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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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California state officials filed a lawsuit against one of the world’s top oil giants accusing Exxon Mobil of driving global pollution by running a “decades-long campaign of deception” that dramatically overstated the effectiveness of plastic recycling. The suit seeks “multiple billions of dollars” in civil damages from Exxon Mobil—a main producer of the petrochemicals used to make single-use plastics—California Attorney General Rob Bonta said.

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What’s up

• Smartsheet popped 6.47% on the news that Blackstone and Vista Equity Partners will pay $8.4 billion in cash to take the software maker private.
• Freeport-McMoRan gained 7.95% after the Chinese government announced stimulus plans. Shareholders are hopeful that more economic activity means more business for the copper miner.
• Liberty Broadband soared 25.92% thanks to its counterproposal to Charter Communications, asking for a higher payout before an acquisition takes place. Charter shares fell 2.49%.
• Thor Industries rose 6.18% after the RV company announced stronger-than-expected earnings.

What’s down

• Visa fell 5.36% as the US government sued it over an alleged debit card monopoly.
• Regeneron Pharmaceuticals dropped 4.21% due to a federal judge’s ruling that it cannot block a new product from rival pharma company Amgen that mimics its eye-care drug Eylea.

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Here’s where the major benchmarks ended:

• The S&P 500^® index (SPX) added 14.36 points (0.25%) to 5,732.93; the Dow Jones Industrial Average^® ($DJI) rose 83.57 points (0.20%) to 42,208.22; the NASDAQ Composite^® ($COMP) gained 100.25 points (0.56%) to 18,074.52.
• The 10-year Treasury note yield (TNX) finished unchanged at 3.74%.
• The CBOE Volatility Index^® (VIX) keeps setting new lows for September, dropping to 15.49.

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Boeing offers 30% raise in attempt to end strike. With 30,000 factory workers on strike and 737 production halted for a second week, the embattled aviation company offered to hike wages for union members higher than the original 25% increase over four years they voted to reject.

Seniors could see large increases to their Medicare Advantage costs in 2025 as major changes are underway for prescription plans.

German Chancellor Olaf Scholz warned Italian bank UniCredit against “unfriendly” acts after the bank upped its stake in Germany’s Commerzbank, eclipsing the country as its largest shareholder.

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