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23andMe has appointed three new independent directors—Andre Fernandez, Jim Frankola, and Mark Jensen—following the abrupt resignation of all seven previous directors due to disagreements over the company's strategic direction. The new board members will serve on the audit and compensation committees, with Jensen as the lead independent director. The company has faced challenges since going public in 2021, including a significant drop in stock value, prompting discussions about taking the company private.
Ohio's Public Utilities Commission is reviewing a proposal requiring new data centers to pay for at least 85% of their projected energy needs upfront to fund necessary grid upgrades. This move aims to balance the growing electricity demands of data centers with protections for other utility customers, amid rising tensions over who should bear the costs of infrastructure improvements. Major tech companies like Google and Amazon oppose the plan, arguing it unfairly targets their industry while highlighting broader concerns about the power grid's capacity to support the digital economy.
Cramer's favorite stock has experienced a 10% decline since its earnings report last week. Despite this downturn, he remains optimistic about its potential.
Neuberger Berman cautioned against purchasing US Treasury bonds on dips, suggesting that the recent selloff may signal a "surprisingly sustained" rise in yields. Ashok Bhatia, co-chief investment officer for fixed income, indicated that five-year Treasury yields could reach approximately 4.50% in the next three months, up from the current 4.13%, driven by factors such as the Federal Reserve's potential pause on interest rate cuts, increased volatility, and persistent inflation.
Options markets indicate a calm among investors ahead of earnings reports from major tech firms, with expected moves aligning closely with historical swings. Notably, only Meta Platforms shows a significant discrepancy, as its past volatility contrasts sharply with the current 7% implied move.
Treasuries are poised for their worst month in over two years, continuing their decline following mixed US economic data. A surprising drop in job openings was countered by a rise in consumer confidence, as traders anticipate a quarter-point interest-rate cut from the Federal Reserve next week.
Morgan Stanley CEO Ted Pick declared the era of zero interest rates and inflation over, emphasizing that higher rates and geopolitical challenges will persist. He noted the transition from easy monetary policy since 2022 has made it tougher for public companies, with Wall Street executives skeptical about further rate cuts this year.
Apple has redesigned its Mac mini desktop for the first time in 15 years, reducing its size to just 5 inches across and 2 inches tall, making it comparable to an Apple TV. The new models are powered by M4 and M4 Pro processors, marking a significant upgrade in performance.
Apple has unveiled a redesigned Mac Mini, significantly smaller than its predecessor and featuring the latest M4 and M4 Pro chips, which offer substantial performance improvements. Starting at $599, the new model includes multiple USB-C ports for easier connectivity and is positioned as a key tool for app developers. This launch is part of a series of announcements from Apple, with the company emphasizing its integration with artificial intelligence capabilities across its devices.
GSK is set to pay $300 million to license a bispecific antibody from Chimagen Biosciences, aimed at treating autoimmune diseases like lupus. Currently in Phase 1 testing for cancer, the drug targets B cells by engaging T cells, potentially offering a novel therapeutic option for B cell-driven conditions. GSK plans to initiate its own Phase 1 trial next year, pending regulatory approval.
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23andMe appoints new directors after board resignations amid strategic disagreements
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