Markets
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J. Edward Moreno

AbbVie says it’s not in talks to buy Revolution Medicines; WSJ reports another suitor may prevail

AbbVie says it “is not in discussions” to acquire oncology biotech Revolution Medicines, bucking previous reporting by The Wall Street Journal and sending both stocks slipping in early trading.

The Journal reported Wednesday that the drugmaker was in advanced talks to acquire Revolution, a company worth about $16 billion before the story published. In a statement to several outlets, AbbVie said it is not in talks to acquire the biotech.

After Abbvie’s statement, the Journal stuck with a lead that the companies were near a deal, “granted the talks don’t hit any last-minute snags.” It also reported that “a deal hasn’t been finalized and another suitor may prevail.”

Revolution soared around 30% on Wednesday. It fell back about 7% Thursday morning.

The acquisition would’ve been the first multibillion-dollar biotech deal of the year, as M&A activity in the sector is heating up. Big Pharma faces a patent cliff in the next few years and is looking for new products to bolster its pipelines, with weight-loss medications and oncology being among the most lucrative.

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markets
J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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