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In what is said to be a colossal deal in pharmaceutical sector, US drug giant Pfizer is all set to buy <keyword id="3146712" type="UNKNOWN" weightage="20" keywordseo="Botox-maker-Allergan">Botox maker Allergan</keyword> for whooping $150 million. 
 
If everything goes as planned, the deal will give the $45-billion Pfizer the tax benefits of an Irish domicile. 
 
Pfizer has been desperately looking to buy Allergan after its failed attempt to buy Anglo-Swedish drug maker AstraZeneca for $118 billion. 
 
Allergan has morphed from being an ophthalmic-focused drug firm to a serious multiproduct branded industry heavyweight through a series of deals over the past three years. 
 
As per reports, this historic deal will involve Pfizer paying with 11.3 of its shares for each Allergan share. 
 
Pfizer will bring together its drugs such as Lipitor, Viagra and nerve pain treatment Lyrica with Allergan's Namenda memory loss treatment, Restasis dry eye medication and other leading eye-care brands. 
 
A Reuters report quoted many industry analysts and investors, who believed that Pfizer could be bulking up with Allergan's fast-growing brands as a prelude to splitting by 2017 into two companies - one selling high-margin branded drugs and one selling inexpensive generics that have dragged down Pfizer results over the past few years. 
 
Allergan was founded in 1948 By Gavin Herbert and the company first marketed its first nasal drop- Allergan. 
 
(Image: Thinkstock)

Pfizer is buying this Botox-maker in the world’s largest pharma deal ever!

Gas transportation utility <keyword id="6358765" type="COMPANY" weightage="20" keywordseo="gail">GAIL</keyword> on Tuesday reflected the general positive sentiment in the economy during the unlock phase reporting 16.5 per cent growth in its net profit for the July-September quarter of current financial year to Rs 1,239 crore as compared Rs 1,065 crore profit in the corresponding period of previous fiscal. The net profit, however, recovered by a wider margin compared to the previous quarter (Q1 of FY21) when the economic impact of lockdown was more pronounced. In Q1, GAIL's profits had slipped to a mere Rs 256 crore. As per a company statement, after relaxations in the lockdown imposed due to pandemic in Q1 and with the resumption of economic activities, the volumes picked up in all segments to normal levels in Q2 FY21 resulting in an increase in the profit as compared to Q1 FY21. With regard to the turnover, GAIL recorded 13 per cent growth in Q2 to Rs 13,611 crore vis-a-vis Rs 12,060 crore in Q1 FY21. Both physical as well as financial performance of the company improved across all major segments in Q2. <keyword id="10252675" type="COMPANY" weightage="20" keywordseo="the-physical-performance">The Physical Performance</keyword> improved by 18 per cent in Natural Gas Transmission, nine per cent in Gas Marketing, 10 per cent in LPG Transmission, 22 per cent in Petrochemical Sales and 12 per cent in <keyword id="10252673" type="LOCATION" weightage="20" keywordseo="liquid-hydrocarbon-sales">Liquid Hydrocarbon Sales</keyword>. GAIL's Petrochemical business has seen a major turnaround. The plant is operating back to normal levels with a jump in production by 65 per cent to 221 TMT as against 134 TMT in Q1 of FY21. On account of better physical performance and price realization, the profitability of the segment has reached Rs 170 crore during Q2 FY21. On a half-yearly basis, GAIL recorded turnover of Rs 25,671 crore in H1 FY21 as against Rs 36,286 crore in H1 FY20 and PAT of Rs 1,495 crore in current half year as against Rs 2,352 crore in H1 FY20. During the quarter, the group's consolidated turnover stood at Rs 13,774 crore as against Rs 12,152 crore in Q1 FY21 while the group's PAT stood at Rs 1,068 crore as against Rs 643 crore in Q1 FY21. Manoj Jain, <keyword id="454940" type="COMPANY" weightage="20" keywordseo="chairman-managing-director">Chairman &amp; Managing Director</keyword>, GAIL said that the company's plants and pipelines have achieved the pre-Covid level of performance. He further added that though the Capex during the 1st quarter was affected due to the lockdown, GAIL has moved swiftly to make up for the lost time and is trying to accelerate the progress in its ongoing projects. SEE ALSO: <a href="https://www.businessinsider.in/politics/india/news/checkout-here-bihar-assembly-election-2020-results-and-updates-online/articleshow/79142084.cms" data-type="tilCustomLink">Bihar Election Results 2020: Counting of votes begin, early trends indicate the Grand Alliance edging ahead of the JDU</a> <a href="https://www.businessinsider.in/tech/news/google-will-be-probed-by-indias-competition-commission-for-allegedly-abusing-dominance-to-push-gpay/articleshow/79141895.cms" data-type="tilCustomLink">Google will be probed by India’s Competition Commission for allegedly ‘abusing dominance’ to push its payments app</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-covid-19-vaccine-is-90-effective-in-preventing-coronavirus-in-those-who-havent-been-infected-ever-before/articleshow/79130097.cms">Pfizer’s COVID-19 vaccine is 90% effective in preventing coronavirus in those who haven’t been infected ever before, shows data from latest trials</a>

GAIL reports 16.5% growth in its net profit to ₹1,239 crore for the second quarter

<ul class="summary-list"><li><keyword id="11893281" type="UNKNOWN" weightage="60" keywordseo="walmart" source="Orion">Walmart</keyword>, Exxon, and Citigroup each gave about $300,000 to politicians backing <keyword id="12012850" type="UNKNOWN" weightage="60" keywordseo="abortion-bans" source="Orion">abortion bans</keyword>.</li><li><keyword id="11923156" type="UNKNOWN" weightage="60" keywordseo="att" source="Orion">AT&amp;T</keyword> is the biggest corporate backer, giving politicians behind <keyword id="11901426" type="UNKNOWN" weightage="60" keywordseo="abortion" source="Orion">abortion</keyword> "<keyword id="13856180" type="UNKNOWN" weightage="60" keywordseo="trigger-laws" source="Orion">trigger laws</keyword>" more than $1 million.</li></ul>This story is part of an investigative series from Insider examining the demise of abortion rights in so-called "trigger law" states. It was originally published on May 12, 43 days before the Supreme Court ruled in Dobbs v. Jackson Women's Health Organization that abortion is no longer a constitutionally protected right. Read all the stories from "The First 13" <a href="https://www.businessinsider.com/trigger-laws-abortion-dobbins-jackson-supreme-court-first-13-2022-6">here</a>.The last time you filled up at Exxon, grabbed paper towels at Walmart, or paid your AT&amp;T bill, your dollars may have been used to fund an expected wave of state abortion bans.An Insider investigation found that contributions from dozens of well-known corporations or their affiliated PACs played a decisive role in bankrolling the lawmakers behind 13 state "trigger laws," written to take effect immediately if the landmark Roe v. Wade decision is overturned.The state legislators and governors responsible for these laws, passed between 2005 and 2022, are overwhelmingly Republican, and they relied heavily on Republican parties and political action committees for campaign contributions. But they were also backed by companies that are part of your daily life, such as AT&amp;T, Comcast Corp., CVS Caremark, Citigroup, Walmart, Anheuser-Busch, Exxon Mobil, and UPS, which each gave more than $190,000 to the effort — in some cases, far more.Some of these familiar brands have been endorsed by celebrities who are women's-rights advocates, including the feminist icons <a href="https://adage.com/creativity/work/serena-williams-wonder-woman-directv-stream-ad/2361186">Serena Williams</a> and <a href="https://www.womenshealthmag.com/life/a30551498/rosario-dawson-workout-diet-mental-health-interview/">Rosario Dawson</a>, who have each served as paid spokespeople for AT&amp;T. AT&amp;T gave more than $1 million to politicians behind the bills in all 13 trigger-law states.The singer John Legend, who teamed up with Walgreens on a campaign for COVID-19-vaccine <a href="https://www.businesswire.com/news/home/20210402005131/en/Walgreens-Teams-Up-with-John-Legend-to-Remind-Americans-This-Is-Our-Shot-to-Get-Back-to-What-Matters">awareness</a>, <a href="https://www.insider.com/john-legend-on-abortion-law-boycotts-money-talks-2019-6">once suggested</a> Hollywood should boycott Georgia, Louisiana, Alabama, and other states that pass restrictive abortion laws."I don't know if it definitely will work, but I know that money talks," <a href="https://www.youtube.com/watch?v=MwlTY-iao_8">Legend said</a> in 2019. Walgreens gave more than $96,000 to backers of the bills in seven states. Some of the companies are known as conservative political donors, such as the free-market-focused Koch Industries and its subsidiaries, whose owner <a href="https://www.npr.org/2018/03/14/593413198/koch-funded-group-focuses-on-lifetime-appointments-of-judges">bankrolled</a> the effort to pack the courts with conservatives, the tax-services and technology firm Ryan LLC, and Clay Cooley GMC Investments, whose principals have spoken out against abortion rights. Other companies' contribution decisions may have had nothing to do with abortion. But their contributions still played a significant role in sustaining the legislative sponsors of abortion trigger laws and the governors who signed them into law."I confidently — in large part — assume the intent wasn't to enable an extremist social agenda across many issues," said Jen Stark, the senior director of corporate strategy at the Tara Health Foundation, which funds reproductive and maternal health. "But at the same time, women and other communities have now become the collateral damage of companies not minding who they were propping up."Trigger laws have been enacted in Arkansas, Idaho, Kentucky, Louisiana, Mississippi, Missouri, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Utah, and Wyoming. The laws impose statewide abortion bans, with narrow exemptions, if the Supreme Court strikes down Roe v. Wade, which has been expected since <a href="https://www.politico.com/news/2022/05/02/supreme-court-abortion-draft-opinion-00029473">Politico published a leaked draft</a> of the conservative majority's opinion on the matter.Insider used FollowTheMoney.org data, based on state and federal election filings, to examine all political donations to 444 state lawmakers who sponsored or cosponsored the laws and the 13 governors who signed them. The analysis covered donations for the election cycle immediately before the passage of each law, as well as all subsequent cycles.The analysis found that corporate contributions to these politicians eclipsed those from anti-abortion organizations. The Texas Alliance for Life, Idaho Chooses Life, and other anti-abortion groups gave about $60,000 combined to those legislative sponsors and governors. More than 170 companies gave more than that.The telecom giant AT&amp;T donated nearly $1.2 million, the Insider analysis found — more than any other company. The Friedkin Group, a <a href="https://www.friedkin.com/">consortium</a> of companies that includes one of the largest independent Toyota distributors, was next, with contributions totaling more than $1.05 million. AT&amp;T and Pfizer were the only two companies that backed politicians behind trigger laws in all 13 states.<h2>Empowerment of women, an AT&amp;T 'core value'</h2>Many of the corporate contributions stand in sharp contrast to each company's public stance when it comes to gender equity and women's empowerment. Take AT&amp;T, which celebrated Women's Equality Day last year "to reflect on the many challenges women in our society still face to achieve equity." In its 2020 diversity, equity, and inclusion report, CEO John Stankey called "<a href="https://about.att.com/ecms/dam/pages/Diversity/Annual_Report/ATT-2020-DEI-Annual-Report.pdf">gender equity and the empowerment of women</a>" one of AT&amp;T's "core values."An AT&amp;T spokeswoman said the company was focused on broadband and workforce-related policies and that the company's PACs had contributed more to politicians "who voted to enact laws protecting abortion access in the event that Roe v. Wade is overturned by the Supreme Court" than to those who voted to restrict it.<keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi" source="Orion">Citi</keyword>group CEO Jane Fraser has touted the financial-services firm's efforts to achieve gender equity in the male-dominated industry, saying she's "very optimistic" about that goal. Following passage of Texas' ban on abortion after six weeks of pregnancy, the bank offered to cover travel costs for US employees who must travel out of state to receive an abortion. But Insider found that Citi had donated about $285,000 to state legislators who sponsored trigger laws in four states and to governors who signed them into law in five states. AT&amp;T, Citigroup, and other companies bear responsibility for the politicians they support, Michelle Kuppersmith, the executive director of Campaign for Accountability, said."When AT&amp;T gives money to a politician who then signs a trigger law, maybe AT&amp;T did not intend for that to happen, but that politician is only able to perpetuate their power because of AT&amp;T and other corporations' support," she told Insider.Other findings show contributions that appear to work against corporations' stated values or, in some cases, against their own business interests.<a href="https://www.businessinsider.com/companies-offering-employees-support-for-abortion-roe-v-wade-2022-5">Amazon</a> and <a href="https://www.businessinsider.com/microsoft-abortion-gender-affirmation-travel-costs-roe-v-wade-2022-5">Microsoft</a> have staked out leadership roles in responding to the expected reversal of Roe v. Wade, pledging publicly to assist employees with travel expenses so they can access abortions if needed. Yet each company shows up in Insider's analysis. Amazon and Microsoft have donated $205,900 and $95,500, respectively, to lawmakers behind state bans.Likewise, many top US law firms, including Norton Rose Fulbright, Adams and Reese, Locke Lord, Hunton Andrews Kurth, and Vinson &amp; Elkins LLP, have developed women's career-advancement initiatives and diversity programs — yet they or their associated political action committees were each among the companies that donated more than $100,000 to politicians behind trigger laws.Contributors in the healthcare and pharmaceutical industries, including hospitals, drug companies, pharmacies, and medical associations, contributed $14.6 million to politicians behind trigger laws that could lead to criminal penalties for abortion providers in most trigger-law states. Among those contributors are companies that have marketed birth control — Pfizer, which gave about $341,000, and Merck, which gave about $205,000 and spun off its contraceptive portfolio last year — that is often dispensed through clinics that offer abortions. Pfizer also markets Cytotec, a drug used in <a href="https://www.mayoclinic.org/tests-procedures/medical-abortion/about/pac-20394687#:~:text=Medical%20abortion%20can%20be%20done,day%20of%20your%20last%20period.">medication abortions</a>.Major corporate players in low-wage industries already struggling with recruitment and retention show up as influential donors in Insider's analysis. These companies may face significant new disruption and turnover as employees in trigger-law states grapple with unplanned pregnancies. Walmart, a major employer in trigger-law states, is also one of the largest contributors, donating nearly $315,000 to trigger-law backers. McDonald's and the fast-food corporation Yum Brands, which operates KFC, Pizza Hut, and Taco Bell, are dominant trigger-state employers that gave lesser amounts.<h2>'By no means a blanket endorsement'</h2>The findings raise questions about corporate responsibility as companies face increased scrutiny for their role in <keyword id="11893346" type="UNKNOWN" weightage="100" keywordseo="politics" source="Orion">politics</keyword>. After the January 6, 2021, attack on the US Capitol, major corporations <a href="https://www.cbsnews.com/news/january-6-capitol-anniversary-corporations-pledge/">halted</a> contributions to the 147 Republican lawmakers who voted to overturn the 2020 presidential election. More recently, Disney CEO Bob Chapek criticized state legislation restricting instruction on sexual orientation or gender identity in schools, and he announced the company would halt donations to state political campaigns there. The move provoked sharp backlash, with the Florida Legislature <a href="https://www.businessinsider.com/florida-desantis-signs-bill-stripping-disney-tax-district-2022-4">stripping</a> Disney of its special tax status in April.Half of US voters in a <a href="https://morningconsult.com/2022/05/04/brands-abortion-supreme-court-roe-v-wade/">Morning Consult and Politico</a> survey conducted after Politico broke the <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> of the Supreme Court's plans to strike down Roe said companies should speak out on abortion access. Only one-third of those surveyed disagreed.<h2><div type="image" title="Texas abortion rights rally" height="5504" width="7338" msid="92443043" hostid="261" sizebytes="712246"></div></h2>Corporate America and law firms need to be "far more sophisticated," said Michele Goodwin, a professor at the University of California, Irvine, School of Law."They have to do a more thorough job of unpacking what the candidates they support are actually up to," Goodwin added. "They can't just say they're writing checks for a candidate based on a single issue." Publicists for the celebrities Williams, Dawson, and Legend did not respond to Insider's requests for comment.Very few companies responded. Those that did said they contributed to members of both political parties."Past political contributions are by no means a blanket endorsement of an individual's position on every issue, nor are they an indication of where we'll direct our future support," Mike DeAngelis, the executive director of corporate communications for CVS Health, said.Companies have long rationalized that giving to politicians in both political parties gives them more access, said Shelley Alpern, the director of corporate engagement at Rhia Ventures, an investor in reproductive-health companies. But the risks of corporate giving are increasing with the polarization of politics, she said, and the discernment and oversight these contributions require have not kept pace. In an effort to tweak the tax code, for example, companies end up contributing to politicians promoting an agenda that often conflicts with the company's organizational values, making them look like they're hypocrites, indifferent, or simply not paying attention, she said. "If you're going to spend the money on a really delicious pizza with all the meat toppings," she said, "you're getting all the cholesterol and heart attack that you paid for as well." <h2>'Sophisticated donors know'</h2>Since Politico published the leaked draft of the Supreme Court majority opinion, many politicians have released statements reaffirming their anti-abortion bona fides — including those responsible for state trigger laws."I have advocated for the reversal of Roe v. Wade all my political career," <a href="https://twitter.com/AsaHutchinson/status/1521310256474775552">Asa Hutchinson</a>, the governor of Arkansas who signed his state's trigger law in 2019, tweeted. "The leak from someone within the court is reprehensible and should lead to an investigation but I do hope the court returns authority to the states."Where lawmakers stand on abortion isn't typically a secret. In many cases, it's a central part of their brand and shouldn't be a surprise to their donors. In states with trigger laws, a Republican candidate or officeholder "who isn't 100% pro-life is the equivalent of a pro-life Democrat in the Northeast or West Coast," Nick Maddux, a vice president at Axiom Strategies who has consulted for GOP candidates across the country, said. "They don't exist or are being actively primaried," he wrote in an email. "Candidates and officeholders in those states are not hiding how pro-life they are. Sophisticated donors know exactly who they are supporting and what they stand for."Alpern, who works with investors to advocate for stronger corporate reproductive- and maternal-healthcare policies, agreed that it would be "disingenuous" for donors to feign ignorance on this issue."Do they know that they're giving to the most extreme sponsors of these bills?" she asked. "It certainly is easy information to find."Corrections: An earlier version of this story relied on an inaccurate list of trigger-law sponsors in Tennessee. The contribution totals have been updated to reflect the correct list of legislators. This article also included Merck in a list of pharmaceutical companies that market birth-control drugs. Merck spun off its contraceptive portfolio into a new company last year.

AT&T, Walmart, Citi, and other megacorporations bankrolled a wave of state abortion bans

Hello,Welcome to Insider <keyword id="6354525" type="UNKNOWN" weightage="100" keywordseo="healthcare">Healthcare</keyword>. I'm Lydia Ramsey Pflanzer, and this week in healthcare news:<ul><li><a href="https://www.businessinsider.com/optumhealth-ceo-plans-to-make-clinics-a-100-billion-business-2021-4"></a>We analyzed compensation at 189 <keyword id="45082" type="PERSON" weightage="60" keywordseo="biotech">biotech</keyword> companies, <a href="https://www.businessinsider.com/highest-paid-ceos-in-pharma-and-biotech-insider-compensation-analysis-2021-5">finding the highest-paid CEOs</a> and <a href="https://www.businessinsider.com/biotech-companies-with-highest-median-pay-2021-5">the highest median pay</a>;</li><li>Providing <a href="https://www.businessinsider.com/inside-fragmented-booming-home-care-industry-caregivers-investors-franchise-owners-2021-5">care at home is a booming industry</a> - and <a href="https://www.businessinsider.com/mayo-clinic-kaiser-permanente-invest-100-million-in-medically-home-2021-5">major health systems are working through how to provide more hospital-level care at home</a>;</li><li>Rivalries are <a href="https://www.businessinsider.com/amazon-walmarts-memd-growing-healthcare-ventures-2021-5">bubbling up as giants like Amazon and Walmart bet more on healthcare</a>.</li></ul>If you're new to this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/newsletter.businessinsider.com/join/4np/insider-healthcare">sign up here.</a> Tips, comments? Email me at <a href="mailto:lramsey@insider.com">lramsey@insider.com</a> or tweet <a href="https://twitter.com/lydiaramsey125">@lydiaramsey125</a>. Let's get to it...Well, it's official: <a href="https://www.businessinsider.com/cdc-says-fully-vaccinated-people-can-drop-masks-most-places-2021-5">Fully vaccinated people won't have to wear masks pretty much anywhere except in healthcare settings,</a> <a href="https://www.businessinsider.com/cdc-says-fully-vaccinated-people-can-drop-masks-most-places-2021-5">the CDC said on Thursday</a>. As I approach two weeks after my second dose, I'm looking forward to feeling a lot more comfortable re-entering society - masked or unmasked. <h3><a href="https://www.businessinsider.com/highest-paid-ceos-in-pharma-and-biotech-insider-compensation-analysis-2021-5"></a></h3><h3><a href="https://www.businessinsider.com/highest-paid-ceos-in-pharma-and-biotech-insider-compensation-analysis-2021-5">Digging into biotech compensation</a></h3>Our biotech reporters Andrew Dunn and Allison DeAngelis have embarked on a big compensation analysis.Their analysis of <a href="https://www.businessinsider.com/highest-paid-ceos-in-pharma-and-biotech-insider-compensation-analysis-2021-5">189 drug companies revealed the highest-paid CEOs</a>.It also revealed the median pay at 23 top biotech companies. <a href="https://www.businessinsider.com/biotech-companies-with-highest-median-pay-2021-5">Employees can make up to $701,000!</a><a href="https://www.businessinsider.com/biotech-companies-with-highest-median-pay-2021-5">We break down median employee pay here&gt;&gt;</a>There were some highly compensated CEOs in 2020, including two who made more than $100 million last year. <h3><a href="https://www.businessinsider.com/highest-paid-ceos-in-pharma-and-biotech-insider-compensation-analysis-2021-5">Here's the full list&gt;&gt;</a></h3><h3><a href="https://www.businessinsider.com/highest-paid-ceos-in-pharma-and-biotech-insider-compensation-analysis-2021-5">We analyzed compensation at 189 top drug companies to reveal the highest-paid CEOs, including 2 who make more than $100 million</a></h3><h3><a href="https://www.businessinsider.com/inside-fragmented-booming-home-care-industry-caregivers-investors-franchise-owners-2021-5"><div type="image" title="Personal care assistant / home care worker Maria Colville (Boston Globe)" height="1400" width="1866" msid="82633177" hostid="261"></div></a></h3><h3><a href="https://www.businessinsider.com/inside-fragmented-booming-home-care-industry-caregivers-investors-franchise-owners-2021-5">Healthcare at home</a></h3>Bolstered by the pandemic, the healthcare industry is finding a renewed interest in the big business of caring for people at home.That can span anything from checking in with aging Americans living on their own and assisting with daily tasks, to finding ways to provide hospital-grade care in a person's living room. This week, two major health systems - Mayo Clinic and Kaiser Permanente - <a href="https://www.businessinsider.com/mayo-clinic-kaiser-permanente-invest-100-million-in-medically-home-2021-5">invested $100 million in a hospital-at-home company,</a> Shelby Livingston reports. The push to do more serious care - X-rays, labs, and infusions, for example - at home came as hospitals needed to free up room for COVID-19 patients. And that investment - among others - is a signal health systems are eager to keep it up. It's not just hospitals driving this push into the home.Shelby this week also detailed <a href="https://www.businessinsider.com/humana-investment-strategy-primary-care-clinics-home-health-tech-2021-5">how health-insurance giant Humana is shaping the future of healthcare by pumping billions into medical-clinic companies - and home health. </a>Patricia Kelly Yeo, meanwhile, took a look at the booming home-care industry, <a href="https://www.businessinsider.com/inside-fragmented-booming-home-care-industry-caregivers-investors-franchise-owners-2021-5">where there's lots of turnover, and wages are around $12 an hour. </a><h3><a href="https://www.businessinsider.com/inside-fragmented-booming-home-care-industry-caregivers-investors-franchise-owners-2021-5">Find out more&gt;&gt;</a></h3><h3><a href="https://www.businessinsider.com/inside-fragmented-booming-home-care-industry-caregivers-investors-franchise-owners-2021-5">Inside the booming home-care industry, where wages are low, turnover high, and Wall Street investors are trickling in</a></h3><h3><a href="https://www.businessinsider.com/amazon-walmarts-memd-growing-healthcare-ventures-2021-5"><div type="image" title="walmart amazon healthcare initiatives 4x3@144x" height="1607" width="2142" msid="82633181" hostid="261"></div></a></h3><h3><a href="https://www.businessinsider.com/amazon-walmarts-memd-growing-healthcare-ventures-2021-5">Taking on healthcare from the outside</a></h3>As we so often report, retail and tech companies are looking to healthcare as their next frontier. No place is that more apparent than with <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword>, which last week signed on its first Amazon Care client, <a href="https://www.businessinsider.com/amazon-care-just-signed-its-first-enterprise-customer-precor-2021-5">Insider first reported</a>. Morgan Stanley analysts, Kelly reports, <a href="https://www.businessinsider.com/morgan-stanley-how-amazon-care-could-reshape-employee-health-benefits-2021-5">have a vision for how Amazon could reshape the way companies provide healthcare</a>, with the help of Amazon Care and Amazon's pharmacy services. Elsewhere, Blake Dodge <a href="https://www.businessinsider.com/top-apple-health-exec-myoung-cha-leaving-for-carbon-health-2021-5">got the scoop that a key Apple healthcare executive is leaving. </a>Myoung Cha, who served as Apple's head of strategic bets in healthcare, is leaving for health clinic company Carbon Health. <a href="https://www.businessinsider.com/top-apple-health-exec-myoung-cha-leaving-for-carbon-health-2021-5">Read the full scoop here&gt;&gt;</a>The <a href="https://www.businessinsider.com/amazon-walmarts-memd-growing-healthcare-ventures-2021-5">healthcare ambitions of rivals Amazon and Walmart share a lot of similarities</a>, Blake also reported this week.They both got their public starts about two years ago.And both are betting on providing medical care, both with a physical and virtual footprint, most recently seen in <keyword id="80487" type="COMPANY" weightage="60" keywordseo="walmart">Walmart</keyword>'s deal to buy telehealth company MeMD.<h3><a href="https://www.businessinsider.com/amazon-walmarts-memd-growing-healthcare-ventures-2021-5">Get the full analysis&gt;&gt;</a></h3><h3><a href="https://www.businessinsider.com/amazon-walmarts-memd-growing-healthcare-ventures-2021-5">Amazon and Walmart are facing off on a new battleground: healthcare</a></h3>More stories we covered this week:<ul><li><a href="https://www.businessinsider.com/pfizer-covid-19-vaccine-authorized-for-12-15-age-group-2021-5">Now people 12 and up can get Pfizer's coronavirus vaccine</a>, Andrew reports.</li><li>Andrew also reports that <a href="https://www.businessinsider.com/alvogen-chairman-interview-suing-abbvie-humira-biosimilar-2021-5">AbbVie is facing the biggest challenge yet to its best-selling medicine, Humira, as an unlikely Icelandic drugmaker launches a legal fight over 'outrageous' patents</a>.</li><li>Blake reports that <a href="https://www.businessinsider.com/amwells-earnings-stock-dip-client-day-converge-2021-5">Amwell is struggling to win over Wall Street as the telehealth giant gears up for healthcare's new world</a>.</li><li><a href="https://www.businessinsider.com/healthcare-startup-cedar-is-buying-ooda-health-for-425-million-2021-5">Cedar, a healthcare startup that helps hospitals and doctors get paid, is buying its rival Ooda Health in a $425 million deal</a>, Shelby reports.</li><li>And Allison had the scoop on <a href="https://www.businessinsider.com/perceptive-advisors-joins-biotech-investment-boom-with-515m-fund-2021-5">Perceptive Advisors' $515 million fund. The fund's manager told us the 3 things he looks for in a startup's pitch, and shared one the fund's invested in.</a></li></ul>- Lydia

How much you can make working at top biotech companies

<ul class="summary-list"><li>Household names <keyword id="11893281" type="UNKNOWN" weightage="60" keywordseo="walmart" source="Orion">Walmart</keyword>, Exxon, Citigroup each gave around $300,000 to politicians backing looming <keyword id="12012850" type="UNKNOWN" weightage="60" keywordseo="abortion-bans" source="Orion">abortion bans</keyword>.</li><li><keyword id="11923156" type="UNKNOWN" weightage="60" keywordseo="att" source="Orion">AT&amp;T</keyword> is the biggest corporate contributor, giving politicians behind <keyword id="11901426" type="UNKNOWN" weightage="60" keywordseo="abortion" source="Orion">abortion</keyword> "<keyword id="13856180" type="UNKNOWN" weightage="60" keywordseo="trigger-laws" source="Orion">trigger laws</keyword>" $1 million.</li></ul>The last time you filled up at Exxon, grabbed paper towels at Walmart, or paid your AT&amp;T bill, your dollars may have been used to fund a potentially imminent wave of state abortion bans.An Insider investigation found that contributions from dozens of well-known corporations or their affiliated PACs have played a decisive role in bankrolling the lawmakers behind 13 state "trigger laws," written to take effect as soon as the landmark Roe v. Wade decision is overturned.The state legislators and governors responsible for these laws, passed between 2005 and 2022, are overwhelmingly Republican, and they relied heavily on Republican parties and political action committees for campaign contributions. But they were also backed by companies that are part of your daily life, such as ATT, Comcast Corporation, CVS Caremark, Citigroup, Walmart, Anheuser-Busch, Exxon Mobil, and United Parcel Services, which each gave more than $150,000 to the effort – and in some cases, far more.<h4>Full coverage of Insider's investigation into the looming wave of abortion restrictions:</h4><h4>• <a href="https://www.businessinsider.com/trigger-law-states-failed-to-plan-for-end-of-roe-v-wade-2022-5">The 13 states with abortion-ban 'trigger laws' are completely unprepared to enforce them</a></h4><h4>• <a href="https://www.businessinsider.com/male-lawmakers-drove-trigger-law-abortion-bans-for-women-chart-2022-5">Behind a looming wave of state abortion bans, there are a lot of men</a></h4>Some of these familiar brands have been endorsed by pro-choice celebrities, including feminist icons <a href="https://adage.com/creativity/work/serena-williams-wonder-woman-directv-stream-ad/2361186">Serena Williams</a> and <a href="https://www.womenshealthmag.com/life/a30551498/rosario-dawson-workout-diet-mental-health-interview/">Rosario Dawson</a>, who have each served as paid spokeswomen for AT&amp;T. AT&amp;T gave more than $1 million to politicians behind the bills in all 13 trigger law states.Singer John Legend, who teamed up with Walgreens on a COVID <a href="https://www.businesswire.com/news/home/20210402005131/en/Walgreens-Teams-Up-with-John-Legend-to-Remind-Americans-This-Is-Our-Shot-to-Get-Back-to-What-Matters">vaccine awareness</a> campaign, <a href="https://www.insider.com/john-legend-on-abortion-law-boycotts-money-talks-2019-6">once suggested</a> Hollywood should boycott Georgia, Louisiana, Alabama, and other states that pass restrictive abortion laws. "I don't know if it definitely will work, but I know that money talks," <a href="https://www.youtube.com/watch?v=MwlTY-iao_8">Legend said</a> in 2019. Walgreens gave more than $76,000 to backers of the bills in seven states. Some of the companies are known as conservative political donors, such as the free-market focused Koch Industries and subsidiaries, whose owners have <a href="https://www.npr.org/2018/03/14/593413198/koch-funded-group-focuses-on-lifetime-appointments-of-judges">bankrolled</a> the effort to pack the courts with conservatives, and the tax services and technology firm Ryan LLC, and Clay Cooley GMC Investments, whose principals have spoken out against abortion rights. Other companies' contribution decisions may have had nothing to do with abortion. But their contributions still played a significant role in sustaining the legislative sponsors of abortion trigger laws and the governors who signed them into law. "I confidently — in large part — assume the intent wasn't to enable an extremist social agenda across many issues," said Jen Stark, senior director of corporate strategy at the Tara Health Foundation, which funds reproductive and maternal health. "But at the same time, women and other communities have now become the collateral damage of companies not minding who they were propping up."Trigger laws have been enacted in Arkansas, Idaho, Kentucky, Louisiana, Mississippi, Missouri, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Utah, and Wyoming. The laws impose statewide abortion bans, with narrow exemptions, if the Supreme Court strikes down Roe v. Wade as expected since <a href="https://www.politico.com/news/2022/05/02/supreme-court-abortion-draft-opinion-00029473">Politico published a leaked draft </a>of the conservative majority's opinion.Insider used Followthemoney.org data, based on state and federal election filings, to examine all political donations to 380 state lawmakers who sponsored or cosponsored the laws and the 13 governors who signed them. The analysis covered donations for the election cycle immediately prior to the passage of each law, as well as all subsequent cycles.The analysis found that corporate contributions to these politicians eclipse those from anti-abortion organizations. The Texas Alliance for Life, Idaho Chooses Life, and other anti-abortion groups gave nearly $56,000, combined, to those legislative sponsors and governors. More than 160 companies gave more than that.The Friedkin Group, a<a href="https://www.friedkin.com/"> consortium</a> of companies that includes one of the world's largest independent Toyota distributors, donated more than $1.05 million — more than any other company. The largest public corporation, AT&amp;T, donated nearly $1.02 million, the Insider analysis found.AT&amp;T and Pfizer were the only two companies that backed politicians behind trigger laws in all 13 states.<h2>Empowerment of women, an AT&amp;T "core value"</h2>Many of the corporate contributions stand in sharp contrast to each company's public stance when it comes to gender equity and women's empowerment. Take AT&amp;T, which celebrated Women's Equality Day last year "to reflect on the many challenges women in our society still face to achieve equity." In its 2020 Diversity, Equality and Inclusion Report, CEO John Stankey called "<a href="https://about.att.com/ecms/dam/pages/Diversity/Annual_Report/ATT-2020-DEI-Annual-Report.pdf">gender equity and the empowerment of women</a>" one of AT&amp;T's "core values." An AT&amp;T spokeswoman said the company is focused on broadband and workforce-related policies, and the company's PACs have contributed more to politicians "who voted to enact laws protecting abortion access in the event that Roe v. Wade is overturned by the Supreme Court," than to those who vote to restrict it.<keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi" source="Orion">Citi</keyword>group CEO Jane Fraser has touted the financial services firm's efforts to achieve gender equality in the male-dominated industry, saying she's "very optimistic" about that goal. Following passage of Texas' six-week abortion ban, the bank offered to cover travel costs for US employees who must travel out of state to receive an abortion. But Insider found that Citi has also donated some $285,200 to state legislators who sponsored trigger laws in four states, and to governors who signed them into law in five states. AT&amp;T, Citigroup, and other companies still bear responsibility for the politicians they support, said Michelle Kuppersmith, executive director of Campaign for Accountability."When AT&amp;T gives money to a politician who then signs a trigger law, maybe AT&amp;T did not intend for that to happen, but that politician is only able to perpetuate their power because of AT&amp;T and other corporations' support," she told Insider.Other findings reveal contributions that appear to work against corporations' stated values or, in some cases, against their own business interests.<a href="https://www.businessinsider.com/companies-offering-employees-support-for-abortion-roe-v-wade-2022-5">Amazon</a> and <a href="https://www.businessinsider.com/microsoft-abortion-gender-affirmation-travel-costs-roe-v-wade-2022-5">Microsoft</a> have staked out leadership roles in responding to a potential reversal of Roe v. Wade, pledging publicly to assist employees with travel expenses to access abortions if needed. Yet each company shows up in Insider's analysis. They have donated $52,900 and $92,500, respectively, to lawmakers behind state bans.Likewise, many top US law firms including Norton Rose Fulbright, Adams &amp; Reese, Locke Lord, Hunton Andrews Kurth, and Vinson &amp; Elkins LLP, have developed women's career advancement initiatives and diversity programs — yet they or their associated political action committees were each among the companies that donated more than $100,000 to politicians behind trigger laws.Contributors in the healthcare and pharmaceutical industries, including hospitals, drug companies, pharmacies, and medical associations, contributed $12.4 million to politicians behind trigger laws that could lead to criminal penalties for abortion providers in most trigger law states. Among those contributors are companies that market birth control – Pfizer, which gave $281,000, and Merck, which gave $165,000 — that is often dispensed through clinics that offer abortions. Pfizer also markets Cytotec, a medication used in <a href="https://www.mayoclinic.org/tests-procedures/medical-abortion/about/pac-20394687#:~:text=Medical%20abortion%20can%20be%20done,day%20of%20your%20last%20period.">medication abortions</a>.Major corporate players in low-wage industries already struggling with recruitment and retention show up as influential donors in Insider's analysis. These companies may face significant new disruption and turnover as employees in trigger law states grapple with unplanned pregnancies. Walmart, a top employer in each of the trigger law states, according to data provided exclusively to Insider from the Data Axle data marketing company, is also one of the largest contributors, donating nearly $292,000 to trigger law backers. McDonald's and the fast food corporation Yum! Brands, which operates KFC, Pizza Hut, and Taco Bell, are other dominant trigger state employers that gave lesser amounts.<h2>'By no means a blanket endorsement'</h2>The findings raise questions about corporate responsibility as companies face increased scrutiny for their role in <keyword id="11893346" type="UNKNOWN" weightage="100" keywordseo="politics" source="Orion">politics</keyword>. After the January 6, 2021, attack on the US Capitol, major corporations <a href="https://www.cbsnews.com/news/january-6-capitol-anniversary-corporations-pledge/">halted</a> contributions to the 147 Republican lawmakers who voted to overturn the 2020 presidential election. More recently, Disney CEO Bob Chapek criticized state legislation restricting instruction on sexual orientation or gender identity in schools and he announced the company would halt donations to state political campaigns there. The move provoked sharp backlash, with the state legislature <a href="https://www.businessinsider.com/florida-desantis-signs-bill-stripping-disney-tax-district-2022-4">stripping</a> Disney of its special tax status in April.Half of US voters in a <a href="https://morningconsult.com/2022/05/04/brands-abortion-supreme-court-roe-v-wade/">Morning Consult and Politico</a> survey conducted after Politico broke the <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> of the Supreme Court's plans to strike down Roe said companies should speak out on abortion access. Only a third of those surveyed disagreed.<h2><div type="image" title="Texas abortion rights rally" height="5504" width="7338" msid="91526809" hostid="261"></div></h2>Corporate America and law firms need to be "far more sophisticated," said Michele Goodwin, a professor at the University of California, Irvine, school of law. "They have to do a more thorough job of unpacking what the candidates they support are actually up to. They can't just say they're writing checks for a candidate based on a single issue." Publicists for Serena Williams, Rosario Dawson and John Legend did not respond to Insider's requests for comment.Very few companies responded, either. Those that did said they contribute to members of both political parties."Past political contributions are by no means a blanket endorsement of an individual's position on every issue, nor are they an indication of where we'll direct our future support," said Mike DeAngelis, executive director of corporate communications for CVS Health.Companies have long rationalized that giving to politicians in both political parties gives them more access, said Shelley Alpern, director of corporate engagement at Rhia Ventures, an investor in reproductive health companies. But the risks of corporate giving are increasing with the polarization of politics, she said, and the discernment and oversight these contributions require has not kept pace. In an effort to tweak the tax code, for example, companies end up contributing to politicians promoting an agenda that often conflicts with the company's organizational values, making them look like they're hypocrites, indifferent, or simply not paying attention, she said. "If you're going to spend the money on a really delicious pizza with all the meat toppings," she said, "you're getting all the cholesterol and heart attack that you paid for as well." <h2>'Sophisticated donors know'</h2>Since Politico published the leaked draft of the Supreme Court majority opinion, many politicians have released statements reaffirming their anti-abortion bona fides — including those responsible for state trigger laws."I have advocated for the reversal of Roe v. Wade all my political career," <a href="https://twitter.com/AsaHutchinson/status/1521310256474775552">tweeted Asa Hutchinson</a>, governor of Arkansas, who signed his state's trigger law in 2019. "The leak from someone within the court is reprehensible and should lead to an investigation but I do hope the court returns authority to the states."Where lawmakers stand on abortion isn't typically a secret. In many cases it's a central part of their brand, and shouldn't be a surprise to their donors. In states with trigger laws, a Republican candidate or officeholder "who isn't 100% pro-life is the equivalent of a pro-life Democrat in the northeast or west coast," said Nick Maddux, a vice president at Axiom Strategies, who has consulted for GOP candidates across the country. "They don't exist or are being actively primaried," he wrote in an email. "Candidates and officeholders in those states are not hiding how pro-life they are. Sophisticated donors know exactly who they are supporting and what they stand for."Alpern, who works with investors to advocate for stronger corporate reproductive and maternal healthcare policies, agreed that it would be "disingenuous" for donors to feign ignorance on this issue."Do they know that they're giving to the most extreme sponsors of these bills?" she asked. "It certainly is easy information to find."

AT&T, Walmart, Citi and other mega-corporations bankrolled a likely wave of state abortion bans

<ul><li>E-commerce companies have thrived amid the COVID-19 pandemic as more people have shifted to online shopping to avoid physical trips to the store.</li><li>But the accelerated adoption of e-commerce is set to stall as the world gets back to normal once a COVID-19 vaccine is made widely available in 2021, according to a note from Stifel.</li><li>An initial shift by consumers to services and experience spending over material goods will likely present a headwind for e-commerce companies over the next six to nine months, but many companies will continue to benefit from the positive trends set during the pandemic.</li><li>These are the 6 e-commerce companies that are set to thrive in a post-pandemic world, according to Stifel.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>No group of companies have benefited more from the COVID-19 pandemic than e-commerce companies, and there may still be ground left to gain. The sector experienced a massive surge in business amid the pandemic as consumers shifted to online shopping in order to limit physical trips to traditional retail stores. In the second quarter of 2020, online shopping surged 44% compared to the prior year and represented more than 20% of all retail sales, according to <a href="https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf">data from the department of commerce.</a>But with this week's news of a successful <a href="https://www.businessinsider.com/pfizer-coronavirus-vaccine-success-plans-for-emergency-approval-fda-2020-9">COVID-19 vaccine being developed by Pfizer and BioNtech,</a> a return to normal is likely over the next six to nine months, according to Stifel.In a note on Monday, the Wall Street firm said it expects the next three quarter to be rough for e-commerce <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> "as investors begin to asses the sustainability of underlying trends amplified by COVID-19 and the approaching difficult comps starting in 2Q 2021."But Stifel remains "incredibly optimistic" on these 6 e-commerce stocks despite a six-to-nine month headwind ahead, according to the note.<h2>1. <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a></h2>"<keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> has been a primary beneficiary of the pandemic given the increased penetration of e-commerce , helped by higher online grocery and consumables spend, and the continued dislocation in offline retail. Under a recovery scenario, we see Amazon continuing to benefit from these developments," Stifel said.Prime users are continuing to shop at a greater frequency, and Stifel argues this trend is likely to remain in place given how sticky Amazon's Prime ecosystem is. On top of that, Amazon's deep investments into the cloud will likely continue to bear fruit in 2021 given that the company highlighted an increase in the backlog of multiyear deals on its third quarter earnings call.<h2>2. <a href="https://markets.businessinsider.com/stocks/ebay-stock">eBay</a></h2>"Despite our expectations for decelerating volume growth, we believe management is focused on improving the core marketplace business and is developing new experiences to support growth and retain some of the new and reactivated customers brought to the platform in recent months. eBay has recently announced new initiatives in authentication and the development of a platform for refurbished items with some exclusive brand partnerships," Stifel said.Stifel expects initiatives from eBay's new CEO, improvements to the buyer/seller experience, and the business opportunity from managed payments to support better-than-expected volume and revenue growth in the coming quarters, according to the note.<h2>3. <a href="https://markets.businessinsider.com/stocks/etsy-stock">Etsy</a></h2>"We expect near-term volatility in shares as the company enters 2021, and expect a sizable deceleration in GMS growth under a vaccine scenario in the coming quarters. 2021 presents challenging comps in 2Q and 2H, compounded by a decline in facemask sales as the health crisis hopefully subsides," Stifel said. Despite a challenging setup in 2021, "we believe <keyword id="279712" type="COMPANY" weightage="60" keywordseo="Etsy">Etsy</keyword> will continue to benefit from the meaningful increase in awareness and engagement brought on by the pandemic," Stifel said."We would be buyers of extended weakness and believe ongoing investments in product improvements will support retention, though note that it will likely take many quarters for this dynamic to be fully realized," Stifel concluded.<h2>4. <a href="https://markets.businessinsider.com/stocks/nflx-stock">Netflix</a></h2>"Netflix's business has benefited from the pandemic in several ways: some subscriber pull-forward effect, competitive consolidation, and content spend efficiencies. Thematic de-risking could lead to further near-term consolidation in shares, while risk such as the subscriber digestion period and price increase implementation will likely remain on the radar. We are comfortable with the long-term growth opportunity and could see an opportunity in Netflix shares should sentiment swing too far in the negative direction in the coming months/quarters," Stifel said.<h2>5. <a href="https://markets.businessinsider.com/stocks/pton-stock">Peloton</a></h2>"From $100, we see room for a three-year double," Stifel said."<keyword id="240276" type="PERSON" weightage="60" keywordseo="Peloton">Peloton</keyword> has been one of the marquee beneficiaries of pandemic-related shifts in consumer behavior and discretionary spending. The immediate reaction in Peloton shares on the Pfizer vaccine news makes sense, with shares down -20%," Stifel noted."However, here is why we continue to recommend shares: we view the fitness industry as forever changed. Yes, consumers may gradually return to gyms, yoga centers, and other fitness-related clubs. But many former members may never opt to renew their expensive gym passes. The fitness industry has been disrupted and consumers are finding more economical, time-efficient ways to meet their fitness needs— enter Peloton," Stifel explained."Moving into 2021 we think measured product launches and increasing international traction will carry estimates higher over time," Stifel said<h2>6. <a href="https://markets.businessinsider.com/stocks/w-stock">Wayfair</a></h2>"Wayfair has benefited from increased spending on home categories as the pandemic has sparked housing turnover, increased nesting and forced a high degree of work/learn from home," Stifel explained, adding that it faces a tougher road ahead of all the other names."Facing difficult compares in 2021, and having to produce heightened results against a backdrop of waning benefits from the short term factors of work/learn from home, the surge in housing turnover, and return primarily of offline (and online) competition could prove challenging. Our below consensus 2021 estimates still produce six 2019 holiday quarters. We do believe Wayfair will permanently benefit to some degree from the pandemic given the acceleration in the home category online," Stifel said.

These 6 ecommerce companies will continue to thrive in a post-pandemic world, Stifel says

<ul><li>US <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> climbed on Wednesday, ending a three-day sell-off that saw the <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq">Nasdaq</keyword> composite decline more than 10%.</li><li>Technology stocks led the market higher, just as they led the it lower during the tumultuous three-day period.</li><li>Wednesday's big gainers included Tesla, Apple, Microsoft, and Amazon, which all climbed roughly 4%.</li><li><a href="https://markets.businessinsider.com/indices?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Watch major indexes update live here</a>.</li></ul>US stocks staged a strong rally on Wednesday after a three-day sell-off driven by tech shares led to a more than 10% decline in the Nasdaq composite index.Leading the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> higher on Wednesday were the same stocks that led the it lower over the past week. Shares of <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple,</a> <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> climbed roughly 4%, while <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> closed 11% higher. Apple's three-day decline ultimately amounted to a 14% skid that pushed its market capitalization below $2 trillion for the first time since August 20, according to data from YCharts.com. By mid-afternoon traded on Wednesday, the tech titan had reclaimed the $2 trillion market cap threshold.Here's where US indexes stood at at the 4 p.m. ET market close on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500_500" target="_blank" rel="noopener">S&amp;P 500</a>: 3,398.96, up 2%</li><li><a href="https://markets.businessinsider.com/index/dow_jones" target="_blank" rel="noopener">Dow Jones industrial average</a>: 27,940.47, up 1.6% (440 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite" target="_blank" rel="noopener">Nasdaq composite</a>: 11,141.56, up 2.7%</li></ul>Read more: <a href="https://www.businessinsider.com/investing-strategy-us-championship-oliver-kell-shares-secret-to-returns-2020-9" target="_blank" rel="noopener">US Investing Championship contender Oliver Kell raked in a 359.4% return through July. Here's the strategy he's using to crush the competition — and 3 stocks he's holding right now.</a>On the COVID-19 vaccine front, <a href="https://markets.businessinsider.com/news/stocks/astrazeneca-coronavirus-vaccine-trial-pause-causes-shares-to-drop-2020-9-1029572801#">AstraZeneca suffered a setback</a> when <a href="https://www.statnews.com/2020/09/08/astrazeneca-covid-19-vaccine-study-put-on-hold-due-to-suspected-adverse-reaction-in-participant-in-the-u-k/">it paused its trial</a> because of a suspected adverse reaction in a participant. Shares fell as much as 3% on Wednesday. It served as a reminder to investors that developing a vaccine for the novel coronavirus will take time and cannot be rushed.Many companies developing other experimental COVID-19 vaccines rallied after AstraZeneca paused its trial. <a href="https://markets.businessinsider.com/stocks/mrna-stock">Moderna</a> led all gainers, while shares of <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a>, <a href="https://markets.businessinsider.com/stocks/sny-stock">Sanofi</a>, and <a href="https://markets.businessinsider.com/stocks/gsk-stock">GlaxoSmithKline</a> also climbed.In the mergers-and-acquisitions space, <a href="https://markets.businessinsider.com/news/stocks/tiffany-stock-price-louis-vuitton-lvmh-scraps-takeover-deal-lawsuit-2020-9-1029573748#">Tiffany plunged</a> after LVMH called off its proposed $16 billion acquisition of the jewelry retailer, citing potential trade-war tariffs on US goods as the main reason.Read more: <a href="https://www.businessinsider.com/how-to-invest-quality-value-stocks-avoid-risky-names-bernstein-2020-9" target="_blank" rel="noopener">Bernstein breaks down why value investing is not dead — and shares its 3-part strategy for buying cheap stocks before they break out higher</a>In an <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-stanley-druckenmiller-absolute-raging-mania-fed-hangover-2020-9-1029574974#">interview with CNBC on Wednesday,</a> billionaire investor Stanley Druckenmiller said the <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword> is in a fed-fueled "raging mania" that could lead to a five-year hangover.US job openings increased by 617,000, to 6.6 million, through the month, according to <a href="https://www.bls.gov/news.release/pdf/jolts.pdf">Job Openings and Labor Turnover Survey</a> The data signaled a continued labor-market recovery after the COVID-19 pandemic resulted in economic shutdowns across the country.An <a href="https://markets.businessinsider.com/news/stocks/warre-buffett-berkshire-hathaway-570-million-snowflake-ipo-rare-unicorn-2020-9-1029574925">investment raising eyebrows on Wall Street</a> is one to be made by Warren Buffett's Berkshire Hathaway. The conglomerate plans to participate in the upcoming IPO of cloud company Snowflake. Berkshire is set to buy 2.5% of the company for $570 million.Read more: <a href="https://www.businessinsider.com/stock-market-investing-outlook-day-trading-risks-threats-peter-tchir-2020-9" target="_blank" rel="noopener">'More fragile than people think': A Wall Street expert says the emerging 'species' of risk-loving day traders is threatening to upend an already vulnerable stock market</a><a href="https://markets.businessinsider.com/commodities/gold-price">Spot gold</a> climbed 0.8%, to $1,947.99 per ounce. The precious metal held above the $1,900-per-ounce threshold after failing to retake $2,000 at the start of the month.<a href="https://markets.businessinsider.com/commodities/news/oil-price-producers-cut-market-demand-weakness-crude-wti-brent-2020-9-1029571106">Oil</a> recovered some of Tuesday's losses spurred by industry giants that <a href="https://www.bloomberg.com/news/articles/2020-09-07/oil-extends-drop-after-saudi-price-cuts-highlight-demand-concern?srnd=markets-vp">continued to slash prices</a> because of demand weakness. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose as much as 4.6%, to $38.45 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 3.6%, to $41.20 per barrel, at intraday highs.Read more: <a href="https://www.businessinsider.com/stock-market-nasdaq-sell-off-explained-investing-advice-portfolio-positioning-2020-9" target="_blank" rel="noopener">4 experts break down the drivers behind the sudden plunge in tech stocks that's dragging the entire market lower — and share their best recommendations for what investors should do as the election approaches</a>

Dow soars 440 points as sharp tech turnaround leads market-wide rebound

Hello everyone! Welcome to this weekly roundup of stories from Insider from Business co-Editor in Chief Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>Read on for more on the next CEO of <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword>, a meltdown at coworking company Knotel, and how Robinhood conditioned inexperienced users to obsessively play the market.Read time: 5 minutesHello!The migration to Miami shows no signs of slowing down. Tech and <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12">Wall Street firms</a> continue to show interest in making the move to South Florida, <a href="https://www.businessinsider.com/miami-home-prices-rising-silicon-valley-wall-street-migration-2021-1">with home prices jumping 25% in the past year</a>, according to recent data."The demand is something we've never experienced before," leading Miami real-estate broker Chad Carroll <a href="https://www.businessinsider.com/inside-miami-real-estate-market-wealthy-transplants-tech-finance-migration-2021-1">told Natasha Solo-Lyons</a>. Read the full story here:<ul><li><a href="https://www.businessinsider.com/inside-miami-real-estate-market-wealthy-transplants-tech-finance-migration-2021-1">Inside Miami's red-hot real-estate market, fueled by finance and tech transplants from both coasts</a></li></ul><h2>Amazon's next CEO</h2>From Eugene Kim and Ashley Stewart:When <keyword id="742297" type="PERSON" weightage="60" keywordseo="Andy-Jassy">Andy Jassy</keyword> has a big decision to make, it usually comes at the Chop.Originally the name of a physical conference room next to his office at Amazon's Seattle headquarters - short for "Charterhouse of Parma," a book Jassy read in college - the Chop has also come into use as a catchall term for the meetings where Jassy holds his most important brainstorming and planning sessions.The Chop is also where big ideas, and sometimes employees, go to get chopped down to size, according to people familiar with the company."If you go to a Chop meeting with Andy, you better be ready," one former senior-level employee told Insider. "He has a tremendous amount of trust in his team, but you have to be at the highest levels of diligence and preparation for any meeting with him. He's a shark who will smell a drop of blood from 100 miles away if you're not ready."Read the full story here:<ul><li><a href="https://www.businessinsider.com/andy-jassy-amazon-web-services-ceo-2021-1">Andy Jassy will be the next CEO of Amazon. Insiders dish on what it's like to work for Jeff Bezos' successor who built AWS into a $40 billion business.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/amazon-employees-react-andy-jassy-ceo-jeff-bezos-2021-2">Amazon employees say they were caught off guard by Andy Jassy's promotion, but some think they know who the next AWS CEO will be</a></li><li><a href="https://www.businessinsider.com/why-jeff-bezos-departure-letter-to-amazon-employees-is-effective-2021-2">We asked a Harvard Business School professor to analyze Jeff Bezos' departure letter. Here's where it was successful - and where it could have been stronger.</a></li><li><a href="https://www.businessinsider.com/how-andy-jassy-can-successfully-lead-amazon-as-new-ceo-2021-2">How Andy Jassy can step into the CEO role at Amazon with a titan like Jeff Bezos still around as executive chair</a> </li></ul><h2>Coworking collapse</h2><div type="image" title="Knotel cofounders" height="2667" width="4000" msid="80739346" hostid="261"></div>From Dan Geiger, Meghan Morris, and Alex Nicoll:On Friday, January 29, the flexible-workspace company Knotel sent a bluntly worded letter to tenants in its 2 million square feet of New York City offices. Within just a few hours, the letters said, they would have to vacate.The hectic and unusual order presaged Knotel's <a href="https://www.businessinsider.com/knotel-filing-for-bankruptcy-2020-finances-show-losses-2021-1">filing for bankruptcy under chapter 11</a> in the US Bankruptcy Court for the District of Delaware over the weekend.The coworking company, once valued at over $1 billion and seen as a WeWork rival with a global footprint of nearly 5 million square feet, said it would abandon much of its US space. The dissolution of so much of the firm's portfolio jolted tenants - or members - in the normally slow-moving world of commercial real estate, where relocations are planned months or years ahead.The bankruptcy filing, and the chaos it triggered, was an outcome that several former executives, landlords, and observers said they foresaw for the fast-rising company, whose grand ambitions <a href="https://www.businessinsider.com/inside-knotel-financials-growth-amol-sarva-2020-6">had begun to falter well</a> before the pandemic accelerated its decline.Read the full story here:<ul><li><a href="https://www.businessinsider.com/knotel-bankruptcy-amol-sarva-coworking-commercial-real-estate-2021-2">Behind Knotel's meltdown: A dozen insiders trace the coworking firm's turbulent fall into bankruptcy after losing $400 million in 2 years</a></li></ul><h2>Generation Robinhood</h2><div type="image" title="robinhood gamification trading app 2x1" height="1200" width="2400" msid="80739349" hostid="261"></div>From Vicky Ge Huang and Carter Johnson:James Orellana was waiting tables during the pandemic when he decided to give Robinhood a try.The 26-year-old Rutgers University grad wanted to learn how to invest in the stock market but had no idea where to start. Then someone he knew recommended Robinhood as an easy-to-use app that was good for beginner investors. Orellana deposited $100 into his account on April 29 and bought his first stock - a single share of Exxon Mobil - for $45.80 on May 1."When I first started, I was looking at all these numbers and terminology I didn't understand," he said. "And I remember telling myself that one day, if I just keep looking at this app for hours and days, I'll eventually learn what I don't know. That's exactly what has happened."Along the way, Orellana learned something else. Robinhood isn't just informative - it's also incredibly addictive. Like many apps, it was specifically designed to keep users hooked on an endless feedback loop of action and reward.Read the full story here:<ul><li><a href="https://www.businessinsider.com/how-robinhood-conditioned-generation-trade-obsessive-investing-reddit-gamestop-wallstreetbets-2021-2">GENERATION ROBINHOOD: How the trading app conditioned inexperienced users to obsessively play the market</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/robinhood-payment-for-order-flow-gamestop-regulation-revenue-2021-2">Robinhood makes hundreds of millions from selling customer orders. That business model is about to come into focus.</a></li><li><a href="https://www.businessinsider.com/ken-griffin-citadel-citadel-securities-gamestop-reddit-trading-wallstreetbets-2021-2">Ken Griffin's Citadel and Citadel Securities' profiles have risen with GameStop frenzy. Now the firms have caught the attention of lawmakers.</a></li><li><a href="https://www.businessinsider.com/how-gamestop-and-reddit-changed-robinhoods-future-2021-2">Inside Robinhood's 5 days of chaos</a> </li></ul><h2>ICYMI: Gaming the system to get COVID-19 vaccines</h2><div type="image" title="rich people steal covid vaccine 2x1" height="1334" width="2667" msid="80739351" hostid="261"></div>From Julia Naftulin and Allana Akhtar:In Florida, nursing-home board members <a href="https://www.washingtonpost.com/health/2021/01/05/florida-nursing-home-covid-vaccine/">flocked to West Palm Beach for a jab of the COVID-19 vaccine</a> meant for their residents.In Philadelphia, a 22-year-old pandemic-response startup CEO quietly <a href="https://www.inquirer.com/health/coronavirus/philly-fighting-covid-vaccine-signup-andrei-doroshin-20210131.html">snatched vaccine-filled syringes and injected them</a> into his friends' arms.In Los Angeles, concierge doctors fielded frantic calls from wealthy clients <a href="https://www.latimes.com/california/story/2020-12-18/wealthy-patients-scramble-covid-19-vaccine">offering up hefty donations</a> in exchange for a shot.The sense of hope that came when the Food and Drug Administration granted emergency authorization for the Pfizer and Moderna COVID-19 vaccines soon curdled when Americans discovered congressional lawmakers, billionaire nursing-home benefactors, and hospital executives were getting the vaccine more quickly than the average person.Read the full story here:<ul><li><a href="https://www.businessinsider.com/rich-poor-covid-vaccine-disparity-2021-2">Some rich people are gaming the system to get COVID-19 vaccines using hefty donations and cozy relationships with CEOs</a></li></ul><h2>INVITE: Healthcare's biggest VCs on the future of healthcare</h2>Join us on Wednesday, February 10, at 3 p.m. ET / 12 p.m. PT as Megan Hernbroth hosts a live panel discussion with prominent healthcare venture capitalists on the future of healthcare.In this webinar, we will talk to some of healthcare's most notable investors including CRV's Kristin Baker Spohn, Menlo Ventures partner Greg Yap, Oak HC/FT's Andrew Adams, and Venrock partner Racquel Bracken.<a href="https://www.businessinsider.com/business-insider-webinar-on-the-future-of-healthcare-2021-1">Sign up here.</a>Here are some headlines from the past week that you might have missed.- Matt<a href="https://www.businessinsider.com/microsoft-retail-store-closures-employees-relocate-leaked-discussions-2021-2">Microsoft still hasn't told retail employees where they'll be required to work and some are panicking, leaked discussion shows</a><a href="https://www.businessinsider.com/mcdonalds-faces-reckoning-on-race-amid-lawsuits-2021-2">Inside McDonald's reckoning on race, amid billion-dollar lawsuits and unprecedented new efforts</a><a href="https://www.businessinsider.com/criteo-restructure-to-affect-10-of-staff-2021-2">Criteo is preparing a major restructure affecting 10% of staff as it looks to shift away from retargeting</a><a href="https://www.businessinsider.com/list-top-psychedelics-companies-by-funding-2021">Meet the top 14 psychedelics startups raising the most cash to develop new ways of treating depression, addiction, and more</a><a href="https://www.businessinsider.com/14-executives-who-could-be-the-next-tv-news-leaders-2021-2">Jeff Zucker is leaving CNN - meet 14 execs who could succeed him or run other TV networks as massive turnover looms</a><a href="https://www.businessinsider.com/top-creator-collab-house-database-for-influencers-on-tiktok-youtube-2021-2">An interactive database of the top influencer mansions and who lives in them</a><a href="https://www.businessinsider.com/stella-guan-bought-home-regret-pandemic-buyers-remorse-ibuyer-2020-11">A hopeful millennial bought a house during the pandemic and regrets everything. Here's what she learned so you can avoid her mistakes.</a><a href="https://www.businessinsider.com/appharvest-from-seed-to-1-billion-in-3-years-2021-1">AppHarvest grew from seed to $1 billion public company in just 3 years because of 'desperation from investors,' CEO says</a>

Andy Jassy will be the next CEO of Amazon. Insiders dish on what it's like to work for him.

Hello!Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>What we're going over today:<ul><li>People are flocking to <keyword id="10840706" type="UNKNOWN" weightage="60" keywordseo="sextech">sextech</keyword> <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups">startups</keyword>, <a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4">and VCs are taking note.</a> </li><li>Goldman Sachs' CEO is shaking up the bank - <a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21">and it's pushing some top execs to the exits.</a></li><li>Six families open up about <a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4">overpaying, losing bidding wars, and settling for fixer-uppers in a bonkers housing market</a>.</li><li>The <a href="https://www.businessinsider.com/insider-most-transformative-ceos-barra-bourla-narayen-huang-2021-4">most transformative CEOs of 2021.</a></li></ul><a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4"></a>What's trending this morning:<ul><li>Google's push to bring employees back to offices is frustrating some employees: They <a href="https://www.businessinsider.com/googles-resistance-to-going-fully-remote-is-frustrating-employees-2021-4">say they'll quit if they can't be remote forever.</a></li><li><a href="https://www.businessinsider.com/googles-resistance-to-going-fully-remote-is-frustrating-employees-2021-4"></a><a href="https://www.businessinsider.com/googles-resistance-to-going-fully-remote-is-frustrating-employees-2021-4"></a>Investment banks are racing to staff up: One recruiting firm <a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4">has even formed a "SWAT team" focused on hiring associates and VPs</a>.</li><li>WarnerMedia org chart: We mapped out the <a href="https://www.businessinsider.com/warnermedia-org-chart-top-execs-ceo-hbo-max-cnn-2021-4">112 most powerful people at WarnerMedia after CEO Jason Kilar's leadership shake-up</a>.</li><li>Etsy is awash with illicit products : The online marketplace is overflowing <a href="https://www.businessinsider.com/etsy-sells-ivory-weapons-poisonous-plants-mass-produced-products-2021-4">with listings for products it says it bans</a>.</li><li>Your glassware is too big: And <a href="https://www.businessinsider.com/your-drinking-alcohol-glasses-are-too-big-other-drinking-advice-2021-4">other advice about drinking</a>.</li></ul><h3><a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4">Sextech startups are booming</a></h3>As Americans prepare for a "<a href="https://www.insider.com/hot-vaxx-summer-pandemic-horniness-is-coming-blissful-release-2021-3">hot vax summer</a>," <a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4">people are flocking to sextech startups</a> for all things sexual wellness. We spoke with five startups that said they're seeing consumer spending habits change already - and that VCs are also getting in on the fun:The pandemic made getting it on more difficult for everyone.But now that half of American adults have had at least one dose of the vaccine, that could spell the end of a year of celibacy for many. Some are turning to sexual health and wellness startups to have more titillating and safe sex in the summer of love, startup founders and investors say.The next several months could be boom times for companies in "sextech" and other sexual wellness businesses, from direct-to-consumer lingerie to birth-control delivery. More on the red-hot sextech market:<ul><li><a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4">People are flocking to sextech startups to stock up on lube and lingerie to prepare for a wild summer of hookups. And VCs are taking notice.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/omada-strategy-sean-duffy-livongo-teladoc-deal-digital-health-2021-4">His biggest rival scored a $13.9 billion buyout. Now the CEO who helped pioneer the digital health industry is under pressure to make a big move.</a></li><li><a href="https://www.businessinsider.com/fintech-giant-marqeta-to-become-a-public-company-in-june-2021-4">$4.3 billion fintech darling Marqeta is planning an IPO as early as June</a></li><li><a href="https://www.businessinsider.com/basecamp-workers-flee-what-some-describe-as-autocratic-culture-2021-4">About a third of Basecamp employees quit after the CEO banned politics and shuttered the DEI committee. Some describe an autocratic culture.</a> </li></ul><h3><a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21">Goldman Sachs' CEO is changing the bank's DNA</a></h3><a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21"><div type="image" title="Two images of Goldman Sachs CEO David Solomon in a picture frame on a red background." height="1800" width="2400" msid="82358459" hostid="261"></div></a>David Solomon, who <a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21">took over as Goldman's CEO in October 2018</a>, has steered the bank to blowout profits and a record stock price. But with partners quitting and burnout soaring, some insiders say the executive's hard-charging style has come at a cost: "David reviews businesses with a dispassionate, clinical eye," said Jim Esposito, the cohead of Goldman's investment banking division. "There are no sacred cows."On paper, it's working spectacularly. Goldman smashed analysts' expectations and set a revenue record in the first quarter, its stock soared to an all-time high of more than $356, and its ambitious plan to slash $1.3 billion in costs is on track. Wall Street analysts are singing Solomon's praises, as are investors who laud the transparency Solomon has brought to Goldman's operations.But Goldman's top ranks have seen almost unprecedented turnover, with six members of the management committee exiting over the past year. Among them were two Goldman lifers - Eric Lane and Gregg Lemkau, a potential CEO successor - whose departures stunned Solomon. More on Solomon's hard-driving style - and why it may be pushing execs away:<ul><li><a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21">Goldman Sachs CEO David Solomon is shaking up the bank with his hard-driving style. Here's what's pushing a herd of top execs to the exits.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/rising-stars-top-young-equity-research-analysts-wall-street-2021">Meet the rising stars of equity research, up-and-comers making calls on everything from the next big electric car maker to the return of live events</a></li><li><a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4">These 10 headhunters are helping fintechs like Coinbase, Stripe, and SoFi land big hires and stand out in the startup tech talent war</a></li><li><a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4">After a year of market shocks and monster trading profits, hedge fund giants like Citadel and Millennium are raiding investment banks for volatility traders</a> </li></ul><h3><a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4">Pandemic homebuyers open up about their experiences</a></h3><a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4"><div type="image" title="Ilan and Sarah Harel" height="1189" width="1582" msid="82358461" hostid="261"></div></a>Since the start of the pandemic, hopeful homebuyers have been subjected to a buying frenzy that's led to bidding wars, all-cash sales, sight-unseen purchases, and other leaps of faith - and they did it all in the name of achieving <a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4">the American dream of homeownership</a>:After more than a decade renting in Queens, Ilan and Sarah Harel decided to leave the city and buy for the first time. They ultimately scored a $329,000 property in Pleasant Valley, New York, a Hudson Valley town with fewer than 10,000 residents that is just 90 minutes north of their former digs in Queens.But snagging their dream home was no easy feat. It was the long-labored-over result of checking listing websites all day long for three months, making offers on properties for thousands of dollars over asking price, and competing with hundreds of thousands of New Yorkers like them who fled the city for greener pastures around the same time. Their story illuminates a broader reality: The pandemic upended the real-estate market and, as a result, has pushed homeownership further out of reach. Read their stories here:<ul><li><a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4">Confessions of pandemic homebuyers: 6 families open up about overpaying, losing bidding wars, and settling for fixer-uppers in a bonkers housing market</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/single-family-rental-investors-squeeze-regular-homebuyers-cerberus-invitation-homes-2021-4">Want to buy a home right now? You might have to outbid a $50 billion private equity firm first.</a></li><li><a href="https://www.businessinsider.com/real-estate-investing-florida-climate-change-flooding-home-prices-insurance-2021-4">Betting on Florida real estate could be a big mistake</a></li><li><a href="https://www.businessinsider.com/aaron-kirman-real-estate-agent-los-angeles-compass-listing-impossible-2021-4">A day in the life of LA superbroker Aaron Kirman, who has hit $7 billion in career sales by selling Southern California's most expensive mansions, estates, and ranches</a> </li></ul><h3><a href="https://www.businessinsider.com/insider-most-transformative-ceos-barra-bourla-narayen-huang-2021-4">Meet the most transformative CEOs of 2021</a></h3><a href="https://www.businessinsider.com/insider-most-transformative-ceos-barra-bourla-narayen-huang-2021-4"><div type="image" title="Most impressive CEOs collage including Shantanu Narayen of Adobe, Albert Bourla of Pfizer, Mary Barra of GM, Jensen Huang of NVIDIA" height="1250" width="2501" msid="82358462" hostid="261"></div></a>Leadership in 2021 is marked by transformation - of business models, of workforces, and of organizations themselves. Insider's inaugural <a href="https://www.businessinsider.com/insider-most-transformative-ceos-barra-bourla-narayen-huang-2021-4">list of the Most Transformative CEOs</a> celebrates four executives who are best meeting the needs of their many stakeholders:Insider arrived at this list by way of both quantitative and qualitative analysis. We considered the 100 CEOs of the largest publicly traded US companies by market capitalization on the S&amp;P 500 who have been in their positions since at least January 2019. We ruled out executives who are stepping down.We evaluated companies and CEOs across measures of recent financial performance, ratings on employee review sites Comparably and Glassdoor, typical employee compensation and the CEO-to-median-pay ratio, and the 2021 Just Capital ranking of companies' commitment to social responsibility.We believe the following CEOs exemplify the traits and achievements needed to survive and thrive in that challenging environment.Read the full profiles of each CEO here:<ul><li><a href="https://www.businessinsider.com/albert-bourla-profile-pfizer-ceo-leadership-operations-vaccine-pandemic-2021-4">Albert Bourla is ushering in a new era at Pfizer after leading a historic triumph with a COVID-19 vaccine</a></li><li><a href="https://www.businessinsider.com/jensen-huang-nvidia-ceo-management-leadership-graphics-ai-cars-2021-4">CEO Jensen Huang has evolved the $300 billion Nvidia from video-game hardware to AI to autonomous car tech - here's how he sees around every corner</a></li><li><a href="https://www.businessinsider.com/mary-barra-gm-management-style-ceo-strategy-pivot-to-electric-2021-4">How Mary Barra is leading GM as it pivots out of the pandemic and into electric</a></li><li><a href="https://www.businessinsider.com/adobe-ceo-shantanu-narayen-leadership-people-centric-policies-strategic-mindset-2021-3">Here's how Adobe CEO Shantanu Narayen has used people-centric policies and a strategic mindset to lead the software giant</a></li></ul>Finally, here are some headlines you might have missed last week.- Matt<ul><li><a href="https://www.businessinsider.com/henry-kissenger-interview-politics-after-pandemic-china-europe-2021-4">INTERVIEW: Henry Kissinger on the political consequences of the pandemic, China's rise, and the future of the European Union</a> </li><li><a href="https://www.businessinsider.com/uber-lyft-drivers-stimulus-labor-workforce-unemployment-2021-4">Uber and Lyft asked Congress to bail out their drivers. Now they can't seem to get enough drivers to come back to work.</a></li><li><a href="https://www.businessinsider.com/mofo-time-logging-software-raises-surveillance-fears-new-normal-2021-4">Morrison &amp; Foerster is starting to track its lawyers' calls, emails, and website visits in an effort to squeeze out billable hours, according to a leaked email</a> </li><li><a href="https://www.businessinsider.com/25-fastest-growing-dtc-brands-include-nft-mental-health-startups-2021-4">Here are the 25 fastest-growing DTC brands, according to monthly traffic and growth in Q1 from SimilarWeb data</a> </li><li><a href="https://www.businessinsider.com/austin-nashville-raleigh-miami-oracle-apple-incentives-competition-2021-4">Nashville is basically broke, but that didn't stop it from luring Oracle with lavish incentives. Other small cities are also paying top dollar to compete for Big Tech.</a></li><li><a href="https://www.businessinsider.com/stock-picks-to-buy-now-innovative-firms-upside-jabusch-deems-2021-4">Garvin Jabusch and Jeremy Deems returned 141% to investors over the last year by betting on innovation. They share 5 stocks they're bullish on for the long-term - including one they 'very comfortably predict' will surge at least 300%.</a></li><li><a href="https://www.businessinsider.com/resume-template-college-student-get-a-job-at-spotify-2021-4">Read the résumé a college senior used to land her dream internship at Spotify and praise from CEO Daniel Ek</a></li><li><a href="https://www.businessinsider.com/miss-excel-microsoft-tiktok-instagram-influencer-six-figures-2021-4">A Microsoft Excel influencer quit her day job and is making 6 figures from her unconventional way of teaching spreadsheet hacks, tips, and tricks</a></li><li><a href="https://www.businessinsider.com/cnn-business-opens-investigation-into-the-treatment-of-women-employees-2021-4">CNN Business has launched an internal investigation into the treatment of female employees</a></li><li><a href="https://www.businessinsider.com/healthcare-delivery-strategies-unitedhealth-humana-cigna-anthem-cvs-2021-4">Big insurers like UnitedHealth, Humana, Cigna, and Anthem are moving beyond paying for care. A new report reveals just how much their DNA has changed.</a> </li></ul>

People are flocking to sextech startups ahead of the 'hot vax summer.' VCs are taking note.

Thomson ReutersTraders gather at the post that trades Pfizer's stock on the floor of the New York Stock ExchangeDave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.<ul><li>Netflix helped the Nasdaq hit record highs again on Tuesday.</li><li>Global markets are mixed, but mostly higher Wednesday morning.</li><li>Oil is down slightly after inventories grew.</li><li>Soft commodities are all higher.</li></ul>Here's Lutz: Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/wells-fargo-equity-chief-shorting-anything-is-playing-with-fire-2017-7">Wells Fargo Funds equity chief: Shorting anything is 'playing with fire'</a></h3> Please enable Javascript to watch this video

Here's a super-quick guide to what traders are talking about right now

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Tyrone Siu </div></div></div>Stocks had a weak day and the S&amp;P 500 dipped into negative year-to-date territory after major global stock indexes also fell. Some economic data from the US and Germany came in weaker than expected. Investors made some notable moves into safe-haven assets. The yen strengthened to a one-and-a-half-year high against the dollar. Bund buying pushed the 10-year yield near a record low, as US treasury yields also fell. Crude oil went nowhere. First, the scoreboard:<ul><li>Dow: 17,603.80, -133.20, (-0.75%)</li><li>S&amp;P 500: 2,045.21, -20.92, (-1.01%)</li><li>Nasdaq: 4,843.93, -47.86, (-0.98%)</li><li>WTI crude oil: $35.89, +$0.19, (0.53%)</li></ul><h2>Tax Inversions</h2>After the closing bell on Monday, the Treasury Department announced a bunch of new rules to tackle companies that are running away from the US tax system.Simply put, tax inversion is when companies set up shop abroad (directly or by buying foreign companies) to take advantage of lower tax rates.The rules include tighter restrictions on inversion transactions if companies have done them within the last 36 months. Also, there'll be revisions to anti-inversion penalties for US companies where American shareholders would own at least 60% of a combined company.The first, immediate casualty was Allergan. Its shares fell 16% and lost the most on the S&amp;P 500 today, as it tries to close the biggest inversion deal in history by merging with Pfizer to form a $160 billion pharma behemoth.But Reuters reported today that <a href="http://www.businessinsider.com/r-exclusive-pfizer-leaning-toward-abandoning-deal-with-allergan---source-2016-4">Pfizer is leaning</a> towards abandoning the whole deal. "Pfizer is not willing to change the terms of its deal with Allergan which, under the new tax rules, would no longer benefit from the move to Ireland," Reuters reported, citing a source familiar with what's going down.US <a href="http://www.businessinsider.com/obama-comments-on-tax-inversion-2016-4">President Barack Obama</a> added his voice to the argument against inversion in a White House press briefing:There has been some progress made in coordinating between tax authorities in different countries. But as I said before, a lot of this stuff is legal, not illegal. And unless the United States and other countries lead by example in closing some of these loopholes and provisions, then, in many cases, you can trace what's taking place, but you can't stop it. He's also worried that most ordinary people don't have the resources to skip the US' burdensome tax system.<h2>US Economy</h2>The most important part of the economy made a comeback in March.The <a href="http://www.businessinsider.com/ism-non-manufacturing-and-markit-services-pmi-2016-4">services sector grew</a> after five straight months of declines and a scare that it was going the way of manufacturing. We know this from the ISM non-manufacturing index, which rose to 54.5 from 53.4 last month, and Markit's services PMI, which came in at 51.3 and topped forecasts. Here's a take from PNC's Gus Faucher:The strong ISM non-manufacturing results confirm that the US economy is far from recession. Although energy production is down, and manufacturing is flat, service industries and construction (included in non-manufacturing) continue to do well ... One particularly encouraging sign was a 5.0 point jump in new export orders to 58.5 percent; exports have been a weight on U.S. growth because of the strong dollar and an anemic global economy.But as always, there are caveats. Markit's report cautioned that new work orders rose at the slowest rate in the survey's 6.5-year history, and confidence in the business outlook fell to a post-crisis low.In other data, the <a href="http://www.businessinsider.com/us-trade-balance-february-2016-2016-4">trade deficit</a> widened to $47.1 billion from a $45.9 billion in February.The advanced goods trade report had shown that America's exports were not that strong, so the increase was kind of expected."So far this quarter imports have rebounded more than exports, which is why we expect trade to subtract from Q1 GDP growth," said BNP Paribas' Laura Rosner in a note. And then we got JOLTS, or the Job Openings and Labor Turnover Survey. It showed there were 5.445 million job openings in February."In one line: Openings have peaked but remain extremely high; quits rising," Pantheon Macroeconomics' chief economist Ian Shepherdson wrote after the data crossed.<div class="KonaFilter image-container display-table"><div><div class="image">BLS</div></div></div>Additionally:<a href="http://www.businessinsider.com/tom-lee-says-stocks-new-highs-by-summer-2016-4">TOM LEE: Stocks will hit all-time highs by the summer</a><a href="http://www.businessinsider.com/jp-morgan-guide-to-markets-q2-2016-2016-4" class="title">JP Morgan's complete guide to the markets</a><a href="http://www.businessinsider.com/obama-donald-trump-mexico-wall-2016-4" class="title">OBAMA TO TRUMP: Good luck with that wall</a><a href="http://www.businessinsider.com/presidential-candidate-power-rankings-week-12-2016-4">Wisconsin votes tonight: Here's who has the best chance at being our next president</a><a href="http://www.businessinsider.com/tepper-move-hurts-new-jersey-2016-4">New Jersey has to rethink its budget because one guy moved</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/science-workout-health-fitness-2016-3">This 7-minute fitness routine is all you need to get in shape</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="p1ZXhpMTE6DXp4thwevw7Um4kDHk8NBb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

STOCKS DROP: Here's what you need to know

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.flickr.com/photos/library_of_congress/2179038448/in/album-72157603671370361/">Flickr/Library of Congress</a></div></div></div>There are plenty of reasons why companies and investors should take gender diversity seriously. But if a quantitative reason based on stock-market returns is needed, Morgan Stanley has it.Strategists at the bank recently updated their study on 1,600 public companies around the world and found that the shares of public companies that are more gender diverse experience less volatility and outperform those that aren't. The study found that:<ul><li>Among stocks that rank high on Morgan Stanley's selection model, those with high gender diversity delivered much better risk adjusted returns. </li><li>Since 2011, companies that were more diverse outperformed their counterparts by 1.5%.</li><li>Year-to-date, the market has rewarded diverse companies "quite generously," although North America is an exception. That may be because of the rally in small-caps; larger companies tend to be more diverse.</li><li>Stocks that rank low on diversity have the highest return volatility and the highest probability of experiencing sharp drawdowns. </li></ul>These reasons move gender diversity to something investors must seriously consider to reduce volatility in their portfolio, said Adam Parker, Morgan Stanley's chief US equity strategist."I don't think anybody is going to walk in the office and say 'we think diversity is a bad idea, we think buying companies with all white guys that are over 40 is a great idea,'" Parker told Business Insider.This research takes that sentiment "from the ambiguous to the concrete," he said. <h2><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Morgan Stanley" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/57f7f08b57540c8f728b4965-960/screen shot 2016-10-07 at 2.58.51 pm.png"></a>Morgan Stanley</div></div></div>It's not just more women</h2>Apart from a headcount of women at executive level and below, Morgan Stanley examined other measures like pay parity, diversity policies, and maternity leave benefits. It further screened the companies by geography to avoid any apples-to-oranges comparisons. Morgan Stanley is gradually factoring the findings into its forecasts for equity returns, alongside other metrics like technicals, earnings revisions and valuations. "Ultimately, we'll be able to observe whether this boosted-up ranking outperforms the ranking we would have had before we did the gender diversity work," Parker said."And assuming that continues to be the case as has been, then we may just throw out the existing ranking and only have the gender-diversity-boosted framework." The five US stocks in the top quintile of both the existing, non-gender-diversity-using model and the gender diversity model were JP Morgan, Walmart, Verizon, Pfizer, and Merck. Royal Dutch Shell, Total, and GlaxoSmithKline topped the European list.<h2>Why diverse companies do better</h2>There's <a href="http://www.mckinsey.com/business-functions/organization/our-insights/why-diversity-matters">existing research</a> which demonstrates that diverse workforces perform better financially. For one, there's less risk of groupthink that leads to poor decision-making when everyone in the boardroom looks and thinks similarly.Where stock-market performance is concerned, it's trickier to prove causality. Eva Zlotnicka, an equity strategist at Morgan Stanley, said there may be cost benefits for diverse companies.She pointed to the tech sector, where there's competition for talent and companies with better maternity leave policies kept the best women around. YouTube CEO Susan Wojcicki said in 2014 that the company saw <a href="http://www.businessinsider.com/youtube-ceo-susan-wojcickis-maternity-leave-op-ed-2014-12">a 50% drop in turnover</a> among new moms after it increased its leave time from 12 weeks to 18 weeks in 2007.By retaining top talent, companies can spend less on recruiting and training, and avoid bleeding some of the institutional knowledge that gives them a competitive edge. And so, not only can investors earn higher returns from investing in better-run companies, but the firms also stand to gain from greater gender diversity.Even Capitol Hill can make some improvements. The US is among a small handful of countries including Papua New Guinea and Lesotho that don't guarantee paid maternity leave. Looking at a list of maternity-leave benefits, "when you start to get to like country number 141 and you realize the US is still below that," it's weird, Zlotnicka said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/waffle-house-index-used-track-hurricanes-fema-matthew-2016-10">FEMA is tracking Hurricane Matthew using the 'Waffle House Index'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="RqdTJkNjE6P7Zz1ngH-16GYRNnLnymBd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The trillion-dollar reason why Wall Street should take gender diversity more seriously

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">HarvardEthics at <a href="http://www.flickr.com/photos/harvardethics/6100257825/">www.flickr.com</a>He's wrong.</div></div></div>Berkeley professor and economist <a href="http://www.nytimes.com/2015/09/20/opinion/is-big-tech-too-powerful-ask-google.html?_r=0">Robert Reich argues</a> in The New York Times that the big tech industry has become too powerful, and suggests that more government intervention is necessary to stop giants like Google, Facebook, and Amazon from amassing more power.His argument is utterly wrong, across the board.If you believe Reich, you'd have to argue that almost every other sector in the U.S. economy deserves even more government intervention. Because, in fact, the tech industry - by which we're actually referring to information technology, not other kinds of "tech" like biotech - has seen more turnover in power in a shorter amount of time than any other U.S. industry.<h2>Defining the wrong relevant market</h2>Reich notes that internet viewership is more concentrated now than it was 14 years ago, in 2001 - 75 percent of all traffic goes to the top ten web sites, whereas 14 years ago it was only 31 percent.But think about this: In 2001, the web as a mass market medium was only six years old. In the last 20 years, the medium that Reich is complaining about grew from literally nothing and became a competitor to old media sources that had been around for decades. When I was growing up in the mid-1970s, there were three TV networks. Three sources of TV news. All three of those networks had been around almost since the dawn of television, more than 20 years before. At the same time, every city had one morning newspaper. One source of print news. Those newspapers were decades old.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Pedro Ribeiro Simões/FlickrHow people used to get news before the internet.</div></div></div>One of the tricks of antitrust law, as Reich surely knows, is defining the relevant market. And yes, if you define online media as the relevant market, in the last 10 years there has absolutely been a concentration of power in a few big players - particularly Google and Facebook, which dominate web advertising and where people spend the most time.But if you define the relevant market as media, the number of powerful players today is far larger than it was before the web started.Same with commerce. If you define e-commerce as its own market, yes, Amazon dominates. But if you define it as part of the larger retail sector, guess what? Amazon is a powerful counterweight to retail giants like Wal-Mart. And it didn't exist until 1994.<h2>Platforms and natural monopolies</h2>Then there's this bizarre bit in Reich's column:The most valuable intellectual properties are platforms so widely used that everyone else has to use them, too. Think of standard operating systems like Microsoft's Windows or Google's Android....That sentence fragment glosses over one of the hugest shifts in power in the annals of business.For a little more than 10 years, Microsoft did indeed have a monopoly on computer operating systems. In 2006, more than 90% of all computers connecting to the Internet ran Microsoft Windows.Then Apple's iOS came out in 2007, and Android in 2008.As of 2014, Windows runs on only about 15% of computers (including tablets and smartphones) connecting to the Internet.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Jeff Gross / Getty ImagesFormer Microsoft CEO Steve Ballmer, who the board reportedly pushed out after he oversaw the decline of Microsoft's Windows monopoly.</div></div></div>Before you bring it up, Microsoft's fall from dominance had little to do with the government's antitrust case, which was all about bundling a web browser with Windows to squash Netscape, and playing nasty with hardware makers to force them to carry Microsoft software in lieu of competition software. That case was over and settled by 2007. What really caused the fall was unforeseen competition. Microsoft dominated the desktop PC market, and didn't imagine that a smartphone operating system would ever be good enough to replace PCs for most tasts, for most people, around the world.Reich is right. There are natural monopolies in tech. Everybody uses Google for search so Google gets the most data about what people are searching for which makes its search (and search ads) more relevant. Everybody uses Facebook because everybody's on Facebook.But those monopolies are incredibly fragile. They are regularly disrupted when competitors re-define the playing field. Apple and Google didn't beat Microsoft by competing on the desktop. They did it by expanding the relevant market with something completely new.<h2>The tech industry has more power shifts than any other</h2>Want more evidence?Here are the top five U.S. information technology companies, by market cap, today:<ol><li>Apple</li><li>Google</li><li>Microsoft</li><li>Facebook</li><li>Amazon</li></ol>And here's what they looked ten years ago, in 2005 (all 2005 rankings via <a href="http://im.ft-static.com/content/images/da5e52c2-f7bf-11da-9481-0000779e2340.pdf">The Financial Times</a>):<ol><li>Microsoft</li><li>IBM</li><li>Intel</li><li>Cisco</li><li>Dell</li></ol>Only one of those companies - Microsoft - is on both lists. Dell has gone private, but was nowhere close to the top five when that happened in 2013. That's a lot of change in 10 years.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Andrew WongAn average day in the tech industry.</div></div></div>Compare this with any other equally vital industry. How about the top five U.S. petroleum companies today measured by market cap:<ol><li>ExxonMobil</li><li>Chevron</li><li>ConocoPhillips</li><li>Occidental Petroleum</li><li>Eog Resources</li></ol>And in 1995:<ol><li>ExxonMobil</li><li>Chevron</li><li>ConocoPhillips</li><li>Occidental Petroleum</li><li>Devon Energy</li></ol>The top four were the same.Maybe that's a bad comparison - intellectual property-based businesses are more creative and naturally have more churn than commodities, right? So let's look at U.S. pharmaceutical companies instead, by market cap: <ol><li>Johnson &amp; Johnson</li><li>Pfizer</li><li>Merck</li><li>Amgen</li><li>AbbVie</li></ol>Here's 2005:<ol><li>Johnson &amp; Johnson</li><li>Pfizer</li><li>Amgen</li><li>Abbot Laboratories</li><li>Merck</li></ol>It looks like only one different company, but in fact, <a href="https://en.wikipedia.org/wiki/AbbVie">AbbVie</a> (No. 5 now) is a spinoff from Abbot Laboratories (No. 4 then). So, the top five were exactly the same, just in slightly different order.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Adrian Murrell /AllsportHow other industries look to people who work in tech in Silicon Valley.</div></div></div>One more. Here are the top five media companies today (defined as companies whose main business is creating and distributing content), by market cap:<ol><li>Disney</li><li>Comcast</li><li>Time Warner</li><li>21st Century Fox</li><li>CBS</li></ol>And in 2005:<ol><li>Comcast</li><li>Time Warner</li><li>News Corp</li><li>Disney</li><li>CBS</li></ol>Fox was split from News Corp, so once again the five players were the same.You could do this all day. The point is, you'll be hard pressed to find any U.S. industry where four out of the top five companies are completely different than they were ten years ago.<h2>Harm to consumers?</h2>But as antitrust students know, U.S. law actually doesn't care about the number of companies competing per se (unlike European antitrust law). The real measure of antitrust is if the lack of competition is hurting consumers, causing them to get less choice or higher prices.No one can argue with a straight fact that this is happening in the tech industry. The price of computing has dropped so dramatically, your $500 smartphone is far more powerful than the most powerful $3,000 computer you could buy in 2005. Amazon is laser-focused on cost and offers nearly every product under the sun cheaper than you could get it anywhere else.And what about all those great online services where you spend so many hours every month, like Google, Facebook, Pinterest, Twitter, and Business Insider?All free. (<a href="http://www.businessinsider.com/publishers-stop-whining-about-ad-blocking-if-youre-not-actually-doing-anything-about-it-2015-9?r=UK&amp;IR=T">For now</a>.)Well, OK, maybe not free - you still have to pay for Internet access.But that's gotten much better, too. The rate of broadband penetration went from 2.48 per 100 inhabitants in 2000 to more than 10x that by 2008. And ten years ago, most of us didn't even have smartphones, much less the wireless data plans that power them.<h2>So what's Reich really going on about?</h2>If you read Reich's column again, there seems to be one specific incident that really set him off.In 2012, the Federal Trade Commission was looking into whether Google manipulated search results for its own commercial purposes, and appeared to be <a href="http://www.businessinsider.com/what-the-new-ftc-report-says-about-google-2015-3">ready to throw the book at the company</a>. Then, the commissioners decided not to pursue the case.<div class="KonaFilter image-container display-table"><div><div class="image on-image">APGoogle Chairman and former CEO Eric Schmidt.</div></div></div>There's no doubt Google was playing hardball, doing things like requiring third parties to let their content appear directly in search results, and threatening them with delisting if they refused. But the FTC backed down because Google agreed to stop doing this. Moreover, Google today is a lot less powerful than Google in 2012 - people are spending way more time at Facebook, and search has become a lot less relevant as people spend more time using apps on smartphones and searching for products on Amazon.The government shouldn't ignore abuses in the tech industry, and it isn't.But if you argue, as Reich does, that the growing monopolies in the tech industry "must eventually be broken up," then by all means you should look at almost every other industry first.

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Robert Reich is totally wrong: Tech is the most competitive industry in the US

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