Novo Nordisk shares, already soaring on the popularity of Ozempic and Wegovy, notched a record high today after the drug giant reported positive early results for another weight-loss drug candidate, Nathan writes.
Between the lines: Novo executives told investors that patients exhibited 13.1% weight loss after 12 weeks of taking its new treatment, amycretin, in Phase 1 clinical trials with "a safe and well-tolerated profile."
Rivian is introducing not one but three smaller, more affordable electric vehicles, Axios' Joann Muller writes.
Between the lines: Thursday's reveal of the midsized R2 SUV had been widely anticipated as a sequel to Rivian's initial flagship electric models, the R1T pickup and R1S SUV.
The surprise unveiling of two additional models — the R3 and R3X crossover utilities — was reminiscent of a Steve Jobs' "one more thing" product introduction at Apple.
Yes, but: The company is also pausing construction of a planned Georgia factory, potentially complicating the rollout.
"Here you have an example of an adversary-controlled application lying to the American people and interfering with the legislative process in Congress."
— Rep. Mike Gallagher (R-Wis.) on how TikTok is prompting users to call members of Congress to oppose a bill that would force China-based ByteDance to divest the company or face the possibility of a U.S. ban. A House committee unanimously advanced the legislation today — and the White House has backed it.
It might be time to drop the shopping from shopping mall.
Why it matters: The quintessential American mall has been a staple on the shopping landscape for decades, but it's been under siege for years from big-box stores, digital competitors and alternative sources of entertainment.
Bitcoin's long and tortured journey to new all-time highs this week has an unlikely hero in its story.
Why it matters: The SEC — whose leader Gary Gensler has been implacably antagonistic toward crypto — gave bitcoin an improbable yet undeniable seal of approval.
U.S. senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) are actively considering the language for a bill that would cover stablecoins, Axios has learned.
Why it matters: Stablecoins, cryptocurrencies designed to maintain a consistent price, usually pegged to the dollar, are a $140 billion market, but often cited as risks to U.S. anti-money laundering an counter-terrorism rules.
Animal spirits appear to have returned to crypto, with anecdotal reports of newbies asking questions like — so how do you buy bitcoin?
Why it matters: For years it's been said that buying a cryptocurrency was too complicated for an untold millions of mildly interested people, but things have changed.
President Biden during Thursday night's State of the Union address will lay out a distinctly populist vision for what economic policy in his second term would look like.
Why it matters: Next year is set to be a seismic year for U.S. fiscal policy, even if the topic doesn't get covered much, given the stakes of the 2024 election for such attention-grabbing topics as abortion and the future of democracy.
House Democrats are launching an investigation into Elon Musk's SpaceX over concerns that Russian forces have obtained the company's internet satellite terminals, per a letter sent Wednesday.
Why it matters:Ukraine has relied on SpaceX's Starlink in its counteroffensives against Russia, the letter said, and the U.S. government has poured resources into supporting Ukraine.
Former Treasury Secretary Steven Mnuchin swooped in to help avert a spring banking crisis like the one we had a year ago.
The big picture: Mnuchin and his partners announced a $1 billion investment in New York Community Bancorp on Wednesday, assuaging fears that it could share the same fate that befell Silicon Valley Bank.
Mike Tyson will fight Jake Paul on Netflix on July 20, marking a spectacle of history vs. modernity for boxing fans and another splashy step into sports programming for the streaming service.
Why it matters: There isn't a heavyweight belt at stake, but this fight will likely draw tons of eyeballs for Netflix, which hasn't been a destination for live sports up to now and had previously claimed it didn't want to become one.
The European Central Bank (ECB) held interest rates at a record high on Thursday, but released new economic forecasts showing notably cooler inflation that might open the door to lowering rates later this year.
Why it matters:Much like the U.S. Federal Reserve, the ECB is weighing when to cut borrowing costs as the inflation shock recedes. But European policymakers face a complication the Fed does not — a sluggish economy on the brink of a recession.
Here's some impressive financial arithmetic: By injecting $1 billion of new capital into the beleaguered New York Community Bancorp, an investor group led by Steve Mnuchin caused the bank's valuation to rise by more than $2 billion.
The big picture: At the close of trade on Tuesday, NYCB had 722 million shares outstanding, which meant that at a price of $3.22 per share, it was worth $2.3 billion.
Banks not only need to be strong; they also need to be liquid. That's the message being sent by Federal Reserve officials looking to ensure there won't be a repeat of the banking crisis of one year ago.
Why it matters: Bank regulation moves slowly. Right now regulators are finishing up their response to the financial crisis of 2008 — and are just beginning their response to the 2023 crisis.
Worries over the strength of regional banks have helped former Treasury Steve Mnuchin buy into New York Community Bancorp for a mere $2 per share. That's partly because he knows full well that banks don't have a lot of attractive options right now when they need to strengthen their balance sheets.
Between the lines: NYCB did reportedly look at one alternative, so-called credit risk transfer (CRT) deals, but faced regulatory skepticism.
The same-day delivery wars are heating up with Walmart and Target adding speedy new services that rival Amazon Prime.
Why it matters: Intensifying consumer demand for instant gratification — like having everything from milk to a barbecue grill delivered in hours — is putting pressure on all retailers.
