Reuters | |

Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate, sending shares in Denmark’s first so-called meme stock tumbling 75% in early trading.

Shares in the biotech company, which has yet to have a drug approved or make money, have been on a roller-coaster recently — like other "meme stocks" influenced by chatter on social media — as investors took positions ahead of the U.S. Food and Drug Administration's (FDA) decision.

Kimberly Redmond | |

Microsoft Corporation’s chief executive officer Satya Nadella has been named chairman of the company’s board, the software giant announced Wednesday.

In a statement, Microsoft said that Nadella had been “unanimously elected” to replace John W. Thompson in the position. Thompson will stay on the board as lead independent director – a post he held from 2012 to 2014, the company said.

Kimberly Redmond | |

Alphabet Inc’s self-driving unit Waymo announced Wednesday it raised $2.5 billion in a second external funding round.

The funds from the round, which included more than 10 participants, will be used for advancing Waymo Driver, the company’s autonomous driving technology, and to grow its team, Waymo said in a press release.

Kimberly Redmond | |

The National Football League (NFL) has named Diageo plc (NYSE: DEO) as its first official spirits sponsor under a multiyear partnership announced Wednesday.

Financial terms and length of the deal were not disclosed in the announcement.

Kimberly Redmond | |

General Motors Company (NYSE: GM) plans to boost global spending on electric and autonomous vehicles to $35 billion through 2025, a 75% increase from the spending previously announced by the automaker.

In November 2020, GM upped its spending plans from $20 billion — a figure that was announced in March before the onset of the COVID-19 pandemic — to $27 billion.

Kimberly Redmond | |

Cyber security company McAfee Corp (Nasaq: MCFE) said it has detected a vulnerability in Peloton Interactive Inc’s (Nasdaq: PTON) stationary exercise bicycles that enables hackers to access the equipment’s screen and potentially spy on riders through its microphone and camera.

In a report released Wednesday, McAfee said the threat most likely affects Peloton Bike+ in public, shared locations, such as hotels or gyms, because an attacker needs to physically access the screen using a USB drive containing a malicious code.

Reuters | |

Citigroup Inc’s finance chief Mark Mason on Tuesday predicted a strong economic recovery this year as more people get vaccinated, but cautioned that may not translate into better profits for the bank because of a slowdown in institutional businesses and higher expenses.

"It's been a consumer-led recovery," Mason said at a virtual conference hosted by Morgan Stanley, particularly "driven by the significant take up that we've seen as it relates to vaccinations."

Reuters | |

Accounting firm PwC said on Tuesday it would invest $12 billion over five years to create 100,000 new jobs aimed at helping its clients grapple with climate and diversity reporting and also in artificial intelligence, as part of its new global strategy.

The new hires will come from mergers and acquisitions PwC completes and direct hires from competitors, Global Chairman Bob Moritz said in an interview. Of the 100,000 people PwC will hire, about 25,000 to 30,000 will be in the United States, and 10,000 of those will be from Black and LatinX communities, Moritz said.

AP News | |

IBM on Tuesday unveiled one of Europe’s most powerful quantum computers in Germany, boosting the country’s efforts to stay in the race for what’s considered a key technology of the future.

Quantum computers use subatomic particles to get around the limitations of traditional physics and perform calculations at far higher speeds than even the fastest existing supercomputers. While this was long seen as the preserve of arcane research, companies are increasingly hoping to harness quantum computers to develop new materials, drugs or artificial intelligence applications.

Reuters | |

Wall Street's record-breaking run for stock market flotations shows no signs of slowing down.

With more than six months until the year ends, U.S. initial public offerings have already totaled $171 billion, eclipsing the 2020 record of $168 billion, according to data from Dealogic.