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Biotech Company Doubles Today
Adam Garcia
October 18, 2024
Good Afternoon!
Hey, everyone. It's Adam from Elite Trade Club.
Here’s what moved the market today.
Markets 📈
The Dow Jones and S&P 500 pushed for records again today as the market ended the week on a good note. The Nasdaq Composite saw the biggest gains, climbing 0.63% on the day.
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Market-Moving News 📈
Tesla's Full Self-Driving System Under Investigation for Safety in Low Visibility
Tesla is facing a new investigation by the National Highway Traffic Safety Administration (NHTSA) regarding the safety of its Full Self-Driving (FSD) system, particularly in challenging visibility conditions like fog or glaring sunlight. This investigation comes after a recent incident where a pedestrian was struck by a Tesla using the FSD system during reduced visibility. The NHTSA is looking into whether Tesla’s FSD technology can appropriately detect and respond to such conditions.
The probe covers a large number of Tesla models, including the Model S, X, 3, Y, and the newer Cybertruck. Tesla’s FSD system, which the company describes as a partial automation feature, has been available through paid plans and occasional free trials. The investigation aims to assess the effectiveness of Tesla’s software updates to its FSD system and whether they improve safety in low-visibility situations.
The NHTSA regularly monitors incidents involving advanced driver assistance systems, and Tesla’s FSD has been involved in several collisions. Although Tesla continues to promote the development of unsupervised self-driving technology, it has yet to release a fully autonomous vehicle for public use. This investigation could impact Tesla’s future plans for its driver assistance systems.
Tobacco Giants Reach $23.6 Billion Settlement in Canadian Lawsuit
Three major tobacco companies—Philip Morris, British American Tobacco, and Japan Tobacco—have agreed to pay a substantial settlement of approximately $23.6 billion to resolve a long-standing tobacco lawsuit in Canada. The settlement comes after years of litigation involving allegations that the companies were aware of the harmful effects of their products for decades and failed to properly inform consumers. The legal battle began in 2015 when a Quebec court awarded significant damages to thousands of smokers and former smokers who had developed illnesses such as cancer.
Following an appeal, the 2015 ruling was upheld, which led to the Canadian subsidiaries of the tobacco giants seeking bankruptcy protection. Since then, the companies have been involved in court-supervised negotiations to reach a settlement. The financial terms of the agreement are still being divided among the three companies, but the settlement represents a major step toward resolving the case.
Although some details remain to be finalized, the settlement is expected to bring closure to the legal proceedings by next year. This resolution will allow the tobacco companies to focus on future operations while compensating those impacted by their products in Canada. Voting on the settlement plan is expected in December, with final approval likely in the first half of the following year.
Qualcomm Cancels Snapdragon Dev Kit Amid Quality Concerns
Qualcomm has decided to cancel its Snapdragon Dev Kit, a compact Windows on Arm PC that was slated for release in June. The company communicated to customers that the mini PC did not meet their quality standards, leading to refunds for all orders. The cancellation follows several months of delays in delivering the device, which was meant to launch alongside chips that powered the initial Copilot Plus PCs.
While some developers had received the Dev Kit prior to the cancellation and conducted detailed reviews, the feedback pointed to missed opportunities. Despite its performance being comparable to Apple’s M3 Pro, limitations in Linux support and resale restrictions hindered its appeal.
One speculation for the cancellation revolves around a missing HDMI port. Although the internal components were reportedly in place for HDMI functionality, the port was absent. This issue may have caused production delays, potentially related to compliance testing. Qualcomm had previously informed customers that the device would instead ship with a USB-C to HDMI dongle.
Despite the dev kit's niche status, it was intended to support developers in adapting applications for Windows on Arm, a project that has seen gradual success with notable applications making the transition. As Qualcomm prepares for a Snapdragon summit later this month, the company faces the challenge of addressing its desktop PC strategy following this setback.
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Top Winners and Losers 🔥
Bright Minds Biosciences [DRUG] $47.21 (+117.56%)
Bright Minds Biosciences shares skyrocket after announcing $35 million non-brokered private placement.
Sobr Safe Inc [SOBR] $10.26 (+29.06%)
Sobr Safe witnessed a share price turnaround after deciding not to proceed with a public offering at this time.
Oklo Inc [OKLO] $18.23 (+15.89%)
Oklo surges ahead as nuclear energy begins to take center stage among big names like Microsoft and Amazon.
MGP Ingredients Inc [MGPI] $61.86 (-24.16%)
MGP Ingredients turned investors away after cutting its forecasts for sales and earnings.
Western Alliance Bancorp [WAL] $85.53 (-8.98%)
Western Alliance stock tumbles with the release of lackluster financials for Q3
CVS Health Corp [CVS] $60.34 (-5.22%)
CVS shares fall after dealing with the aftermath of its CEO’s departure.
Artificial General Intelligence
Artificial Intelligence is just the beginning. As we move toward the age of Artificial General Intelligence (AGI), the game is about to change in ways most can’t even imagine.
This leap could redefine everything—from how businesses operate to how we live our daily lives.
Renowned futurist Eric Fry has done the heavy lifting, pinpointing 7 surprising investments that are strategically positioned to ride the wave of AGI’s emergence.
These are opportunities that most investors haven't spotted yet—but those who act early could be in for substantial gains as AGI reshapes the future.
With AGI on the horizon, the question isn’t whether it will change the world—it’s how you’ll position yourself before it does. Don’t be the one left watching from the sidelines as this transformation unfolds.
That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!
Thanks for reading. I'll see you at the next open!
Best Regards,
— Adam G.
Elite Trade Club
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