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Thursday, November 7, 2024

Pelosi ducks questions on Biden for Harris swap, flames Brazile at VP concession speech

 A glum-looking Nancy Pelosi avoided The Post’s questions Wednesday about her role in swapping in Kamala Harris for President Biden as the 2024 Democratic nominee — after getting in a tense discussion with ex-Democratic National Committee chair Donna Brazile ahead of the vice president’s concession speech at Howard University.

“Do you think it was a mistake to kick Joe Biden off the ballot?” The Post inquired as the former House speaker left the event.

The 84-year-old Pelosi, who was elected Tuesday to a 20th term representing her San Francisco-based district in the House, ignored all inquiries — including one about whether she expected to run again in 2026.

A gloomy Nancy Pelosi avoided The Post’s questions about her role in swapping out President Biden for Kamala Harris as the 2024 Democratic nominee.Getty Images

Current Democratic National Committee chair Jaime Harrison and ex-DNC boss Tom Perez also declined to answer questions.

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Ahead of Harris’ speech to supporters, Pelosi was also caught on camera apparently arguing with Brazile.

Footage of the exchange shows Washington, DC, Mayor Muriel Bowser standing between the two and shaking her head as Pelosi speaks urgently and points her finger.

“Come on,” Bowser can be seen saying, according to an analysis of the on-video lip movements. “Please … please.”

Brazile posted on X Thursday morning that any speculation about the two having a disagreement was false.

“Such stupidity,” she said. “Speaker Pelosi and I were discussing all of the outstanding House races to be called or the path to a ‘House Majority.’ Folks, this is the Trump era: lies, disinformation and gossip. What happened to the USA?”

Reps for Bowser did not immediately respond to a request for comment.

Ahead of Harris’ address to supporters, Pelosi was caught on camera arguing with Donna Brazile.C-Span

As a member of the DNC rules committee, Brazile tried to lock in Biden’s nomination with a virtual delegate vote days before the president suspended his campaign July 21.

Pelosi’s husband, Paul, and daughter Christine, a Democratic strategist, were also present at Howard, with the latter posting a video on her X a little more than an hour after her mother’s exchange with Brazile circulated online.

“Thank you, Kamala,” Christine Pelosi said in the eight-second clip as she nuzzled up next to Brazile and the two briefly forced a smile.

Jeremy Freeman, a London-based forensic lip reader who was born deaf and for 16 years has served as a University College London-certified expert witness for litigants, shared the analysis with The Post.

Weeks before Election Day, the California Democrat had telegraphed supreme confidence that Harris, 60, would win the presidency.

As a member of the DNC rules committee, Brazile tried a little more than a week before Biden suspended his re-election campaign to lock in his nomination with a virtual vote of delegates.AFP via Getty Images

“Elections are decisions,” Pelosi told the Guardian. “You decide to win.”

“I decided a while ago that [former President] Donald Trump will never set foot in the White House again as president of the United States or in any other capacity,” she added.

“So when you make a decision, you have to make every decision in favor of winning … and the most important decision of all is the candidate.”

Harris lost to Trump in an Electoral College blowout, with major networks calling the contest in the early hours of Wednesday in the Republican’s favor.

“There is no singular reason why we lost, but a big reason is because the [Barack] Obama advisers publicly encouraged Democratic infighting to push Joe Biden out, didn’t even want Kamala Harris as the nominee, and then signed up as the saviors of the campaign only to run outdated Obama-era playbooks for a candidate that wasn’t Obama,” a Biden ally told Jewish Insider editor in chief Josh Kraushaar.

“There may be some people around him who haven’t forgiven me for my role,” Pelosi said of the Biden ouster in an October interview with the Guardian.Getty Images

Biden dropped out and endorsed Harris only following a pressure campaign from Pelosi and other congressional Democrats, as well as deep-pocketed donors like Hollywood star George Clooney.

The president called out Pelosi by name in an Aug. 11 interview on “CBS News Sunday Morning,” saying that her comments on his candidacy would have been “a real distraction” if he’d stayed in the race.

“A number of my Democratic colleagues in the House and Senate thought that I was going to hurt them in the races,” the president said.

“And I was concerned if I stayed in the race, that would be the topic — you’d be interviewing me about why did Nancy Pelosi say [something] … and I thought it’d be a real distraction.”

Pelosi acknowledged to the Guardian in mid-October that she had not spoken with Biden since his exit.

“There may be some people around him who haven’t forgiven me for my role,” she added.

Pelosi acknowledged to the Guardian in mid-October that she had not spoken with Biden since his exit.Getty Images

The longtime House Democratic leader reportedly threatened to release internal polling data showing the president he had no path to victory after his disastrous debate performance against Trump, 78, on June 27.

Biden spoke haltingly — and at times incoherently — in a raspy voice while on stage at the CNN showdown between the two major-party candidates.

“I really don’t know what he said at the end of that sentence,” Trump fired back in a highly clipped response to Biden’s answer on his administration’s border policies, before taking a dig at the oldest-ever president: “And I don’t think he knows what he said, either.”

Harris, much like 2016 Democratic presidential candidate Hillary Clinton, delayed her concession speech until Wednesday afternoon, nearly 24 hours after the polls closed.

In a statement posted on X late Wednesday afternoon, Biden stood by his decision to pick Harris as his 2020 running mate.POOL/AFP via Getty Images

“While I concede this election, I do not concede the fight that fueled this campaign,” the veep said in a brief, 11-minute speech.

Hundreds had turned out the night before at the campaign watch party on Howard’s Yard with high hopes of seeing her confirmed as the first female president.

In a statement posted on X late Wednesday afternoon, Biden stood by his decision to pick Harris as his 2020 running mate.

“As I’ve said before, selecting Kamala was the very first decision I made when I became the nominee for president in 2020,” he said. “It was the best decision I made.”

https://nypost.com/2024/11/07/us-news/gloomy-nancy-pelosi-ducks-questions-on-swapping-out-biden-for-harris-gets-heated-with-donna-brazile-at-vp-concession-speech/

GoodRx cuts guidance

 Guidance

For the fourth quarter and full year 2024, management is anticipating the following:

$ in millions

4Q 2024

4Q 2023

YoY Change

Revenue1

~$200

$196.6

~2%

Adjusted Revenue1

~$200

$196.6

~2%

Adjusted EBITDA Margin3

~34%

29.1%

~490 bps

 

$ in millions

FY 2024

FY 2023

YoY Change

Revenue1

~$794

$750.3

~6%

Adjusted Revenue1

~$794

$760.3

~4%

Adjusted EBITDA3

$255 - $260

$217.4

17% - 20%

“For the fourth quarter of 2024, we are guiding to revenue and Adjusted Revenue of approximately $200 million and Adjusted EBITDA Margin of about 34%,” said Karsten Voermann, Chief Financial Officer. “While our full year 2024 revenue and Adjusted Revenue expectations are lower than what we previously indicated, we are confident we can achieve strong Adjusted EBITDA of $255 to $260 million, up over 17% from 2023, and Adjusted EBITDA Margin of over 32%, up more than 340 basis points from 2023.”

“Our balance sheet and liquidity remained robust in the third quarter of 2024. Our capital allocation priorities are unchanged and we will continue to prioritize high return investments and maximizing value for shareholders,” concluded Voermann.

Investor Conference Call and Webcast

GoodRx management will host a conference call and webcast today, November 7, 2024, at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time) to discuss the results and the Company’s business outlook.

To access the conference call, please pre-register using the following link:

https://register.vevent.com/register/BIe2e0d2e5ebec4cc3ae9f66e59492a2f5

Registrants will receive a confirmation with dial-in details and a unique passcode required to join.

The call will also be webcast live on the Company’s investor relations website at https://investors.goodrx.com, where accompanying materials will be posted prior to the conference call.

Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://investors.goodrx.com for at least 30 days.

https://www.businesswire.com/news/home/20241107081396/en

WELL Health Surpasses $1 Billion Revenue Milestone

 WELL Health Technologies Corp has achieved a milestone by reaching a $1 billion annualized revenue run-rate ahead of schedule, with a strong performance in Q3-2024, reporting a 27% increase in revenue compared to the same quarter last year. The company has also seen significant growth in patient visits and has increased its annual revenue guidance, showcasing its robust financial health and expansion capabilities.

https://www.tipranks.com/news/company-announcements/well-health-surpasses-1-billion-revenue-milestone

Aurinia Restructuring to Focus on Continued LUPKYNIS® Growth, AUR200 Development

 

  • Achieved $67.8 million in total net revenue and $55.5 million in net product revenue for the third quarter of 2024, representing year-over-year growth of 24% and 36%, respectively
  • Generated $17.0 million in cash flow from operations in the third quarter and had cash, cash equivalents, restricted cash, and investments of $348.7 million as of September 30, 2024
  • Anticipates a one-time restructuring charge in the fourth quarter of 2024 of $15 to $19 million and estimates post-restructuring annualized cash-based operating expense savings of more than $40 million
  • Reiterates 2024 net product revenue guidance range of $210 to $220 million for fiscal year 2024

Webcast and conference call to be hosted today at 8:30 a.m. ET

Webcast & Conference Call Details

The link to the audio webcast is available here. To join the conference call, please dial (800) 715-9871 / +1 (646) 307-1963. Conference ID: 6251719 or company name required for entry. A replay of the webcast will be available on Aurinia’s website

https://www.businesswire.com/news/home/20241107603962/en

Becton Dickinson Profit Rises as Acquisition Buoys Sales

 Becton Dickinson's fiscal fourth-quarter earnings rose sharply as the acquisition of Edward Lifesciences' critical-care supply unit bolstered revenue growth.

For the quarter ended Sept. 30, the medical-device maker posted net income of $421 million, or $1.45 a share, up from $108 million, or 37 cents a share, a year earlier.

Adjusted earnings, which strip out certain one-time items to $3.81 a share, topping the $3.77 a share forecast by analysts polled by FactSet.

The Franklin Lakes, N.J., company's fourth-quarter revenue rose 6.9% to $5.44 billion, topping the average Wall Street target of $5.38 billion.

Sales in the U.S. rose 8.2% to $3.12 billion. International revenue rose 5.1% to $2.32 billion.

For fiscal year 2025, Becton forecast adjusted earnings of $14.25-to-$14.60 a share on revenue of $21.9 billion to $22.1 billion, representing sales growth of 8.9%-to-9.4% from fiscal 2024.

Becton recently acquired Edward Lifesciences' critical-care unit, which makes heart monitors and other equipment, for $4.2 billion in cash.

The company also boosted its quarterly dividend by 9.5% to $1.04 a share, payable Dec. 31 to holders of record as of Dec. 9.

https://www.marketscreener.com/quote/stock/BECTON-DICKINSON-AND-COMP-11801/news/Becton-Dickinson-Profit-Rises-as-Acquisition-Buoys-Sales-Update-48290949/

Altimmune End-of-Phase 2 FDA Meet for Pemvidutide in Treatment of Obesity

 Company and Agency aligned on key efficacy and safety measures to be studied in Phase 3 program

Pivotal Phase 3 trials designed to leverage the differentiated attributes of pemvidutide and potential benefits of balanced GLP-1/glucagon dual agonism

https://www.globenewswire.com/news-release/2024/11/07/2976554/0/en/Altimmune-Announces-Successful-Completion-of-End-of-Phase-2-Meeting-with-FDA-for-Pemvidutide-in-the-Treatment-of-Obesity.html

Rabobank: 2nd Trump Admin Staffed With MAGA Talent Knows How Levers Of Power Work

 By Michael Every of Rabobank

Houthi, what, when, where, why, how?

If there has been one key message in the Global Daily in the past few years it has been that major shifts in politics and geopolitics, especially ones people don’t like, are going to matter to markets. Yesterday made that point even if Trump’s re-election was not a grey rhino, let alone a black swan, if you had done real digging, rather than digging in, in advance. Yet the major market moves we saw yesterday are likely just the start, not the end of this process.

It now seems the Republicans may take narrow control of the House of Representatives as well as the Senate and presidency, giving them the trifecta. While that was also true in 2016, the first Trump administration was a chaotic affair initially aware of what it could do, with the Republicans deeply divided over ‘Trumpism’. By contrast, the second Trump administration is staffed with a motivated MAGA talent pool which knows how the levers of power work domestically and internationally. Many things could change very significantly, very quickly.   

As a case in point, yesterday saw fake news reports the Houthis had declared an end to their blockade of the Suez Canal, with enormous implications for maritime global trade. I’ll confess that I briefly fell for it, as did a slew of geopolitical commentators. We all assumed a Houthi retreat was a logical response to a US soon not afraid to show what ‘deterrence’ means: as opposed to removing the Houthis from the global terror watchlist; ineffective bombing; an ineffective naval taskforce; asking Iran for help (as it attacks Israel); asking China for help (as it tells the Houthis which are its ships, and to leave them alone); and ocean carriers pay $2bn protection money to the Houthis to incentivize them. In short, while the US will now need to escalate to deescalate to deal with the Houthis, and others, moving parts will move.

People are already talking about a surge in freight rates if Chinese/global exporters try to flood the US with goods now to front-run any 60%(+?) US tariffs. As has been pointed out here repeatedly, there’s been no underlying improvement in US logistics since the Covid supply-chain crisis, and under a sudden surge of demand strains will be seen and freight rates will rise, with global ripple effects: and the ILA east coast US port strike still looms from 15 January.

However, also note Trump economic advisor Bessent is being considered for Treasury Secretary: I again underline he favors a ‘T+X’ tariff plan that gives global firms, say, two years to build factories in the US to avoid sanctions, reducing most of their direct inflation impact, but getting all the capex, supply-side, and trade-deficit narrowing gains – Samsung yesterday said this is what they plan to do. That might mean new economic models are needed for US tariffs - if economists want to model the world as it is rather than as they (or their models) want it to be.

Meanwhile, no sooner had Trump won than Germany’s government collapsed. Chancellor Scholz fired Finance Minister Lindner, whose FDP has left the coalition. A confidence vote now looms, which is likely to fail, at which point Germany has elections around March, in which the far right AfD and far left BSW are both expected to do well enough that perhaps no centrist coalition can be formed. Notably, Scholz wanted to bridge a €9bn fiscal hole with borrowing and offer subsidies to firms leaving the country due to its high costs. Lindner wanted to cut taxes, and spending by more, and de-regulate to stick to the holy-of-holies, a German balanced budget - as Germany becomes ever more unbalanced. Parts of both plans are arguably needed (and such thinking may well emerge in the US), but Germany will get neither now, and maybe not later.

The focus now shifts to what China’s policy response to a Trump win will be. We have heard repeated chatter of a large fiscal package of some form, even if little of this so far represents a real economy game-changer: but let’s wait and see what might appear if we were to get US tariffs. Imagine a go-go US pre-tariff boom and a go-go real China stimulus.

Similarly, we have heard market whispers that tariffs = a large CNY depreciation, and yesterday saw CNY weaken the most in one session for almost two years. However, if that happens, Trump will logically shout for even higher tariffs, and a downwards spiral begins that drags in the entire global economy. Can you see how this dynamic geopolitical and geoeconomic process is not your traditional macro or FX model? Or that the answer to most of the potential questions posed above is *NOT* “rate cuts”?

On which note, today is a Fed meeting decision day. The consensus is still another 25bp cut to take Fed Funds to 4.75%, despite the surge in long bond yields, stocks at a record high, Bitcoin at a record high, and gold close to one; and the strong Q3 GDP print, low initial jobless claims, and the good ISM services (and employment sub-index) reading. Presumably, the last hurricane-impacted 12K payrolls print will be the “stag” the Fed looks to, not the persistent “flation” from services to assets. That is notable given the impact of inflation is being seen in many quarters as a large part of the explanation for the Democrat’s stinging election defeat.

Moreover, as the Fed meets today, rumor swirls of Trump still wanting an ex-officio rate-setting advisory role, that Powell won’t be reappointed, and that Trump might even name his successor in advance, muddying the monetary waters. Assuming this is all true, one is going to have to start factoring politics (and potentially even geopolitics) into central banking (“You want a swap line? We have a quid pro quo for you.”), as our Fed Watcher Philip Marey has already alluded to recently. Again, that calls for new models to capture the world as it is, not as we would like it to be.

That process starts by looking around you and asking questions: Houthi, what, when, where, why, how?

As one starts thinking along those lines, note Brazil raised rates by 50bps, not 25bps, to 11.25% as expected, with pressure on the government to cut spending as the currency continues to weaken. Brazil, as a BRICS member and agri rival to key US sectors, especially in sales to China, could feature heavily in US geopolitical discussions going forwards.

In Australia, RBA Governor Bullock testified to parliament and argued a potential 10% Trump tariff on Australia would have little impact on it, but a 60% one on China may have an adverse effect – but they don’t know if it means significantly higher or lower inflation. Bullock also admitted the RBA had not done any scenario analysis on what a Trump presidency could mean for Australia. After all, it was only the most well-flagged election in the world, with equally well-flagged policies, with a well-flagged “50-50” potential outcome: why bother doing any work on that in advance?

Do you see what I mean about the need to ask better questions and to think about new economic models?

https://www.zerohedge.com/markets/rabobank-2nd-trump-admin-staffed-maga-talent-pool-which-knows-how-levers-power-work