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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉Carl Icahn fined by SEC
👉Lowe’s earnings are in
👉Eli Lilly’s drug results
ICAHN: Fined By SEC
On Monday, the U.S. Securities and Exchange Commission (SEC) fined billionaire investor Carl Icahn and his company $2 million. The fine settles allegations that Icahn failed to disclose billions in personal margin loans secured against his Icahn Enterprises (IEP) stock. Without admitting or denying wrongdoing, Icahn agreed to pay $500,000, and his company will pay $1.5 million.
Source: Bloomberg
The SEC stated that Icahn had pledged 51% to 82% of IEP shares for margin loans, borrowing up to $5 billion, without informing shareholders or regulators. This issue was first brought to light in a May 2023 report by Hindenburg Research. Following the report, Icahn disclosed the loans in July.
🎯GRIT TAKE: This fine is essentially a…upgrade to VIP now to read the full GRIT Take!
EARNINGS: Lowe’s
Lowe’s cut its full-year forecast on Tuesday after quarterly sales declined, expecting weaker DIY spending. The company now forecasts sales between $82.7 billion and $83.2 billion, down from $84 billion to $85 billion. Comparable sales are expected to drop 3.5% to 4%, and adjusted earnings per share are now projected at $11.70 to $11.90, down from $12 to $12.30.
Source: CNBC
Lowe’s cited lower DIY sales and a challenging economic environment. Net income fell to $2.38 billion, or $4.17 per share, from $2.67 billion, or $4.56 per share, a year earlier. Sales fell for the sixth quarter, with comparable sales down 5.1%, though online and professional sales saw some growth.
DIABETES: Eli Lilly
Eli Lilly's weight loss drug tirzepatide reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes, according to a new study. The drug, used in Zepbound and Mounjaro, also led to significant weight loss, with participants losing an average of 22.9% of their body weight over three years.
Source: Med News
This could delay diabetes for many, as over one-third of Americans have prediabetes. Even after stopping the drug, participants had an 88% lower risk of developing diabetes compared to a placebo. Side effects were mostly mild, like nausea and diarrhea. Eli Lilly plans to share more details in November.
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📊 Warren Buffett
Source: GS Investing
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