Qualcomm made a takeover approach to chipmaker Intel in recent days, the Wall Street Journal reported on Friday, citing people familiar with the matter.Intel’s shares reversed course to rise 8%, while Qualcomm fell 4% in afternoon trade.Qualcomm recently approached Intel about a takeover, according to a report. REUTERSIntel has been attempting to turn its business around by focusing on its chip foundry unit and artificial intelligence processors, but its shares have plummeted in recent months as it cut jobs ...

Core Allegations - The Federal Trade Commission (FTC) sued the three largest pharmacy benefit managers (PBMs) in the US, accusing them of steering diabetes patients towards higher-priced insulin to earn millions in rebates from pharmaceutical companies [1] - The PBMs allegedly excluded lower-cost insulin products from insurers' drug coverage lists, harming patients with coinsurance and deductibles who did not qualify for rebated prices [1] Market Dominance - The three PBMs—UnitedHealth Group's Optum, CVS Health's CVS Caremark, and Cigna's Express Scripts—administer 80% of all prescriptions in the US [2] Company Responses - CVS defended its efforts to make insulin more affordable, calling the FTC's allegations "simply wrong" and emphasizing its record of protecting patients from rising drug prices [2] - Cigna criticized the FTC for pursuing political points, arguing that forcing PBMs to include higher-cost drugs would increase overall drug prices [2] - Optum Rx dismissed the lawsuit as baseless, claiming it has reduced insulin costs for customers to an average of less than $18 per month [2] Stock Market Impact - CVS shares fell 1.6% in midday trading, while UnitedHealth and Cigna shares saw marginal declines [3] FTC's Perspective - The FTC described the PBMs as "medication gatekeepers" that have extracted millions from patients needing life-saving medications [4] - The agency criticized the role of major insulin manufacturers—Eli Lilly, Sanofi, and Novo Nordisk—in a "broken system" but did not sue them, reserving the right to do so later [4] Industry Dynamics - CVS Caremark argued that limiting PBMs' ability to negotiate drug prices would primarily benefit pharmaceutical companies [5] - The PBMs accused the FTC of bias, with Express Scripts suing the agency earlier in the week to withdraw a report claiming PBMs profit at the expense of smaller pharmacies [5] - The case will be heard by an FTC administrative law judge, with the process expected to move quickly and involve extensive evidence exchange [5]

Nike CEO Transition and Market Reaction - Nike's stock surged more than 8% following the announcement of CEO John Donahoe's departure, with shares rising over 5% on Friday alone [1][2] - Elliott Hill, a former Nike executive with over 30 years of experience, returned as the new CEO, aiming to boost employee morale and focus on consumer-centric strategies [1][3] - Under Donahoe's leadership, Nike lost nearly $40 billion in market capitalization, and its shares have declined by almost 20% since January 1 due to inflation and competition [2][5] Financial Performance and Challenges - Nike achieved over $50 billion in annual sales for the first time in fiscal 2023, but analysts project a decline to $48.87 billion for fiscal 2025 [4] - The company faces challenges from inflation-weary consumers reducing discretionary spending and slower-than-expected recovery in China [5] - Intensifying competition from brands like Hoka and On is pressuring Nike's market dominance in the athletic and leisure industry [5] Leadership Compensation and Investor Influence - John Donahoe earned nearly $104 million in pay and benefits during his tenure, with $35 million tied to equity awards, placing him in the top 0.1% of US CEOs [2][5] - Bill Ackman's Pershing Square Capital Management acquired 16.3 million Nike shares, signaling support for Hill as the new CEO [2] Strategic Focus and Employee Engagement - Hill plans an all-hands meeting on October 14 and encouraged employees to share their concerns and questions directly with him [3] - He emphasized the need for speed, urgency, and a consumer-first approach in his introductory video message to employees [3]

Three Mile Island — the infamous site of America’s worst nuclear disaster — is gearing up for a comeback, and Microsoft is first in line to tap into its energy.The tech giant signed a data center deal with Constellation Energy to help resurrect a unit of the nuclear plant in Pennsylvania in what would be the first-ever restart of its kind, the companies said on Friday. 4 Constellation Energy plans to restart the reactor by 2028, pending approval from the Nuclear Regulatory Commission, with Microsoft purch ...

General Motors is recalling more than 449,000 of its SUVs and pickup trucks because the electronic brake control module software may fail to display a warning light when a loss of brake fluid takes place.The National Highway Traffic Safety Administration said Friday that the recall includes certain 2023-2024 Cadillac Escalade and Escalade ESVs, 2023 Chevrolet Silverado 1500, 2023-2024 Chevrolet Tahoe and Suburban 1500, 2023 GMC Sierra 1500, 2023-2024 GMC Yukon and Yukon XL models.General Motors is recalling ...

Nike said Thursday that CEO John Donahoe will retire after more than five years at the helm as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.The company named Elliott Hill president and chief executive officer, effective Oct. 14, 2024.Donahoe was tasked with bolstering Nike’s online presence and drive sales through direct-to-consumer channels.CEO John Donahoe will retire after more than five years at the helm. Getty ImagesThe push initially helped the ...

Wall Street rallied on Thursday with the Dow and S&P 500 hitting another intraday record high — a day after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.In recent trading, the Dow Jones Industrial Average jumped 394 points, or 1%, to 41,897. The blue-chip index had soared as much as 600 points to an all-time high of 42,105.01.The S&P 500 gained 1%, and the Nasdaq leaped 453 points, or 2.6%. 3 The Dow jumped as much as 600 ...

EU antitrust regulators on Thursday warned Apple to throw open its fiercely-guarded proprietary software to rivals — or risk the prospect of major fines from.The European Commission launched so-called specification proceedings that will spell out what Apple has to do to abide by the Digital Markets Act (DMA), the strict new law aimed at tech giants from abusing their market share.While the move isn’t a formal probe, the stepped-up enforcement could upend Apple’s lucrative business model by targeting its iOS ...

Boeing BA.N said on Wednesday the planemaker will temporarily furlough tens of thousands of employees after about 30,000 machinists went on strike on Friday, halting production of its 737 MAX and other airplanes.“We are initiating temporary furloughs over the coming days that will impact a large number of US-based executives, managers and employees,” CEO Kelly Ortberg said in an email to employees. “We are planning for selected employees to take one week of furlough every four weeks on a rolling basis for t ...

Core Insights - Snap has launched an upgraded version of its Spectacles augmented-reality glasses, emphasizing the potential of wearable devices in enhancing real-world experiences [1][3] - The new Spectacles are developed in partnership with Qualcomm and OpenAI's ChatGPT, allowing users to overlay digital images and filters onto their surroundings [1] - Snap's stock dropped 2% following the announcement, despite a prior increase of 10.8% over the previous five days, and is down 41.8% year-to-date [1] Product Features - The fifth generation of Spectacles is powered by a new operating system called Snap OS, which enhances user interaction through hand and voice recognition [3] - The glasses feature a bulky design to accommodate two Qualcomm chips and tiny projectors, with controls including a video capture button and a power button [3] - Transition lenses allow the glasses to function well in both indoor and outdoor settings, although reviews indicate a lack of sufficient applications for users [6] Market Context - Snap's business model primarily relies on digital advertising, and previous iterations of Spectacles have not significantly boosted revenue [1] - Competitors like Meta are also advancing in the AR space, with plans to unveil their own AR glasses soon [1]