Drugmakers slip after Trump letter asks them to slash prices

Several drugmakers are dipping after President Trump sent a letter to the CEOs of 17 large pharma companies demanding they cut prices for US patients within the next 60 days.

The companies that received the letter include Eli Lilly, Pfizer, Novo Nordisk, and others. It follows a May executive order that directed drugmakers to lower their prices in America to the lowest amount paid by other countries for patients on government-sponsored healthcare, and, eventually, on all new drugs.

The drugmakers proposals so far, Trump said, “promised more of the same: shifting blame and requesting policy changes that would result in billions of dollars in handouts to the industry.” Trump said he will “deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.”

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It’s getting pretty tough keeping all these AI deals straight

Where is all this money supposed to come from? And who gets to keep it?

Matt Phillips15m

Max Knoblauch2h

Archer surges on speculation that Tesla’s announcement has something to do with them

Shares of air taxi maker Archer Aviation rose more than 16% on Monday afternoon amid speculation that the company is somehow involved in an October 7 announcement Tesla has been teasing.

The latest speculation appears to revolve around the inclusion of a Tesla Optimus robot and vehicle alongside Archer’s Midnight air taxi in a video Archer posted on X last week. On Sunday, the Tesla X account uploaded a video featuring its logo on a spinning wheel or propeller, leading some to further connect tomorrow’s announcement to the EVTOL industry.

Archer is prone to big swings — the stock has closed up or down 10% 29 times in the past twelve months. Monday’s move propelled the stock to its highest level since July. Archer rival Joby Aviation was also up more than 6% on the day.

J. Edward Moreno5h

CDC signs off on narrower Covid shot recommendation

Moderna slipped after the US Centers for Disease Control and Prevention announced on Monday that it is adopting a narrower recommendation for when COVID-19 booster shots are appropriate.

The CDC’s recommendation aligns with what its advisory committee voted for last month, which was for a healthcare provider to sign off on each individual immunization. While that is much narrower than the broad backing of the shot, it’s less draconian than some investors previously priced in.

Moderna rises after RFK Jr. vaccine panel’s less-draconian-than-expected Covid recommendation

Max Knoblauch5h

Sony shares climb to their highest level in 25 years as Abenomics supporter Sanae Takaichi is likely to become Japanese PM

Shares of Sony rose 4% on Monday, sending the stock up to levels it last reached in March of 2000.

The move was even more impressive in its home listing, where the stock outperformed with a 4.75% jump on Japan’s Nikkei 225 that propelled that index to a record high on Monday.

Boosting the market was the victory of Shinzo Abe protege Sanae Takaichi in a race to lead Japan’s ruling political party, setting the lawmaker up to become the country’s first female prime minister. Takaichi, a hard-line conservative who claims Margaret Thatcher as a personal hero, advocates for “Abenomics”: higher spending and tax cuts. Takaichi previously described the Bank of Japan’s recent interest rate hikes as “stupid.”

Claire Yubin Oh

Don’t have a cow

In bad news for protein-hungry Americans, beef is more expensive than ever

Meat-packing giants, meanwhile, are benefiting from beefier prices.

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