NASDAQ 100: Re-Balanced Index

By Staff Reporters

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The NASDAQ 100 is Getting Re-Balanced

Before the market opening today, NASDAQ shuffled the weighting of its NASDAQ 100 Index so that the biggest tech companies have less sway.

The issue is that the market caps of tech giants like Microsoft, Apple, and Nvidia have gotten so big recently that when we refer to “the NASDAQ,” we’re actually just talking about a few companies that hold outsized influence (even after the changes, Apple and Microsoft will account for 22% of the index’s weighting).

The re-balancing isn’t expected to have a meaningful impact on stock prices.

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PHILLIP MORRIS: Healthcare Revenue Down

By Staff Reporters

Philip Morris International Inc. abandoned a goal to get at least $1 billion of revenue from healthcare and wellness products next year following setbacks at companies it has acquired in the sector.

The tobacco company has built a health and wellness unit around the purchases of UK inhaler maker Vectura Group Plc and Fertin Pharma, the producer of a smoking-cessation aid. PMI just took a $680 million impairment charge after unsuccessful clinical trials for an inhalable aspirin product as well as slower-than-expected development of other products.

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PMI paid more than $1 billion for Vectura and about $820 million for Fertin in 2021. Vectura scientists faced a backlash after the acquisition, with the company getting kicked out of a medical conference due to its link to the tobacco industry.

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