Stock Movers: Pfizer, Best Buy, Nike
On this episode of Stock Movers: -Pfizer shares rise after President Donald Trump said he plans to order cuts to prescription drug costs to bring them in line with other countries. White House officials speaking this morning did say weight loss drugs and medicare will be an area of focus for action. -Best Buy shares rise after being a key beneficiary of weekend US-China talks Bloomberg Intelligence analysts estimates that retailers entered the year holding 1% less inventory than they had over the past three years, so the drop off in Chinese shipments would have had significant impact. -Nike shares rise. The company is another key beneficiary of the US-China talks -- half of all Nike brand shoes are made in Vietnam, but overall trade optimism is helping. Last week, the company announced changes to its senior leadership team and divided its Consumer, Product, and Brand leadership will now be divided into three distinct areas.
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Yahoo
15 minutes ago
- Yahoo
Tariff fight escalates as Trump appeals second court loss
The Trump administration is fighting to pause a second court ruling that blocked President Donald Trump's sweeping and so-called reciprocal tariffs, the signature economic policy of his second term. The administration's new appeal, filed Monday in the U.S. Court of Appeals for the D.C. Circuit, comes less than a week after a very similar court challenge played out in the U.S. Court of International Trade (CIT) in New York, and the U.S. Court of Appeals for the Federal Circuit in Washington. At issue in both cases is Trump's use of the International Emergency Economic Powers Act to enact his sweeping "Liberation Day" tariff plan. The plan, which Trump announced on April 2, invokes IEEPA for both his 10% baseline tariff on most U.S. trading partners and a so-called "reciprocal tariff" against other countries. Trump Tariff Plan Faces Uncertain Future As Court Battles Intensify Trump's use of the emergency law to invoke widespread tariffs was struck down unanimously last week by the three-judge CIT panel, which said the statute does not give Trump "unbounded" power to implement tariffs. However, the decision was almost immediately stayed by the U.S. Court of Appeals, allowing Trump's tariffs to continue. But in a lesser-discussed ruling on the very same day, U.S. District Judge Rudolph Contreras, an Obama appointee, determined that Trump's tariffs were unlawful under IEEPA. Read On The Fox News App Since the case before him had more limited reach than the case heard by the CIT – plaintiffs in the suit focused on harm to two small businesses, versus harm from the broader tariff plan – it went almost unnoticed in news headlines. But that changed on Monday. Trump Denounces Court's 'Political' Tariff Decision, Calls On Supreme Court To Act Quickly Lawyers for the Justice Department asked the U.S. Court of Appeals for the D.C. Circuit – a Washington-based but still separate court than the Federal Court of Appeals – to immediately stay the judge's ruling. They argued in their appeal that the judge's ruling against Trump's use of IEEPA undercuts his ability to use tariffs as a "credible threat" in trade talks, at a time when such negotiations "currently stand at a delicate juncture." "By holding the tariffs invalid, the district court's ruling usurps the President's authority and threatens to disrupt sensitive, ongoing negotiations with virtually every trading partner by undercutting the premise of those negotiations – that the tariffs are a credible threat," Trump lawyers said in the filing. Economists also seemed to share this view that the steep tariffs were more a negotiating tactic than an espousal of actual policy, which they noted in a series of interviews last week with Fox News Digital. Trump Tariff Plan Faces Uncertain Future As Court Battles Intensify The bottom line for the Trump administration "is that they need to get back to a place [where] they are using these huge reciprocal tariffs and all of that as a negotiating tactic," William Cline, an economist and senior fellow emeritus at the Peterson Institute for International Economics, said in an interview. Cline noted that this was the framework previously laid out by Treasury Secretary Scott Bessent, who had embraced the tariffs as more of an opening salvo for future trade talks, including between the U.S. and China. "I think the thing to keep in mind there is that Trump and Vance have this view that tariffs are beautiful because they will restore America's Rust Belt jobs and that they'll collect money while they're doing it, which will contribute to fiscal growth," said Cline, the former deputy managing director and chief economist of the Institute of International Finance. "Those are both fantasies." What comes next in the case remains to be seen. The White House said it will take its tariff fight to the Supreme Court if necessary. Counsel for the plaintiffs echoed that view in an interview with Fox News. But it's unclear if the Supreme Court would choose to take up the case, which comes at a time when Trump's relationship with the judiciary has come under increasing strain. In the 20 weeks since the start of his second White House term, lawyers for the Trump administration have filed 18 emergency appeals to the high court, indicating both the pace and breadth of the tense court article source: Tariff fight escalates as Trump appeals second court loss
Associated Press
16 minutes ago
- Associated Press
The 49ers complete trade to acquire edge rusher Bryce Huff from the Eagles for a mid-round pick
SANTA CLARA, Calif. (AP) — The San Francisco 49ers have completed the trade with the Philadelphia Eagles for edge rusher Bryce Huff. Huff restructured his contract with the Eagles last week to help facilitate the trade that will send a 2026 mid-round pick to Philadelphia and the teams announced it on Monday, pending a physical. Huff was set to make $17 million in fully guaranteed money this year. The Eagles will pay $9.05 million of that with the 49ers on the hook for the remaining $7.95 million, ESPN reported last week. The move to acquire Huff gives San Francisco another needed option at edge rusher across from star Nick Bosa and reunites Huff with Robert Saleh, who was his head coach at the New York Jets during his most productive season in 2023. Huff had 10 sacks that season and recorded 67 pressures on just 334 pass rush snaps, according to Pro Football Focus. Huff translated that breakthrough season into a three-year, $51.1 million deal with the Eagles. He had only 2 1/2 sacks and 23 pressures in his one season in Philadelphia, missing five games with a wrist injury. He was then a healthy scratch in the Super Bowl. Huff was originally an undrafted free agent by the Jets in 2020 out of Memphis. He had 7 1/2 sacks in his first three seasons before the breakthrough campaign under Saleh in 2023. The Niners were in need of another pass rusher after cutting Leonard Floyd early in the offseason. They drafted Mykel Williams 11th overall in April but had no other defensive end who had a season with at least five sacks in the NFL. Yetur Gross-Matos is the only other edge rusher on the roster with extensive experience. Gross-Matos had four sacks last season in his first year with San Francisco. The Eagles have undergone significant changes at edge rusher this offseason with Brandon Graham retiring and Josh Sweat leaving to sign with Arizona in free agency. Philadelphia is counting on increased contributions from returning players Nolan Smith and Jalyx Hunt and has also signed Azeez Ojulari and Joshua Uche in free agency. ___ AP NFL:
CBS News
18 minutes ago
- CBS News
San Francisco Police arrest suspect in hit-and-run that injured 5-year-old child
San Francisco Police on Monday said they arrested a suspect in a hit-and-run crash that seriously injured a child on May 24. The suspect was arrested on Sunday in Daly City. Police identified the suspect as 35-year-old Jonathan Tyler Lam. On May 24, a woman was walking with her 5-year-old, who was on a push bike, in the area of 31st Avenue and Clement Street. Police said that around 6:20 p.m., they were struck by a driver who then left the scene. The child was taken to the hospital, and on Monday, police said the child's injuries were life-threatening. Police said Lam was booked into the San Francisco County Jail on suspicion of felony hit-and-run.
