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Monday's Pre-Market: Pfizer's new model, Walmart's AI growth, Saudi Aramco poor earnings, Salesforces' CEO on Slack, and low Biden's approval by SMBs

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Mar 11, 2024
  • 2 min read

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Pfizer is betting big on cancer drugs to turn business around after Covid decline – here’s what to know


  • Pfizer is betting on cancer drugs to help it regain its footing after a rocky year marked by the rapid decline of its Covid business.

  • The pharmaceutical giant has been trying to shore up investor sentiment after its shares fell more than 40% in 2023.

  • Pfizer says its combined drug pipeline with cancer drugmaker Seagen could produce at least eight blockbuster medicines by 2030.


Why Walmart’s quick success in generative AI search should have Google worried


  • Walmart CEO Doug McMillon has talked up the retail company’s generative AI search capabilities, one more threat to Alphabet’s internet dominance.

  • Alphabet has been among the big tech losers in the stock market this year, alongside Apple, both struggling to tell investors winning AI stories.

  • Google founder Sergey Brin recently conceded missteps in gen AI but said the company will figure out the right business models; analysts say online retailers will be more competitive in search within their ecosystems.


Saudi oil giant Aramco posts 25% fall in full-year profit


  • Saudi Arabia’s state oil giant Aramco reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022.

  • The result still represents Aramco’s second-highest ever net income.

  • The earnings come after the Saudi government transferred an additional 8% of Aramco shares, worth $164 billion, to Saudi Arabia’s Public Investment Fund.


Salesforce’s behind-the-scenes co-founder is tackling Slack as software company turns 25


  • Salesforce co-founder Parker Harris wants to more tightly integrate Slack after the $27 billion acquisition, which closed in 2021.

  • Harris became Slack’s technology chief in January after months of work to ensure that Salesforce could lead in generative artificial intelligence.

  • Harris spoke to CNBC ahead of the company’s 25th anniversary celebration this week.


President Biden’s approval among small business owners hits new low, as economic message fails to sell on Main Street


  • President Joe Biden’s approval among small business owners hits a new low in the quarterly CNBC/SurveyMonkey Small Business Survey.

  • Small business confidence overall sees a slight rebound in the fourth quarter, and is back at what has been its highest level during the Biden presidency, with views on the economy sharply diverging among Republicans and Democrats.

  • Independents remain much closer to Republicans in their outlook, another sign of the president’s struggles to sell his “Bidenomics” message even with significant GDP growth, a strong jobs market, and recent inflation data falling to multi-year lows.




 
 
 

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