Category: 3. Business

  • Investors Just Endured a Brutally Volatile Week. What’s Next For the Stock Market?

    Investors Just Endured a Brutally Volatile Week. What’s Next For the Stock Market?

    Michael Nagle / Bloomberg via Getty Images

    A strong earnings report from AI bellwether Nvidia wasn’t enough to pull tech stocks out of their slump this week.

    • Tech stocks slumped this week as investors’ skepticism about the AI rally overpowered another strong earnings report from Nvidia, though many experts are optimistic that earnings growth will bring investors back.

    • Federal Reserve officials, meanwhile, are deeply divided about what to do at their policy meeting next month, adding uncertainty to an already anxious market.

    The stock market is in limbo. It could be there for a while.

    After weeks of softness in tech stocks, bulls were hoping a blowout earnings report from Nvidia (NVDA) would revive the faltering AI trade. They got strong earnings—but not the payout. Stocks sold off Thursday as the Cboe Volatility Index (VIX), or the “Fear Index,” jumped to its highest level since April’s tariff debacle.

    Stocks rebounded on Friday, but many of Wall Street’s favorite AI stocks—Nvidia, Broadcom (AVGO), Palantir (PLTR), Oracle (ORCL), and Vistra (VST)—fell yet again, indicating AI sentiment remains in the dumps. And market experts are now trying to navigate the road ahead after a week of confusing signals and volatile action.

    Tech stocks have fueled the bull market of the past three years, and will have a big impact on market sentiment and stock performance going forward. The Federal Reserve’s interest rate decision next month will also be pivotal in setting a direction for stocks.

    The AI rally has been imperiled before. Tech stocks slumped in July 2024 amid concerns about over-investing in AI, but they found their footing and moved higher through the end of the year. Overspending fears resurfaced in January when Chinese startup DeepSeek burst onto the scene. That setback, too, was short-lived.

    “We are going through another ‘DeepSeek Moment,’” wrote Wedbush analyst Dan Ives, one of Wall Street’s ardent tech bulls, on Friday. Ives compared today’s AI bubble debate to historical examples of tech skeptics getting it wrong, like dismissals of the iPhone in 2008 and Microsoft’s pivot to cloud computing in 2014.

    “This AI Revolution is just beginning today,” he wrote. “We believe tech stocks and the AI winners should be bought given our view this is Year 3 of what will be a 10-year cycle.”

    “The big risk to the tech sector—and thus the broader equity market—is not a sudden collapse in valuations,” wrote Barclays analyst Ajay Rajadhyaksha on Thursday. “It is that earnings—which have been on [an] absolute roll over the last 3 years—suddenly start to disappoint, which then sparks an exodus.”

    Rajadhyaksha doesn’t think such an outcome is likely, though he concedes there are AI-related risks that investors should keep an eye on. Tech companies are increasingly turning to credit markets to finance their AI investments, which, until recently, have been funded primarily by cash flows. That increases the wider economy’s exposure to the AI boom, and adds to tech’s interest-rate sensitivity. Power constraints, he said, could also force a slowdown in AI spending, possibly dealing a blow to “picks and shovels” suppliers like Nvidia.

    “A major change in market leadership appears unlikely absent a significant dislocation in the macro environment,” concludes Rajadhyaksha.

    The Federal Reserve’s December policy meeting could be another overhang that keeps stocks wayward in the next few weeks. Policymakers appear deeply divided on how aggressively to lower interest rates. Some see in signs of a weakening labor market good reason to cut rates despite evidence inflation is ticking higher. Their hawkish counterparts say economic uncertainty urges caution. The government shutdown has left behind gaps in official data.

    Yesterday’s September jobs report—the last snapshot of the labor market Fed officials will see before their meeting begins Dec. 9—sent conflicting signals. The U.S. added more jobs than expected, but the unemployment rate rose to its highest level in four years. Deutsche Bank economists on Thursday called the report a Rorschach test that gives each camp within the Fed plenty of ammunition to make its case.

    Experts say that the Fed’s rate decisions could be decisive in renewing or extinguishing the AI rally. Rate cuts, they argue, would likely fuel the rally by injecting liquidity into the market. If rates remain where they are, tech stocks could struggle to regain their momentum.

    Investors are highly uncertain about the Fed’s next steps. Futures market data has the odds of a December rate cut, considered a near certainty a month ago, below 40% yesterday. Those odds jumped back to 70% on Friday after one official indicated he was open to cutting next month.

    “In a vacuum of unclear rate and labor-market signals, markets are prone to exaggerated volatility, with short-term trading dominated by sentiment and technical structure,” wrote Bitunix analysts.

    Read the original article on Investopedia

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  • Squire Patton Boggs Advises on Winning Transactions from The Bond Buyers Deal of the Year Awards | 11 | 2025 | News

    Squire Patton Boggs Advises on Winning Transactions from The Bond Buyers Deal of the Year Awards | 11 | 2025 | News

    The Bond Buyer has announced the recipients of its annual Deal of the Year Awards, honoring outstanding achievement in municipal finance across 10 regional and supplemental categories. Squire Patton Boggs advised on three winning transactions recognized in the Midwest Region, Green Financing and Public-Private Partnership Financing categories.

    In the “Midwest Region” category, the firm served as bond and disclosure counsel to the Columbus Regional Airport for its approximately $1.21 billion issuance of AMT and non-AMT airport revenue bonds as its inaugural issuance to support a $2 billion capital program at John Glenn Columbus International. The transaction generated $4.11 billion in orders from 88 investors, expanding demand for AMT paper and allowing the Authority to advance $175 million of additional projects.

    The Squire Patton Boggs team was led by public and infrastructure finance partner Christopher J. Franzmann.

    In the “Green Financing” category, the firm served as co-bond counsel to the New York Transportation Development Corporation for its $1.95 billion green bond issuance for the JFK International Airport Terminal 6 Redevelopment. The financing advances a high-efficiency terminal program featuring rooftop solar, fully electric ground support, and stormwater capture and reuse. The transaction drew strong multi-segment investor demand that allowed the offering to be sizably upsized.

    The Squire Patton Boggs team was led by global head of transportation infrastructure finance and public and infrastructure finance partner Alethia N. Nancoo and public and infrastructure finance practice group leader and partner Catherine Z. Romanchek.

    In the “Public-Private Partnership Financing” category, the firm represented a consortium comprised of ACS Infrastructure, Acciona, and Meridiam for the Georgia SR 400 Express Lanes Project, which combined a record issuance of tax-exempt AMT bonds, the largest TIFIA loan to date, and a 50-year concession that delivered a $3.8 billion upfront concession fee to the State of Georgia while funding 16 miles of dynamically tolled lanes and future bus rapid transit improvements. The multibillion-dollar transportation project aims to improve safety, reduce congestion, and support multimodal mobility across metro Atlanta.

    The Squire Patton Boggs team was led by public and infrastructure finance counsel Gregory V. Johnson, Denver managing partner and environmental, safety and health global chair Peter S. Gould, and public policy partner Austin Harrison.

    “With a century-long tradition at the forefront of public finance, Squire Patton Boggs has uniquely positioned itself as a market leader, providing trusted bond counsel opinions,” said Ms. Romanchek. “Our diverse and innovative engagements showcase the strength of our Public & Infrastructure Finance team’s deep bench of talent and expertise, as well as the breadth of our national practice spanning more than a dozen offices. We are proud to contribute to projects that are shaping the municipal finance market and driving growth in the American economy.”

    The 2025 Deal of the Year Awards will be held on December 2 at Guastavino’s in New York City. All award winners are also finalists for the national Deal of the Year award, which will be announced at the close of the gala. Click here to view The Bond Buyer’s full list of honorees (subscription required).

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  • U.S. FDA Approves PADCEV® plus Keytruda® for Certain Patients with Bladder Cancer

    • PADCEV plus Keytruda is the first and only approved perioperative treatment regimen that can significantly improve survival over current standard of care (surgery alone) in cisplatin-ineligible patients with muscle-invasive bladder cancer
    • Approval is based on unprecedented data from the pivotal Phase 3 EV-303 trial showing a 60% reduction in the risk of disease recurrence, progression or death and a 50% reduction in the risk of death compared to surgery alone
    • Represents the first and only ADC and PD-1 inhibitor regimen for this patient population and a potential new standard of care

    Pfizer Inc. (NYSE: PFE) and Astellas Pharma Inc. (TSE: 4503, President and CEO: Naoki Okamura, “Astellas”) today announced that the U.S. Food and Drug Administration (FDA) has approved PADCEV® (enfortumab vedotin-ejfv), a Nectin-4 directed antibody-drug conjugate (ADC), in combination with the PD-1 inhibitor Keytruda® (pembrolizumab) or Keytruda QLEX™ (pembrolizumab and berahyaluronidase alfa-pmph), as neoadjuvant treatment and then continued after cystectomy (surgery) as adjuvant treatment for adult patients with muscle-invasive bladder cancer (MIBC) who are ineligible for cisplatin-containing chemotherapy.i The approval of this perioperative (before and after surgery) treatment was based on results from the pivotal Phase 3 EV-303 clinical trial (also known as KEYNOTE-905), which were presented during a Presidential Symposium at the European Society of Medical Oncology (ESMO) Congress 2025.

    Dr. Matthew Galsky, Lillian and Howard Stratton Professor of Medicine, Director of Genitourinary Medical Oncology, Mount Sinai Tisch Cancer Center, and EV-303 Investigator 
    “Enfortumab vedotin plus pembrolizumab is poised to address a critical unmet need. Half of patients with MIBC may experience cancer recurrence even after having their bladder removed, and many of these patients are ineligible to receive cisplatin. This approval, based on striking event-free and overall survival benefits, may represent an important practice-changing advance for these patients who’ve had no new options in decades.”

    Jeff Legos, PhD, MBA, Chief Oncology Officer, Pfizer 
    “Today’s approval, granted months earlier than anticipated, ushers in a new era of treatment for cisplatin-ineligible patients with MIBC who have long been underserved by existing treatments. PADCEV plus pembrolizumab is the first and only FDA-approved perioperative treatment regimen to demonstrate a meaningful survival advantage compared to surgery alone, positioning it to reshape the treatment landscape and bring new hope to patients and families.”

    In the EV-303 study, perioperative treatment with PADCEV plus pembrolizumab resulted in a 60% reduction in the risk of tumor recurrence, progression or death compared to surgery alone, meeting the primary endpoint of event-free survival (EFS) (Hazard Ratio [HR]=0.40; 95% confidence interval [CI]: 0.28-0.57; p<0.0001).The probability of remaining event free was 74.7% for patients who received the combination and 39.4% for patients treated with surgery only. The estimated median EFS has not yet been reached for the combination arm versus 15.7 months for the surgery arm. Data from the key secondary endpoint of overall survival (OS) showed that perioperative treatment with PADCEV plus pembrolizumab also resulted in a 50% reduction in the risk of death as compared to surgery alone (HR=0.50; 95% CI: 0.33-0.74; p=0.0002). The probability of survival at two years was 79.7% for patients who received the combination relative to 63.1% for patients treated with surgery only. The estimated median OS has not yet been reached for the combination arm versus 41.7 months for the surgery arm.ii

    Moitreyee Chatterjee-Kishore, PhD, MBA, Head of Oncology Development, Astellas 
    “Building on the combination’s established role in locally advanced or metastatic urothelial cancer where it is has become standard of care in the U.S., PADCEV plus pembrolizumab now has the potential to redefine care in an earlier disease setting as the only antibody-drug conjugate and PD-1 inhibitor regimen for cisplatin-ineligible patients with MIBC. The approval underscores our unwavering commitment to expanding the reach of this innovative combination to more eligible patients with bladder cancer.”

    The safety results in EV-303 were consistent with those previously reported for this combination, and there were no new safety signals. The most common (≥20%) adverse reactions, including laboratory abnormalities, in patients treated with PADCEV plus intravenous pembrolizumab were increased glucose, decreased hemoglobin, increased aspartate aminotransferase, rash, increased alanine aminotransferase, fatigue, pruritus, increased creatinine, decreased sodium, decreased lymphocytes, peripheral neuropathy, increased potassium, alopecia, dysgeusia, diarrhea, decreased appetite, constipation, nausea, decreased phosphate, urinary tract infection, dry eye, and decreased weight. Grade ≥ 3 AEs due to any cause occurred in 71.3% of patients treated in the combination arm and 45.9% of patients who were in the surgery arm.ii

    Please see Important Safety Information at the end of this press release, including BOXED WARNING for PADCEV (enfortumab vedotin-ejfv).

    Perioperative PADCEV plus pembrolizumab is also being evaluated in cisplatin-eligible patients with MIBC in the EV-304 Phase 3 clinical trial (also known as KEYNOTE-B15).

    About the EV-303/KEYNOTE-905 Trial 
    The EV-303 trial (also known as KEYNOTE-905) is an ongoing, open-label, randomized, three-arm, controlled, Phase 3 study evaluating neoadjuvant and adjuvant PADCEV in combination with pembrolizumab or neoadjuvant and adjuvant pembrolizumab versus surgery alone in patients with MIBC who are either not eligible for or declined cisplatin-based chemotherapy. Patients were randomized to receive either neoadjuvant and adjuvant pembrolizumab (arm A), surgery alone (arm B) or neoadjuvant and adjuvant PADCEV in combination with pembrolizumab (arm C).iii

    The primary endpoint of this trial is EFS between arm C and arm B, defined as time from randomization to the first of: disease progression preventing curative surgery, failure to undergo surgery for participants with muscle invasive residual disease, incomplete surgical resection, local or distant recurrence after surgery, or death.i Key secondary endpoints include OS and pCR rate between arm C and arm B, as well as EFS, OS and pCR rate between arm A and arm B.viii

    For more information on the global EV-303 trial, go to clinicaltrials.gov.

    About Muscle-Invasive Bladder Cancer 
    Bladder cancer is the ninth most common cancer worldwide, diagnosed in more than 614,000 people each year globally, including an estimated 85,000 people in the U.S.iv,v MIBC represents approximately 30% of all bladder cancer cases.vi The standard treatment for patients with MIBC is neoadjuvant cisplatin-based chemotherapy followed by surgery, which has been shown to prolong survival.vii However, up to half of patients who are diagnosed with MIBC are not eligible to receive cisplatin and face limited treatment options, typically undergoing surgery without any systemic treatment.viii Of those who do undergo bladder surgery, one third are cisplatin-ineligible.

    About PADCEV® (enfortumab vedotin-ejfv) 
    PADCEV® (enfortumab vedotin-ejfv) is a first-in-class antibody-drug conjugate (ADC) that is directed against Nectin-4, a protein located on the surface of cells and highly expressed in bladder cancer.ix Nonclinical data suggest the anticancer activity of PADCEV is due to its binding to Nectin-4-expressing cells, followed by the internalization and release of the anti-tumor agent monomethyl auristatin E (MMAE) into the cell, which result in the cell not reproducing (cell cycle arrest) and in programmed cell death (apoptosis).i

    PADCEV plus pembrolizumab is also approved for the treatment of adult patients with locally advanced or metastatic urothelial cancer (la/mUC) in the United States, Japan and a number of other countries around the world. In the European Union, the combination is approved for the treatment of adult patients with la/mUC who are eligible for platinum-containing chemotherapy. PADCEV is also approved as a single agent for the treatment of adult patients with la/mUC who have previously received a PD-1/PD-L1 inhibitor and platinum-containing chemotherapy or are ineligible for cisplatin-containing chemotherapy and have previously received one or more prior lines of therapy.i

    BOXED WARNING: SERIOUS SKIN REACTIONS

    • PADCEV (enfortumab vedotin-ejfv) can cause severe and fatal cutaneous adverse reactions including Stevens-Johnson syndrome (SJS) and Toxic Epidermal Necrolysis (TEN), which occurred predominantly during the first cycle of treatment, but may occur later.
    • Closely monitor patients for skin reactions.
    • Immediately withhold PADCEV and consider referral for specialized care for suspected SJS or TEN or severe skin reactions.
    • Permanently discontinue PADCEV in patients with confirmed SJS or TEN; or Grade 4 or recurrent Grade 3 skin reactions.

    INDICATIONS

    PADCEV, in combination with pembrolizumab or pembrolizumab and berahyaluronidase alfa-pmph, as neoadjuvant treatment and then continued after cystectomy as adjuvant treatment, is indicated for the treatment of adult patients with muscle invasive bladder cancer (MIBC) who are ineligible for cisplatin-containing chemotherapy.

    PADCEV, in combination with pembrolizumab or pembrolizumab and berahyaluronidase alfa-pmph, is indicated for the treatment of adult patients with locally advanced or metastatic urothelial cancer (mUC).

    PADCEV, as a single agent, is indicated for the treatment of adult patients with locally advanced or mUC who:

    • have previously received a programmed death receptor-1 (PD-1) or programmed death-ligand 1 (PD-L1) inhibitor and platinum-containing chemotherapy, or
    • are ineligible for cisplatin-containing chemotherapy and have previously received one or more prior lines of therapy.

    IMPORTANT SAFETY INFORMATION

    WARNINGS AND PRECAUTIONS

    Skin reactions Severe cutaneous adverse reactions, including fatal cases of SJS or TEN occurred in patients treated with PADCEV. SJS and TEN occurred predominantly during the first cycle of treatment but may occur later.

    Skin reactions occurred in 61% (all grades) of the 167 patients treated with PADCEV in combination with intravenous pembrolizumab for the treatment of MIBC in clinical trials. The majority of skin reactions that occurred included rash and maculo-papular rash. Grade 3-4 skin reactions occurred in 10% of patients (Grade 3: 9%, Grade 4: 1.2%), including rash, maculo-papular rash, toxic skin eruption, dermatitis exfoliative generalized, erythema, exfoliative rash, skin toxicity, toxic epidermal necrolysis, and toxic erythema of chemotherapy. A fatal reaction of toxic epidermal necrolysis occurred in one patient (0.6%). The median time to onset of severe skin reactions was 0.6 months (range: 0.2 to 8.8 months). Skin reactions led to discontinuation of PADCEV in 10% of patients. Of the patients who experienced a skin reaction and had data regarding resolution (n=102), 83% had complete resolution and 17% had residual skin reactions at their last evaluation. Of the patients with residual skin reactions at last evaluation, 29% (5/17) had Grade ≥2 skin reactions.

    Skin reactions occurred in 70% (all grades) of the 564 patients treated with PADCEV in combination with intravenous pembrolizumab for the treatment of locally advanced or mUC in clinical trials. The majority of skin reactions that occurred included maculo-papular rash, macular rash, and papular rash. Grade 3-4 skin reactions occurred in 17% of patients (Grade 3: 16%, Grade 4: 1%), including maculo-papular rash, bullous dermatitis, dermatitis, exfoliative dermatitis, pemphigoid, rash, erythematous rash, macular rash, and papular rash. A fatal reaction of bullous dermatitis occurred in one patient (0.2%). The median time to onset of severe skin reactions was 1.7 months (range: 0.1 to 17.2 months). Skin reactions led to discontinuation of PADCEV in 6% of patients. Of the patients who experienced a skin reaction and had data regarding resolution (n= 391), 59% had complete resolution and 41% had residual skin reactions at their last evaluation. Of the patients with residual skin reactions at last evaluation, 27% (43/159) had Grade ≥2 skin reactions.

    Skin reactions occurred in 58% (all grades) of the 720 patients treated with PADCEV as a single agent in clinical trials. Twenty-three percent (23%) of patients had maculo-papular rash and 34% had pruritus. Grade 3-4 skin reactions occurred in 14% of patients, including maculo-papular rash, erythematous rash, rash or drug eruption, symmetrical drug-related intertriginous and flexural exanthema (SDRIFE), bullous dermatitis, exfoliative dermatitis, and palmar-plantar erythrodysesthesia. The median time to onset of severe skin reactions was 0.6 months (range: 0.1 to 8 months). Among patients experiencing a skin reaction leading to dose interruption who then restarted PADCEV (n=75), 24% of patients restarting at the same dose and 24% of patients restarting at a reduced dose experienced recurrent severe skin reactions. Skin reactions led to discontinuation of PADCEV in 3.1% of patients. Of the patients who experienced a skin reaction and had data regarding resolution (n=328), 58% had complete resolution and 42% had residual skin reactions at their last evaluation. Of the patients with residual skin reactions at last evaluation, 39% (53/137) had Grade ≥2 skin reactions.

    Monitor patients closely throughout treatment for skin reactions. Consider topical corticosteroids and antihistamines, as clinically indicated. For persistent or recurrent Grade 2 skin reactions, consider withholding PADCEV until Grade ≤1. Withhold PADCEV and refer for specialized care for suspected SJS, TEN or for Grade 3 skin reactions. Permanently discontinue PADCEV in patients with confirmed SJS or TEN; or Grade 4 or recurrent Grade 3 skin reactions.

    Hyperglycemia and diabetic ketoacidosis (DKA), including fatal events, occurred in patients with and without pre‑existing diabetes mellitus, treated with PADCEV. Patients with baseline hemoglobin A1C ≥8% were excluded from clinical trials. In clinical trials of PADCEV as a single agent, 17% of the 720 patients treated with PADCEV developed hyperglycemia of any grade; 7% of patients developed Grade 3-4 hyperglycemia (Grade 3: 6.5%, Grade 4: 0.6%). Fatal events of hyperglycemia and diabetic ketoacidosis occurred in one patient each (0.1%). The incidence of Grade 3-4 hyperglycemia increased consistently in patients with higher body mass index and in patients with higher baseline A1C. The median time to onset of hyperglycemia was 0.5 months (range: 0 to 20 months). Hyperglycemia led to discontinuation of PADCEV in 0.7% of patients. Five percent (5%) of patients required initiation of insulin therapy for treatment of hyperglycemia. Of the patients who initiated insulin therapy for treatment of hyperglycemia, 66% (23/35) discontinued insulin by the time of last evaluation. Closely monitor blood glucose levels in patients with, or at risk for, diabetes mellitus or hyperglycemia. If blood glucose is elevated (>250 mg/dL), withhold PADCEV.

    Pneumonitis/Interstitial lung disease (ILD) Severe, life-threatening or fatal pneumonitis/ILD occurred in patients treated with PADCEV.

    When PADCEV was given in combination with intravenous pembrolizumab for the treatment of MIBC, 4.2% of the 167 patients had pneumonitis/ILD of any grade. All events were Grade 1-2. The median time to onset of any grade pneumonitis/ILD was 2.5 months (range: 1.9 to 9.7 months).

    When PADCEV was given in combination with intravenous pembrolizumab for the treatment of locally advanced or mUC, 10% of the 564 patients had pneumonitis/ILD of any grade and 4% had Grade 3-4. A fatal event of pneumonitis/ILD occurred in two patients (0.4%). The median time to onset of any grade pneumonitis/ILD was 4 months (range: 0.3 to 26 months).

    In clinical trials of PADCEV as a single agent, 3% of the 720 patients treated with PADCEV had pneumonitis/ILD of any grade and 0.8% had Grade 3-4. The median time to onset of any grade pneumonitis/ILD was 2.9 months (range: 0.6 to 6 months).

    Monitor patients for signs and symptoms indicative of pneumonitis/ILD such as hypoxia, cough, dyspnea or interstitial infiltrates on radiologic exams. Evaluate and exclude infectious, neoplastic and other causes for such signs and symptoms through appropriate investigations. Withhold PADCEV for patients who develop Grade 2 pneumonitis/ILD and consider dose reduction. Permanently discontinue PADCEV in all patients with Grade 3 or 4 pneumonitis/ILD.

    Peripheral neuropathy (PN) When PADCEV was given in combination with intravenous pembrolizumab for the treatment of MIBC, 39% of the 167 patients had PN of any grade, 12% had Grade 2 neuropathy, and 3% had Grade 3 neuropathy. The median time to onset of Grade ≥2 PN was 4.7 months (range: 0.2 to 11 months). Of the patients who experienced neuropathy and had data regarding resolution (n=65), 32% had complete resolution, and 68% of patients had residual neuropathy at last evaluation. Of the patients with residual neuropathy at last evaluation, 27% (12/44) had Grade ≥2 neuropathy.

    When PADCEV was given in combination with intravenous pembrolizumab for the treatment of locally advanced or mUC, 67% of the 564 patients had PN of any grade, 36% had Grade 2 neuropathy, and 7% had Grade 3 neuropathy. The median time to onset of Grade ≥2 PN was 6 months (range: 0.3 to 25 months). Of the patients who experienced neuropathy and had data regarding resolution (n= 373), 13% had complete resolution, and 87% of patients had residual neuropathy at last evaluation. Of the patients with residual neuropathy at last evaluation, 45% (146/326) had Grade ≥2 neuropathy.

    PN occurred in 53% of the 720 patients treated with PADCEV as a single agent in clinical trials including 38% with sensory neuropathy, 8% with muscular weakness, and 7% with motor neuropathy. Thirty percent of patients experienced Grade 2 reactions and 5% experienced Grade 3-4 reactions. PN occurred in patients treated with PADCEV with or without preexisting PN. The median time to onset of Grade ≥2 PN was 4.9 months (range: 0.1 to 20 months). Neuropathy led to treatment discontinuation in 6% of patients. Of the patients who experienced neuropathy who had data regarding resolution (n= 296), 11% had complete resolution, and 89% had residual neuropathy at the time of their last evaluation. Of the patients with residual neuropathy at last evaluation, 50% (132/262) had Grade ≥2 neuropathy.

    Monitor patients for symptoms of new or worsening PN and consider dose interruption or dose reduction of PADCEV when PN occurs. Permanently discontinue PADCEV in patients who develop Grade >3 PN.

    Ocular disorders were reported in 40% of the 384 patients treated with PADCEV as a single agent in clinical trials in which ophthalmologic exams were scheduled. The majority of these events involved the cornea and included events associated with dry eye such as keratitis, blurred vision, increased lacrimation, conjunctivitis, limbal stem cell deficiency, and keratopathy. Dry eye symptoms occurred in 30% of patients, and blurred vision occurred in 10% of patients, during treatment with PADCEV. The median time to onset to symptomatic ocular disorder was 1.7 months (range: 0 to 30.6 months). Monitor patients for ocular disorders. Consider artificial tears for prophylaxis of dry eyes and ophthalmologic evaluation if ocular symptoms occur or do not resolve. Consider treatment with ophthalmic topical steroids, if indicated after an ophthalmic exam. Consider dose interruption or dose reduction of PADCEV for symptomatic ocular disorders.

    Infusion site extravasation Skin and soft tissue reactions secondary to extravasation have been observed after administration of PADCEV. Of the 720 patients treated with PADCEV as a single agent in clinical trials, 1% of patients experienced skin and soft tissue reactions, including 0.3% who experienced Grade 3-4 reactions. Reactions may be delayed. Erythema, swelling, increased temperature, and pain worsened until 2-7 days after extravasation and resolved within 1-4 weeks of peak. Two patients (0.3%) developed extravasation reactions with secondary cellulitis, bullae, or exfoliation. Ensure adequate venous access prior to starting PADCEV and monitor for possible extravasation during administration. If extravasation occurs, stop the infusion and monitor for adverse reactions.

    Embryo-fetal toxicity PADCEV can cause fetal harm when administered to a pregnant woman. Advise patients of the potential risk to the fetus. Advise female patients of reproductive potential to use effective contraception during PADCEV treatment and for 2 months after the last dose. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with PADCEV and for 4 months after the last dose.

    ADVERSE REACTIONS

    Most common adverse reactions, including laboratory abnormalities (≥20%):

    • PADCEV in combination with intravenous pembrolizumab for the treatment of MIBC: increased glucose, decreased hemoglobin, increased aspartate aminotransferase (AST), rash, increased alanine aminotransferase (ALT), fatigue, pruritus, increased creatinine, decreased sodium, decreased lymphocytes, peripheral neuropathy, increased potassium, alopecia, dysgeusia, diarrhea, decreased appetite, constipation, nausea, decreased phosphate, urinary tract infection, dry eye, and decreased weight.
    • PADCEV in combination with intravenous pembrolizumab for the treatment of locally advanced or mUC: increased AST, increased creatinine, rash, increased glucose, peripheral neuropathy, increased lipase, decreased lymphocytes, increased ALT, decreased hemoglobin, fatigue, decreased sodium, decreased phosphate, decreased albumin, pruritus, diarrhea, alopecia, decreased weight, decreased appetite, increased urate, decreased neutrophils, decreased potassium, dry eye, nausea, constipation, increased potassium, dysgeusia, urinary tract infection, and decreased platelets.
    • PADCEV as a single agent: increased glucose, increased AST, decreased lymphocytes, increased creatinine, rash, fatigue, peripheral neuropathy, decreased albumin, decreased hemoglobin, alopecia, decreased appetite, decreased neutrophils, decreased sodium, increased ALT, decreased phosphate, diarrhea, nausea, pruritus, increased urate, dry eye, dysgeusia, constipation, increased lipase, decreased weight, decreased platelets, abdominal pain, and dry skin.

    EV-303 Study: Patients with cisplatin-ineligible MIBC (PADCEV in combination with intravenous pembrolizumab)

    • Neoadjuvant phase: Of a total of 167 patients, serious adverse reactions occurred in 27% of patients receiving PADCEV in combination with intravenous pembrolizumab. The most frequent (≥2%) serious adverse reactions were urinary tract infection (3.6%) and hematuria (2.4%). Fatal adverse reactions occurred in 1.2% of patients including myasthenia gravis and toxic epidermal necrolysis (0.6% each). Additional fatal adverse reactions were reported in 2.7% of patients in the post-surgery phase before adjuvant treatment started, including sepsis and intestinal obstruction (1.4% each). Adverse reactions leading to discontinuation of PADCEV occurred in 22% of patients. The most common adverse reactions (≥1%) leading to discontinuation of PADCEV were rash (4.8%), peripheral neuropathy (2.4%), and diarrhea, dysgeusia, fatigue, pruritus, and toxic epidermal necrolysis (1.2% each). Adverse reactions leading to dose interruption of PADCEV occurred in 29% of patients. The most common adverse reactions (≥2%) leading to dose interruption of PADCEV were rash (8%), neutropenia (3.6%), and hyperglycemia (3%), and fatigue and peripheral neuropathy (2.4% each). Adverse reactions leading to dose reduction of PADCEV occurred in 13% of patients. The most common adverse reactions (≥1%) leading to dose reduction of PADCEV were rash (4.8%), pruritus (1.8%), and peripheral neuropathy, increased alanine aminotransferase, increased aspartate aminotransferase, decreased appetite, fatigue, neutropenia, and decreased weight (1.2% each). Seven (4.2%) patients did not receive surgery due to adverse reactions. The adverse reactions that led to cancellation of surgery were acute myocardial infarction, bile duct cancer, colon cancer, respiratory distress, urinary tract infection and deaths due to myasthenia gravis and toxic epidermal necrolysis (0.6% each). Of the 146 patients who received neoadjuvant treatment with PADCEV in combination with intravenous pembrolizumab and underwent RC, 6 (4.1%) patients experienced delay of surgery due to adverse reactions.
    • Adjuvant phase: Of the 149 patients who underwent surgery, 100 patients received adjuvant treatment with PADCEV in combination with intravenous pembrolizumab. Of the 49 patients who did not receive adjuvant treatment, discontinuation of treatment with PADCEV in combination with intravenous pembrolizumab prior to the adjuvant phase was due to an adverse event in 21 patients. Serious adverse reactions occurred in 43% of patients receiving PADCEV in combination with pembrolizumab. The most frequent (≥2%) serious adverse reactions were urinary tract infection (8%), acute kidney injury and pyelonephritis (5% each), urosepsis (4%), and hypokalemia, intestinal obstruction, and sepsis (2% each). Fatal adverse reactions occurred in 7% of patients, including urosepsis, hemorrhage intracranial, death, myocardial infarction, multiple organ dysfunction syndrome, and pneumonia pseudomonal (1% each). Adverse reactions leading to discontinuation of PADCEV occurred in 26% of patients. The most common adverse reactions (≥2%) leading to discontinuation of PADCEV were peripheral neuropathy (5%) and rash (4%). Adverse reactions leading to dose interruption of PADCEV occurred in 36% of patients. The most common adverse reactions (≥2%) leading to dose interruption of PADCEV were rash (6%), diarrhea and urinary tract infection (5% each), fatigue (4%), pruritus (3%), and peripheral neuropathy and pyelonephritis (2% each). Adverse reactions leading to dose reduction of PADCEV occurred in 7% of patients. The most common adverse reactions (≥2%) leading to dose reduction of PADCEV was weight decreased (2%).

    EV-302 Study: 440 patients with previously untreated la/mUC (PADCEV in combination with intravenous pembrolizumab) 
    Serious adverse reactions occurred in 50% of patients treated with PADCEV in combination with intravenous pembrolizumab. The most common serious adverse reactions (≥2%) were rash (6%), acute kidney injury (5%), pneumonitis/ILD (4.5%), urinary tract infection (3.6%), diarrhea (3.2%), pneumonia (2.3%), pyrexia (2%), and hyperglycemia (2%). Fatal adverse reactions occurred in 3.9% of patients treated with PADCEV in combination with intravenous pembrolizumab including acute respiratory failure (0.7%), pneumonia (0.5%), and pneumonitis/ILD (0.2%).

    Adverse reactions leading to discontinuation of PADCEV occurred in 35% of patients. The most common adverse reactions (≥2%) leading to discontinuation of PADCEV were PN (15%), rash (4.1%) and pneumonitis/ILD (2.3%). Adverse reactions leading to dose interruption of PADCEV occurred in 73% of patients. The most common adverse reactions (≥2%) leading to dose interruption of PADCEV were PN (22%), rash (16%), COVID-19 (10%), diarrhea (5%), pneumonitis/ILD (4.8%), fatigue (3.9%), hyperglycemia (3.6%), increased ALT (3%) and pruritus (2.5%). Adverse reactions leading to dose reduction of PADCEV occurred in 42% of patients. The most common adverse reactions (≥2%) leading to dose reduction of PADCEV were rash (16%), PN (13%) and fatigue (2.7%).

    EV-301 Study: 296 patients previously treated with a PD-1/L1 inhibitor and platinum-based chemotherapy (PADCEV monotherapy) 
    Serious adverse reactions occurred in 47% of patients treated with PADCEV; the most common (≥2%) were urinary tract infection, acute kidney injury (7% each), and pneumonia (5%). Fatal adverse reactions occurred in 3% of patients, including multiorgan dysfunction (1%), hepatic dysfunction, septic shock, hyperglycemia, pneumonitis/ILD, and pelvic abscess (0.3% each). Adverse reactions leading to discontinuation occurred in 17% of patients; the most common (≥2%) were PN (5%) and rash (4%). Adverse reactions leading to dose interruption occurred in 61% of patients; the most common (≥4%) were PN (23%), rash (11%), and fatigue (9%). Adverse reactions leading to dose reduction occurred in 34% of patients; the most common (≥2%) were PN (10%), rash (8%), decreased appetite, and fatigue (3% each).

    EV-201, Cohort 2 Study: 89 patients previously treated with a PD-1/L1 inhibitor and not eligible for cisplatin-based chemotherapy (PADCEV monotherapy) 
    Serious adverse reactions occurred in 39% of patients treated with PADCEV; the most common (≥3%) were pneumonia, sepsis, and diarrhea (5% each). Fatal adverse reactions occurred in 8% of patients, including acute kidney injury (2.2%), metabolic acidosis, sepsis, multiorgan dysfunction, pneumonia, and pneumonitis/ILD (1.1% each). Adverse reactions leading to discontinuation occurred in 20% of patients; the most common (≥2%) was PN (7%). Adverse reactions leading to dose interruption occurred in 60% of patients; the most common (≥3%) were PN (19%), rash (9%), fatigue (8%), diarrhea (5%), increased AST, and hyperglycemia (3% each). Adverse reactions leading to dose reduction occurred in 49% of patients; the most common (≥3%) were PN (19%), rash (11%), and fatigue (7%).

    DRUG INTERACTIONS

    Effects of other drugs on PADCEV (Dual P-gp and Strong CYP3A4 Inhibitors) 
    Concomitant use with dual P-gp and strong CYP3A4 inhibitors may increase unconjugated monomethyl auristatin E exposure, which may increase the incidence or severity of PADCEV toxicities. Closely monitor patients for signs of toxicity when PADCEV is given concomitantly with dual P-gp and strong CYP3A4 inhibitors.

    SPECIFIC POPULATIONS

    Lactation Advise lactating women not to breastfeed during treatment with PADCEV and for 3 weeks after the last dose.

    Hepatic impairment Avoid the use of PADCEV in patients with moderate or severe hepatic impairment.

    Please see full Prescribing Information, including BOXED WARNING.

    About Pfizer Oncology 
    At Pfizer Oncology, we are at the forefront of a new era in cancer care. Our industry-leading portfolio and extensive pipeline includes three core mechanisms of action to attack cancer from multiple angles, including small molecules, antibody-drug conjugates (ADCs), and multispecific antibodies, including other immune-oncology biologics. We are focused on delivering transformative therapies in some of the world’s most common cancers, including breast cancer, genitourinary cancer, hematology-oncology, and thoracic cancers, which includes lung cancer. Driven by science, we are committed to accelerating breakthroughs to help people with cancer live better and longer lives.

    About Astellas 
    Astellas is a global life sciences company committed to turning innovative science into VALUE for patients. We provide transformative therapies in disease areas that include oncology, ophthalmology, urology, immunology and women’s health. Through our research and development programs, we are pioneering new healthcare solutions for diseases with high unmet medical need. Learn more at www.astellas.com.

    About the Pfizer, Astellas and Merck Collaboration 
    Seagen and Astellas previously entered a clinical collaboration agreement with Merck to evaluate the combination of Seagen’s and Astellas’ PADCEV® (enfortumab vedotin) and Merck’s Keytruda® (pembrolizumab) in patients with muscle-invasive bladder cancer (MIBC) who are not eligible for or declined cisplatin-based chemotherapy. Pfizer Inc. successfully completed its acquisition of Seagen on December 14, 2023. Keytruda is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Rahway, NJ, USA (known as MSD outside of the United States and Canada).

    Astellas Cautionary Notes 
    In this press release, statements made with respect to current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Astellas. These statements are based on management’s current assumptions and beliefs in light of the information currently available to it and involve known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such factors include, but are not limited to: (i) changes in general economic conditions and in laws and regulations, relating to pharmaceutical markets, (ii) currency exchange rate fluctuations, (iii) delays in new product launches, (iv) the inability of Astellas to market existing and new products effectively, (v) the inability of Astellas to continue to effectively research and develop products accepted by customers in highly competitive markets, and (vi) infringements of Astellas’ intellectual property rights by third parties. Information about pharmaceutical products (including products currently in development) which is included in this press release is not intended to constitute an advertisement or medical advice.

    Pfizer Disclosure Notice 
    The information contained in this release is as of November 21, 2025. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

    This release contains forward-looking information about Pfizer Oncology and PADCEV® (enfortumab vedotin-ejfv) in combination with pembrolizumab or pembrolizumab andberahyaluronidase alfa-pmph in cisplatin-ineligible patients with muscle-invasive bladder cancer, including their potential benefits and an approval in the U.S. for the combination as a neoadjuvant treatment and then continued after cystectomy as adjuvant treatment for adult patients with muscle-invasive bladder cancer who are ineligible for cisplatin-containing chemotherapy that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risk and uncertainties include, among other things, uncertainties regarding the commercial success of PADCEV; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; risks associated with interim data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when any applications may be filed with regulatory authorities in particular jurisdictions for any potential indication for PADCEV with pembrolizumab or as a single agent; whether and when any applications that may be pending or filed for PADCEV with pembrolizumab or as a single agent may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether PADCEV with pembrolizumab or as a single agent will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of PADCEV with pembrolizumab or as a single agent; whether the collaboration between Pfizer, Astellas and Merck will be successful; risks and uncertainties related to issued or future executive orders or other new, or changes in, laws or regulations; uncertainties regarding the impact of COVID-19 on Pfizer’s business, operations and financial results; and competitive developments.

    A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.

    ________________________
       

    i PADCEV [package insert]. Northbrook, IL: Astellas Pharma US, Inc.

    ii Vulsteke C., et al. Perioperative enfortumab vedotin plus pembrolizumab in participants with muscle-invasive bladder cancer who are cisplatin-ineligible: phase 3 KEYNOTE-905 study. ESMO Congress 2025, Berlin, Germany; 17-21 Oct2025. Abstract LBA2.

    iii National Institute of Health. National Library of Medicine. Perioperative Pembrolizumab (MK-3475) Plus Cystectomy or Perioperative Pembrolizumab Plus Enfortumab Vedotin Plus Cystectomy Versus Cystectomy Alone in Participants Who Are Cisplatin-ineligible or Decline Cisplatin With Muscle-invasive Bladder Cancer (MK-3475-905/ KEYNOTE-905/ EV-303. ClinicalTrials.gov identifier: NCT03924895. Published July 24, 2019. Updated June 17, 2025. Accessed November 14, 2025. Available at: https://clinicaltrials.gov/study/NCT03924895?term=AREA%5BBasicSearch%5D(myosarcoma)&rank=3

    iv World Bladder Cancer Patient Coalition. GLOBOCAN 2022: Bladder cancer 9th most common worldwide. Accessed November 14, 2025. Available at: https://worldbladdercancer.org/news_events/globocan-2022-bladder-cancer-is-the-9th-most-commonly-diagnosed-worldwide/

    v American Cancer Society. Cancer Facts & Figures 2025. Accessed November 14, 2025. Available at: https://www.cancer.org/research/cancer-facts-statistics/all-cancer-facts-figures/2025-cancer-facts-figures.html

    vi Bladder Cancer Awareness Network. What is Muscle Invasive Bladder Cancer? Accessed November 14, 2025. Available at: https://bcan.org/what-is-muscle-invasive-bladder-cancer/#:~:text=When%20tumors%20grow%20into%20or,Virginia%20Health%20System%20explain%20MIBC

    vii Funt SA, Rosenberg JE. Systemic, perioperative management of muscle-invasive bladder cancer and future horizons. Nat Rev Clin Oncol. 2017 Apr;14(4):221-234. doi: 10.1038/nrclinonc.2016.188. Epub 2016 Nov 22. PMID: 27874062; PMCID: PMC6054138.

    viii Esteban-Villarrubia J, Torres-Jiménez J, Bueno-Bravo C, García-Mondaray R, Subiela JD, Gajate P. Current and Future Landscape of Perioperative Treatment for Muscle-Invasive Bladder Cancer. Cancers (Basel). 2023 Jan 17;15(3):566. doi: 10.3390/cancers15030566. PMID: 36765525; PMCID: PMC9913718.

    ixChallita-Eid PM, Satpayev D, Yang P, et al. Enfortumab vedotin antibody-drug conjugate targeting nectin-4 is a highly potent therapeutic agent in multiple preclinical cancer models. Cancer Res 2016;76(10):3003-13.

     

    Source: Pfizer Inc.

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  • Figma sued for allegedly misusing customer data for AI training

    Figma sued for allegedly misusing customer data for AI training

    Nov 21 (Reuters) – Design software company Figma (FIG.N), opens new tab was hit with a proposed class action in California federal court on Friday for allegedly misusing its customers’ designs to train artificial intelligence models.
    The lawsuit said, opens new tab the company used its customers’ data and intellectual property without permission to train its generative AI tools, which according to the complaint led to San Francisco-based Figma’s “sky-high valuation” in a $1.2 billion initial public offering earlier this year.

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    “We do not use any customer data to train our models without explicit authorization to do so,” a Figma spokesperson said in a statement. “Even with that authorization, we take additional steps to de-identify that data and protect our customers’ privacy, and ensure that our training is focused on general patterns – not on customers’ unique content, concepts and ideas.”

    “This case underscores a simple and important principle: consumers and businesses have a right to ensure that their most sensitive and proprietary data and unique creative works are not being used to secretly train AI models,” plaintiffs’ attorney Carter Greenbaum of Greenbaum Olbrantz said in a statement.

    The lawsuit is one of a slew of cases brought against tech companies over their use of content without permission to train generative AI systems. Most of those lawsuits focus on copyright infringement claims, unlike the Figma lawsuit, which alleges the company stole customer trade secrets and illegally accessed their data.

    Founded in 2012, Figma provides cloud-based collaborative design tools, with a roster of marquee clients including Alphabet, Microsoft and Netflix. Figma has also partnered with OpenAI to integrate its app into ChatGPT.

    Firms like Figma are racing to integrate generative AI tools that automate tasks like image creation, layout suggestion and code generation. According to the lawsuit, Figma automatically opted users into allowing the company to use their data to train its AI software without informing them or receiving permission.

    “For years Figma promised its customers that Figma would not use their data for its own purposes, including to train its AI models,” the lawsuit said.

    The lawsuit said the value of Figma users’ intellectual property is “reasonably measured in the tens or hundreds of billions of dollars.” The plaintiffs requested an unspecified amount of monetary damages and a court order permanently blocking Figma from using AI models that violate its customers’ rights.

    The case is Khan v. Figma Inc, U.S. District Court for the Northern District of California, No. 3:25-cv-10054.

    For the proposed class: Carter Greenbaum and Casey Olbrantz of Greenbaum Olbrantz; Tina Wolfson, Robert Ahdoot and Theodore Maya of Ahdoot & Wolfson; Joseph Delich and Kyle Roche of Freedman Normand Friedland

    Reporting by Blake Brittain in Washington

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

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  • US government to nix October inflation report after history-making shutdown | Donald Trump News

    US government to nix October inflation report after history-making shutdown | Donald Trump News

    The United States Bureau of Labor Statistics (BLS) has announced it will not release inflation information for the month of October, citing the consequences of the recent government shutdown.

    On Friday, the bureau updated its website to say that certain October data would not be available, even now that government funding has been restored and normal operations have resumed.

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    “BLS could not collect October 2025 reference period survey data due to a lapse in appropriations,” it wrote in a statement. “BLS is unable to retroactively collect these data.”

    The cancelled data includes the Consumer Price Index (CPI) — a report that is commonly used to calculate inflation by measuring the changing costs of retail items — and the Real Earnings summary, which tracks wages among US workers.

    For some of the reports, including the Consumer Price Index, the bureau said it would use “nonsurvey data sources” to make calculations that would be included in a future report for the month of November.

    The November Consumer Price Index will also be published later than anticipated, on December 18.

    The most recent government shutdown was the longest in US history, spanning nearly 43 days.

    It began on October 1, after the US Congress missed a September 30 deadline to pass legislation to keep the government funded.

    Republicans had hoped to push through a continuing resolution that made no changes to current spending levels. But Democrats had baulked at the prospect, arguing that recent restrictions to government programmes had put healthcare out of reach for some US citizens.

    They also warned that insurance subsidies under the Affordable Care Act are set to expire by the end of the year. Without an extension to those subsidies, they said that insurance premiums for many Americans will spike.

    Republicans rejected the prospect of negotiating the issue until after their continuing resolution was passed. Democrats, meanwhile, feared that, if they passed the continuing resolution without changes, there would be no further opportunity to address healthcare spending before the end of the year.

    The two parties hit an impasse as a result. Non-essential government functions were halted during the shutdown, and many federal employees were furloughed.

    Only on November 10 did a breakthrough begin to emerge. Late that night, seven Democrats and one independent broke from their caucus to side with Republicans and pass a budget bill to fund the government through January 30.

    The bill was then approved by the House of Representatives on November 12, by a vote of 222 to 209. President Donald Trump signed the legislation into law that very same day.

    Trump had openly sought to leverage the shutdown to eliminate federal programmes he saw as benefitting Democratic strongholds.

    He also attempted to blame the political left for the lapse in government services, though he acknowledged public frustration with Republicans after Democrats won key elections in November.

    “If you read the pollsters, the shutdown was a big factor, negative for the Republicans,” he told a breakfast for Republican senators on November 5. “That was a big factor.”

    The Trump administration had warned as early as October that the month’s consumer price data would be negatively affected as a result of the shutdown.

    In a White House statement, Trump officials touted Trump’s economic record while slamming a potential lapse in the government’s collection of data. Once again, they angled the blame for any slowed economic growth at the Democrats.

    “Unfortunately, the Democrat Shutdown risks grinding that progress to a halt,” the statement said.

    “Because surveyors cannot deploy to the field, the White House has learned there will likely NOT be an inflation release next month for the first time in history — depriving policymakers and markets of critical data and risking economic calamity.”

    September’s Consumer Price Index, the most recent available, showed that inflation across all retail items rose about 3 percent over the previous 12-month period.

    For food alone, inflation for that period was estimated at 3.1 percent.

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  • MediaWorld Accidentally Sold iPads for €15 and Asked for Them Back: “It Was a Clear Mistake”

    MediaWorld Accidentally Sold iPads for €15 and Asked for Them Back: “It Was a Clear Mistake”

    On November 8, an offer for loyalty card holders appeared on the website of MediaWorld, a European electronics retailer. The deal: an iPad Air for 15 euros (about $17) instead of the usual €879 (about $1,012). No catch, no strings attached. The proximity to Black Friday only made the offer more plausible. And so several consumers immediately purchased the product by choosing the “payment and pickup in store” opetion, on paper the safest to avoid unexpected problems.

    The process was seamless, even for those ordering online. According to the accounts of some users on Reddit, their order was accepted, and after about 40 minutes they received an email confirming the availability of the product.

    In the store, the €15 payment went through successfully and MediaWorld delivered the iPads as expected. The terms and conditions attached to the order make no mention of any clause regarding pricing errors or the possibility for the company to request subsequent additions.

    MediaWorld’s About-Face

    Eleven days later, however, MediaWorld sent a simple email—not a formal communication via certified mail—stating that the published price was “clearly incorrect.” The company then asked affected customers to choose between two solutions: Keep the iPad and pay the difference to match the price, but with a €150 discount, or return it and receive a refund of the €15 and a €20 discount voucher for their inconvenience.

    MediaWorld’s Response

    Following the incident, WIRED contacted MediaWorld for comment. “We confirm that, in a very short period of time, due to a clearly recognizable technical error caused by an extraordinary and unexpected glitch on our ecommerce platform, some products were mistakenly displayed at prices that, due to their clear and objective disconnect from the true market value and the correct promotional price, should never have been displayed. This was a manifest error, making it economically unsustainable and not representative of our commercial offering,” a MediaWorld spokesperson explains.

    Regarding the subsequent intervention to try to recover the products sold, the representative added: “By virtue of the provisions of the current regulations, we found it necessary to intervene, resorting to a legal principle aimed at preserving the contractual balance in the event of an error of this magnitude. Our approach was to prioritize the relationship with the customer and to offer solutions that went beyond the mere application of law. For this reason, we promptly contacted all affected buyers, proposing two alternatives.”

    The MediaWorld spokesperson also confirmed to WIRED the two solutions first highlighted by Reddit users. “We offer product retention: The customer has the option to keep the purchased item, paying the difference between the price paid and the correct promotional price. We have also offered a further discount on the amount to be paid. Or return the product: The customer can choose to return the item free of charge, receiving a full refund of the amount already paid. In this case too, we have offered a MediaWorld shopping voucher. We firmly believe that these proposals demonstrate our willingness to support customers and maintain transparency and fairness. We continue to work to improve our shopping experience and maximum protection for our consumers.”

    The Legal Issue: Is the Error Really Recognizable?

    On the web, many lawyers point out that Article 1428 of the Italian Civil Code allows a contract to be voided if the error is fundamental and recognizable. But the issue, according to consumer lawyer Massimiliano Dona, is more nuanced than it seems.

    “The premise is that the November 19 letter—in which MediaWorld demanded the return or purchase of the iPad at near-real price—is not a formal warning or formal notice, especially if sent by ordinary mail, as it is a proposal for a binary agreement. If the consumer ignores it, MediaWorld will evaluate whether to take formal action,” Dona says.

    “That’s why the key issue is whether, from a legal standpoint, MediaWorld’s claim is well founded or not. To void a contract, it is necessary to demonstrate the consumer’s awareness of abusing the seller’s error. But to have this proof, it is not enough to claim that the 98 percent discount makes the error obvious in the eyes of the customer.” Furthermore, Dona also points to the fact that “today prices are not as standard as they once were. Between limited-time offers, flash sales, promotions, and contests (offered mainly on social or in apps), everything is more variable, plus now we are in the midst of the Black Friday discount season. Given these elements, perhaps we can consider it reasonable that the consumer thought it was an advertising technique.”

    How Does MediaWorld Test Consumer Awareness?

    Dona also claims that there is no threshold beyond which the customer must necessarily notice the mistake: “There are other factors to consider. If the buyer is Mrs. Maria, who finds a deal and decides to take it, that’s one thing. If, on the other hand, it’s someone who buys five tablets and then immediately puts them back on sale, or even someone who resells electronics for a living, that’s another matter. In that case, the awareness of the mistake would be more obvious.”

    The decisive issue, he says, is the recognizability of the error: “From a legal point of view, everything revolves around the buyer’s ability to recognize that the price was incorrect. This is the real deciding factor, which must be contextualized both with respect to sales channel used by MediaWorld and the buyer’s professionalism.”

    For now, then, the picture remains an evolving one: a public offer completed without dispute, a U-turn that came days later via email, and a legal assessment that would revolve around whether the consumer was able to recognize the error.

    This story originally appeared on WIRED Italia and has been translated from Italian.

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  • Elanco’s drug gets emergency nod to treat deadly flesh-eating parasite in cats

    Elanco’s drug gets emergency nod to treat deadly flesh-eating parasite in cats

    Nov 21 (Reuters) – The U.S. Food and Drug Administration on Friday authorized emergency use of Elanco Animal Health’s (ELAN.N), opens new tab chewable tablet to treat the infestation of a parasite in cats known as New World screwworm.

    Shares of the company were up more than 3% in afternoon trading.

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    The agency said it is the first time it has cleared a drug specifically for this use in cats and kittens. The authorization allows the drug, branded as Credelio CAT, to be used while U.S. health officials consider New World screwworm a potential public health emergency.

    The New World screwworm is a parasitic fly species whose larvae infest open wounds on warm-blooded animals, including livestock and humans.

    Most cats in the U.S. are at low risk of New World screwworm due to their geographic location, the agency said. Outdoor cats near the U.S.-Mexico border and cats that have traveled to countries where the parasite is found are more likely to be exposed.

    Credelio CAT will only be available with a prescription from a licensed veterinarian. The FDA said professional expertise is needed to watch for side effects and manage any problems that arise.

    Cat owners should speak with their veterinarian about whether the treatment is suitable for their animal, the FDA said.

    Credelio CAT was first approved by the FDA in 2019 to prevent fleas and ticks in cats and kittens.

    The drug’s active ingredient, lotilaner, is part of a widely used class of drugs for parasites. While these products are considered safe for most cats, they have been linked in some cases to nervous system side effects such as tremors, unsteady movement and seizures, the regulator said.

    Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Maju Samuel

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  • Ubisoft, Tencent agree 4 billion euro Vantage Studios tie-up – Reuters

    1. Ubisoft, Tencent agree 4 billion euro Vantage Studios tie-up  Reuters
    2. Ubisoft’s CFO Tells Employee’s That The Trading Halt of Stock is to “Limit Unnecessary Speculation”  Insider Gaming
    3. Ubisoft announces H1 earnings “ahead of expectations”, confirms Tencent deal to close “in coming days”  GamesIndustry.biz
    4. UBI: Net bookings up 20% YoY; Tencent deal to inject EUR 1.16B, supporting transformation and deleveraging  TradingView
    5. Ubisoft Says Assassin’s Creed Franchise ‘Exceeded Expectations,’ Driving Positive Financial Results — But While Mirage Hits a Fresh Milestone, Shadows’ Success Is Less Clear  IGN

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  • Gold Rises on Fresh Hopes for a December Rate Cut From the Federal Reserve

    Gold Rises on Fresh Hopes for a December Rate Cut From the Federal Reserve


    Delayed


    04:59:59 2025-11-21 pm EST

    5-day change 1st Jan Change

    1.1516 USD

    -0.15% -0.90% +11.24%

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  • Cloudflare Just Broke the Internet, But It’s Still a Red-Hot Buy – MarketBeat

    1. Cloudflare Just Broke the Internet, But It’s Still a Red-Hot Buy  MarketBeat
    2. Cloudflare outage on November 18, 2025  The Cloudflare Blog
    3. Cloudflare outage exposes Pakistan’s reliance on foreign internet systems  The Express Tribune
    4. Cloudflare says fix implemented, issue resolved after global outage  Dawn
    5. Cloudflare says ‘incident now resolved’ after outage causes error messages across the internet – as it happened  The Guardian

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