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Welcome to Read Morning ☕️
Morning Market Snapshot & Top News on Technology, Healthcare, and Energy
William Lemanske
December 03, 2024
Good Morning!
Start your day with a quick market snapshot and the latest public market updates in Technology, Healthcare, and Energy.
📊 Market Snapshot
Index | Close | % Change |
|---|---|---|
S&P 500 | 6,047.15 | 0.24 |
NASDAQ | 19,403.95 | 0.97 |
Dow Jones | 44,782.00 | -0.29% |
Fixed Income Yields | Close | % Change |
|---|---|---|
2 Year | 4.127 | -0.02 |
10 Year | 4.190 | -0.07 |
Crypto & Commodities | Close | % Change |
|---|---|---|
BItcoin | 96,090.45 | -1.60 |
Oil | 67.93 | -0.25 |
Gold | 2,658.60 | 0.01 |
💰Earnings
Company | Ticker | Sector | Expected EPS | Expected Revenue |
|---|---|---|---|---|
Salesforce Inc. | CRM | Technology | $2.44 | $9.35 billion |
AutoZone Inc. | AZO | Retail/Automotive | $33.90 | $4.31 billion |
Box Inc. | BOX | Cloud Content Management | $0.42 | $275.44 million |
Okta Inc. | OKTA | Identity Management | $0.58 | $649.74 million |
Donaldson Company Inc. | DCI | Industrial | $0.82 | $889.8 million |
THE Headlines
🖥️ Technology
U.S. Tightens Export Controls on AI Chips to China
The U.S. government has expanded restrictions on exporting advanced AI chips to China, aiming to curb China's technological advancements in artificial intelligence. The new rules prohibit foreign companies from selling products containing any U.S. made components to China, significantly impacting China's access to cutting-edge technology.
Amazon Pilots AI-Designed Carbon Removal Material: Amazon is set to trial a new AI-designed material in its data centers to enhance carbon removal, aiming to mitigate emissions from AI systems. Developed by startup Orbital Materials, this material acts as a CO₂-specific sponge with atomic-level precision. The implementation is expected to add about 10% to hourly GPU chip rental charges, offering a cost-effective alternative to traditional carbon offsets. Amazon Web Services plans to begin the pilot in 2025.
🧬 Healthcare
Cassava Sciences' Alzheimer's Drug Fails in Phase 3 Trial
Cassava Sciences' stock plummeted 84% after its Alzheimer's drug, simufilam, failed to show significant cognitive or functional improvements in a Phase 3 trial. The company is discontinuing further studies of the drug. This setback comes amid existing controversies, including allegations of data manipulation and an SEC investigation. Recent resignations of key executives have further impacted the company's standing.
AstraZeneca's Cancer Drug Enhertu Added to China's Health Insurance Scheme
AstraZeneca's breast cancer drug, Enhertu, will be included in China's state health insurance program starting next year. This inclusion aims to make the drug more accessible to patients, though it comes with significant price reductions, averaging a 63% cut for newly added medications. Despite ongoing government investigations into AstraZeneca's sales practices in China, the drug's addition to the reimbursement list is a positive development for the company. However, AstraZeneca's shares have declined over 20% since September due to concerns about these investigations in its second-largest market.
⚡ Energy
U.S. Commits $7.54 Billion Loan for EV Battery Plants
The U.S. government has committed to providing a $7.54 billion loan to a Stellantis and Samsung SDI joint venture for constructing te battery plants in Indiana. This project is anticipated to create over 2,800 jobs and reduce reliance on foreign battery suppliers.
EQT and GIC Acquire UK's Calisen for £4 Billion: Private equity firm EQT and Singapore's sovereign wealth fund GIC have purchased a majority stake in UK-based smart meter provider Calisen for £4 billion. Calisen manages 12 million smart meters and is expanding into EV charging units and solar technology, aligning with the shift towards sustainable energy.
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See you tomorrow,
The Read Morning Team
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