs helped me realize that ‘I’ is the wrong word to view risk. When you start to think about the pros and cons for the ‘we,’ you view risk differently and become much more of a well-balanced judge of risk. That little advice enabled a lot of better decisions than I would’ve otherwise made. It’s why I made the risky move to rapidly ramp up our production of vials for COVID-19 vaccines. Based on what Steve Jobs taught you about taking risks, how should business leaders minimize their potential downsides when they must move fast? Jeff Bezos distinguishes between a two-way door and a one-way door. Two-way doors represent reversible decisions because they swing two ways. Most doors you face as a CEO are two-way. You save time on two-way doors. You don’t over-examine risk. But one-way door decisions can almost never be reversed. If I go through, I can’t go back. If you kill a capability, it takes a long time to undo that. I overstudy one-way doors. I’m very slow, thoughtful, and careful. Years ago, you tackled huge setbacks that threatened Corning’s survival. The telecom bubble burst in 2001 while you were running its fiber optics business. Corning rang up record losses. Promoted to president in 2002, you spearheaded a painful restructuring and extensive layoffs. What was your best leadership lesson from those difficult days? The biggest thing I learned was humility—and how easy it is to be wrong. Being wrong as a leader carries implications for many beyond you. Humility sort of unlocked the second piece: How much the people around you love the same company that you do and are willing to sacrifice to help and get in the fight to turn it around. If people are willing to do that, it will always turn out well. We tackled all the hard things and tried to figure out how to be a better version of ourselves. We’ve been on that journey ever since. (For coverage of the future of work, visit TIME.com/charter and sign up for the free Charter newsletter.) Corning was among the first U.S. companies to establish its own research center. What does your R&D spending look like today as you try to develop innovative products for tomorrow? Back in the dot-com era, we set out to double the percentage of our revenue that we invest in R&D—and have done ever since. We now spend about a billion dollars a year. We invest about twice as much in our DNA as our peers, not just in glass. Even after that investment, we have a significantly higher profitability because we get distinctive inventions. We invest in areas that we can always reuse and repurpose. That ability makes that investment core and critical, and we’re going to do it for as long as I’m here. We’re investing for the next generation of our leaders, our people, our communities, and even our investors. That idea of sacrifice today for tomorrow is one of our core values that make us different. There are years when that difference makes us look bad, and years when that difference makes us look amazingly brilliant. Everybody is wrong both times. It’s just a steady approach. Your predecessor James Houghton once urged you and other top executives to craft a 150-year strategy for Corning. Are you still executing that blueprint? And should other chief executives also consider a 150-year strategy? We developed a framework rather than an actual strategy for 150 years ahead. I still use the terminology by now saying, ‘We’re here to do another 171 years of innovation and independence.’ It is a good exercise for other CEOs, too, especially if they have a founder mentality. A founder brings this deep attachment to the company. It represents him or her. We’re all mortal. One way you can beat death is by running a company where your approach and impact last beyond your lifespan. You become part of an institution that lasts longer than you. We stand on the shoulders of the people that came before. Let us give good, strong shoulders for those people who come after us to stand on......»»

Category: topSource: timeJun 12th, 2022

Scientists have crafted living skin for robots, further blurring the line between human and machine

Researchers developed skin tissue for robots, laying the groundwork for more advanced—and even more lifelike—machines in the future. Researchers developed a robotic finger with living human skin.Shoji Takeuchi Scientists have developed skin tissue for robots, according to a new study. The crafted "skin" is .06 inches in thickness and made of the top two layers of skin. Researchers say the development could be useful to make transplants and pharmaceuticals.  Technologies are blurring the line between human and machine. Now, scientists are taking the next step: developing human-like skin for robots.Though it sounds like the stuff of science fiction, in a study published Thursday in the journal Matter, researchers described how they developed skin tissue for robots that looks and moves just like ours. "We have shown that living skin tissue can be used as a coating material for robots," Shoji Takeuchi, an engineer at the University of Tokyo and lead author of the study, told Insider. "This result has the potential to make robots look more human-like." To craft the skin, the team first submerged a robotic finger in a cylinder filled with a solution of collagen and fibroblasts — two main components that make up skin, the human body's largest organ. Using living cells also endows robots with the biological functions of skin, such as its ability to self-repair and repel water.The research team sees a variety of potential uses for this technology, like helping engineers create more nimble and human-like prosthetics and aiding in the development of cosmetics and pharmaceuticals for skin.  According to Takeuchi, the "skin" is 1.5 mm in thickness (or 0.06 inches) and made only of epidermis and dermis — the top two layers of skin in the human body. "It does not look perfectly like skin," Takeuchi said, adding that it lacks some advanced skin features like sensory neurons, hair follicles, nails, and sweat glands. "However, as the robot moves, the skin stretches and contracts, revealing wrinkles; my personal impression is that it is much more realistic than silicone," Takeuchi said. According to him, silicone is currently the preferred material used to craft artificial robotic skin.The robotic finger is covered with human living skin, allowing it to self-repair and repel water.Shoji TakeuchiRobotic experts have been trying to create more human-like robots for years, but they haven't been able to achieve real skin that can conform to uneven surfaces like the body of robots. "You have to have the hands of an artisan who can cut and tailor with skill" in order to mold flat skin sheets to the contours of a three dimensional machine, Takeuchi told Insider. "We established a tissue molding method to directly mold skin tissue surrounding the robot, which resulted in seamless skin coverage on a robotic finger with an uneven surface."Still, Takeuchi said the developed skin is weaker than natural skin and, because it is living tissue, needs a constant supply of nutrients and waste removal. To that end, Takeuchi and his team plan for their follow up studies to explore how the tissue can survive for longer, as well as include more sophisticated skin structures like hair follicles and sweat glands. Correction: June 9, 2022 — An earlier version of this story stated that the crafted "skin" was just over half an inch in thickness.  The story has been updated to reflect the correct thickness of the skin tissue, which is 0.06 inches.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 9th, 2022

Here"s How Much a $1000 Investment in Novo Nordisk Made 10 Years Ago Would Be Worth Today

Investing in certain stocks can pay off in the long run, especially if you hold on for a decade or more. How much a stock's price changes over time is a significant driver for most investors. Not only can price performance impact your portfolio, but it can help you compare investment results across sectors and industries as well.The fear of missing out, or FOMO, also plays a factor in investing, especially with particular tech giants, as well as popular consumer-facing stocks.What if you'd invested in Novo Nordisk (NVO) ten years ago? It may not have been easy to hold on to NVO for all that time, but if you did, how much would your investment be worth today?Novo Nordisk's Business In-DepthWith that in mind, let's take a look at Novo Nordisk's main business drivers. Bagsværd, Denmark-based Novo Nordisk is a global healthcare company and a leader in the worldwide diabetes market. The company is also a key player in hemophilia care, growth hormone therapy, hormone replacement therapy and obesity.Novo Nordisk operates through two segments: Diabetes and obesity care and Biopharmaceuticals. While the Diabetes and obesity care segment covers insulins, glucagon-like peptide 1 (GLP-1), other protein-related products, obesity and oral anti-diabetic drugs, the Biopharmaceuticals segment includes hemophilia, growth hormone therapy and hormone replacement therapy.Novo Nordisk’s most well-known drugs include Levemir, NovoRapid, Victoza, Ozempic, NovoMix, NovoSeven, NovoThirteen, Ryzodeg, Xultophy, Saxenda, Rybelsus, Esperoct, Sogroya and Norditropin, among several others. The company launched its first product for weight management, Saxenda, in the United States in 2015.In August 2018, Novo Nordisk announced that it has acquired all of the shares of Ziylo Ltd. Ziylo is a University of Bristol spin-out company based at Unit DX science incubator in the United Kingdom. The acquisition gives Novo Nordisk full rights to Ziylo's glucose binding molecule platform to develop glucose responsive insulins (GRIs). Novo Nordisk is focused on developing this technology in order to develop this next generation of insulin, which would lead to a safer and more effective insulin therapy.Novo Nordisk generated revenues of DKK 140,800 million in 2021 compared with DKK 126,946 million in 2020. Revenues increased 11% in Danish kroner and 14% at currency exchange rate.Bottom LineWhile anyone can invest, building a lucrative investment portfolio takes research, patience, and a little bit of risk. If you had invested in Novo Nordisk ten years ago, you're probably feeling pretty good about your investment today.A $1000 investment made in June 2012 would be worth $4,357.76, or a gain of 335.78%, as of June 9, 2022, according to our calculations. This return excludes dividends but includes price appreciation.In comparison, the S&P 500 gained 210.47% and the price of gold went up 11.67% over the same time frame.Going forward, analysts are expecting more upside for NVO. Novo Nordisk’s earnings and sales beat estimates in the first quarter. Its diabetes drug, Ozempic, is off to a solid start. The launch of Rybelsus also looks impressive. Novo Nordisk has one of the broadest diabetes portfolios in the industry. Ozempic, Rybelsus, Xultophy and Saxenda have been helping the company maintain momentum. Label expansion of these existing drugs is expected to boost sales. Shares of the company have underperformed the industry year to date. However, lower realized prices in the United States, loss of exclusivity for products and stiff competition affect sales. Also, sales are being negatively impacted by the COVID-19 pandemic. Also, the supply challenges for Wegovy have hurt the stock. The patent expiry on some of the products in Novo Nordisk’s portfolio is a concern. The stock has jumped 11.70% over the past four weeks. Additionally, no earnings estimate has gone lower in the past two months, compared to 4 higher, for fiscal 2022; the consensus estimate has moved up as well. Profiting from the Metaverse, The 3rd Internet Boom (Free Report): Get Zacks' special report revealing top profit plays for the internet's next evolution. Early investors still have time to get in near the "ground floor" of this $30 trillion opportunity. You'll discover 5 surprising stocks to help you cash in.Download the report FREE today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Novo Nordisk AS (NVO): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksJun 9th, 2022

63 members of Congress have violated a law designed to prevent insider trading and stop conflicts-of-interest

Insider has identified numerous members of Congress who've violated the transparency provision of the STOCK Act, which requires timely reporting of their stock trades. Marianne Ayala/Insider Insider and other media have identified numerous US lawmakers not complying with the federal STOCK Act. Their excuses range from oversights, to clerical errors, to inattentive accountants. Ethics watchdogs — and even some in Congress — want to ban lawmakers from trading individual stocks. See more stories on Insider's business page. Insider and several other news organizations have identified 63 members of Congress who've recently failed to properly report their financial trades as mandated by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act.Congress passed the law a decade ago to combat insider trading and conflicts of interest among their own members and force lawmakers to be more transparent about their personal financial dealings. A key provision of the law mandates that lawmakers publicly — and quickly — disclose any stock trade made by themselves, a spouse, or a dependent child.But many members of Congress have not fully complied with the law. They offer excuses including ignorance of the law, clerical errors, and mistakes by an accountant. Insider has chronicled this widespread nature of this phenomenon in a new project, "Conflicted Congress."While lawmakers who violate the STOCK Act face a fine, the penalty is usually small — $200 is the standard amount — or waived by House or Senate ethics officials. Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks. On Capitol Hill, lawmakers are now seriously debating such a ban.Here are the lawmakers discovered to have recently violated the STOCK Act — to one extent or another:Sen. Dianne Feinstein, a Democrat from CaliforniaSen. Dianne Feinstein, a Democrat from California.Anna Moneymaker/The New York Times via AP, PoolFeinstein was months late disclosing a five-figure investment her husband made into a private, youth-focused polling company.Sen. Tommy Tuberville, a Republican from AlabamaSen. Tommy Tuberville, a Republican from Alabama.Chip Somodevilla/Getty ImagesTuberville was weeks or months late in disclosing nearly 130 separate stock trades from January to May.Sen. Roger Marshall, a Republican from KansasSen. Roger Marshall, a Republican from Kansas.Leigh Vogel/Pool via APMarshall was up to 17 months late disclosing stock trades for one of his dependent children.Sen. Rand Paul, a Republican from KentuckySen. Rand Paul, a Republican from Kentucky.Tom Williams/CQ Roll CallPaul was 16 months late in disclosing that his wife bought stock in a biopharmaceutical company that manufactures an antiviral COVID-19 treatment, the Washington Post reported.Sen. Sheldon Whitehouse, a Democrat from Rhode IslandSen. Sheldon Whitehouse, a Democrat from Rhode Island.Greg Nash - Pool/Getty ImagesWhitehouse was a couple days late disclosing January 2022 purchases of Target Corporation and Tesla Inc. stock, each valued at between $15,001 and $50,000.Sen. Tom Carper, a Democrat from DelawareSen. Tom Carper, a Democrat from Delaware.United States SenateCarper was about four months late disclosing his wife's sale of stock in a gold mining company.Sen. John Hickenlooper, a Democrat from ColoradoSen. John Hickenlooper, a Democrat from Colorado.United States SenateHickenlooper was months — and in two cases, more than a year — late in disclosing five separate stock trades for himself or his wife that, taken together, are worth between $565,000 and $1.3 million, nonprofit news organization Sludge reported.Sen. Cynthia Lummis, a Republican from WyomingUS Senator from Wyoming, Cynthia Lummis.Tom Williams/Roll CallLummis was several days late reporting a purchase in August of up to $100,000 in bitcoin, CNBC reported.Sen. Gary Peters, a Democrat from MichiganSen. Gary Peters, a Democrat from Michigan.United States SenatePeters was months late disclosing a purchase of up to $15,000 worth of stock in FS KKR Capital Corp., which manages business development companies, nonprofit news organization Sludge reported.Sen. Mark Kelly, a Democrat from ArizonaSen. Mark Kelly, a Democrat from Arizona.REUTERS/Mario AnzuoniKelly, a retired astronaut, failed to disclose on time his exercising of a stock option on an investment in a company that's developing a supersonic passenger aircraft, Fox Business reported. Rep. Tom Malinowski, a Democrat from New JerseyRep. Tom Malinowski, a Democrat from New Jersey.Tom Williams/CQ-Roll Call via Getty ImagesMalinowski failed to disclose dozens of stock trades made during 2020 and early 2021, doing so only after questions from Insider.The independent Office of Congressional Ethics, in part citing Insider's reporting, found "substantial reason to believe" that Malinowski violated federal rules or laws designed to promote transparency and defend against conflicts. It voted 5-1 to refer its findings to the Democrat-led House Committee on Ethics, which confirmed on October 21 that it will continue reviewing the matter.Rep. Pat Fallon, a Republican from TexasRep. Pat Fallon, a Republican from Texas.Tom Williams/CQ-Roll Call, Inc via Getty ImagesFallon was months late disclosing dozens of stock trades during early- and mid-2021 that together are worth as much as $17.53 million. Fallon was late again in December 2021 disclosing stock trades.Rep. Diana Harshbarger, a Republican from TennesseeRep. Diana Harshbarger, a Republican from Tennessee.Tom Williams/CQ-Roll Call, Inc via Getty ImagesHarshbarger failed to properly disclose more than 700 stock trades that together are worth as much as $10.9 million.Rep. Susie Lee, a Democrat of NevadaRep. Susie Lee, a Democrat from Nevada.Michael Brochstein/Getty ImagesLee failed to properly disclose more than 200 stock trades between early-2020 and mid-2021. Together, the trades are worth as much as $3.3 million.Rep. Madison Cawthorn, a Republican from North CarolinaRep. Madison Cawthorn, a Republican from North Carolina.Jabin Botsford/The Washington Post via Getty ImagesCawthorn was months late in May 2022 when disclosing hundreds of thousands of dollars worth of purchases and sales of two cryptocurrencies: ethereum and Let's Go Brandon Coin, the latter referencing an anti-Joe Bien slogan.Then, in June 2022, he was again months late in disclosing two-dozen additional cryptocurrency trades. Rep. Katherine Clark, a Democrat from MassachusettsRep. Katherine Clark, a Democrat from Massachusetts.MassLiveClark, one of the highest-ranking Democrats in the House, was several weeks late in disclosing 19 of her husband's stock transactions. Together, the trades are worth as much as $285,000. She has since stopped trading stocks.Rep. Blake Moore, a Republican from UtahRep. Blake Moore, a Republican from Utah.Caroline Brehman/CQ-Roll Call via Getty ImagesMoore in early- to mid-2021 did not properly disclose dozens of stock and stock-option trades together worth as much as $1.1 million. He was late again disclosing trades made in August.Rep. Mikie Sherrill, a Democrat from New JerseyRep. Mikie Sherrill, a Democrat from New Jersey.Andrew Harnik/AP PhotoSherrill was months late disclosing two sales of vested stock her husband earned as part of his employment. The trades were worth up to $350,000 and Sherrill paid a $400 late fee. Rep. Mo Brooks, a Republican from AlabamaRep. Mo Brooks, a Republican from Alabama.Bill Clark/CQ Roll Call via Getty ImagesBrooks, who is running for US Senate, failed to properly disclose a sale of Pfizer stock worth up to $50,000.Rep. Jamie Raskin, a Democrat from MarylandRep. Jamie Raskin, a Democrat from Maryland.ReutersRaskin failed to disclose on three annual congressional financial reports that his wife, Sarah Bloom Raskin, held stock in Reserve Trust. He then didn't disclose that she sold the stock, valued at $1.5 million, until months after a federal deadline for doing so. Raskin explained that sale disclosure delay occurred following his son's death.Rep. Dan Crenshaw, a Republican from TexasRep. Dan Crenshaw, a Republican from Texas.Facebook/Crenshaw for CongressCrenshaw was months late disclosing several stock trades he made in the early days of the COVID-19 pandemic, the Daily Beast reported.Rep. Kathy Manning, a Democrat from North CarolinaRep. Kathy Manning speaks during the news conference on the introduction of the Medicaid Saves Lives Act on Wednesday, July 21, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesManning and her husband were late — sometimes by months — disclosing several dozen stock trades made in 2021 that together were worth up to $1.25 million, according to nonprofit news organization Sludge.Rep. Kevin Hern, a Republican from OklahomaRep. Kevin Hern, a Republican from Oklahoma.Bill Clark/CQ-Roll Call, Inc via Getty ImagesHern did not disclose nearly two-dozen stock trades in a timely manner, in violation of the STOCK Act. Taken together, the trades are worth as much as $2.7 million.Rep. Debbie Wasserman Schultz, a Democrat from FloridaRep. Debbie Wasserman Schultz, a Democrat from Florida.Joe Raedle/Getty ImagesWasserman Schultz was months late reporting four stock trades made either for herself or her child.Rep. Michael Guest, a Republican from MississippiRep. Michael Guest, a Republican from Mississippi.Chip Somodevilla/Getty ImagesGuest was more than eight months late disclosing trades in the stock of two oil companies held by a family trust benefitting his wife.Rep. Sean Patrick Maloney, a Democrat from New YorkRep. Sean Patrick Maloney, a Democrat from New York.Tom Williams/CQ-Roll CallMaloney was months late in disclosing he sold eight stocks he inherited in mid-2020 when his mother died.Rep. Brian Mast, a Republican from FloridaRep. Brian Mast, a Republican from Florida.Ting Shen-Pool/Getty ImagesMast was late disclosing that he had purchased up to $100,000 in stock in an aerospace company. The president of the company had just testified before a congressional subcommittee on which Mast sits.Rep. Lori Trahan, a Democrat from MassachusettsRep. Lori Trahan, a Democrat from Massachusetts.Bill Clark/CQ Roll CallTrahan was months late disclosing the sale of stock shares in a software company.Rep. John Rutherford, a Republican from FloridaRep. John Rutherford, a Republican from Florida.Drew Angerer/Getty ImagesRutherford failed to properly disclose five individual stock transactions he made in late 2020.Rep. Brad Schneider, a Democrat from IllinoisRep. Brad Schneider, a Democrat from Illinois.Samuel Corum/Getty ImagesSchneider was about two months late disclosing two stock trades involving a pet insurance company.Rep. David Trone, a Democrat of MarylandRep. David Trone, a Democrat of Maryland.Michael Brochstein/SOPA Images/LightRocket via Getty ImagesTrone was months late reporting several stocks and structured notes that together are worth well into the hundreds of thousands of dollars.Rep. Pete Sessions, a Republican from TexasRep. Pete Sessions, a Republican from Texas.APSessions was a month late in reporting a purchase of stock in Amazon.com he made during August 2021. Separately, in early 2022, Sessions was late disclosing seven trades he made in late 2021. Sessions has been an outspoken advocate of allowing members of Congress to trade individual stocks.Rep. Dan Meuser, a Republican from PennsylvaniaRep. Dan Meuser, a Republican from Pennsylvania.Bill Clark/CQ Roll CallMeuser was about one year late disclosing hundreds of thousands of dollars worth of stock purchases his wife and children made during March 2020, LegiStorm reported.Rep. Kathy Castor, a Democrat of FloridaRep. Kathy Castor, a Democrat from Florida.Bill Clark/CQ-Roll Call via Getty ImagesCastor was late disclosing the purchase of tens of thousands of dollars worth of stock shares throughout 2021.Rep. Bill Pascrell, a Democrat of New JerseyRep. Bill Pascrell, a Democrat of Maryland, paid a late fee after he was tardy disclosing stock trades.Bill Clark/CQ Roll CallPascrell was overdue reporting stock trades he made in December 2019 in General Electric and in August 2019 in pharmaceutical company Johnson & Johnson.Rep. August Pfluger, a Republican from TexasRep. August Pfluger, a Republican from Texas.Tom Williams/CQ-Roll Call via Getty ImagesPfluger was several months late disclosing numerous stock purchases or sales made in January or March either by himself or by his wife.Rep. Brian Higgins, a Democrat from New YorkRep. Brian Higgins.Tom Williams/CQ Roll CallHiggins was about 11 months late disclosing three stock trades he made in late 2020.Rep. Cheri Bustos, a Democrat from IllinoisRep. Cheri Bustos, a Democrat from Illinois.Chip Somodevilla/Getty ImagesBustos was months late in disclosing that she had sold up to $150,000 worth of stocks in March.Rep. Steve Chabot, a Republican from OhioSteve Chabot, a Republican from Ohio.Al Behrman/APChabot was months late disclosing a stock share exchange he held in early 2021.Rep. Victoria Spartz, a Republican from IndianaRep. Victoria Spartz, a Republican from Indiana.Bill Clark/CQ-Roll Call via Getty ImagesSpartz was two weeks late disclosing a purchase of up to $50,000 worth of stock in a commercial real-estate firm.Rep. Rick Allen, a Republican from GeorgiaRep. Rick Allen, a Republican from Georgia.Bill Clark/CQ-Roll Call via Getty ImagesAllen, a four-term Republican who represents a large southeastern region of Georgia, appears to have improperly disclosed the purchases and sales of several stocks during 2019 and 2020.Rep. Kim Schrier, a Democrat from WashingtonRep. Kim Schrier, a Democrat from Washington.Tom Williams/CQ-Roll Call, Inc via Getty ImagesSchrier was more than two months late disclosing that her husband purchased up to $1 million in Apple Inc. stock, Sludge and Forbes reported. Schrier's office told Insider that the congresswoman was initially unaware of the transaction.Rep. Kurt Schrader, a Democrat from OregonRep. Kurt Schrader, a Democrat from Oregon, is the latest member of Congress to violate the federal Stop Trading on Congressional Knowledge Act of 2012 by improperly disclosing personal stock trades.Bill Clark/CQ Roll CallSchrader failed to disclose two stock trades from December 2021 on time.Rep. Mike Kelly, a Republican from PennsylvaniaRep. Mike Kelly, a Republican from Pennsylvania.Caroline Brehman/CQ-Roll Call, Inc via Getty ImagesKelly was more than seven weeks late reporting a stock purchase made by his wife.Rep. Chris Jacobs, a Republican from New YorkRep. Chris Jacobs, a Republican from New York.Bill Clark/CQ-Roll Call via Getty ImagesJacobs was months late filing various transactions made throughout early- to mid-2021, Forbes reported.Rep. Bobby Scott, a Democrat from VirginiaRep. Bobby Scott, a Democrat from Virginia.Tom Williams/CQ-Roll Call, Inc via Getty ImagesScott was months late in disclosing a pair of stock sales from December 2020, Forbes reported. NPR also reported several other late transactions, as first identified by the nonpartisan Campaign Legal Center.Rep. Austin Scott, a Republican from GeorgiaRep. Austin Scott, a Republican from Georgia.Sean Rayford/Getty ImagesScott, a Republican from Georgia, was a week late reporting a handful of transactions conducted by his spouse.Rep. Ed Perlmutter, a Democrat from ColoradoRep. Ed Perlmutter, a Democrat from Colorado.Samuel Corum/Getty ImagesPerlmutter ran a few days late in filing disclosures for as much as $30,000 in stock trades his wife made in June.Dwight Evans, a Democrat from PennsylvaniaDwight Evans, a Democrat from Pennsylvania.US House of RepresentativesEvans in December 2021 failed to properly disclose a sale of up to $15,000 worth of stock in American Electric Power Co. Inc. Rep. Tom Suozzi, a Democrat from New YorkU.S. Congressman Tom Suozzi speaks at a ceremony honoring heroic police officers at police headquarters in Glen Cove, New York on August 24, 2020.Raychel Brightman/Newsday RM via Getty ImagesSuozzi failed to file required reports on about 300 financial transactions, NPR reported, citing research from the Campaign Legal Center. In March 2022, Suozzi disclosed more than 30 stock trades months or years past a federal deadline, Insider reported. In May 2022, he disclosed 10 more stock trades weeks past the federal deadline for doing so.Rep. Warren Davidson, a Republican from OhioRep. Warren Davidson, a Republican from Ohio.John Minchillo/APDavidson didn't properly disclose the sale of stock worth up to $100,000, reported NPR, citing Campaign Legal Center research.Rep. Lance Gooden, a Republican from TexasRep. Lance Gooden, a Republican from Texas.House Television via APGooden failed to file mandatory periodic transaction reports for a dozen stock transactions, per the STOCK Act, reported NPR, citing Campaign Legal Center research. Gooden's office disputed to the Dallas Morning News that the lawmaker did anything wrong.Rep. Chuck Fleischmann, a Republican from TennesseeRep. Chuck Fleischmann, a Republican from Tennessee.Tom Williams/CQ Roll CallFleischmann, a Republican from Tennessee, was late in disclosing a pair of stock transactions together worth up to $30,000.Rep. Michael Burgess, a Republican from TexasRep. Michael Burgess, a Republican from Texas.Chip Somodevilla/Getty ImagesIn December 2021, Burgess failed to disclose on time the sale of 100 stock shares in health insurer Cigna Corp. Rep. Cindy Axne, a Democrat from IowaRep. Cindy Axne, a Democrat from Iowa.Joshua Lott/Getty ImagesDuring 2019 and 2020, Axne didn't file required periodic transaction reports for more than three-dozen trades, reported NPR, citing research by the Campaign Legal Center.Del. Michael San Nicolas, a Democrat from GuamDel. Michael San Nicolas, a Democrat from Guam.Tom Williams/CQ Roll CallSan Nicolas did not properly disclose two trades — one in 2019 and another in 2020, reported NPR, citing Campaign Legal Center research.Rep. Peter Welch, a Democrat from VermontRep. Peter Welch, a Democrat from Vermont.Jacquelyn Martin/Pool/Getty ImagesWelch, an outspoken environmentalist, was late disclosing the sale of his wife's ExxonMobil stock. In December, Welch's office told Insider that the congressman and his wife would both stop trading individual stocks.Rep. Jim Banks, a Republican from IndianaRep. Jim Banks, a Republican from Indiana.NICHOLAS KAMM/AFP via Getty ImagesBanks was a week late reporting a handful of stock transactions.Rep. Mike Garcia, a Republican from CaliforniaRep. Mike Garcia, a Republican from California.US House of RepresentativesGarcia was late disclosing several stock trades he made in mid-2020, as first reported by the American Independent.Rep. Rob Wittman, a Republican from VirginiaRep. Rob Wittman, a Republican from Virginia.Carolyn Kaster/APWittman was a few days late in disclosing four of his stock transactions that included pharmaceutical company Johnson & Johnson.Rep. Alan Lowenthal, a Democrat from CaliforniaRep. Alan Lowenthal, a Democrat from California.US House of RepresentativesLowenthal was late disclosing his wife's purchase of a corporate bond in cloud computing and technology company VMWare, worth between $15,001 and $50,000, Forbes reported. "We have no comment," Lowenthal spokesman Keith Higginbotham told Insider on November 18.Rep. Jim Hagedorn, a Republican from MinnesotaRep. Jim Hagedorn, a Republican from Minnesota.US House of RepresentativesHagedorn was more than three months late disclosing the sale of stock in a company that makes colon cancer-screening products. Hagedorn died in February 2022.Rep. Roger Williams, a Republican from TexasRep. Roger Williams, a Republican from Texas.Associated Press/Carolyn KasterWilliams did not properly report three stock transactions his wife made in 2019, reported NPR, citing Campaign Legal Center research.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 8th, 2022

Why Nuclear Energy Is More Relevant Than Ever

Why Nuclear Energy Is More Relevant Than Ever By Josh Owens of Oilprice.com The global energy market is in turmoil, with electricity bills around the world soaring and scant options when it comes to securing new supply. A combination of Russia’s invasion of Ukraine, years of underinvestment in new projects, and the rapid return of demand after covid have overwhelmed the energy market. The price of everything from coal to natural gas, oil, and even lithium is soaring. And while it may be impossible to conjure up new supply in the short term, now is certainly a good time to reconsider how best to invest in our energy infrastructure going forward so as to fortify it against future crises. In particular, it is time to revisit the debate over nuclear power, consider why it fell out of favor, and if it is time to bring it back. The state of nuclear power today Following the Fukushima disaster in 2011, nuclear power fell out of favor around the world. Most notably, Japan and Germany moved to phase out nuclear power altogether. Then, following the shale boom in the U.S. and the remarkable cost reduction of solar and wind energy, the economics of nuclear power grew increasingly unattractive. More recently, however, interest in nuclear energy is bouncing back. China has committed to building 150 new reactors in the next 15 years, the Biden administration is investing $6 billion in saving financially distressed nuclear reactors, and the European Commission declared that some nuclear energy investments would be labeled as ‘green’. This sudden rush to support nuclear is perhaps unsurprising if you consider that the IEA’s road map to achieve net-zero emissions by 2050 had nuclear power generation nearly doubling. Despite that roadmap, nuclear has been struggling to gain support. Globally, nuclear energy made up 10% of global electricity generation in 2021, down from 17% in 2000. It did, however, see a 4% increase from the year before, adding 100Twh to reach a total of 2,736 TWh. It seems nuclear power could be on the brink of a renaissance, and Russia’s invasion of Ukraine could well speed that up, but there are still plenty of reasons to be wary of the energy source. The argument against nuclear power Ultimately, the argument against nuclear power comes down to three key factors - safety, cost, and time. The most visible problem with nuclear power is the danger of a nuclear meltdown. The fact that by simply naming two cities, Fukushima and Chornobyl, one can evoke images of a nuclear catastrophe is evidence enough of the fear that is associated with nuclear energy. A nuclear meltdown and the resultant radiation can poison the surrounding environment, force citizens to permanently flee their homes, and cost lives. Beyond that more direct threat, there is also the safety aspect of disposing of nuclear waste. Roughly 3% of nuclear waste is so radioactive that it has to be securely stored for 50 years. While there isn’t a huge volume of waste to deal with at the moment, an expansion of nuclear energy will only add to this risk. From the risk of an explosion or nuclear meltdown to the very real and unsolved problem of dealing with nuclear waste, nuclear energy undeniably poses a degree of risk. The second, and arguably more important, weakness of nuclear power is the large up-front cost associated with completing a project. Nuclear energy advocates have long been claiming that costs will fall, but project after project has overrun its budget. The latest example of this is the Vogtle 3 and 4 nuclear-generating stations in Georgia, which are now due to come in 250% over budget. In 2017, two unfinished nuclear reactors in South Carolina were abandoned due to cost overruns, wasting roughly $9 billion. Those nuclear projects that have succeeded in the U.S. have been supported by government research, development, and insurance. Realistically, financing a nuclear project is way beyond the balance sheet capacity of most utilities in the U.S. While proponents may promise that prices will fall, the track record of nuclear power projects running over budget is hard to argue with. Finally, opponents of nuclear power will frequently point to the time it takes to bring nuclear power projects online. Yes, we need energy now, yes we want low-carbon energy, and yes we need it to be reliable, but if we sign off on building a nuclear power plant today, it will take 10 years or more to produce its first drop of energy. The nuclear power plants in Georgia that are 250% over budget are also six years behind schedule. It’s fine to sell the dream of nuclear energy, but why waste money on an energy project that, if it avoids being abandoned, will be providing energy for a market that will look very different from today’s?  For the past decade, this argument has been difficult to counter, but as the geopolitical, environmental, and technological context has shifted, it has become necessary to revisit the debate. Why it’s time for a nuclear renaissance The main strengths of nuclear power are that it is clean, reliable, and space-efficient. It is these characteristics that have made it the dominant source of clean electricity in the United States. Ultimately, the reason it has not been expanding over the last decade is that the cost and risks associated with nuclear energy have been deemed to outweigh the benefit of this clean and reliable energy. Today, with energy prices soaring, global emissions rising, and nuclear costs potentially falling, that calculation has changed. Firstly, if governments around the world are serious about their commitment to cut emissions, nuclear energy will have to be a central part of their energy mix. Secondly, the geopolitical instability and supply chain problems the world is currently experiencing have thrown the importance of energy security into sharp relief. Finally, new technologies and approaches for nuclear energy production could counter some of the cost and time concerns of critics. While nuclear energy is far from a silver bullet, it would undoubtedly make the global energy mix both cleaner and more resilient. If governments and international organizations are serious about the aggressive emissions reduction targets they have set, then then they will need a clean and consistent energy supply. That means an energy system that uses renewables combined with battery storage, fossil fuels combined with carbon capture, geothermal energy, or nuclear energy. Of those options, nuclear energy is the only one that can provide energy at scale currently. This fact means that every gigawatt of nuclear energy that we lose is a gigawatt of clean energy that is likely to be replaced by coal or natural gas. This is a phenomenon that was seen in New York when it closed the Indian Point plant. The argument for nuclear energy is even more compelling when you add the need to decarbonize transportation and industry, a task that will require huge amounts of new energy supply to create hydrogen and ammonia. Finally, there is the physical footprint of nuclear energy, a footprint that is set to shrink with the advent of small modular reactors. While renewable megaprojects face resistance due to the threat they pose to ecosystems, modern nuclear reactors pose relatively little threat to the immediate environment. From an environmental perspective, the world is undeniably better off with nuclear energy than it would be without it.  There are few events in modern history that have highlighted the importance of energy security more than Russia’s invasion of Ukraine. The fact that Russia is both at war with Ukraine and paying Kyiv for natural gas flows is difficult to get your head around. Ultimately, access to energy is existential. Europe cannot afford to stop importing natural gas and Russia cannot afford to stop selling it. When considering nuclear power in this context, it represents a more diversified and therefore more resilient energy mix. Russia is a major exporter of uranium, so any expansion of nuclear energy would have to include a diverse and secure supply chain. But if Europe and the U.S. had backed nuclear energy a decade ago, there is no doubt energy markets would be in a very different place today. Another geopolitical issue of importance is the influence that a large nuclear energy actor can have over nuclear proliferation. According to the IEA’s pathway to net-zero emissions by 2050, two-thirds of new nuclear reactors will be built in emerging markets and developing economies. Meanwhile, of the 72 nuclear reactors being built outside Russia, less than 3% are being built by U.S. companies. China and Russia are building 20% and 50% of those reactors respectively. In short, that means both Russia and China are in an incredibly strong position to influence the international nuclear industry. Between the energy security concerns highlighted by Russia’s invasion of Ukraine and the national security concerns associated with influence over the global nuclear regime, the geopolitical role of nuclear energy is increasingly important. The final reason to reconsider the role of nuclear power in the modern era is the technological advancements the industry has undergone in the past decade. Nuclear energy is becoming smaller, safer, and faster. While it is necessary to take the promises of new nuclear technologies with a grain of salt, projects like the Rolls Royce SMR are expected to significantly reduce the price of nuclear energy. Bill Gates, predictably, is also getting in on the action with an SMR that is expected to reduce the cost of nuclear by 50%. Other approaches include new technologies to reduce the amount of waste created, new safety features that eliminate the need for offsite electricity, and new coolants such as helium or molten salt. While it could be argued that promises of new nuclear technology are just as valid as promises of miracle batteries and nuclear fusion, the development of SMRs is considerably further along than either of those energy innovations. It is important when considering the future of nuclear energy to recognize that the industry itself is developing and costs and timelines could well fall.  Ultimately, while the promise of new nuclear technology may not convince critics, the need to reduce emissions and increase energy and national security is going to become increasingly hard to ignore. The Best Way To Embrace Nuclear Energy If we are to embrace nuclear energy, the most difficult problem to overcome will be the cost. In order to deal with this problem, one must reimagine the role of nuclear power in our society. It will be necessary, as argued in a previous article on Oilprice.com, to treat our nuclear power in the same way we treat military jets. These are necessary, regardless of the cost. A private-sector contractor will submit a bid, have it approved, and then build the system. The first project may run over budget, but it will be completed and the following projects will likely be progressively cheaper - bringing the average cost down. This is a matter of energy security, environmental protection, and geopolitical influence. It does not have to be, and quite possibly never will be, a commercially viable power source. As energy prices, geopolitical tensions, and global carbon emissions soar, the call for nuclear energy will only grow louder. In the words of Voltaire, the best is the enemy of the good, and nuclear energy is looking like an increasingly good solution.  Tyler Durden Tue, 06/07/2022 - 03:30.....»»

Category: blogSource: zerohedgeJun 7th, 2022