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Sandoz, a division of Novartis, has finalized a $275 million settlement in an antitrust class-action lawsuit regarding generic drugs, expected to be paid by the end of 2024. Additionally, the company has reserved $265 million for potential claims from plaintiffs who opted out of the litigation, signaling a proactive approach to future legal costs. This resolution is anticipated to enhance investor confidence and allow Sandoz to focus on operational efficiency and innovation in the growing generic pharmaceuticals market.
Intellia Therapeutics, Inc. has seen its shares plummet 60.4% in 2024, significantly underperforming the industry and the S&P 500. Despite promising data from its CRISPR-based therapies, including the investigational nexiguran ziclumeran for ATTR amyloidosis, investor disappointment has grown due to recent trial results. The company continues to advance its innovative gene editing pipeline, with ongoing studies showing substantial serum TTR reduction in patients.
Investors of Haliey Welch’s HAWK memecoin have filed a federal lawsuit against the project's creators, alleging a pump-and-dump scheme after the token's value plummeted over 95% shortly after launch. The suit claims unlawful promotion and sale without proper registration, leading to significant investor losses. The defendants include Tuah The Moon Foundation, OverHere Ltd, and promoter Alex Larson Schultz.
Quantum BioPharma has invested $1 million in Bitcoin and other cryptocurrencies to diversify its treasury, joining a trend among companies seeking inflation hedges. Following the announcement, its Nasdaq shares fell nearly 10%. The firm is now positioned to conduct transactions in cryptocurrencies, reflecting a broader corporate shift towards digital assets.
A parliamentary commission has criticized Credit Suisse executives for the bank's collapse, while also highlighting the Swiss financial regulator's ineffectiveness in preventing the crisis. The report, which spans 500 pages, attributes the downfall to management failures and calls for enhanced supervisory powers, including the ability to impose fines. Despite acknowledging shortcomings, it found no wrongdoing by Swiss authorities, who acted to avert a broader financial crisis.
The stock market faced significant losses as major indexes fell below key levels, influenced by a less-dovish Fed rate outlook and rising Treasury yields. FedEx surged on plans to spin off its Freight business, while Micron Technology and Vertex Pharmaceuticals plummeted due to disappointing guidance and drug study results, respectively. Despite a weak performance from Nike and other companies, a tame inflation report provided some relief on Friday.
The Food for Special Medical Purpose market is poised for growth, driven by the rise in chronic illnesses and an aging population, particularly in Asia Pacific and Europe. Key players include Nestle, Danone Nutricia, and Abbott, with significant investments in R&D despite high costs and regulatory challenges. The market focuses on tailored nutritional solutions for infants, adults, and the elderly, reflecting evolving dietary needs.
UBS's Schultz Group has been recognized for the second consecutive year on the Forbes/SHOOK America's Top Wealth Management Teams, High Net Worth list for 2024. The Phoenix-based team, led by Steven L. Schultz, Stockton M. Schultz, and Justin M. Low, ranked #1 in Arizona in 2023 and is part of an elite group managing over $490 billion in assets, focusing on high-net-worth households with accounts under $10 million.
UBS's Schultz Group has been recognized for the second consecutive year on the Forbes/SHOOK America's Top Wealth Management Teams, High Net Worth list for 2024. The Phoenix-based team, led by Steven L. Schultz, Stockton M. Schultz, and Justin M. Low, ranked #1 in Arizona in 2023 and is part of an elite group managing over $490 billion in assets, focusing on high-net-worth households with accounts under $10 million.
Fed Chair Jerome Powell's hawkish outlook for 2025 spooked investors, leading to significant drops in cryptocurrencies, with Bitcoin falling 8% to $92,000 and XRP plunging 13%. Although both have since rebounded, concerns about thinning liquidity over the holidays and a potential US government shutdown loom large. The aggressive tone from the Fed caught traders off guard, as they had anticipated a 0.25% rate cut, while Powell dismissed the idea of a US Bitcoin strategic reserve.
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