- Elite Trade Club
- Posts
- Marketing Tech Firm Skyrockets 96%
Marketing Tech Firm Skyrockets 96%
Adam Garcia
September 24, 2024
Good Afternoon!
Hey, everyone. It's Adam from Elite Trade Club.
Here’s what moved the market today.
Markets 📈
U.S. indexes slide higher today despite concerns over the inflation report set to drop later in the week. Even the Russell 2K index was in good form, ending the day 0.17% in the green.
|
|
🚀 We have a killer stock pick coming up. Want in? Check out Elite Trade Club Insider.
Technology
Imagine a phone that not only connects you but pays you. Mode's "EarnPhone" has already turned this vision into reality, driving 32,481% growth and securing its spot as the fastest-growing software company on the Deloitte 500. With $325M+ earned for users, this pre-IPO stock is positioned for major gains.
Market-Moving News 📈
Senate Challenges Novo Nordisk on Rising Drug Costs
Novo Nordisk is under scrutiny as a Senate committee reviews the high prices of its popular weight loss drug, Wegovy, and diabetes treatment, Ozempic. As demand for these medications increases in the U.S., lawmakers are questioning the company's pricing strategies, particularly in comparison to lower costs available in Europe.
While Novo Nordisk's revenue from these drugs has soared to nearly $50 billion, most of this income originates from American consumers who pay significantly higher prices. For instance, Ozempic and Wegovy can cost around $969 and $1,350 per month, respectively, in the U.S., while patients in Germany and the U.K. can obtain them for under $100.
During the Senate hearing, lawmakers expressed concerns about the potential burden these costs impose on the U.S. healthcare system. They pointed out that the explosive demand for these drugs could lead to unsustainable healthcare expenses.
In response, Novo Nordisk highlighted its investments in research and development and argued that lowering prices could have adverse effects, potentially limiting insurance coverage for these essential medications.
As Congress and the Biden administration push for healthcare cost reductions, the fate of Ozempic is particularly notable, as it may soon enter price negotiations with Medicare. This development could reshape the landscape of drug pricing in the U.S. healthcare system.
TikTok Shuts Down Music Streaming Service Amid Strategy Change
TikTok announced it will shut down its music streaming service on November 28, marking the end of its short-lived attempt to compete with major players like Spotify and Apple Music. Users are being urged to transfer their playlists to other streaming platforms by October 28 using the “Add To Music App” feature.
This shift signals a change in TikTok's approach. Instead of trying to rival established services, the platform now aims to strengthen its partnerships with them while focusing on enhancing music discovery through its social media app. By driving traffic to third-party music platforms, TikTok aims to benefit artists, songwriters, and the broader music industry.
Launched in 2023 as TikTok Music, the service initially gained traction in markets like Brazil and Indonesia, but faced challenges including disputes with record labels over compensation and rights. Now, with those issues settled, TikTok is refocusing its efforts to solidify its role in the music ecosystem rather than competing directly.
ByteDance, TikTok's parent company, is also navigating political hurdles in the U.S., where potential legislation could ban the app unless ByteDance divests its ownership stake.
Intel's Bold AI Push: New Chips Aim to Regain Market Ground
Intel has unveiled two new AI chips as part of its strategy to enhance its data center business and compete with industry rivals. The Xeon 6 CPU and Gaudi 3 AI accelerator offer increased performance and power efficiency, aiming to position Intel as a key player in the AI sector. These releases come as Intel works to regain market share from competitors like AMD and Nvidia, which have seen notable growth, especially in AI applications.
Despite these new offerings, Intel faces significant challenges. Its latest earnings report showed disappointing revenue, and the company has announced a 15% workforce reduction and suspended dividend payments. Meanwhile, Nvidia has seen its stock surge, driven by high demand for its AI chips, leaving Intel’s market performance lagging.
Intel’s turnaround efforts include expanding its chip manufacturing facilities, although some plans have been delayed due to lower demand. The company recently secured Amazon as a customer for its custom chip business, a positive development amidst these struggles. There are also reports that Qualcomm and Apollo Global Management are interested in potential deals with Intel, signaling its continued relevance in the chip industry despite these recent setbacks.
Gold
Safeguarding your retirement with a Gold IRA can help you shield your wealth from market shifts, economic uncertainty, and inflation. And with gold’s value projected to increase in 2024, now is a good time to invest. Planning for retirement involves more than saving, so fortify your portfolio with gold today and plan for a better tomorrow.
Top Winners and Losers 🔥
Banzai International [BNZI] $8.24 (+96.19%)
Banzai International revealed a $24.8 million debt payoff initiative and restructure agreements at the behest of shareholders.
Wave Life Sciences [WVE] $8.19 (+53.37%)
Wave Life Sciences climbed today following promising data from a mid-stage study of its muscular disorder drug.
Village Bank & Trust Finanacial Corporation [VBFC] $77.00 (+47.48%)
Village Bank & Trust shared an agreement to merge with commercial banking company Townebank.
ReShape Lifesciences [RSLS] $6.42 (-19.65%)
ReShape Lifesciences continues trending downward after yesterday’s stock splits leave investors unsettled.
Light and Wonder Inc [LNW] $90.71 (-19.50%)
Light and Wonder is in jeopardy after receiving a preliminary injunction that may affect how it monetizes its games.
Multiplan Corp [MPLN] $7.39 (-16.50%)
Multiplan Corp’s shares dropped after getting tangled up in a stock split that went live yesterday morning.
Pre-IPO Alert
Mode Mobile is rewriting the rules with their "EarnPhone," a device that turns phone usage into profit. With 32,481% growth and $325M+ saved for users, now is your chance to join early.
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
Click here to get our daily newsletter straight to your cell for free.
P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP.