Pfizer takes Paxlovid charge: https://money.usnews.com/investing/news/articles/2023-10-31/pfizer-swings-to-quarterly-loss-due-to-paxlovid-write-off . WSJ: Where is Pfizer’s obesity drug: https://www.wsj.com/health/pharma/nevermind-covid-investors-want-a-pfizer-obesity-pill-18f6a9e5 .
Pharmacist walkouts could close pharmacies: https://www.nbcnews.com/business/business-news/pharmageddon-pharmacies-close-as-protest-spreads-which-stores-where-rcna122855 . CVS and Walgreens need to address their staffing models immediately. Otherwise, their businesses could suffer permanent damage.
WSJ: US workers’ pay raises and Fed rate hikes: https://www.wsj.com/economy/jobs/workers-keep-getting-big-raises-thats-a-problem-for-the-fed-94a20f56 . As we’ve said repeatedly, this is classic wage-push inflation. Again, the Fed needs to raise rates 25 basis points this year. WSJ: No rate raise Wednesday: https://www.wsj.com/economy/central-banking/fed-officials-debate-whether-they-have-raised-rates-enough-58e61f9c . I agree, because they haven’t telegraphed it. But it’s still a mistake.
WSJ: Canada’s economy stays flat: https://www.wsj.com/economy/central-banking/canada-gdp-again-unchanged-in-august-7bf7a8f8 .
WSJ: French economy goes flat: https://www.wsj.com/world/europe/french-economy-slows-nearly-to-a-halt-as-exports-slump-0301dba4 . The Journal contrasts France’s 0.1% growth with Germany’s 0.1% contraction. Really? Both figures are essentially zero, given the uncertainties in these calculations. So here is more important analysis: https://www.wsj.com/economy/global/the-u-s-and-european-economies-are-diverging-d56f2c8a .
WSJ: China’s economy continues to weaken: https://www.wsj.com/world/china/china-manufacturing-pmi-fell-into-contraction-for-october-816f051e . Again, can you say global recession?
FBI says Israel-Hamas war raises threat of terrorism in the US: https://www.cbsnews.com/news/fbi-director-christopher-wray-hamas-attacks-israel-terror-threats/ .
WSJ: Hamas hostages at 240: https://www.wsj.com/world/middle-east/hamas-hostages-israel-gaza-41432124 . So the majority of these hostages (121) hold foreign nationalities.
WSJ: IDF advances toward Gaza City: https://www.wsj.com/world/middle-east/israel-makes-major-advance-toward-gaza-city-2339a2b6 .
HIMARS strike wipes out Russian battalion: https://www.newsweek.com/russia-himars-ukraine-chuvashia-battalion-wiped-out-1839635 .
Mike Johnson’s Speakership starts on an absurd note: https://www.foxnews.com/politics/white-house-blasts-house-gop-setting-unprecedented-bar-new-bill-aid-israel . More: https://abcnews.go.com/Politics/new-speakers-israel-funding-showdown-biden-democrats-senate/story?id=104517753 . WSJ: More: https://www.wsj.com/politics/policy/house-senate-brace-for-showdown-on-israel-aid-f25603e7 . The Inflation Reduction Act is law, and spending has commenced. Many people predicted chaos would ensue with Mike Johnson in charge. But not many knew he was this incompetent.
Mike Johnson’s record defines his judgment: Not good: https://apnews.com/article/mike-johnson-house-speaker-2d1a3399e8fe61bf0619d66ba29a1520 . Apparently people who know Mike Johnson do know he’s this incompetent.
Orange Julius and the Buffalo Bills: https://news.yahoo.com/trump-tried-buy-buffalo-bills-200756359.html . Note that smart bankers knew what a risk it was to trust anything OJ said. Also, Credit Suisse loaned OJ money (not on this deal), and they are now kaput.
Top Trump allies lose lawyers after stiffing them on bills: https://www.theguardian.com/us-news/2023/oct/31/top-trump-allies-facing-charges-lose-lawyers-after-failing-to-pay-legal-bills . Just a bunch of great guys? Not so much …
WSJ: Failure to heed warnings about Maine shooter: https://www.wsj.com/us-news/maine-shooting-robert-card-warnings-3673548e .
WSJ: US fines Grand Canyon University $37.7 million: https://www.wsj.com/us-news/education/u-s-orders-grand-canyon-university-to-pay-record-37-7-million-fine-1950af17 . Ouch … major boo-boo …
Why sportswriters aren’t good at games: https://sports.yahoo.com/college-football-playoff-rankings-ohio-state-debuts-at-no-1-ahead-of-michigan-georgia-and-florida-state-231601955.html . These rankings have essentially no meaning. In particular, Washington is not properly described as the first team out. As long as the Huskies keep winning, they are for certain the next team in because Ohio State plays Michigan November 25, and the loser does not belong in the top 6. However, if Washington does not win out, Oregon would be next in. So fans in the West look forward to a Pac 12 – Big 10 game. Everyone knows sportswriters wouldn’t be good at chess. But this writer would flop at tic tac toe.
The Rangers took a 2-1 lead in the World Series after winning Game 3 3-1: https://sports.yahoo.com/world-series-2023-adolis-garcia-max-scherzer-removed-from-rangers-roster-due-to-injury-234505417.html But that game was extremely costly, as two Rangers stars went out of World Series: https://sports.yahoo.com/world-series-2023-adolis-garcia-max-scherzer-removed-from-rangers-roster-due-to-injury-234505417.html . So what happened in Game 4? The Rangers put up 10 runs in the first two innings, led 10-0 and coasted to an 11-7 victory to go up 3-1. Game 5 is Wednesday night at 8:03 pm EDT.