The Prime Minister of Canada Mark Carney announced a 25% tariff in response to President Donald Trump's tariff policies which he revealed Wednesday afternoon, calling the move "misguided." Bloomberg's Thomas Seal has more on the story.
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https://www.marketscreener.com/news/latest/Canada-Announces-Retaliatory-Tariffs-on-US-49526779/
General Motors plans to increase production of light-duty trucks at its Fort Wayne, Indiana, assembly plant, it said in a webcast sent to plant employees on Thursday and viewed by Reuters, a day after President Donald Trump announced 25% tariffs on auto imports.
GM CEO Mary Barra had hinted at the possibility of increasing the output of trucks in the United States during GM's January earnings call in response to tariffs. Automakers in the United States utilize a complicated supply chain integrated throughout North America, with production facilities situated in the United States, Mexico and Canada.
"From a Mexico perspective, we do build trucks in Mexico and in Canada and in the United States. And so we have the capacity in the United States to shift some of that," Barra said on the January earnings call.
The Fort Wayne plant makes the Chevrolet Silverado and GMC Sierra trucks, which GM also manufactures at plants in Mexico and Canada. About half of GM's large pickup truckproduction is done in Mexico and Canada, according to a recent Barclays report.
Trump has said that high tariffs will induce companies to relocate manufacturing to the United States, but that process would take years and in the meantime could add thousands of dollars to the cost of a car. The Detroit automakers may use excess capacity to shift some existing production, but additional factories would take several years to build.
GM may also add overtime days to the schedule, plant director Dennys Pimenta told employees in the webcast.
In a letter seen by Reuters to United Auto Workers Local 2209 members at Fort Wayne, local shop chairman Rich LeTourneau told employees that as part of the line-speed increase at the plant, 225 to 250 jobs will be added.
"Always remember volume is our friend and protects our job security," he wrote.
GM said in a statement on Thursday that it will hire temporary workers for the Fort Wayne assembly plant, saying that will be part of "operational adjustments" at the plant "to support current manufacturing and business needs."
A company source said several hundred temporary workers will be hired to increase employment at the plant.
GM said that to implement the changes at Fort Wayne, the plant will be taken down from April 22-25, following the Easter holiday.
The company's plants in Oshawa, Canada, and Silao, Mexico, where the trucks are also made, are currently running regular production, the company source said.
https://finance.yahoo.com/news/exclusive-gm-increase-us-truck-164754389.html
AbbVie on Thursday cut its 2025 adjusted profit forecast as the drugmaker expects to incur $248 million in acquisition expenses related to milestone payments as well as research and development costs.
The company has been focusing on expanding its pipeline since its blockbuster arthritis drug, Humira, lost patent protection in 2023.
To that end, the company bought neuroscience drug developer Cerevel Therapeutics, cancer drug developer ImmunoGen and Alzheimer's therapy developer Aliada in 2024 through deals worth over $20 billion in total.
AbbVie expects adjusted annual profit in the range of $11.99 to $12.19 per share, compared with its previous forecast of $12.12 to $12.32 per share.
Analysts on average were expecting full-year profit to be $12.30 per share, according to data compiled by LSEG.
The company also expects first-quarter adjusted profit of $2.34 to $2.38 per share, compared with Wall Street estimates of $2.51 per share.
AbbVie is scheduled to report first-quarter earnings on April 25.
https://finance.yahoo.com/news/abbvie-cuts-2025-profit-forecast-203448175.html
President Donald Trump on Thursday said he would consider a deal for TikTok where China approves the sale of the short video app in exchange for relief from U.S. tariffs on Chinese imports.Trump said that a deal is close on Tiktok, with multiple investors involved. TikTok faces an April 5 deadline to reach a deal to find a non-Chinese buyer under threat of being banned from the United States.
The DOJ has urged a federal judge to proceed with a fraud lawsuit alleging that UnitedHealth (UNH) overbilled Medicare by $2.1B
https://seekingalpha.com/news/4428545-unitedhealth-must-face-medicare-fraud-case-doj
Premca Capital is shaking things up at WW International, pushing for leadership changes and substantial cost cuts despite owning less than 1% of the company.
Premca Capital has launched a proxy fight against WW International, seeking to nominate three directors and spearhead up to $300 million in cost reductions. This aggressive move shows Premca’s strong belief in its vision for the weight management firm, despite its small stake. Their plan includes revamping WW's app and implementing a new growth strategy, aligning with WW's current aim to cut $100 million in costs by 2025. WW International, already in the midst of restructuring with job cuts underway, has yet to comment on this unsolicited nudge for change.
Premca Capital’s actions underline a growing trend where even minor stakeholders can significantly influence corporate governance. The call for management overhaul at WW, despite Premca's less than 1% ownership, demonstrates how collective shareholder pressure can affect strategic directions and potentially sway market performance.
WW International's response to Premca’s propositions could signal broader shifts in how companies handle activism and shareholder influence. If WW adopts even part of Premca’s plan, it may set a precedent for how firms balance existing restructuring efforts with external pressures, impacting global strategies in corporate cost management.
https://finimize.com/content/premca-capital-fights-for-change-at-ww-international
The U.S. Food and Drug Administration has approved expanded use of Amgen's drug, Uplizna, to help reduce the risk of flares in patients with a rare immune system-related condition, the regulator said on Thursday.
The drug, also known as inebilizumab, has now become the first FDA-approved treatment for Immunoglobulin G4-related disease (IgG4-RD), a rare condition in which an overactive immune system can lead to inflammation and scarring in various organs, including the pancreas, liver and kidneys. It affects 20,000 people in the United States.
Uplizna, given by infusion, is designed to bind to a protein located on the surface of B cells, the underlying inflammatory cause of IgG4-RD and other autoimmune conditions.
"By removing or depleting these B cells throughout the body, both in the circulating blood and in the tissue, there's a chance for Uplizna to confer a real benefit," said Jay Bradner, Amgen's head of research and development.
The U.S. list price for Uplizna is $140,248.50 per dose, Amgen said. After two initial loading doses, patients receive Uplizna infusions every six months.
The approval was based on data from a late-stage study in which Uplizna helped reduce the risk of flares by 87% compared to a placebo.
"This would be a fairly compelling drug that is infrequent, fairly safe, and very effective," TD Cowen analyst Yaron Werber told Reuters ahead of the decision.
Werber estimates Uplizna to generate global peak sales of $1.3 billion by 2030 for IgG4-RD alone.
Uplizna, which was already approved for a rare, severe neuroinflammatory disease called neuromyelitis optica spectrum disorder, brought in sales of $379 million in 2024.
Steroids — usually used to manage IgG4-RD — have many negative effects on patients, including mood changes, weight gain and osteoporosis, said Dr. Matthew Baker, associate division chief of immunology and rheumatology at Stanford University.
"The goal with a treatment like this is to definitely minimize steroid exposure, and I think it certainly will do that," Dr. Baker said.
https://finance.yahoo.com/news/us-fda-approves-amgens-uplizna-184948483.html
