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Good Morning!
Happy Wednesday! Let’s see what is moving markets:
👉 Eli Lilly takes on sleep
👉 Tesla fights Delaware
👉ECB rate cuts soon
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TREATMENT: Sleep Apnea
Eli Lilly announced on Wednesday that its weight loss drug Zepbound could potentially treat obstructive sleep apnea which is the most common sleep-related breathing disorder. This based on promising results from two advanced clinical trials. Despite high costs and limited insurance coverage, demand for the drug has surged due to its benefits for weight loss and diabetes management. The drug was more effective than a placebo in reducing symptoms of obstructive sleep apnea (OSA) in obese patients over a year, according to preliminary data.
Source: Reuters
Eli Lilly plans to present these results at an upcoming medical conference and seek approvals from the U.S. Food and Drug Administration and other international regulators. The FDA has already given Zepbound a fast-track designation for treating moderate-to-severe OSA in obese patients, which speeds up the review process.
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MUSK: $56 Billion Compensation
Tesla announced on Wednesday that it plans to ask shareholders to reinstate CEO Elon Musk's $56 billion compensation package, which was previously voided by a Delaware judge. The announcement was made in a preliminary proxy filing shortly after Tesla informed employees of a 10% workforce reduction.
Source: ABC
The company views the court ruling as a significant issue and also intends to propose relocating its state of incorporation from Delaware to Texas. However, these proposals are expected to be controversial. Tesla has re-engaged the proxy solicitor Innisfree M&A, which it last used in 2018, to help secure shareholder votes for these initiatives. The company expects to spend millions on this effort.
ECB: Rate Cuts
European Central Bank President Christine Lagarde said on Tuesday that the bank plans to cut interest rates soon, as long as there are no major disruptions. She noted that the ECB is closely watching oil prices due to potential conflicts in the Middle East, but the response to recent tensions has been moderate.
Source: CNBC
She made these comments after the bank indicated it might start reducing rates at its June meeting. Last Thursday, the ECB kept interest rates high but suggested cuts could be coming because inflation is decreasing. Lagarde did not comment on whether three rate cuts this year would be reasonable.
Headlines You Need To Know: 🎙
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