Pfizer RSV vaccine data encouraging: https://apnews.com/article/science-health-business-covid-ec1dae2bd47d604712fc2a4a842591a8 . While this will not help the current surge, the immense publicity around RSV could lead to major vaccination efforts next year. WSJ: More: https://www.wsj.com/articles/rsv-vaccine-pfizer-infants-study-11667251540 .
Non-opioid pain reliever trials: https://investors.vrtx.com/news-releases/news-release-details/vertex-advances-vx-548-acute-and-neuropathic-pain . This trial caught my eye. Many drugs fail in Phase 3 trials, so we must wait and see. However, this company already has a strong pipeline of drugs focused on serious illness. Pain relievers which are effective without opioids could be a complete game-changer for pain therapy. Indirectly, this could have a major impact on reducing opioid addiction by not addicting people in the first place.
Drug retailers’ $13.8 billion opioid settlement: https://money.usnews.com/investing/news/articles/2022-11-01/cvs-walmart-walgreens-reach-tentative-12-billion-opioid-pact-bloomberg-news . I wonder what their total profit on opioid sales has been over the past 20 years.
WSJ: ACA enrollment expected to rise: https://www.wsj.com/articles/bigger-affordable-care-act-subsidies-likely-to-boost-enrollment-11667304793 .
WSJ: J&J buys Abiomed for $16 billion: https://www.wsj.com/articles/j-j-agrees-to-buy-medical-device-maker-abiomed-11667301144 . J&J paid more than a 50% premium over the stock price.
Excess deaths surge beyond pandemic levels in England and Wales: https://www.msn.com/en-us/health/medical/crisis-as-excess-deaths-soar-to-levels-higher-than-during-covid-pandemic/ar-AA13CTwn?cvid=d1adcc2e214f467ca4f51d196f742bd3 . The dubious attribution of this troubling result to delayed care during the pandemic screams out for further study.
WSJ: Fed rate hike trajectory speculation: https://www.wsj.com/articles/fed-meeting-to-focus-on-interest-rates-coming-path-11667295181 . Sigh. Everyone still agrees on a 75 basis point increase tomorrow. According to the article, the eight quoted groups of bank analysts split 4-to-4 on whether December will be 50 or 75 basis points. However, as we’ve said here repeatedly, and as Laurence Meyer points out, this decision must be data-driven. We get 2 more sets of data before the December meeting. But so far, the data still demands another 75 basis point increase in December. Meanwhile, traders bet on higher rates longer: https://www.wsj.com/articles/traders-expect-higher-interest-rates-to-stay-for-foreseeable-future-11667299354 . Duh. Inflation is not transitory. The market must face that.
School “swatting” epidemic: https://news.yahoo.com/swatting-schools-fake-gun-violence-students-fear-190343358.html . Swatting calls to law enforcement about armed people in a residential area have resulted in the deaths of innocent homeowners. These calls to schools are inflicting terror on a generation of school children. Hopefully perpetrators are caught and prosecuted as domestic terrorists.
WSJ: Chinese property market bonds trade at 10 cents on the dollar: https://www.wsj.com/articles/chinese-property-bonds-set-record-lows-as-investors-lose-faith-11667304014 . Even if the Chinese government steps in, their economy is contracting.
Video and analysis of Ukraine downing of Russian helicopter: https://taskandpurpose.com/news/russian-helicopter-shot-down-ukraine-video/ . The analysis is particularly damning about the tactical errors the Russians exhibit in this video.
WSJ: Ukraine continues grain exports: https://www.wsj.com/articles/ukraine-keeps-shipping-grain-defying-russian-military-threat-11667305363 .
WSJ: Ukrainians who collaborated with the Russians: https://www.wsj.com/articles/recaptured-ukraine-collaborators-resisters-russian-occupation-11667315408 .
Chief Justice Roberts temporarily delays handover of Orange Julius tax records to Congress: https://www.yahoo.com/entertainment/roberts-delays-handover-trump-tax-135528279-135528360.html . There is no legal basis for this delay, and Roberts knows that. My guess is that he’s trying to gain some control over the 5 losers constituting the conservative wing of the Court. This could backfire.
Lindsey Graham must testify in Georgia: https://news.yahoo.com/supreme-court-clears-way-graham-184123369.html . Here is another appeal that should have been rejected out-of-hand. WSJ: More: https://www.wsj.com/articles/supreme-court-allows-georgia-grand-jury-to-take-testimony-from-lindsey-graham-11667328872 .
COVID delays OJ, Inc., trial: https://www.msn.com/en-us/news/politics/the-trump-org-trial-was-suddenly-derailed-when-a-witness-tested-positive-for-covid-19-after-he-started-coughing-in-court/ar-AA13CWlF?cvid=2fd70a02d0364612b851e5c0047bf400 . As we regularly note, you cannot make this stuff up … WSJ: More: https://www.wsj.com/articles/trump-organization-trial-delayed-due-to-covid-19-11667332577 .
Twitter bail list grows: https://www.nbcnews.com/pop-culture/celebrity/twitter-celebrities-leaving-elon-musk-rcna54831 . These folks trade on celebrity. They are choosing not to have hate speech associated with their image. We’ll soon see how large this wavelet gets. However, with a demoralized workforce and deep staff cuts apparently coming, Twitter may not have the ability to respond effectively. Musk has rapidly dented his own image, as well as Twitter’s.
More bad press for Twitter: https://www.nbcnews.com/tech/social-media/twitter-safety-chief-confirms-report-froze-content-enforcement-work-el-rcna55020 . Regardless of the he-said she-said nature of Twitter’s defense, there has been a significant rise in racist remarks on the platform. That’s the result, and it’s an unacceptable result.
Still more bad press: https://www.msn.com/en-us/news/technology/elon-musk-courts-twitter-advertisers-as-he-seeks-new-streams-of-revenue/ar-AA13BK4M?cvid=47c2a6bc689f469ea48f726d8e97eceb . There are some interesting tidbits in here. Relative to my comment yesterday that Twitter was now worth perhaps half of the $44 billion Musk paid, stock analysts came to the same conclusion. Advertisers are pressing Musk on content moderation while he is looking for more revenue and made his irresponsible retweet concerning Paul Pelosi. And Musk has $1 billion in annual debt service to meet from the acquisition costs. Every day this looks more and more like a total train wreck. WSJ: More: https://www.wsj.com/articles/twitter-plans-to-end-ad-free-article-offering-11667311453 . Still more: https://www.wsj.com/articles/ad-giants-advise-brands-to-pause-spending-on-elon-musks-twitter-11667333021 .
Yep, even more bad press: https://www.msn.com/en-us/autos/news/twitter-staff-have-been-told-to-work-84-hour-weeks-and-managers-slept-at-the-office-over-the-weekend-as-they-scramble-to-meet-elon-musk-s-tight-deadlines-reports-say/ar-AA13BP61?cvid=91e66529173a4647b3d979e133e14e49 . So you ask staff to work 84-hour weeks and don’t tell them how they will be compensated, meanwhile threatening to fire them? Isn’t this a tight job market? It won’t be a news flash to most of these folks when they put in the hours and are laid off anyway.
Yep, more: https://www.msn.com/en-us/news/technology/the-cold-dose-of-reality-awaiting-elon-musk/ar-AA13BJnW?cvid=a064015c7c40490092793e6ff78856b1 . You need a much bigger legal department to respond to all of this. Whoops.
It’s a tsunami of bad news for Twitter: https://www.msn.com/en-us/news/technology/trumpisdead-is-trending-on-twitter-after-a-verified-user-apparently-decided-to-test-moderation-of-the-platform-under-elon-musk-s-reign/ar-AA13Drly?cvid=6558de54aeaf46ab843d58ddbfede859#image=AA13Drlv|2 . Obviously, content moderation is not going well, either. I would assume the people who lent Musk $44 billion did so on pledged Tesla stock, otherwise they too will be looking for jobs. So the end result may be dilution of Musk’s control of Tesla … after all, half the $44 billion is already gone …
US preview of World Cup 2022: https://sports.yahoo.com/usmnt-world-cup-preview-22-questions-about-the-us-at-qatar-2022-answered-153005805.html . This assessment is within the bounds of reason, and I appreciate the writer’s enthusiasm. However, my prediction is that the US will once again underperform.