Investing.com -- Bernstein analysts say the market has overreacted to President Trump’s latest executive order on drug pricing, arguing that the directive poses limited new risks to pharmacy benefit managers (PBMs) despite a sharp selloff in the sector.
In a note to clients, Bernstein wrote, “We see the reaction to PBM stocks as off target,” after shares of CVS and Cigna (NYSE: CI) fell following Trump’s announcement.
The order, signed Monday, mandates that... (continue reading...)
Investing.com -- Apple (NASDAQ: AAPL) is stepping into the realm of brain-computer interfaces (BCIs), a move that could potentially change the way we interact with our devices. The tech giant is collaborating with Synchron, a pioneer in the field, to develop technology that allows users to control their iPhones directly with their thoughts, according to a report from the Wall Street Journal.
Apple is in the early stages of creating technology that translates neural... (continue reading...)
Investing.com -- HSBC has downgraded Chevron (NYSE: CVX) from Buy to Hold, citing reduced valuation upside and a cut to shareholder distributions.
The downgrade comes amid a broader reset across the oil majors, triggered by a fall in Brent prices to the low $60s per barrel, pressuring financial frameworks previously anchored around $70/b.
“We downgrade Chevron from Buy to Hold on lower shareholder distributions after the company cut buybacks with 1Q results,” HSBC... (continue reading...)
(Reuters) -China has issued export permits to at least four rare earth magnet producers including suppliers to Volkswagen, the German carmaker and industry sources said, the first granted since Beijing restricted shipments last month and a sign that the critical materials will continue to flow.
Baotou Tianhe Magnetics, which makes the magnets used in electric and hybrid car motors, received a licence for Volkswagen in late April, three sources said. One... (continue reading...)
Investing.com -- UBS downgraded U.S. equities to Neutral from Attractive following an 11% rally in the S&P 500 since early April.
The bank pointed to reduced upside after progress on U.S.-China trade talks drove market gains.
“We downgrade U.S. equities to Neutral from Attractive,” UBS said, noting that “risk-reward in equities is now more balanced.”
The firm had upgraded U.S. stocks on April 10, arguing that excessive trade-related pessimism was priced in. But with... (continue reading...)
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