Investor appetite for new listings showing no signs of slowing down. Firefly Aerospace prices IPO at $45 a share. That is above its already raised range.Firefly CEO Jason Kim joins us now along with our own Morgan Brennan. Morning Morgan. >> Good morning Melissa and Jason.Welcome and congratulation on the milestone today. I hear you 25 times over subscribed. Huge appetite going into this IPO.Great. >> Why are you going public now and what does it enable. Well, first of all, I have to start by saying yes bec ...

Manufacturing & Supply Chain - Bringing manufacturing back to America is a desirable goal, echoing Steve Jobs' vision of integrated design and manufacturing [1] - End-to-end control over the manufacturing process, from microchips to finished products, is crucial for high-end products [1][9] - Global supply chains, while offering comparative advantages, can lead to a disconnect between design and manufacturing [1] - A potential 10-15% advantage for companies building in America could incentivize domestic manufacturing [1] Trade & Policy - The speaker has shifted from a staunch free trade advocate to recognizing the importance of domestic manufacturing for job creation and economic stability [1][2] - Unpredictable tariffs, like those implemented by President Trump, are not the ideal approach to incentivizing domestic manufacturing [1][3] - Manufacturing chips in America is crucial to reduce reliance on China [6] Company Specific - Apple's CEO Tim Cook is praised for his ability to navigate political administrations and his expertise in managing complex global supply chains [1] - Apple's collaboration with Corning on Gorilla Glass exemplifies the importance of close partnerships for product perfection [8][9] - Intel's stock is down by 3.8% following concerns about the CEO's ties to China [5]

Tariffs Impact & Economic Uncertainty - Tariffs, ranging from 10% to 40% on some countries, create uncertainty for companies considering US investments due to unknown duration [3] - The ultimate responsibility for tariffs will be borne by the American consumer [5] - The market anticipates potential downturns and inflationary risks, but relying on this pattern long-term is uncertain [7] Market Reaction & Economic Indicators - Initial market reaction to tariff announcements in April was negative, leading to a temporary turnaround [7] - No sharp fall-off in the economy has been observed yet, partly due to the stop-start nature of tariff implementation [6] Legal & Agreement Concerns - Announced agreements are not treaties, raising questions about the legal basis of tariffs imposed under the International Emergency Economic Powers Act [2]

Drug Development & Clinical Trials - Eli Lilly's oral weight loss drug trial results met internal expectations, despite market disappointment, with an average weight loss of 27 pounds [2][3] - The company plans to submit the oral weight loss drug to regulators by the end of the year, anticipating potential approvals around the same time next year [4] - Safety risks associated with orforglipron have been largely addressed, paving the way for its potential as a mass-market obesity treatment [8][9] - Dropout rates in the study were comparable to placebo, alleviating concerns about the drug's tolerability [12][16] - Seven phase three studies are underway for the medicine [14] Market Position & Financial Performance - The pharmaceutical sector's price-to-earnings multiples have compressed in the last year, affecting stock prices across the industry [6] - Eli Lilly's sales increased by 38% year-over-year in the second quarter [7] - Tirzepatide (Mounjaro and Zepbound) is projected to become the best-selling drug in the industry within its third year on the market [7] - The company emphasizes its focus on increasing value for patients and investors [7] Obesity Market & Treatment Landscape - The current obesity treatment market only addresses approximately 2-3% of the global population [9] - There are an estimated 1 billion people worldwide who are overweight or obese, highlighting the significant market potential for effective treatments [9]

Investment Opportunity in Women's Sports - Aerial Investments launched Project Level, an investment vehicle focused on women's sports [1] - Women's sports are considered the "small caps" of sports, presenting a significant valuation difference compared to major leagues, creating investment opportunities [1][2] - Data indicates staggering growth in women's sports across various areas, including attendance, participation, and sponsorship [3] Market Trends and Comparisons - High school volleyball has 479,000 girls participating, exceeding boys' participation in soccer or baseball [4] - Investing in volleyball is compared to early investments in the NBA 30 years ago [5] - The current state of women's sports is likened to the NFL 30 years ago, with potential for accelerated growth due to leveraging existing men's sports infrastructure [6] - NFL teams in 1995 sold for almost $200 million each and are now worth $7-8 billion, highlighting the potential for value appreciation in sports investments [6] Future Growth Factors - Women's sports are expected to benefit from double-digit growth correlated to media rights, particularly in streaming [7] - New streaming platforms needing content present opportunities for women's sports [7]

Time now for a fresh read on how Americans are feeling about President Trump's economic policies. Steve Leeman has results from the latest CNBC All-America economic survey. Thank you, Melissa.A thousand surveyed across the nation, Joe. Across the nation. Yeah.A thousand surveyed. Across the nation. Not just Americans. All Americans.Oh, I see. Not just Not just sports people. This has nothing to do with collegiate.No. All this time you Why did you do that. I was fine.I would because I feel I would feel I fee ...

news uh that we've I guess been waiting for from Eli Liy. Got a look at the stock. Uh although we'll show you that Angelica Peeles that's here and joins us now, but uh as you're talking, we should take a quick look at the uh early morning action in the shares.But take it away. >> Yeah, that early morning action not good. The stock down about 6% right now and that's after we got this highly anticipated data on its obesity pill and clearly there's some disappointment.So let's go through the numbers. people lo ...

President Trump says he's going to impose a 100% tariff on semiconductors, but will make exceptions for businesses that invest uh in the US. Joining us now, Miriam Shapiro. She served as both acting and deputy US trade representative in the Obama administration.She's now a non-resident senior adviser with bipartisan national security think tank CSIS. Uh earlier, and it's good to have you, Miriam. Thanks.Earlier I we just noted wow uh more tariffs market up 250 and a lot of people were saying market's not up ...

take us through the results and and what exactly they say about the state of freight and the state of transportation in this country visav trade and tariffs. >> Well, we're still in a soft freight market and if you look at demand is still down versus where we were at in 2019, but we've got several things that are unique to RXO. The first thing is if you look at gross profit per shipment, that increased by 7% sequentially.It's the largest increase that we've had in three years. The reason that this is so imp ...

Jeff, I wonder what you make of the price action that we are seeing in the face of this new fresh round of tariffs. >> Well, Dominic, it's been over a week since we've had a new all-time high in the S&P 500 and the NASDAQ. So, why not.But you're absolutely right. You're seeing some enthusiasm. It's in essence, you're seeing Apple, which was the lagard of the MAG 7 finally find some enthusiasm in the wake of their earnings call when they talked about potentially making some AI acquisition.And Apple is that, ...