1. Shares of Rivian Automotive fell more than 18% today after the electric vehicle maker posted revenues of $663M, missing estimates of $742.4M, for its fiscal fourth quarter. The company also forecasted vehicle production of 50,000 for 2023, below analyst expectations of 60,000. |
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2. Elliott Management has nominated several directors to the Salesforce board, per CNBC's David Faber. While it's unclear if Elliott made two or three nominations, one of its managing partners, Jesse Cohen, is expected to be one of the nominees. The activist investment fund first revealed its multi-billion dollar position in Salesforce in January, which has proved fruitful as the company is up 24% year-to-date. |
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3. Pharmaceutical company Eli Lilly & Co. announced plans to cut prices for commercial insurance for its most commonly prescribed insulin products, listing its Lispro injection for $25 a vile starting May 1 and reducing the cost of its Humalog and Humulin injections by 70% in Q4. Last year, as part of the Inflation Reduction Act, the Biden administration capped insulin prices at $35 for seniors on Medicare. The president's recent State of the Union address called for a similar cap for private insurance. Shares of the drugmaker rose 1% on the news. Q: Will more insulin makers follow Eli Lilly's lead and lower prices? Let us know at Inside.com. |
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4. Vaccine maker Novavax worried investors about its ability to remain in business after expressing uncertainty regarding its 2023 revenue, causing its stock to plummet 25% on Wednesday. While the company had $1.33B on hand at the end of 2022, it burned $182M in the fourth quarter, leading it to consider spending and job cuts. Novavax's first commercially available vaccination was its COVID-19 shot, authorized for use in the U.S. in July of last year. |
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5. Today, the Senate passed a bill to overturn a Department of Labor rule allowing retirement fund managers to consider ESG factors for their investments. The bill passed in the Republican-controlled House earlier this week, though President Biden has said he will veto the bill — the first legislative rejection of his presidency. Q: Should Biden veto the anti-ESG investing bill? Tell us what you think at Inside.com. |
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6. On Wednesday, Elon Musk took the stage at Tesla's 2023 investor day, laying out his "Master Plan 3" for the company. The plan includes producing 20 million electric vehicles per year by 2023 and playing a role in "re-powering the grid with renewable fuels." Investors were not optimistic ahead of the event, causing Tesla's stock to close 1.43% lower. |
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7. Peloton has hired former Twitter executive Dalana Brand as its new chief people officer, making her the second executive the exercise equipment maker hired from the social media company. Brand, who resigned from Twitter in November 2022 after the close of Elon Musk's acquisition, will help Peloton as it works to attract new talent and retain its current employees following a series of layoffs that halved the company's headcount. |
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