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On CNBC’s &#34;Halftime Report Final Trades,&#34; Jason Snipe of Odyssey Capital Advisors named  Apollo Global Management, Inc.

Target, Apollo Global Management, Las Vegas Sands And More: CNBC&#39;s &#39;Final Trades&#39;

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ABBV

ALPMY

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FHLC

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HART

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According to the Global Data report, the pharma sector in Q3 2023 witnessed deals worth $28 billion, down 28% from the $54 billion recorded in Q2 2023. 

Upward Trajectory For Biotech/Pharma M&amp;A: Sector Trends Towards Pre-Pandemic Levels, Forecasts Positive For 2024

SHAK

On CNBC’s &#34;Halftime Report Final Trades,&#34;  Joshua Brown  of Ritholtz Wealth Management named  Shake Shack Inc (NYSE: SHAK)

Pfizer&#39;s Dividend Yield Is 5.7%, Plus Humana And Shake Shack On CNBC&#39;s &#39;Final Trades&#39;

Macro Economic Events

Economics

Beninga Closing Bell Update: Oil Rises, Healthcare Stocks Continue Lower, Tech Pulls Back On Rising Yields

On CNBC&rsquo;s &quot;<a href="https://www.cnbc.com/video/2024/03/08/final-trades-target-las-vegas-sands-apollo-global-and-the-iyh.html">Halftime Report Final Trades</a>,&quot; Jason Snipe of Odyssey Capital Advisors named Apollo Global Management, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/apo#NYSE">APO</a>) <a href="https://www.benzinga.com/m-a/24/03/37516928/tripadvisor-attracts-apollo-globals-interest-for-possible-buyout"> as his final trade. </a>
On March 8, Apollo Global Management appointed Chris McIntyre as Partner, Global Head of the Institutional Client Group and member of the firm&#39;s Leadership Team, effective April 15, 2024.
Stephanie Link of Hightower picked Las Vegas Sands Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lvs#NYSE">LVS</a>), adding that Macau is recovering.
On Jan. 24, Las Vegas Sands reported mixed results for its fourth quarter. The company reported quarterly adjusted earnings of 57 cents per share, missing the analyst consensus estimate of 61 cents, a 400% increase over losses of 19 cents per share from the same period last year. Las Vegas Sands reported quarterly sales of $2.92 billion, exceeding the analyst consensus estimate of $2.90 billion, a 160.97% increase over sales of $1.12 billion from the <a href="https://www.benzinga.com/news/earnings/24/01/36768438/las-vegas-sands-stock-rises-despite-mixed-q4-financial-results-the-details">same period last year</a>.
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
Shannon Saccocia of Boston Private named iShares U.S. Healthcare ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iyh#NYSE">IYH</a>).
Joseph Terranova of Virtus Investment Partners picked Target Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tgt#NYSE">TGT</a>) as his final trade.
On March 5, Target reported better-than-expected fourth-quarter earnings and issued FY24 outlook. The company reported fourth-quarter FY23 revenue growth of 1.7% year-on-year to $31.92 billion, beating the analyst consensus estimate of $31.83 billion.
Comparable sales declined 4.4% in the fourth quarter, reflecting comparable store sales declines of 5.4% and comparable digital sales decline of 0.7%. Adjusted EPS of $2.98 beat the analyst <a href="https://www.benzinga.com/news/earnings/24/03/37505665/these-analysts-boost-their-forecasts-on-target-after-upbeat-q4-earnings">consensus estimate of $2.42</a>.
Price Action:
Apollo Global Management shares fell 2% to close at $108.75 on Friday.
Las Vegas Sands shares rose 0.1% to close at $51.51 during Friday&rsquo;s session.
iShares U.S. Healthcare ETF fell 0.2% on Friday.
Shares of Target fell 1.1% to close at $169.72 on Friday. 
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/03/37553898/cramer-says-sprout-social-is-in-a-hot-spot-but-this-energy-stock-is-too-down-and-out"> Cramer Says Sprout Social Is In A &#39;Hot Spot,&#39; But This Energy Stock Is &#39;Too Down And Out&#39; &#39;</a>

Target, Apollo Global Management, Las Vegas Sands And More: CNBC's 'Final Trades'

According to the Global Data report, the pharma sector in Q3 2023 witnessed deals worth $28 billion, down 28% from the $54 billion recorded in Q2 2023.&nbsp;
Deal volume fell 9% from 242 deals in Q2 2023 to 221 M&amp;A deals in&nbsp;<a class="editor-rtfLink" href="https://www.globaldata.com/store/report/healthcare-industry-m-and-a-deals-by-theme-quarterly-analysis/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Q3</a>&nbsp;2023.
PricewaterhouseCoopers&nbsp;<a class="editor-rtfLink" href="https://www.pwc.com/us/en/industries/health-industries/library/pharma-life-sciences-deals-outlook.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">wrote</a>&nbsp;in its Pharmaceutical and Life Sciences: U.S. Deals 2024 Outlook. &quot;As regulators&#39; perspectives on key deal factors become better understood, there may be a return of larger deals, along with continued interest in the $5 billion to $15 billion deals to fill targeted strategic gaps.&quot;
&quot;Despite some stabilization in the macroeconomic environment and the potential for a soft landing in sight, continued geopolitical and regulatory uncertainty seems a given in 2024,&quot; PWC added in its report.
The pharmaceutical and life sciences sector experienced a notably robust year in 2023, nearing pre-pandemic levels in both M&amp;A deal value and volume, the PWC report added.&nbsp;
Anticipations for 2024 suggest continuing this trend, projecting comparable activity levels within the range of $225 billion to $275 billion across all subsectors.
Notable Deals in 2023
<ul>
<li>Pfizer Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) acquired&nbsp;Seagen Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sgen#NASDAQ">SGEN</a>)<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/12/36198526/pfizer-clears-required-regulatory-hurdles-to-complete-43b-seagen-acquisition" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">&nbsp;for $43 billion.</a></li>
<li>Bristol Myers Squibb &amp; Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bmy#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BMY</a>) agreed to acquire&nbsp;Karuna Therapeutics Inc&nbsp;KRTX for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/12/36360205/bristol-myers-squibb-scoops-up-schizophrenia-player-karuna-therapeutics-in-massive-14b-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">estimated cash acquired</a>.&nbsp;</li>
<li>Merck &amp; Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrk#NYSE">MRK</a>) acquired&nbsp;Prometheus Biosciences&nbsp;for $200.00 per share in cash for a total equity&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/08/33491400/merck-swings-into-q2-loss-on-prometheus-biosciences-acquisition-charge-but-raises-fy23-revenue-ou" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">value of ~$10.8 billion</a>.</li>
<li>AbbVie Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/abbv#NYSE">ABBV</a>) to acquire&nbsp;ImmunoGen Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/imgn#NASDAQ">IMGN</a>) and its flagship cancer therapy Elahere, for $31.26 per share in cash. The transaction values ImmunoGen at a total equity value of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/11/36020779/immunogens-flagship-cancer-therapy-draws-abbvies-attention-with-10-1b-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">approximately $10.1 billion</a>.&nbsp;</li>
<li>AbbVie Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/abbv#NYSE">ABBV</a>) will acquire psychiatric and neurological disorders player&nbsp;Cerevel Therapeutics Holdings, Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/cere#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CERE</a>) for $45 per share in cash with a total equity value of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/12/36138161/why-cerevel-therapeutics-stock-is-higher" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">approximately $8.7 billion</a>.</li>
<li>Biogen Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/biib#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BIIB</a>) agreed to acquire&nbsp;Reata Pharmaceuticals Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/reta#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RETA</a>) for $172.50 per share in cash, reflecting an enterprise value of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/07/33440534/biogen-bolsters-rare-disease-portfolio-agrees-to-buy-reata-pharmaceuticals-with-enterprise-value-" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">approximately $7.3 billion</a>.</li>
<li>Bristol Myers Squibb &amp; Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bmy#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BMY</a>) agreed to purchase&nbsp;Mirati&nbsp;Therapeutics Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mrtx#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MRTX</a>) at $58.00 per share in cash, amounting to an overall equity valuation of $4.8 billion, with an additional Contingent Value Right at $12.00 per share in cash, offering an extra&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/10/35141493/bristol-myers-squibb-strengthens-oncology-portfolio-with-mirati-therapeutics-5b-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">$1.0 billion in value opportunity</a>.</li>
<li>Japanese healthcare company&nbsp;Astellas Pharma Inc&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/alpmy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ALPMY</a>) has agreed to buy&nbsp;Iveric Bio Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/isee#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ISEE</a>) for $40.00 per share in cash for a total equity value of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/05/32112605/astellas-pharma-acquires-iveric-bio-for-5-9b-to-focus-on-blindness-regeneration" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">approximately $5.9 billion</a>.</li>
<li>Most recently,&nbsp;Bristol Myers Squibb &amp; Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bmy#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BMY</a>) has agreed to acquire&nbsp;RayzeBio Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ryzb#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RYZB</a>) for $62.50 per share in cash, for a total equity value of approximately $4.1 billion, or $3.6 billion net of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/12/b36382478/bristol-myers-squibb-adds-premier-radiopharmaceutical-platform-with-acquisition-of-rayzebio" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">estimated cash acquired</a>.</li>
<li>Image by Steve Buissinne from Pixabay</li>
</ul>

ISEE

Upward Trajectory For Biotech/Pharma M&A: Sector Trends Towards Pre-Pandemic Levels, Forecasts Positive For 2024

On CNBC&rsquo;s &quot;<a href="https://www.cnbc.com/video/2023/12/12/final-trades-shake-shack-pfizer-humana-and-ishares-us-healthcare.html">Halftime Report Final Trades</a>,&quot; Joshua Brown of Ritholtz Wealth Management named Shake Shack Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/shak#NYSE">SHAK</a>)<a href="https://www.benzinga.com/quote/SHAK/news"> as his final trade.</a>
Shake Shack CEO Randy Garutti recently informed the board of his intention to retire in 2024 after the selection of a successor.
The New York-based burger chain continues to see fourth-quarter revenue of $276.25 million &mdash; $281.75 million <a href="https://www.benzinga.com/news/23/12/36177654/why-fast-casual-restaurant-chain-shake-shack-shares-are-shooting-higher-today">versus the consensus of $280.48 million.</a>
Stephen Weiss of Short Hills Capital Partners said Humana Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hum#NYSE">HUM</a>) has 15 times earnings.
Cigna Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ci#NYSE">CI</a>) reportedly ended its attempt to negotiate an acquisition deal with rival Humana after the pair <a href="https://www.benzinga.com/news/large-cap/23/12/36175629/why-is-cigna-stock-trading-higher-today">disagreed on price terms</a>.
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
Jenny Harrington of Gilman Hill Asset Management said Pfizer Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) has 5.7% dividend yield and 10 times earnings.
New York-based Pfizer agreed to donate the rights of royalties from sales of cancer drug Bavencio (avelumab) to the American Association for Cancer Research to address U.S. Federal Trade Commission concerns related to its <a href="https://www.benzinga.com/general/biotech/23/12/36198526/pfizer-clears-required-regulatory-hurdles-to-complete-43b-seagen-acquisition">$43-billion deal to buy</a> Seagen Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sgen#NASDAQ">SGEN</a>).
Pfizer expects to close the Seagen acquisition on Thursday, Dec. 14.
Shannon Saccocia of Boston Private picked iShares U.S. Healthcare ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iyh#NYSE">IYH</a>).
Price Action:
<ul>
<li>Shake Shack shares gained 0.9% to close at $67.42 on Tuesday.</li>
<li>Humana gained 1.1% to $481.94.</li>
<li>Pfizer gained 0.2% to $28.58.</li>
<li>iShares U.S. Healthcare ETF added 0.6% during Tuesday&rsquo;s session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/12/36195521/insiders-buying-delcath-systems-and-3-other-penny-stocks"> Insiders Buying Delcath Systems And 3 Other Penny Stocks</a>
Image: Shutterstock

Pfizer's Dividend Yield Is 5.7%, Plus Humana And Shake Shack On CNBC's 'Final Trades'

In a recent development in the&nbsp;<a href="https://www.benzinga.com/markets/options/23/12/36047595/a-closer-look-at-cigna-groups-options-market-dynamics">health insurance sector, Cigna Corporation</a> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ci#NYSE">CI</a>) has withdrawn from its proposed merger with Humana Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hum#NYSE">HUM</a>).
What Happened: The deal, poised to create a colossal entity in the industry with an estimated $140 billion, fell through due to disagreements over financial terms.
With the merger off the table, Cigna is redirecting its strategy towards smaller, targeted acquisitions, <a href="https://www.wsj.com/business/deals/cigna-calls-off-humana-pursuit-plans-big-stock-buyback-ae1c6b3c?mod=hp_lead_pos1">reports </a>The Wall Street Journal.
These acquisitions, described as &quot;bolt-on,&quot;&nbsp;signify a tactical pivot for the company. Initial discussions about Cigna acquiring Humana in a significant cash-and-stock transaction surfaced last month.
However, the&nbsp;proposal was met with skepticism from shareholders, leading to a notable decline in Cigna&#39;s stock value. Concerns centered on&nbsp;the proposed use of Cigna&#39;s stock in the transaction.
Rather than pursuing the acquisition, Cigna is planning&nbsp;a substantial stock buyback program. This initiative involves an additional $10 billion in stock repurchases, elevating the planned buybacks to $11.3 billion.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/options/23/11/35904850/this-is-what-whales-are-betting-on-cigna-group">This Is What Whales Are Betting On Cigna Group</a>
Despite abandoning the merger, Cigna has maintained&nbsp;a positive outlook on the potential benefits of a partnership with Humana, especially in improving healthcare access and reducing consumer costs.
Despite the current administration&#39;s stringent approach to mergers and acquisitions, Cigna remains&nbsp;confident that a deal with Humana would have been viable from a regulatory standpoint.
The company intends to use a significant portion of its discretionary cash flow for share buybacks in the coming year, including repurchasing at least $5 billion of common stock by mid-2024.
As Cigna explores the sale of its Medicare Advantage business, the collapse of the Humana deal leaves it potentially on the sidelines of a vital and growing insurance market segment.
After its $54 billion acquisition of Express Scripts Holding, Cigna has emerged as a key player in pharmacy benefits and is expanding its Evernorth health services unit.
Related stocks such as UnitedHealth Group Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unh#NYSE">UNH</a>) and Elevance Health Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/elv#NYSE">ELV</a>), along with ETFs like the Health Care Select Sector SPDR Fund (NYSEARCA: XLV) and the iShares U.S. Healthcare ETF (NYSEARCA: IYH), often see movements in response to significant industry developments like this.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/23/12/36157103/heres-how-much-you-would-have-made-owning-cigna-group-stock-in-the-last-10-years">Here&#39;s How Much You Would Have Made Owning Cigna Group Stock In The Last 10 Years</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

streetTRACKS Dow Jones U.S. Large Cap Value Index Fund

Cigna Drops Humana Merger, Opts For $10 Billion Buyback Strategy

On CNBC&rsquo;s &quot;<a href="https://www.cnbc.com/video/2023/12/01/final-trades-comerica-humana-cleveland-cliffs-more.html">Halftime Report Final Trades</a>,&quot; Shannon Saccocia of Boston Private named iShares U.S. Healthcare ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iyh#NYSE">IYH</a>) <a href="https://www.benzinga.com/markets/asia/23/08/34031892/tightening-financial-conditions"> as her final trade.</a>
Rob Sechan of NewEdge Wealth picked Comerica Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cma#NYSE">CMA</a>).
On Friday, Goldman Sachs analyst Ryan Nash maintained Comerica with a Neutral and raised the price target from $45 to $50.
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
Jim Lebenthal of Cerity Partners named Cleveland-Cliffs Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/clf#NYSE">CLF</a>) earnings as his final trade.
Cleveland-Cliffs, last month, announced price increases for hot rolled, cold rolled and coated steel products.
Stephen Weiss of Short Hills Capital Partners picked&nbsp;Humana Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hum#NYSE">HUM</a>), which closed higher on Friday.
Cigna Group and Humana are reportedly discussing a merger deal to create a new powerhouse in the health insurance industry.
Price Action: Comerica shares gained 6.6% to close at $48.20, while iShares U.S. Healthcare ETF shares rose 0.5% on Friday. Cleveland-Cliffs gained 6.4% to $18.26, while Humana gained 2.1% to settle at $495.21 during Friday&rsquo;s session. 
Check This Out: <a href="https://www.benzinga.com/news/earnings/23/12/36063278/saic-hawaiian-holdings-and-3-stocks-to-watch-heading-into-monday"> SAIC, Hawaiian Holdings And 3 Stocks To Watch Heading Into Monday </a>

Humana, Comerica, Cleveland-Cliffs, And More: CNBC's 'Final Trades'

It has been &quot;a really tough year&quot; <a href="https://www.benzinga.com/topic/healthcare">for the healthcare sector</a>.
That&#39;s according to Shannon Saccocia of Boston Private, who appeared on CNBC&rsquo;s &quot;<a href="https://www.cnbc.com/video/2023/11/22/final-trades-cisco-burlington-more.html">Halftime Report Final Trades</a>.&quot;
Saccocia named iShares U.S. Healthcare ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iyh#NYSE">IYH</a>), adding that we are going to see &quot;some rotation back into the <a href="https://www.benzinga.com/news/23/10/35105244/lab-developed-tests-under-fda-scrutiny-what-it-means-for-startups"> sector next year.&quot; </a>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a>
Rob Sechan of NewEdge Wealth said Broadcom Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avgo#NASDAQ">AVGO</a>) trades cheap and has 62% operating margin.
Broadcom announced that it has <a href="https://www.benzinga.com/pressreleases/23/11/n35915437/broadcom-completes-acquisition-of-vmware">completed its acquisition</a> of VMware, Inc.
Jim Lebenthal of Cerity Partners said Cisco Systems, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/csco#NASDAQ">CSCO</a>) had a bad week, but it&rsquo;s now &quot;ready to recover.&quot;
Cisco Systems reported upbeat earnings for its first quarter but lowered its earnings and sales projections for 2024.
Joseph Terranova of Virtus Investment Partners picked Burlington Stores, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/burl#NYSE">BURL</a>).
Burlington reported third-quarter total revenue growth of 12% Y/Y to $2.289 billion, missing the <a href="https://www.benzinga.com/news/earnings/23/11/35897618/why-off-price-retailer-burlington-stores-shares-are-jumping-today">consensus of $2.31 billion</a>.
Price Action:
<ul>
<li>Broadcom shares fell 0.9% to close at $972.00</li>
<li>Cisco shares rose 0.6% to settle at $48.08 on Wednesday.</li>
<li>Burlington gained 4.1% to settle at $171.75</li>
<li>iShares U.S. Healthcare ETF gained 0.6% during Wednesday&rsquo;s session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/11/35911430/jim-cramer-calls-major-automaker-stock-a-wait-and-see-situation-i-want-to-see-the-quarte"> Jim Cramer Calls Major Automaker Stock A &#39;Wait And See Situation&#39; &mdash; &#39;I Want To See The Quarter&#39; </a>

AVGO

BURL

CSCO

Cisco, Burlington Stores, Broadcom And More On CNBC's 'Final Trades'

A proposed regulatory shift has injected uncertainty into the laboratory-testing market just as startups advance various tests to detect diseases sooner and personalize treatments.
Startups seizing advances in fields such as genomics and artificial intelligence are designing laboratory-developed tests to spot cancer and other illnesses before symptoms arise and to identify optimal therapies.
Lab-developed tests are created and carried out in a single lab.&nbsp;
Labs perform these tests on blood or other specimens shipped to them. Most genetic tests, for example, are lab-developed tests.
The FDA says it historically has exercised its discretion not to regulate such tests, thus allowing startups to introduce the tests quickly and at relatively low cost.
That would change under a proposal the FDA&nbsp;<a class="editor-rtfLink" href="https://www.fda.gov/medical-devices/in-vitro-diagnostics/laboratory-developed-tests" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">issued</a>&nbsp;Friday. The agency, citing concerns about the efficacy of lab-developed tests, said it plans to regulate these diagnostics.&nbsp;
As a result, many lab-developed tests would require review by the FDA before they can be sold.
But the agency&rsquo;s latest salvo leaves lab companies with less certainty about future regulation, complicating investment and product-development decisions, Wall Street Journal&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/articles/fda-proposal-casts-cloud-over-startups-in-lab-testing-market-57702b2f?mod=latest_headlines" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">noted</a>, citing some observers.
&ldquo;If the path to market becomes longer, less predictable and more expensive, that will affect our ability to invest and will affect the number of new diagnostics that come to market,&rdquo; said&nbsp;Greg Yap, a partner with venture firm Menlo Ventures.
For a startup, performing all tests in its lab appeals because that can simplify quality control, especially for new and complex diagnostics.
In the 1970s and 1980s, the FDA said, many lab-developed tests were lower-risk and used for specialized needs of local populations.&nbsp;
Today, they are applied much more widely, and modern lab tests pose more risks, according to the agency. It noted it is aware of lab-developed tests that led to over- or under-treatment for heart disease, patients being exposed to inappropriate therapies or not getting effective therapies, and incorrect diagnoses of diseases, including Alzheimer&rsquo;s.
The FDA proposes regulating lab-based tests as medical devices, which may impact costs and insurance reimbursements.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AGNG

Lab-Developed Tests Under FDA Scrutiny: What It Means For Startups

In our modern, high-speed society, many find themselves exhausted in the relentless chase for achievement. Yet, a&nbsp;concept from ancient China that dates back 2,000 years&nbsp;might offer a path to equilibrium and contentment. New York&#39;s psychologist, Dr. Junhong Cao, introduces us to the profound potential of &quot;wu wei&quot; <a href="https://www.benzinga.com/news/23/08/33778856/workplace-wisdom-lessons-in-happiness-from-a-90-year-old-with-a-74-year-career-at-dillards">in today&#39;s context.</a>
Unraveling &quot;Wu Wei&quot; 
Over her extensive 15-year career, Dr. Junhong Cao has identified the negative impacts of our current &quot;go-getter&quot; mentality. She points to the millennia-old Chinese notion of &quot;wu wei&quot; &ndash; best described as &quot;action through inaction&quot; &ndash; as a counterbalance, in an&nbsp;<a href="https://www.cnbc.com/2023/07/12/2000-year-old-chinese-mindset-can-make-you-more-successful-in-life-says-psychologist.html" target="_blank">article</a>&nbsp;published&nbsp;on CNBC.
This isn&#39;t about promoting laziness but suggests acting without undue stress or force. Adopting &quot;wu wei&quot; can pave the way for a harmonious life, diminishing anxiety and uplifting one&#39;s sense of fulfillment.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/23/06/32808655/grant-cardone-says-dont-save-your-money-the-only-thing-that-will-bring-you-true-wealth-is" target="_blank">Grant Cardone Says Quit Saving Your Money: &#39;The ONLY Thing That Will Bring You True Wealth Is...&#39;</a>
Guidelines for Embracing &quot;Wu Wei&quot; 
Dr. Cao provides actionable steps for those eager to weave this timeless wisdom into their everyday lives:
<ul>
<li>Welcoming Reality: Understand that life&#39;s course might diverge from our plans. It&#39;s more constructive to acknowledge, adjust, and proceed without being fixated on what could have been.</li>
<li>Valuing Flaws: Realize that flawlessness is a myth. It&#39;s vital to let events evolve organically and to grow from any hiccups encountered.</li>
<li>Being Present: Commit to the here and now. Echoing the words of Taoism&#39;s pioneer, Lao Tzu, who said that dwelling on the past leads to sorrow, overthinking the future breeds anxiety, and&nbsp;true serenity is found in the present.</li>
</ul>
For those investing in the mental well-being and health sectors, Dr. Cao&#39;s insights might resonate. ETFs such as the Health Care Select Sector SPDR Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xlv#NYSE">XLV</a>) and the iShares U.S. Healthcare ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iyh#NYSE">IYH</a>), could find value in these perspectives.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/23/06/32853534/this-millennial-ditched-us-for-bali-with-zero-savings-now-lives-in-luxury-on-140k-a-year">This Millennial Ditched US For Bali With Zero Savings, Now Lives In Luxury On $140K A Year</a>
This story is part of a new series of features on the subject of success,&nbsp;<a href="https://www.benzinga.com/topic/benzinga-inspire" target="_blank">Benzinga Inspire</a>.
This content was partially crafted with AI assistance and underwent scrutiny by Benzinga&#39;s editorial team before publication.
Image Credit: Shutterstock

Psychology

Beyond The Hustle: Embracing Ancient Chinese Wisdom To Combat Modern Day Burnout

Goldman Sachs&nbsp;compiled research suggesting the global pharmaceutical sector has approximately $700 billion available for M&amp;A and investments.
This significant financial reserve will be crucial as patents for some of the industry&#39;s blockbuster drugs are on the expiration cliff.
The pharmaceutical industry is experiencing strong interest in M&amp;A due to anticipated revenue erosion of approximately $200 billion by the end of the decade.
The latest examples include&nbsp;Astellas Pharma Inc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/alpmy#OTC">ALPMY</a>) acquiring American firm&nbsp;Iveric Bio Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/isee#NASDAQ">ISEE</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/05/32112605/astellas-pharma-acquires-iveric-bio-for-5-9b-to-focus-on-blindness-regeneration" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">for $5.9 billion</a>,&nbsp;Pfizer Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/03/31319372/seagens-43b-deal-to-double-pfizers-early-stage-oncology-pipeline-seagen-says-is-right-step" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">proposing a $43 billion</a>&nbsp;acquisition of&nbsp;Seagen Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sgen#NASDAQ">SGEN</a>),&nbsp;GSK plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gsk#NYSE">GSK</a>) agreeing to acquire&nbsp;BELLUS Health Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blu#NASDAQ">BLU</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/04/31847715/gsk-to-strengthen-specialty-medicines-and-respiratory-pipeline-with-2b-bellus-health-acquisition" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">for $2 billion</a>, and&nbsp;Merck &amp; Co Inc&nbsp;(NYSE: announcing to acquire&nbsp;Prometheus Biosciences Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rxdx#NASDAQ">RXDX</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/04/31825415/merck-acquires-prometheus-biosciences-for-10-8b-strengthening-its-immunology-pipeline" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">for $10.8 billion</a>.
Obesity drugs are generating significant investor enthusiasm, with forecasts suggesting a total addressable market&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/05/32317535/obesity-drug-achieves-15-weight-loss-zealand-pharma-boehringer-ingelheim-partnered-drug-may-compe" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">exceeding $100 billion</a>.
Promising developments in Alzheimer&#39;s, gene therapy, and other therapeutic modalities were discussed at the conference, indicating substantial innovation and scientific progress in these areas.
The healthcare sector had a challenging start to 2023, recording one of the worst first-half performances in three decades. Factors contributing to this include regulatory &amp; growth concerns, macroeconomic rotations, and investor preference for large-cap technology stocks. Sentiment within the sector remains cautious.
The application of AI and machine learning in healthcare remains an area of interest. Companies are witnessing the positive impact of these&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/06/33039774/ai-in-medical-field-hong-kong-company-takes-first-ai-generated-drug-candidate-to-clinic-targeting" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">technologies on their businesses</a>.
Despite the general caution, there are pockets of&nbsp;<a class="editor-rtfLink" href="https://www.goldmansachs.com/intelligence/pages/pharmaceutical-companies-have-700-billion-for-acquisition.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">optimism</a>. Management teams across various healthcare verticals reported strong Q2 procedure volumes, and in the investor survey, medical devices were identified as the most likely area to outperform.&nbsp;
Consumer-facing healthcare segments also demonstrated positivity, with robust demand and continued patient traffic recovery. The biopharma sector shows promise with promising innovation trends.
Policy and regulatory uncertainties emerged as a key concern in several presentations. The Inflation Reduction Act and its impact on drug pricing created&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/06/33081487/biden-administration-releases-revised-guidance-for-medicare-drug-price-negotiation-amid-industry-" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">various uncertain outcomes</a>.
Post-pandemic normalization trends continue to pose challenges for life sciences, tools, and managed care companies, which were beneficiaries during the pandemic.
Photo by Sharon McCutcheon on Unsplash

RXDX

Rydex ETF Trust Rydex S&P Equal Weight Health ETF

From AI to Obesity Drugs - Global Pharma Has $700B For M&A and Investments: Goldman Sachs

White House Press Secretary Says There Is Nothing In The Constitution That Prevents Medicare From Negotiating Lower Drug Prices

Politics

CMS Says New HHS Proposal Would Shed Light On Cost Of Prescription Drugs And Save States And Federal Government Money In Medicaid; Proposing Steps To Further Drive Down Prescription Drug Costs In Medicaid

Biden-Harris Administration Announces Proposal To Advance Prescription Drug Transparency In Medicaid

Legal

US Supreme Court Blocks Lower Court Restrictions On Abortion Pill Mifepristone While Litigation Proceeds

White House Says Department Of Justice, Department Of Health And Human Services Reviewing Obamacare Decision Made By Judge In Texas

U.S. Medicare Director Says Will Rank Top 10 Medicare Part D Drugs By Cost To Determine List For Negotiation Under IRA

In 2023, Biden-Harris Administration Will Begin Negotiation Process To Lower Drug Prices For People With Medicare

On CNBC&rsquo;s &ldquo;<a href="https://www.cnbc.com/video/2022/10/12/final-trades-progressive-dollar-general-seagate-more.html">Halftime Report Final Trades</a>,&rdquo; Courtney Garcia of Payne Capital Management said that health care is going to be among the outperformers. She recommended iShares US Healthcare ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iyh#NYSE">IYH</a>) as it includes some health care majors like UnitedHealth Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unh#NYSE">UNH</a>), Merck &amp; Co., Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrk#NYSE">MRK</a>), Pfizer Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) and Eli Lilly and Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lly#NYSE">LLY</a>).
CPI data is scheduled to be reported on Thursday and, if inflation continues to rise, &ldquo;this is something you want to be on,&rdquo; Garcia added.
Joseph Terranova of Virtus Investment Partners chose Progressive Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pgr#NYSE">PGR</a>). &ldquo;Insurance company, financials, own it,&rdquo; Terranova stated.
Check out other stocks making moves in the <a href="https://www.benzinga.com/premarket/">premarket</a>.
Stephanie Link of Hightower named Dollar General Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dg#NYSE">DG</a>) saying it is a combination of a discretionary name and a staples stock. &ldquo;So, it&rsquo;s a bit defensive,&rdquo; she added.
&ldquo;They offer value proposition for their customers. 80% of their revenues are consumables and so I think they will benefit as consumers trade down. Gross margins have been steady due to pricing as well as mix shift in products,&rdquo; Link said. She added that although the stock &ldquo;is not cheap,&rdquo; it is a &ldquo;defensive name in a challenging environment.&rdquo;
Jenny Harrington of Gilman Hill Asset Management said that Seagate Technology Holdings PLC&rsquo;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/stx#NASDAQ">STX</a>) stock seems to have bottomed. It has 5% dividend yield and trades at 11 times earnings, &ldquo;in a business that just has insatiable demand for hard disk drive storage,&rdquo; she added.

Health Care Exposure Ahead Of CPI Data, Progressive, Dollar General And Seagate Technology Feature On CNBC's 'Final Trades'

<a href="https://twitter.com/W7VOA/status/1511408970317144065" title="https://twitter.com/W7VOA/status/1511408970317144065">https://twitter.com/W7VOA/status/1511408970317144065</a>

US President Formally Signs Executive Order Directing Federal Agencies 'to do everything in their power to expand healthcare coverage'

On CNBC&rsquo;s &ldquo;<a href="https://www.cnbc.com/video/2022/01/19/final-trades-crowdstrike-microsoft-more.html">Halftime Report Final Trades</a>,&rdquo; Stephen Weiss of Short Hills Capital Partners said US Dollar Index (DXY) was his top pick.
Liz Young of BNY Mellon Investment Management cited iShares US Healthcare ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iyh#NYSE">IYH</a>)
Joseph Terranova of Virtus Investment Partners said he will be buying CrowdStrike Holdings Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crwd#NASDAQ">CRWD</a>), along with Adobe Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adbe#NASDAQ">ADBE</a>) and Invesco QQQ Trust Series 1 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>). Shares of CrowdStrike Holdings has lost more than 11% year to date.
Jon Najarian named Microsoft Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) as his pick. Microsoft&rsquo;s stock has shed more than 5% over the last five trading days.