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Monday's Pre-Market: Viking Therapeutics, Congress' Budget, OPEC+ Production cut, IMAX, and Waymo

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Mar 4, 2024
  • 2 min read

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Viking Therapeutics emerges as a strong weight loss drug player — or takeover target


  • Biotech company Viking Therapeutics has emerged as a strong potential player — and deal target — in the budding weight loss drug market. 

  • Viking is just one of several companies racing to join the space, which is currently dominated by Eli Lilly and Novo Nordisk.

  • Some Wall Street analysts said Viking’s experimental obesity treatment may be “best-in-class” following the release of midstage trial data.


Congress unveils first six budget bills as government shutdown clock ticks


  • Congressional lawmakers released the details of the first six budget bills needed to keep government agencies funded before they run out of money on Friday, March 8.

  • The funding package now heads to the House for a vote and, if it passes, it will be sent to the Senate.

  • Democrat and GOP leaders both touted their respective victories within the package, though they still have six other funding bills to negotiate before the second funding deadline on March 22.


Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June


  • Saudi Arabia, de facto leader of the Organization for the Petroleum Exporting Countries, will extend its voluntary crude production cut of 1 million barrels per day until the end of the second quarter, the state-owned Saudi Press Agency said Sunday, citing a source from the country’s Ministry of Energy.

  • Riyadh’s crude production will be approximately 9 million barrels per day until the end of June, the announcement said.

  • Russia will trim its production and export supplies by a combined 471,000 barrels per day until the end of June, Russian Deputy Prime Minister Alexander Novak said


IMAX ‘ran out of seats’ for ‘Dune: Part Two’ and Legendary Entertainment is interested in ‘Part Three’


  • Denis Villeneuve’s “Dune: Part Two” opened with an estimated $81.5 million at the box office, the highest of any film released so far in 2024.

  • The Warner Bros. and Legendary Entertainment film was buoyed by IMAX ticket sales, which represented around 23% of domestic ticket sales, or $18.5 million.

  • Legendary Entertainment CEO says “Dune: Part Three” could happen “if Denis [Villeneuve] gets the script right and he feels that he can deliver another experience on par with what we’ve just completed.”


Waymo approved by regulator to expand robotaxi service in Los Angeles, San Francisco Peninsula


  • Alphabet’s Waymo division won approval from the California Public Utilities Commission to expand service to parts of L.A. and the Bay Area.

  • Robotaxi progress has been thwarted of late due to safety incidents and protestors.



 
 
 

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