The entire cannabis stock sector is resuming its downtrend. Stocks like Green Thumb Industries (GTBIF) and Canopy Growth (CGC) risk re-testing one-year lows. Yesterday, the Drug Enforcement Administration (DEA) scheduled a public hearing. The DEA will consider views on the U.S. Justice Department’s proposal to reclassify marijuana as a less dangerous drug.
The hearing is scheduled for December 2, which takes place after the U.S. Presidential election.
In the obesity drug sector, Eli Lilly (LLY) will gain market share after it cut prices by up to 50% for Zepbound. The firm will sell the GLP-1 receptor agonist for $399 at LillyDirect for the 2.5 mg dose. The 5.0 mg dose will cost $549. The D2C model cuts Walgreens (WBA) and CVSHealth (CVS) out. Pfizer (PFE) also launched PfizerForAll. The site will sell vaccines, medical tests, and various medicines for flu and migraines online.
In the technology sector, watch out for Intel (INTC) opening at below $20.00 today. Former board member Lip-Bu Tan left the position. Reuters reported that Tan has concerns about Intel’s turnaround plans.
Intel needs to slim its middle-management layer. It needs to shift marketing investments into research and development. By developing better CPUs compared to AMD (AMD) and cheaper graphics card products, Intel may turn its business around.
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