Stocks Pop On Leadership Shakeup

Two struggling retailers saw their shares pop today on news of leadership shakeups. 🔀

Dollar General announced former CEO Todd Vasos will return to lead the company again. Its stock price has fallen about 60% over the last year, driven by slowing sales growth and stakeholders criticizing the company for having an unsafe environment for employees and customers. 📉

He’ll replace Jeff Owen after less than a year in the role. Alongside this news, the company again reduced its full-year profit and same-store sales guidance. 

$DG shares jumped 7% after the bell, with sentiment on our platform leaning slightly toward “greedy.” However, we’ll have to wait and see how quickly its new CEO can turn the company and its share price around. 💵

Meanwhile, Walgreens Boots Alliance has tapped a healthcare industry veteran, Tim Wentworth, as CEO. He was most recently the CEO of a Cigna division that includes its pharmacy benefit manager. And was also the CEO of Express Scripts until Cigna’s 2018 acquisition of the company. 👨‍⚕️

The pharmacy chain is making a big bet on transforming itself into a broader healthcare company. With a healthcare veteran taking charge here, investors appear to be turning slightly more optimistic about its longer-term plans.

That optimism overshadowed the adjusted profit miss and downbeat full-year outlook the company delivered before the bell. $WBA shares rose 7% on the day, though sentiment on our platform remained firmly in the negative. So, we’ll have to see how things shake out as this leadership transition progresses. 👀

DWAC Bounces Back (Again)

We mentioned last week that investors were preparing for a politically driven 2024, and boy, that accelerated quickly. 😜

Trump-linked stocks Digital World Acquisition Corp, Phunware, and Rumble jumped sharply today after Ron DeSantis canceled his presidential run.

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Musk Threatens Tesla’s AI Ambitions

The primary bull case for Tesla is that it’s not an automobile company but a technology one. Part of the reason it’s able to command such a high valuation relative to its peers is because of that technology’s potential business impact way down the line, especially as it introduces newer developments like artificial intelligence (AI).

However, that bull case is facing an unlikely opposition…from Elon Musk himself. 🤦

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Biotech Buyout Spree Continues

It may be the last week of the year, but many companies are rushing to get deals done before year-end. Two significant transactions in the biotech space were announced today, so let’s dive in. 👇

The first deal involves RayzeBio, which raised $358 million via an initial public offering (IPO) just three months ago. However, its time as a public company is being cut short by Bristol Myers Squibb, which is acquiring the radiopharmaceutical therapeutics company for $62.50 per share in cash. 💰

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Thailand Scores Major EV Win

Thailand has been helping lead the electric vehicle (EV) push, with the second-biggest economy in Southeast Asia looking to achieve carbon neutrality by 2050. ♻️

The country is known as the “Detroit of Asia,” serving as a major manufacturing hub. As part of that, it’s looking to make 30% of its car output electric by 2030 so that it doesn’t lose its leadership position in the EV transition. Its government is putting up major funds to help fund that, approving $970 million in tax cuts and subsidies to help encourage demand and boost local production. ⚡

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