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Vaccine Stocks Dive on RFK

President-elect Donald Trump on Thursday announced that Robert F. Kennedy Jr. would be nominated as the Secretary of the Department of Health and Human Services, sharing the news on Truth Social. 

Kennedy, previously an independent presidential candidate, has been a controversial figure due to his outspoken stance on vaccines and health policies.

The announcement had an immediate impact on markets, particularly affecting pharmaceutical companies. 

You can read more on the matter here.

What’s going on?

• Republican States Sue SEC Over Crypto Enforcement Powers (theDeepDive)

• Russia Temporarily Limits Enriched-Uranium Supplies to US (Bloomberg)

• Canada Post workers go on strike Friday morning, disrupting deliveries (BNN)

• FTX Files Multiple Lawsuits to Recover Funds, Including $100 Million from Scaramucci (theDeepDive)

• UK economy stalls in third quarter (FT)

• Military readies evacuation plans for Canadians to flee Lebanon (Globe)

• Greenlight’s Einhorn Bets on Agricultural Machinery Despite Industry Slump (theDeepDive)

• GM lays off 1,000 employees amid reorganization, cost-cutting (CNBC)

• Galaxy’s Novogratz Sees Bumps for Trump’s Bitcoin Reserve Plan (theDeepDive)

• More than 10,000 foreign student acceptance letters may be fake, says top immigration official (Globe)

• Canadian Home Sales Post ‘October Surprise’ as Buyers Flood Back (Bloomberg)

What’s the latest?

• xAI: Elon Musk's xAI is raising up to $6 billion at a $50 billion valuation, with $5 billion from Middle Eastern sovereign funds and $1 billion from other investors. The funds will support acquiring 100,000 Nvidia chips and advancing Tesla's Full Self-Driving with the Memphis supercomputer. xAI's chatbot Grok, launched in 2023, competes with ChatGPT and Google's Bard. Musk is collaborating with President-elect Trump, whose AI policy emphasizes free speech and innovation.

• GM: General Motors will lay off about 1,000 salaried workers globally, primarily in North America, marking its third round of cuts this year. The move aims to optimize operations and prioritize EV and software development. GM employed 76,000 salaried workers at the end of 2023 and recently raised its 2024 earnings forecast to at least $14 billion.

• Strikes: Canada Post workers, represented by the Canadian Union of Postal Workers, have gone on strike, impacting 55,000 employees and halting mail and parcel deliveries. The union cites stalled progress on fair wages, safety, and other demands after nearly a year of negotiations. Canada Post confirmed delays and potential long-term disruption, while federal Labour Minister Steven MacKinnon has appointed a special mediator to assist in resolving the dispute.

• Retail Sales: U.S. retail sales rose 0.4% in October, driven by a 1.6% increase at auto dealers and growth in electronics and restaurant spending. Inflation has eased to 2.6%, enabling stronger consumer purchasing, though grocery sales remain stagnant due to still-high food prices. The National Retail Federation predicts holiday spending will rise 2.5%-3.5% from last year, supported by consumer confidence gains. Analysts are closely monitoring major retailers’ earnings for insights on spending trends post-election.

• Crypto: The crypto industry is optimistic about policy reforms under President-elect Donald Trump, who promised to be a "crypto president" with a lighter regulatory approach. Bitcoin surged above $90,000 amid this optimism, with expectations it could hit $100,000. Executives are advocating for pro-crypto banking access, a crypto advisory council, and regulatory changes at the SEC, including no-action letters for crypto firms. Crypto companies spent over $119 million supporting pro-crypto candidates, resulting in significant wins, including Ohio's Bernie Moreno, bolstering hopes for legislative advancements.

Aya Gold & Silver Q3 2024 earnings

The stock market and stuff

• Vaccine Stocks Plunge as Trump Taps RFK Jr. for Health Secretary (theDeepDive)

• Palantir shares rally to fresh record on plans for move to Nasdaq (Reuters)

• TSMC secures $11.6bn in funding as US Chips Act faces uncertain future (FT)

• First Gold Pour Boosts G Mining to $43M Revenue In First Quarter Of Production (theDeepDive)

In the juniors

• Steppe Gold’s $37.3M Revenue In Q3 2024 Undermined By Cost Disparities (theDeepDive)

• Numinus Sells Utah Clinics For US$3.53 Million (theDeepDive)

• Aya Gold & Silver Q3 2024: Profit Turns Red as Production Struggles in Transition Quarter (theDeepDive)

• Silvercorp Sees Positive Court Ruling On El Domo Project (theDeepDive)

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