An Eli Lilly & Co. logo is seen on the cap of a pill bottle in this arranged photograph at a pharmacy in Princeton, Illinois. Eli Lilly on Tuesday forecast a higher-than-expected profit for 2020, citing growing demand for its medicines including diabetes drug Trulicity and psoriatic arthritis treatment Taltz. Lilly sees the possibility for two product approvals and up to three new launches in 2020. For fiscal year 2020, the company forecast sales between $23.60 billion and $24.10 billion. The co

The U.S. Food and Drug Administration has approved Pfizer and Astellas Pharma’s Xtandi to treat patients with a type of prostate cancer, the companies said on Monday. The drug can now also be used to treat patients with metastatic hormone-sensitive prostate cancer, a form of prostate cancer that spreads to other parts of the body. Pfizer said Xtandi, in combination with an anti-hormone therapy, reduced the risk of cancer spreading or deaths by 61% in men with the disease, compared to placebo plu

Signage in the background says”‘FCA Fiat Chrysler Automobiles,” to which Jeep belongs. The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world’s number four carmaker, sources said. Peugeot SA and Fiat Chrysler (FCA) in October announced a plan for a tie-up, with PSA’s Carlos Tavares as chief executive and FCA’s John Elkann as chairman. Both boards are expected to meet on Tuesday to

The Sackler family — owners of Purdue Pharma — transferred more than $10 billion in a decade from the OxyContin maker to its trusts and holding companies, the New York Times reported on Monday, citing a new audit commissioned by the drugmaker. The audit showed that from 2008 through 2017, Purdue’s payouts to the Sackler family totaled $10.7 billion, the report said. “These distribution numbers were known at the time the proposed settlement was agreed to by two dozen attorneys general and thousan

There’s a new leading bull on Wall Street. John Stoltzfus of Oppenheimer Asset Management is now at the top end of stock market projections for 2020, giving an S&P 500 target of 3500 for the year. That would be nearly a 10% climb for the index, which closed at just under the 3200 level on Monday. The projection includes a ratio of 20 times earnings, while the index currently trades at a ratio of about 18 times. Stoltzfus cites confidence in the Federal Reserve’s ability to navigate “uncertain wa

The MLB is also embroiled in a legal battle with Minor League Baseball over a proposal to cut ties with 42 clubs. Q: The battle with the Minor League Baseball continues to gain attention. I’m aware of six current instances where minor league franchises are looking to abandon the community they currently operate. I hope they encourage Minor League Baseball to stop running around on Capitol Hill and get in a negotiating room, and maybe we’ll get something done. They just continue to grind away to

Strategist Jim Paulsen expects 2020 to be another banner year for stocks. Since then, the S&P 500 is up about 10%. The S&P 500 has surged 27% this year while the Dow has risen 21%. “They [investors] have been piling into bonds and defensive stocks,” Paulsen said. “They’re going to have to come back to more of the cyclical areas of the stock market.”

The mission, as outlined in a website that launched Tuesday coinciding with a New York Times opinion piece, is simple: “Defeat President Trump and Trumpism at the ballot box.” In an interview, George Conway said that he encouraged the new super PAC to involve Anonymous, an unnamed Trump administration official who authored a recent book warning the public against Trump’s reelection. “I think the more the merrier,” George Conway told The Associated Press. The inception of the Lincoln Project is s

U.S. President Donald Trump listens during a roundtable discussion on the Governors’ Initiative on Regulatory Innovation in the Cabinet Room of the White House in Washington, D.C., U.S., on Monday, Dec. 16, 2019. President Donald Trump plans to sign spending bills Congress will rush to pass before the government shuts down, a top White House advisor said Tuesday. Congress needs to pass 12 appropriations bills — split into two packages — by Friday to avoid a shutdown. The spending legislation wil

Bed Bath & Beyond’s new CEO is making it clear he means business, as he has been tasked with turning an embattled retailer around. This marks CEO Mark Tritton’s first major maneuver since joining Bed Bath & Beyond from Target. The departures at Bed Bath & Beyond this week include the company’s chief merchandising officer, marketing officer, digital officer, its general counsel and chief administrative officer. Bed Bath & Beyond has seen a three-year decline in same-store sales, while its sales g

An emergency fund is an essential safety net that will offer financial protection when life doesn’t go as planned. If you want to save for a six-month emergency fund, multiply your monthly expenditure by six. For a nine-month emergency fund, you’d multiply by nine and so on. Getty | Prakasit Khuansuwan / EyeEmHow long should your emergency fund last? Tips for setting up an emergency fundSuccessfully saving for an emergency fund often requires a bit of strategic planning and discipline.

Johnson & Johnson products on a shelf in a store in New York. Johnson & Johnson is in for a strong new year, according to Morgan Stanley. The firm upgraded shares of Johnson & Johnson to overweight from neutral and hiked its 12-month price target to $170 from $145, as the company is “looking defensive again.” The pharmaceutical and consumer packaged goods company closed at $141.79 per share on Monday. “We see J&J’s defensiveness returning, resulting in multiple expansion and outperformance in 20

Boeing Chief Executive Dennis Muilenburg speaks during a press conference after the annual shareholders meeting at the Field Museum on April 29, 2019 in Chicago, Illinois. Boeing announced earnings fell 21 percent in the first quarter after multiple crashes of the company’s bestselling plane the 737 Max. (Photo by Jim Young-Pool/Getty Images)J.P. Morgan lowered its price target and said it that even though production of the 737 Max has been halted, the company is still burning over $1 billion a

Netflix is accelerating its growth overseas, but analysts are worried about whether the company can sustain the expansion amid increasing competition. For the first time, the streaming giant broke out its global subscriber growth and revenue into four key regions. The new disclosures showed the Asia-Pacific region revenue was up 153% in the past three years while membership grew 148% in the period. Growth in Europe, the Middle East and Africa also accelerated with membership rising by 132%. Howe

Employees work on Boeing 737 MAX airplanes at the Boeing Renton Factory in Renton, Washington on March 27, 2019. Boeing will still burn more than $1 billion a month even after halting 737 Max production, according to J.P. Morgan. Further, the planemaker is expected to support its suppliers until the 737 Max is cleared for flight, a key expense it must endure to maintain future production capability. “We estimate that Boeing is burning nearly $2 bn per month on the MAX but this will not drop to z

A man uses his mobile phone as he walks past advertising for the new iPhones outside the Apple store in Hong Kong on October 10, 2019. IPhone sales are shrinking big time in China, causing a wave of production cuts for Apple, according to Rosenblatt Securities. “Based on our recent channel checks, we believe Apple’s total iPhone sales in China were down ~-30% y/y in the month of November,” said Rosenblatt Securities research analyst Jun Zhang in a note to clients on Tuesday. Zhang believes consu

Here’s how Boeing’s 737 Max production halt may affect the US economyCNBC’s Steve Liesman and Phil LeBeau discuss how Boeing’s decision to suspend the 737 Max may affect the American economy.

Amazon blocks third-party sellers from using FedEx ground for Prime ordersAmazon will no longer allow third-party sellers to use FedEx ground for Prime deliveries. FedEx confirmed Amazon’s decision but said it will only impact a small number of shippers. CNBC’s Frank Holland reports from Seattle with more on Amazon’s shift to free next-day shipping this holiday season.

Despite the strong rally, investors have pulled $23.4 billion out of U.S. stock-based funds over the past year, according to Morningstar. Expectations are for the S&P 500 to peak at a bull market high of 3,322, according to the December Bank of America Global Research Fund Managers Survey. In addition to that one bullish data point in the BofA survey, there were other indications that the pros are looking for strong gains. The survey “confirms the bulls are back and are buying equities,” wrote M

Economists polled by Reuters had forecast housing starts increasing to a pace of 1.345 million units in November. Housing starts jumped 13.6% on a year-on-year basis in November. Building permits increased 1.4% to a rate of 1.482 million units in November, the highest level since May 2007. Single-family housing starts rose in the West and Northeast but fell in the Midwest and the populous South. Single-family housing building permits rose 0.8% to a rate of 918,000 units in November, the highest