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Thursday, May 15, 2025

Doximity Stock Drops 20% After Outlook Disappoints

 Shares of Doximity plummeted late Thursday after the telehealth software company dished out a disappointing outlook.

Doximity (DOCS) stock was recently down more than 20%. The company after Thursday's closing bell said revenue for the quarter ending June 30 was seen coming in between $139 and $140 million, while full-year revenue was expected at $619 million to $631 million.1 The high end of both ranges was below the current mean estimate as tracked by Visible Alpha.

The company's current-quarter and full-year guidance for adjusted EBITDA also disappointed investors.

Doximity's shares had fallen nearly 2% on Thursday, leaving them up about 9% for the year so far. A fall like the one seen after hours tonight would return them to levels not seen since the fall.

Doximity said fiscal fourth-quarter sales for the quarter ended March 30 rose 17% to $138.3 million, with subscription revenue rising by a similar percentage. "We closed out fiscal 2025 on a high note, with record engagement, strong profits," CEO Jeff Tangney said in a statement.

https://www.investopedia.com/doximity-stock-drops-20-percent-after-outlook-disappoints-11736034

Walmart’s former U.S. CEO thinks retailer can absorb tariff costs, hits ‘doom and gloom’ comment

 Walmart

’s business is strong enough to withstand tariff headwinds without increasing its prices, according to the discount retailer’s former U.S. CEO.

Bill Simon, who ran Walmart U.S. from 2010 to 2014, suggests the company may be overstating challenges tied to tariffs.

“If you look down deep and dig into the details of their earnings release today, you know this quarter they grew their gross profit margin in the U.S. business 25 basis points. So, they’re expanding their margin. They also reported their general merchandise categories were flattish because they had mid-single digit price deflation,” he told CNBC’s “Fast Money” on Thursday, the day Walmart reported fiscal first-quarter results. “That sort of gives them room in my view to manage any tariff impact that they would have.”

Simon is optimistic consumers can largely handle price increases — citing a steady jobs market and cheaper fuel prices this year. But he notes worrisome commentary from corporate executives could be chipping away at consumer confidence.

“All the doom and gloom we hear about price increases and tariffs like we heard from my friends at Walmart today, I think it scares them some,” said Simon, who’s now on the Darden Restaurants board and is the chairman at Hanesbrands.

Walmart

 shares fell 0.5% on Thursday, but the stock closed above session lows. Shares are off almost 9% from the all-time high of $105.30 hit on Feb. 14.

On Feb. 20, Simon joined “Fast Money” as Walmart shares were wrapping up their worst week since May 2022 on tariff jitters. He suggested the stock was a steal for investors even though Walmart warned profits were slowing.

As of Thursday’s close, Walmart shares are positive for the year, up more than 6% in 2025. The stock has climbed more than 7% since President Donald Trump’s tariff announcement on April 2.

https://www.cnbc.com/2025/05/15/walmart-can-absorb-tariffs-fmr-us-ceo-simon-questions-price-hikes.html

Montana Becomes Latest State To Ban Lab-Grown Meat

 On Tuesday, Montana State Governor Greg Gianforte announced that he had signed a bill into law banning the manufacturing and sale of lab-grown meat

"So-called "lab-grown meat" has no place in Montana," Gov. Gianforte wrote on X, adding, "By signing HB 401 into law, I am proud to defend our way of life and the hardworking Montana ranchers who produce the best beef in the world."

Montana is now the fifth state in the nation to pass legislation prohibiting lab-cultivated proteins. The push comes after concurrent Biden-era policies that simultaneously created a loophole for safety testing while prioritizing lab-cultivated proteins as "Climate-Friendly" ahead of labeling requirements. 

Not exactly a drug, but not necessarily food harvested in nature, in 2019, Congress directed the Food and Drug Administration (FDA) and the United States Department of Agriculture (USDA) to establish a formal agreement delineating each agency's responsibilities for regulating lab-made or "cellular-cultivated" meat.

By early 2021, the Biden administration prioritized lab-made meat products as a "Climate-Smart" Agricultural alternative, promising a fast track to manufacturers Good Meat Inc and the Bill Gates-backed Upside Foods.

By 2023, the FDA had issued a "No Questions Asked" approval for lab-cultivated "chicken cells with characteristics of fibroblasts." 

While the USDA does not regulate processed food, the agreement stipulated that the USDA's Food Safety Inspection Service (FSIS) would be handed off regulatory oversight "at the point of harvest." 

Bureaucratic translation: The USDA's regulatory role would be limited to "labeling and sanitation." 

While sanitation seems fairly straightforward, it's the labeling requirement - which has yet to materialize - that has state lawmakers pumping the brakes.

Since early 2020, FSIS has gone round-after-round with "stakeholders" about what to call this petri-dish creation. During the last round of "name the thingamajig" stakeholders warned the FSIS that transparent labeling would "hamper innovation," and "violate the First Amendment."

To-date, the USDA has not fulfilled its regulatory role, according to the delineated agreement. To be fair, the FDA didn't exactly uphold its end of the bargain either with fast-tracked "No Questions" approvals. 

Even as whistleblowers were equating lab-made meats to the next Theranos, the "Big 4" meat packers began rapidly investing billions to replace ranchers with biotech.

With the FDA's blessing and zero red tape requiring transparent labeling, companies like JBS, Tyson, and Cargill have quickly begun producing lab-grown beef, cultured chicken, pork, fish, sausages, burgers, meatballs, and other prepared foods.

While some argue that state-level bans harm the free market, local lawmakers see them as part of a larger fight to preserve Western values.

"Agriculture is our state's number one industry, and this bill takes a clear stand to protect our ranchers and our food supply," Montana State Rep. Braxton Mitchell said. "We won't let synthetic products with misleading labels undercut the hard work of Montana's farm and ranch families."

https://www.zerohedge.com/food/montana-becomes-latest-state-ban-lab-grown-meat

Rite Aid Says It Enters Into Series Of Sale Transactions To Ensure Continuity Of Care

 Rite Aid Corporation ("Rite Aid" or the "Company") today announced that it has successfully entered into a series of sale agreements and pharmacy services transition agreements. This includes the rolling transition of pharmacy assets from more than 1,000 store locations across the U.S. to operators including CVS Pharmacy, Walgreens, Albertsons, Kroger, and Giant Eagle, among others, as well as the sale and operation by CVS Pharmacy of many Rite Aid and Bartell Drugs stores located in Washington, Oregon, and Idaho.

Importantly, during the transition, Rite Aid stores will remain open, and customers can continue to access their pharmacy services, including prescription refills and immunizations, without interruption.

Matt Schroeder, Chief Executive Officer of Rite Aid, said, "A key priority for Rite Aid is to ensure that as many of our loyal customers as possible continue to receive the pharmacy services and care they require without interruption. These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members."

The sale transactions are subject to approval by the U.S. Bankruptcy Court for the District of New Jersey (the "Court"). The Court is currently scheduled to conduct a hearing to approve the sales on May 21, 2025. Upon approval from the Court, the sales will remain subject to certain regulatory notices and approvals, and other customary closing conditions.

https://uk.finance.yahoo.com/news/rite-aid-enters-series-sale-224000231.html

Amgen owes $406 million for monopolizing cholesterol drug market, US jury says

 A federal jury in Delaware said on Thursday that biotech company Amgen owes competitor Regeneron more than $406 million for engaging in anticompetitive behavior to increase sales of its cholesterol-reduction drug Repatha at the expense of Regeneron's rival drug Praluent.

The jury agreed with Regeneron that Amgen unlawfully bundled Repatha with two of its blockbuster anti-inflammatory drugs to persuade pharmacy benefit managers to buy it instead of Praluent.

The verdict includes $271.2 million for Regeneron in punitive damages. Amgen said in a statement that it "has always competed fairly and in compliance with the antitrust laws" and "look[s] forward to post-trial proceedings."

"Larger companies should not be allowed to use anticompetitive tactics to push competitors out of the market," Regeneron CEO Leonard Schleifer said in a statement.

Tarrytown, N.Y.-based Regeneron filed the lawsuit in 2022, accusing Amgen of engaging in an anticompetitive scheme to drive Amgen's drug out of the market. Thousand Oaks, California-based Amgen denied the allegations and countered that Regeneron's business decisions caused lost Praluent sales.

Regeneron earned more than $241 million from sales of Praluent in the U.S. last year, while Amgen made over $1.1 billion from U.S. Repatha sales, according to company reports.

https://www.marketscreener.com/quote/stock/AMGEN-INC-4847/news/Amgen-owes-406-million-for-monopolizing-cholesterol-drug-market-US-jury-says-49971103/

"86 47" - Former FBI Director Comey Posts-Then-Deletes Creepy Threat Aimed At Trump

 Former FBI Director James Comey posted a photo of sea shells arranged into the numbers "86 47" on his Instagram account today, before shortly deleting the post.

The immediately preceding post shows Comey lounging at the beach while pretending to read his own crime novel, his presence at the beach lending to the fact that this was not a hack.

Many are blasting Comey for issuing a not-so-thinly-veiled threat at sitting President Donald Trump, including the President's son and Congressman Andy Biggs:

And here is his explanation for the 'shells' and the deletion...

...you simply cannot make this shit up!!!

And we screen-grabbed this before it was deleted too - oh the inspiration...

Runs in the family...

As covered previously in a ZeroHedge piece titled "From Epstein To Diddy: Spotlight Shines On James Comey's Prosecutor Daughter", Comey's offspring smell a little swampy as well. From the piece:

In a thinly covered news story from December that's suddenly relevant again (read on), New York Prosecutor Maurene Comey - whose father James Comey famously refused to prosecute Hillary Clinton for mishandling classified information & then participated in the Russia collusion hoax - joined the prosecution against Combs. The younger Comey has previously worked as lead prosecutor on both the Jeffrey Epstein and Ghislaine Maxwell casesas well as that of former Epstein cellmate Nicholas Tartaglione.

...

Maurene Comey becamse a US attorney in the Southern District of New York in 2015.

In 2019, when she was just 30-years-old, Comey became one of the lead prosecutors in the Jeffrey Epstein case before he was found dead in his jail cell in August 2019.

Two years later, she became one of three lead prosecutors in the trial of Ghislaine Maxwell, Epstein's partner in crime and daughter of suspected Mossad operative Robert Maxwell

Before becoming a US attorney, Comey clerked for US District Court chief judge Loretta Preska of the SDNY - who notably oversaw a long-running defamation case filed by Epstein victim Virginia Giuffre against Maxwell.

Comey was also involved in the case of Nicholas Tartaglione, a former NYPD officer who was convicted of killing four men in 2016, and who was briefly Epstein's cellmate in the Manhattan Metro Correctional Center. Tartaglione claims to have helped Epstein after 'finding him unconscious' (and totally not trying to kill him) prior to Epstein's actual death.

In 2016, Tartaglione suspected a man named Martin Luna had stolen money from him - for which "Tartaglione tortured Martin and then forced one of Martin’s nephews to watch as he strangled him to death with a zip-tie," according to a statement by the US Attorney's Office.

Two days after Epstein's death, NY Times reporter James B Stewart, who had spent 90 minutes with Epstein a year prior, wrote "The overriding impression I took away from our roughly 90-minute conversation was that Mr. Epstein knew an astonishing number of rich, famous and powerful people, and had photos to prove it. He also claimed to know a great deal about these people, some of it potentially damaging or embarrassing, including details about their supposed sexual proclivities and recreational drug use.

And so, whether this is just a case of 'it's a small world' or something a little (or a lot) less innocent, James Comey's daughter is now involved in a second case where high-profile celebrities and politicians may have been secretly filmed engaging in sexual activity with minors.

Comey's deep state tentacles make the cryptic Instragram post that much more unsettling. Might there be some hints in Comey's shitty novel? Donald Barr's Space Relations anyone?

https://www.zerohedge.com/political/86-47-former-fbi-director-comey-posts-then-deletes-creepy-threat-aimed-trump

Khanna: ‘Obvious now’ Biden ‘was not in a condition’ to run for reelection

 Rep. Ro Khanna (D-Calif.) said it’s “obvious now” that former President Biden “was not in a condition” to run for reelection, following new reporting from CNN’s Jake Tapper and Axios’s Alex Thompson.

Khanna, who was a surrogate for the Biden campaign in 2024, addressed his previous defense of the former president and said the party must admit it made a “mistake.”

“In my limited public interactions with the President, he appeared coherent,” Khanna wrote in a post Wednesday on social platform X.

“It is obvious now to me, based on @jaketapper and others reporting, that he was not in a condition to run for reelection, and he should have made the decision not to,” Khanna continued.

“We must be honest with people about our party’s mistake,” he added.

The statement from the California Democrat included a clip from an interview he did on Fox News’s “The Story with Martha MacCallum” in which Khanna was grilled over his defense of the former president and his mental acuity.

“Were you telling the truth back then?” MacCallum asked, after playing a montage of moments in which Khanna defended Biden’s mental acuity in the early months of 2024.

“I was,” Khanna responded. “I had met him a few times at public events, and he was, but of course, I didn’t have the full picture. I mean, I met him maybe two times on rope lines and at public events.”

Khanna said “obviously” there should have been an open primary and that, for Democrats “to move on and move forward,” they must “take accountability and be straightforward with the American people.”

His remarks come amid new reporting from excerpts of Tapper and Thompson’s forthcoming book, “Original Sin: President Biden’s Decline, Its Cover-Up, and His Disastrous Choice to Run Again.”

The reporting suggests members of the former president’s Cabinet were iced out toward the end of his term and that only a handful of long-time close advisers and members of his family would interact frequently with the president.

But Khanna said he doesn’t blame members of Biden’s inner circle for not intervening to stop him from running for reelection earlier.

A spokesperson for Biden criticized the forthcoming book in a statement to CNN.

“We continue to await anything that shows where Joe Biden had to make a presidential decision or where national security was threatened or where he was unable to do his job. In fact, the evidence points to the opposite – he was a very effective president,” the statement said, according to CNN.

https://thehill.com/homenews/campaign/5302861-house-democrat-obvious-now-biden-was-not-in-a-condition-to-run-for-reelection/