Track market-moving stories before they get noisy

Higher fuel prices from the Iran war have caused pain throughout the global economy. No one likes paying more money at the pump. Higher gasoline and diesel prices raise prices for everyone by driving up costs of business inventory, supplies, delivery, and freight shipping. But higher gas prices hit especially hard for lower-income people.

The world's largest retailer, Walmart (WMT +0.44%), could be especially vulnerable to higher gas prices. Its customer base tends to be lower-income households. If Walmart shoppers are forced to burn up more of their hard-earned dollars in their gas tanks, this could reduce their consumer discretionary spending.

According to Bloomberg, Walmart CEO John Furner said Wednesday that fuel prices are becoming "the stress point" for U.S. households. Walmart shares have gained about 5% year to date, underperforming the S&P 500 index.

Let's see if this retail stock is worth buying, or if investors should steer clear.

Image source: Getty Images.

Walmart customers are buying less than 10 gallons of gas at a time During the company's most recent quarterly earnings call on May 21, Walmart Chief Financial Officer John David Rainey said that while Walmart's higher-income customers are "spending with confidence," the lower-income customers are "more budget conscious and perhaps navigating financial distress."

Rainey also said that "the number of gallons that customers fill up with when they come to our fuel stations fell below 10 for the first time since 2022." This is a sobering stat. It goes to show just how hard some Walmart shoppers are getting hurt by high gas prices -- they're trying to ration their own gasoline.

Why Walmart shares have been down since May 21 Walmart stock has declined by about 11% since the company reported earnings on May 21. According to CNBC, the sell-off happened because Walmart's guidance for the rest of its fiscal year 2027 was underwhelming to investors.

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The company said on May 21 that it expects net sales to increase 3.5% to 4.5% for the year, with expected adjusted earnings per share (EPS) of $2.75 to $2.85 -- lower than expectations of $2.91. Walmart shares are trading at a trailing 12-month price-to-earnings (P/E) ratio of 41.16, which suggests the company is richly valued. Even the Invesco QQQ Trust (QQQ +0.59%), which tracks the tech-heavy Nasdaq-100 index, has a lower P/E ratio (36.30).

If Walmart's earnings multiple is higher than that of some major tech stocks, and its expected earnings are disappointing analysts, that's a bad combination. I have previously written that Walmart was trading like a tech stock. But that was in February, right before the Iran war started and gas prices spiked.

This company has made valuable efforts to expand into e-commerce and gain market share with higher-income customers. But if gas prices stay high for the rest of 2026, Walmart might be more vulnerable to a sales slowdown than most major retailers.

Based on today's high valuation and the lingering uncertainty about gas prices, I wouldn't rate Walmart stock as a buy -- unless you're a patient investor and ready to hold the stock for five years or more.

Walmart (NYSE:WMT | WMT Price Prediction) trades at $116.89, with the post-earnings pullback offering a more attractive entry into a defensive retailer whose digital flywheel keeps accelerating against a sticky inflation backdrop.

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Walmart is tapping into its enormous scale to get the most out of AI. Dominick Reuter/Business Insider Walmart is big, but it wants to be bigger.

The retail giant employs more than 2 million people. It serves hundreds of millions of customers each week across thousands of stores in the US and around the world. And it's not sitting still.

Walmart is now working to speed up its business with a major assist from AI in just about every aspect of its operation.

I got to see this firsthand during its annual shareholders meeting at its headquarters in Bentonville, Arkansas, where executives and frontline workers shared how the technology is transforming retail.

AI is for everyoneFor starters, Walmart is using its scale to its advantage by equipping people at all levels of the company with the tools to wrangle AI.

"We want to democratize the access to learning and democratize the access to making a difference, so that people can learn and grow," CEO John Furner told reporters last week.

Walmart CEO John Furner.  Dominick Reuter/Business Insider The most talked-about example was the new Code Puppy agent that Walmart Global Tech distinguished engineer Mike Pfaffenberger built and shared with the organization.

Walmart already has a dizzying number of agents and a handful of super-agents tailored for particular use cases, but Code Puppy was notable for its ability to help people across the organization vibecode their own solutions — from salaried software engineers to hourly forklift drivers.

Unlike companies that may centralize AI development within traditionally tech-focused departments, Walmart's approach accelerates the pace at which new ideas can arise from the front lines and spread throughout the global enterprise.

"It doesn't matter where the idea came from. It could be in Bangalore. It could be in Greater Toronto. It could be Mexico City. It could be in Wichita, Kansas. Wherever the best idea is, we should take that and scale it," Furner said. "We just simply surface what's already been built, and then we see the adoption rates go much faster."

Some workers want better guardrailsWalmart's embrace of AI is not without controversy, however.

A shareholder proposal backed by United for Respect, a coalition of retail workers, criticized the impact of AI and automation on frontline employees.

Ava Williams, an overnight stocker in Washington, presented the proposal during the Walmart shareholders meeting. She said the new AI-powered workflows push workers like her to cut corners as they race against unrealistic expectations.

"We are not asking Walmart to stop using technology. We are asking for technology that works for us, not against us," she said.

Shareholders rejected the measure, and the company said it has multiple channels for employees to share their ideas and concerns.

Dominick Reuter/Business Insider The company also officially launched a credentialing program it built with OpenAI that is available to every employee, fulfilling a commitment it announced back in September.

The training program is intended to help employees build practical confidence with AI. They learn to integrate the tools into the problems they face in the real world.

The company highlighted one such case: A logistics manager who completed a Google AI certification and used those skills to develop an agent that helps Walmart identify routes that would get drivers home faster with fewer empty trucks.

Dominick Reuter/Business Insider Even the new delivery partnership with in-store Subway restaurants now comes with a hefty serving of AI.

Walmart order pickers already follow an AI-generated route through the store to fill the basket, and Walmart's head of digital fulfillment, Greg Cathey, said AI now also finds the right moment in that route to queue Subway workers to make the order.

"That is the AI that's timing everything to make sure the sandwich is going to be hot if it's hot — always fresh," Cathey said.

Deeper insights about what customers really wantOver at Walmart's warehouse club, Sam's Club Director of Consumer Insights Sue Jervis said she can now gain new details from the chain's fast-growing member feedback community thanks to the power of multimodal AI analysis.

She expressed a visceral disgust for five-star surveys and said the conversations and video clips she gets from participants give her a much more precise understanding of what really matters to them.

Thanks to AI, Jervis can tap into the 150,000-member group and extract not just what they're saying, but how they're saying it — the emotional register behind their feedback about the club's products and services.

Walmart Chief Growth Officer Seth Dallaire.  Dominick Reuter/Business Insider Walmart is also learning more about customers who use the company's new Sparky chatbot, which acts as a kind of personal shopping assistant.

"We're learning a ton just from how they're interacting with Sparky relative to ways that maybe historically they have interacted with us," Chief Growth Officer Seth Dallaire told reporters.

The value of that interaction is significant enough that the company is not rushing to serve ads in the chat, focusing instead on ensuring customers are getting what they want from the experience.

"We see long natural language query strings that look very different than someone typing in 'men's shoes,'" he said. "That is in itself is a really interesting piece of information for us."

Dominick Reuter/Business Insider Betting big on smaller thingsIt's telling that on Friday, Furner handed the President's Innovation Award to Pfaffenberger and his colleague, John Choi, for their work on Code Puppy.

"A vibe-coding tool that turns associates into engineers," Chief Technology Officer Suresh Kumar said. "They built a tool that supports the entire company."

Or, as Pfaffenberger asks in his documentation for the project, "Would you rather plow a field with one ox or 1,024 puppies? If you pick the ox, better slam that back button in your browser."

Walmart, big as it is, is betting on the puppies.

Have a tip? Contact this reporter via email at [email protected] or text/call/Signal at 646-768-4750. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

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Dominick Reuter You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Dominick Reuter is a senior retail reporter for Business Insider, primarily covering Walmart, Target, and Costco. His stories tend to focus on issues and trends that affect employees and customers.Prior to joining BI in 2019, Dominick worked for more than a decade as an independent photojournalist covering a wide range of stories for global wire services and newspapers, including Reuters, the Wall Street Journal, and Agence France-Presse.Dominick studied photojournalism at Boston University and later earned a Masters in business and economics journalism from Columbia University.If you're an employee or customer with a story to share, please contact me via email or text/call/Signal at 646-768-4750.

AI Artificial Intelligence Walmart More E-Commerce Retail

Key Takeaways WMT's global e-commerce sales rose 26%, with growth across U.S., International and Sam's Club. Walmart U.S. adjusted operating income rose 5.7% to $6 billion as e-commerce economics improved.WMT store-fulfilled delivery grew 45%, and 36% arrived in under three hours. Walmart Inc. (WMT - Free Report) continues to demonstrate how its omnichannel model is evolving beyond traditional retail, with e-commerce becoming an increasingly important driver of growth and profitability. The company’s first-quarter fiscal 2027 results underscored strong digital momentum, supported by faster fulfillment capabilities, marketplace expansion and growing contributions from higher-margin revenue streams.

Global e-commerce sales increased 26% in the quarter, led by store-fulfilled pickup and delivery as well as marketplace growth. The strength was evident across segments, with Walmart U.S. e-commerce sales rising 26%, Walmart International e-commerce sales advancing 27%, and Sam’s Club U.S. e-commerce sales growing 23%.

As digital sales scale, the focus is shifting from growth alone to the profitability of that growth. Walmart U.S. adjusted operating income rose 5.7% to $6 billion, while the adjusted operating income rate improved 6 basis points to 5.1%. The gain was aided by improved e-commerce economics, Walmart+ membership growth and other income benefits.

The company’s extensive store network remains a key advantage. Store-fulfilled delivery in Walmart U.S. grew about 45% in the quarter, and more than 36% of store-fulfilled deliveries were completed in less than three hours. Globally, Walmart delivered more than 3.5 billion units on the same day or the next day.

Even so, margin expansion remains a work in progress. Consolidated gross profit rate increased 6 basis points to 24.3%, but operating expenses continued to face pressure from higher fuel costs, depreciation and healthcare expenses. While near-term expenses remained elevated, the quarter suggested that Walmart’s growing e-commerce scale is increasingly being supported by better fulfillment economics and a richer mix of higher-margin digital revenues.

E-commerce Gains Put TGT and COST Margins in FocusTarget Corporation (TGT - Free Report) is also benefiting from growing digital demand. In its first quarter, TGT reported comparable digital sales growth of 8.9%, driven by more than 27% growth in same-day delivery through Target Circle 360. Gross margin expanded to 29% from 28.2%, while adjusted operating margin improved to 4.5% from 3.7%.

Costco Wholesale Corporation (COST - Free Report) continues to post robust online-related growth. Digitally enabled comparable sales increased 21.1% in May and 21.6% for the first 39 weeks of the fiscal year. Total comparable sales rose 12.5% in May, while net sales increased 14.5% to $24.01 billion. COST’s strong digitally enabled sales growth highlights the growing importance of e-commerce and convenience-led shopping across the retail landscape.

WMT Stock Price Performance, Valuation & EstimatesShares of Walmart have risen 22% over the past year compared with the industry’s growth of 20.3%.

WMT Price Performance Versus Industry
Image Source: Zacks Investment Research

From a valuation standpoint, WMT trades at a forward price-to-earnings ratio of 39.36, higher than the industry’s average of 35.83.

WMT Valuation Compared to Industry
Image Source: Zacks Investment Research

In February 2026, Amazon.com Inc. NASDAQ: AMZN supplanted Walmart Inc. NASDAQ: WMT as the world’s largest company in terms of revenue. This wasn’t a surprise to industry observers, but it was reinforced when Fortune confirmed the results, placing Amazon at the top of its Fortune 500 list.

The news isn’t having much impact on either stock’s price. As of June 8, both stocks are up a little more than 6% for the year.

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Walmart Today

$121.04 +0.54 (+0.45%)

As of 04:00 PM Eastern

52-Week Range$93.62▼

$135.15Dividend Yield0.82%

P/E Ratio42.47

Price Target$138.85

But over a longer horizon, it’s Walmart that has rewarded shareholders with a larger total return.

That’s a story that’s likely to continue for a reason that may surprise some investors. The death of physical retail has been greatly exaggerated, and it's an arena where Amazon simply doesn't compete with Walmart. 

Yet even that edge doesn't fully capture the real story: Walmart may be a stronger proxy for technology stocks than Amazon is a proxy for retail stocks. If that's right, Walmart doesn't just merit a premium valuation—it may need to be rerated entirely.

Walmart’s Physical Moat Is a Digital AdvantageAmazon essentially created the category of e-commerce. So it makes sense that the company has an almost impenetrable lead among online shoppers. But Walmart has made strides in closing that gap, and in doing so, it’s showing why its business model has some advantages.

First, the company’s retail footprint of over 4,600 stores doubles as fulfillment nodes, without the added expense of building new facilities. This enables curbside pickup, which has become a habit-forming tool for shoppers. Plus, the company can use those stores for same-day delivery, which Amazon can’t match on unit economics.

Walmart Connect (Advertising) Is the Margin StoryThe most underappreciated line item in Walmart's financials may come from Walmart Connect, the company's U.S. retail media platform. In fiscal year 2026 (FY2026), Walmart Connect generated $6.4 billion in global ad revenue, a 46% YOY increase. In the most recent quarter, Walmart Connect grew 44% domestically, a rate that dwarfs the company's low-single-digit top-line growth.

This has a significant impact on the bottom line. CFO John David Rainey has noted that advertising and membership income now account for roughly one-third of Walmart's operating profit. High-margin ad dollars are effectively subsidizing the lower-margin retail operation, a dynamic Wall Street recognized years ago when it rerated Amazon's multiple upward on the strength of its ad segment.

Even more noteworthy, Walmart is still in the early innings. Its advertising revenue represents roughly 1% of gross merchandise value, compared to approximately 8% for Amazon. That gap gives the company, and WMT, a long runway—and investors who wait for Walmart's ad business to mature before repricing the stock may find themselves late to the trade.

Sam's Club as the Proof of ConceptIf you want to see where the Walmart flagship is heading, look at Sam's Club. The $90 billion warehouse division has become the clearest demonstration that digital engagement and physical retail aren't in conflict.

Membership income posted double-digit growth for five consecutive quarters through Q4 2025, with digital penetration hitting an all-time high. Scan & Go adoption—the app-based checkout feature that lets members skip the register entirely—surged 500 basis points in a single quarter, and roughly 40% of Sam's transactions are now digital.

The Grapevine, Texas, prototype club runs at 100% Scan & Go participation. Members who shop digitally visit three times more often, buy across twice as many categories, and renew their memberships at meaningfully higher rates.

Sam's Club has announced plans to remodel all 600 of its existing locations while opening approximately 15 new clubs per year, with a stated goal of doubling membership over the next decade.

The Chart Points to an Inflection PointWMT dropped approximately 7% the day of its Q1 earnings report for FY2027. The report showed a solid double beat with high single-digit year-over-year (YOY) gains. The point of contention was the guidance, as it was with many retailers.

Specifically, Walmart is facing the unknown of higher tariff-related costs and what that could mean for its core customer. That said, the sell-off found a floor right around the 200-day simple moving average (SMA).

Analysts remain generally bullish on WMT with a consensus price target of $138.85. That’s about 15% above the price as of this writing. It would also reconfirm the highs the stock made in February and May of this year.

2 Great Stocks—Totally Different PurposesAMZN has been a wonderful stock for long-term investors, and it will continue to be in the future. However, this is a case of knowing where revenue growth is coming from. For Amazon, that increasingly means Amazon Web Services (AWS), which accounted for $128.7 billion in revenue in 2025.

Amazon still delivered $588.2 billion from its retail-related sales, but that number is well below Walmart, which comes from its blend of physical locations and growing digital efforts.

The reliance on retail is a reason that Walmart pays a dividend and Amazon does not. But even though that dividend is modest, it’s a safe payout that has increased for 53 consecutive years. And this year will make 54. After its stock split in January 2024, WMT is attractively priced for investors to start accumulating and letting the impact of compounding work to their advantage.

Should You Invest $1,000 in Walmart Right Now?Before you consider Walmart, you'll want to hear this.

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Enter your email address and we’ll send you MarketBeat’s list of ten stocks set to soar in Summer 2026, despite the threat of tariffs and what's happening in Iran. These ten stocks are incredibly resilient and are likely to thrive in any economic environment.

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Stock market investors often have to make a trade-off between stability and growth. That's because the fastest-growing companies often have riskier business models, which leads to more volatility. That said, Walmart (WMT +0.44%) has recently begun turning this axiom on its head.

Shares in the blue-chip retailer have risen by an impressive 401% over the past 10 years, far outpacing the S&P 500's return of just 251%. And while the company has practically no exposure to glamorous growth opportunities such as generative AI, its massive scale and booming e-commerce business have helped keep its stock relevant.

Let's dig deeper to decide whether Walmart still has millionaire-maker potential.

Image source: Getty Images.

The bluest of blue chip stocks It's hard to think of a more stable and established American business than Walmart. Since its founding in 1962, the big-box retailer has leveraged its immense scale and distribution networks to offer unparalleled selection and low prices to consumers all over the country.

And while investors may be tempted to overlook the grocery business because of its extremely low profit margins, often hovering between 1% and 3%, Walmart makes it attractive by spreading a tiny bit of profit across tens of billions of items, creating a winning recipe that keeps both customers and shareholders coming back for more. The company's business model is also relatively safe because groceries are consumer staple items that tend to maintain demand, even in economic downturns.

Walmart's safety is a big selling point at this time of economic uncertainty related to the war in Iran and rising fuel costs. In March, analysts at Goldman Sachs put the 12-month recession probability at 30%.

But while the bad news seems to dominate the headlines, America's macroeconomic situation remains extremely unpredictable. In March, U.S. payroll jobs data beat expectations, adding 172,000 jobs and bringing the unemployment rate to just 4.3%. The economy therefore appears to be expanding instead of contracting. But Walmart can thrive in either scenario.

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What about the growth opportunities? Because Walmart is a mature company in a highly established industry, investors shouldn't expect it to deliver eye-popping growth. The bigger a business is, the more effort is required to move the needle. And over the long term, most of Walmart's expansion is likely to come from slow, reliable trends such as GDP, population growth, and even inflation. That said, management is taking some successful steps to speed things up a little.

One of the most promising opportunities is in e-commerce, where years of heavy investment are beginning to pay off by creating a business that has become a serious player with a U.S. market share of 9.2%. Walmart's e-commerce segment grew 26% year over year in the first quarter, helping the company's overall top line grow 7.3% to $177.8 billion in the period.

Despite being somewhat late to the party, Walmart already has a massive economic moat in e-commerce because of its logistics network and a web of thousands of brick-and-mortar stores that serve as delivery hubs for nearby communities. The company's membership platform, Walmart+, also helps ensure consumer loyalty through a variety of perks and loss leaders, similar to the strategy Amazon Prime employs.

And while none of these efforts will transform Walmart into a hypergrowth tech stock, they help the company maintain its dominant market share in retail and ensure it doesn't stagnate despite its maturity.

With a forward price-to-earnings (P/E) multiple of 41, Walmart stock is quite expensive compared with the S&P 500 average of 22, so it probably won't make you a millionaire anytime soon. That said, the company deserves a premium because of its quality and safe business. And over the long haul, investors should expect it to continue outperforming the index, especially as growth drivers such as e-commerce continue to scale up.

Walmart Inc. (WMT) Presents at The 6th Annual Evercore Consumer & Retail Conference Transcript

By PYMNTS  |  June 12, 2026

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June will be a big month for omnichannel retailer promotions.

Amazon, Walmart, Target, Kohl’s and Staples have each announced sales events that begin this month and overlap or partially overlap.

Chain Store Age reported on the events in a Thursday (June 11) report, saying that retailers’ counter-promotions to Amazon’s Prime Day followed that event’s shift from its traditional July timeframe to June.

Amazon announced June 2 that Prime Day will be held June 23-26. The event is open solely to Prime members. Amazon Prime Vice President Jamil Ghani told CNBC in a June 2 report that groceries and household essentials will be a “real focus” of this year’s event, with produce, hot dog buns and meats for as low as $1, and 50% off some personal care items.

Walmart announced June 9 that its Walmart Deals savings event will run June 22-28 and will take place both online and in stores. Eligible members of the Walmart+ paid membership program will get early access to an online assortment of deals that will be available only to them for the first 24 hours and then becoming available to all customers.

Target announced June 2 that Target Circle Deal Days will be held June 23-26, with current members of the Target Circle 360 paid membership tier getting early access starting June 22. The sale event is held both online and in stores and offers members of the free Target Circle loyalty program exclusive access to savings.

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Kohl’s announced Wednesday (June 10) that Kohl’s Deal Days will run June 23-28. This year’s event is two days longer than last year’s. The sales event is offered both in stores and online, and it offers free shipping on all Kohls.com orders. The event includes an Ultimate Kohl’s Cash Giveaway in stores on June 27-28 as well as Kohl’s Daily Deals online and in stores.

Staples announced Tuesday (June 9) that its Easy Deal Days will be held in store and online June 21 through July 4. The event offers savings to all customers as well as exclusive pricing and bonus points offers for members of the company’s Easy Rewards program. Select offers will be available only during the first week of the event, June 21-27.

Kevin Warsh is now chairman of the Federal Reserve's Board of Governors. If past comments from Warsh are any indication, then big changes could be coming to the Fed and the banking industry.

Warsh has spoken publicly about how he thinks the Fed has played too large a role in financial markets, whether through its transparency about future interest rate policy or the size of the Fed's balance sheet.

It's also worth noting that the Fed regulates bank holding companies and has significant control over bank regulation, particularly for large banks. Here's what a Warsh-led Fed means for big banks like JPMorgan Chase (JPM +2.28%) and Bank of America.

Official White House Photo by Daniel Torok.

Banks are looking at a higher-for-longer rate environment It's hard to know exactly what approach Warsh will take to interest rates as the new board chair.

In the months leading up to his confirmation for the role, Warsh seemed to suggest that artificial intelligence productivity gains would pave the way for the Fed to cut interest rates. However, recent economic data is really forcing his hand in the opposite direction.

The labor market has seemingly firmed up during the past three months and now seems to be on solid footing. Meanwhile, inflation remains above the Fed's 2% target, so Warsh's hands are tied right now. The market widely expects Warsh to keep rates unchanged for his first several meetings, with the Fed's next move now expected to be an interest rate hike.

Warsh has talked about changing the way the Fed looks at inflation, but that framework could take some time to develop, so banks probably can expect a higher-for-longer rate environment.

Assuming the yield curve remains steep, meaning shorter-duration bonds continue to yield less than longer-duration ones, this can actually be favorable to bank lending businesses. Banks tend to borrow money short-term at low rates and lend it out long-term at higher rates, so a steep yield curve allows them to make a spread between the money they pay for deposits and the money they earn on loans and bonds.

Bank of America and JPMorgan Chase both predict net interest income to rise about 7% or more in 2026 from the previous year.

Higher-for-longer rates aren't always so great for investment banking and asset and wealth management, but other factors also affect these businesses, namely, artificial intelligence.

Trillion-dollar initial public offerings (IPOs) are helping the large investment banks earn enormous fees, while AI in general continues to move the market broadly higher, which is good for asset and wealth management.

The flip side of higher rates is that they can pressure consumer and business balance sheets, as well as real estate. This can lead to depressed lending activity or higher loan losses.

How a smaller Fed balance sheet could impact banks Warsh has also been vocal about his desire to shrink the Fed's $6.7 trillion balance sheet. Warsh believes a larger Fed balance sheet and more liquidity in the economy favor wealthier people with assets and provide too much support to financial markets.

This will take time because shrinking the Fed's balance sheet can be tricky. However, in general, a smaller Fed balance sheet will have both pros and cons for large banks like JPMorgan Chase and Bank of America.

It would likely hurt banks because removing liquidity can slow the economy, and large banks are closely tied to the health of the U.S. economy. Less liquidity could mean tighter lending conditions and less money sloshing around that can work its way into private equity, venture capital, stocks, and other alternative assets.

However, the Fed has previously gotten into trouble when it shrank its balance sheet too quickly, lowering bank reserves that many financial players rely on. In 2019, reserves drained too quickly, triggering excess demand in the overnight repo market and causing short-term repo rates to soar. The Fed eventually had to inject liquidity.

On the other hand, shrinking the Fed's balance sheet can also steepen the yield curve because the Fed is no longer buying various bonds. So, as debt is issued by the government, there would likely be a larger supply of bonds in the market, which would decrease demand, leading to lower bond prices and higher bond yields.

Additionally, if Warsh is able to eventually cut interest rates, which he certainly wants to do whenever feasible, that would likely further bring down the yields on shorter-duration bonds, which tend to be more heavily influenced by the federal funds rate controlled by the Fed.

That could really steepen the yield curve, which, as I mentioned, would likely be great for bank lending businesses.

Warsh has previously favored bank deregulation Finally, as one of the key bank regulators, Warsh seems more likely to favor deregulation, which the large banks have already begun to enjoy under President Donald Trump.

"I don't believe the Fed is owed any particular deference in bank regulatory and supervisory policy," Warsh said in a Wall Street Journal opinion column last year, adding the U.S. Treasury Department should play a larger role in bank regulation.

Based on these comments, Warsh is likely to push for less bank regulation by the Fed, which would likely translate into easier annual stress testing and support for lower regulatory capital and liquidity requirements, all of which are favorable for large banks.

It also likely means faster approvals for large bank mergers and acquisitions, although JPMorgan Chase and Bank of America can't typically acquire banks directly because they already have more than 10% U.S. deposit market share.

Ultimately, Warsh should be favorable for large banks in terms of regulation.

Chase today announced new capabilities for small businesses that expand its integrated digital hub in Chase for Business mobile and online, bringing together tools owners can use to manage and grow their businesses in one place. The updates include the launch of Business Credit Journey℠, a complimentary tool that helps owners monitor and strengthen business credit, and expanded availability of Customer Insights, an analytics experience that provides visibility into customer and local market trends.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260609784520/en/

Client Spotlight (1): “As a small business owner, I was so focused on day-to-day operations that I wasn’t paying attention to my business credit score. This tool helped me better understand my score and why it matters. Now I track it regularly and feel more confident as I work toward growing my business and accessing more capital.” Amado De La Torre, Founder and Owner, Chicago Hot Dogs, San Antonio, TX.

These enhancements reflect Chase’s broader investment in services that go beyond traditional banking. By combining banking tools with actionable insights and time-saving features, Chase is helping small businesses make informed decisions, plan ahead, and pursue growth opportunities within one connected digital experience.

According to a Chase survey of small business owners, only 49% have checked their business’s credit score, highlighting the need for more accessible tools and guidance that help owners better understand and manage their businesses.

“Small business owners are making important decisions every day, and innovation should deliver practical solutions – not just new features,” said Jameson Troutman, Head of Product for Chase for Business. “With Business Credit Journey℠ and other tools in Chase for Business mobile and online, we’re giving owners clearer visibility into their business so they can plan ahead, respond to change, and grow with confidence.”

Helping Owners Better Understand Business Credit

In the Chase survey, 80% of small business owners said a strong business credit score can unlock easier access to credit. A strong business credit profile can support financing opportunities and long-term growth, yet many owners may not monitor it regularly or fully understand the factors that impact it.

Business Credit Journey℠ was built to make business credit more accessible and actionable – so owners can stay informed, identify changes early, and take steps to strengthen their profile over time. It also makes it easy for owners to view their business and personal credit information in one place.

Key features include:

Business credit monitoring to help owners track changes over time Access to two business credit scores provided by Dun & Bradstreet – the Dun & Bradstreet® Small Business Financial Exchange Score and the Dun & Bradstreet® Delinquency Predictor Score – with no hard credit check Email notifications when scores change, plus insights into what may be driving those changes Educational guides on how business credit works, how to establish or improve it, and key factors lenders consider Easy enrollment that does not affect business credit scores Business Credit Journey℠ is available as a complimentary digital tool from Chase for Business in Chase for Business mobile and online. Learn more here

Built-in Analytics to Help Owners Make Smarter Moves

Customer Insights helps business owners better understand customer behavior and local market activity through aggregated, anonymized data and trends, designed to support everyday decision-making while protecting consumer privacy.

Customer Insights, launched for Chase Payment Solutions clients in 2021 and expanded to business checking customers in 2024, is now available to Chase small business credit card customers.

“Customer Insights is an innovative solution that helps businesses run more efficiently and make smarter, data-driven decisions using insights they haven’t had access to before,” said Jenny Shum, General Manager of Chase Small Business Card. “We’re committed to delivering the value and expertise small businesses need to invest and grow their business, beyond our business card’s rich rewards, purchasing power and payment flexibility.”

Capabilities include:

Tracking sales trends and growth in the business’s industry and location to inform operational decisions Exploring demographic trends such as age, gender, and income across top-performing markets Understanding purchase behavior, including spend, time of purchase, and channel (online vs. in-store) Identifying where top customers are concentrated geographically to inform marketing strategy and location decisions Customer Insights is now available to all Chase small business credit card customers at no additional cost within Chase for Business mobile and online. Learn more here

Supporting Small Businesses Beyond Banking

These enhancements are part of Chase’s ongoing investment in services designed to help small businesses run and grow. Through its integrated digital experience in Chase for Business mobile and online, Chase brings together banking, payments, cash flow management, customer insights, retirement solutions, and other financial tools to help business owners manage operations and plan for what’s next.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States of America with operations worldwide, assets of $4.9 trillion and $364 billion in stockholders’ equity as of March 31, 2026. Chase serves nearly 87 million consumers and 7.5 million small businesses with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: more than 5,000 branches in 48 states and the District of Columbia, nearly 15,000 ATMs, mobile, online and by phone. For more information, go to chase.com.

1 Opinions, findings or experiences included in this communication or provided via linked videos are those of the customer and not those of JPMorgan Chase Bank, N.A. or any of its affiliates and may not be representative of all views or what all customers may achieve. JPMorgan Chase Bank, N.A. nor any of its affiliates are liable for decisions made or actions taken in reliance on any of the testimonial information provided.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260609784520/en/

JPMorgan Chase plans to deploy artificial intelligence agents later this year that can work autonomously for far longer than existing versions, marking another milestone in the corporate adoption of AI, CNBC has learned exclusively.

AI agents are evolving from tools that complete single tasks to digital workers that manage workflows across multiple steps and disparate software programs, Derek Waldron, JPMorgan chief analytics officer, told CNBC in an interview.

"We've entered now the era of long-running autonomous agents," Waldron said. That "means that agents don't just run for two or three minutes to carry out a goal or some instructions of a human, they can run for an hour or two."

Long-running agents have already emerged over the past year as examples including Anthropic's Claude Code and OpenClaw went viral. JPMorgan's planned deployment, however, suggests the technology is close to clearing the security and governance hurdles that have slowed adoption inside large companies.

JPMorgan, run by CEO Jamie Dimon since 2006, is the biggest U.S. bank by assets and has a nearly $20 billion annual technology budget.

While much of the conversation around generative AI has focused on model intelligence, tech leaders are increasingly focused on a different question, said Waldron: How long can AI systems operate effectively before requiring human intervention?

That concept, which Waldron called "intellectual coherence," has been helped by improvements in how AI models reason, enabling them to be more of a "team manager than an individual worker," he said.

"Just like how people function, team managers can parse out a problem and delegate activities, and teams can run for a lot longer to do more complex things," Waldron said.

Other recent advances that have helped agents do more complex jobs include the ability to write code, control web browsers and interact directly with desktop software, he said.

While long-running agents aren't yet ready for corporate use because of security concerns, their arrival isn't far off, Waldron said: "We will have those in 2026."

Eventually, AI agents will remain coherent for "multiple hours, then days, then weeks," he said.

'Diminished' moatsAI-driven productivity gains have been most visible in software development and back-office type operations, but Waldron said it is increasingly boosting revenue-generating roles.

In private banking, for example, AI systems screen market activity, client positions and research overnight, helping bankers focus on client interactions.

The bank has seen a 20% increase in gross sales because of these tools, he said, and believes they could eventually allow individual bankers to expand client coverage by as much as 50%.

Dimon has been clear that some of his workers will be displaced by AI, saying that the firm is preparing to train and redeploy employees impacted by the changes.

But Waldron added that while many companies initially approached AI as a cost-cutting tool, they are increasingly recognizing its potential to expand revenue.

"For enterprises to win with AI, it's not about cutting the maximum number of jobs," he said. "It's all about trying to create a sustainable competitive advantage."

Waldron said that the bank's thinking around building versus buying software from outside vendors has also shifted. JPMorgan now looks more closely at whether it can build capabilities in-house, he said, possibly putting pressure on some traditional vendors.

"The moat around certain types of software companies is most certainly diminished versus where it was in the past," he said.

— CNBC's Gabrielle Fonrouge contributed to this report.

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Chase has introduced new tools for small business in its Chase for Business mobile and online hub.

The updates, announced Tuesday (June 9), include the debut of Business Credit Journey, a tool that helps owners monitor and strengthen business credit, and greater availability of Customer Insights, an analytics offering providing visibility into customer and local market trends.

“Small business owners are making important decisions every day, and innovation should deliver practical solutions – not just new features,” Jameson Troutman, head of product for Chase for Business, said in a news release.

“With Business Credit Journey and other tools in Chase for Business mobile and online, we’re giving owners clearer visibility into their business so they can plan ahead, respond to change, and grow with confidence.”

The release cites a survey by Chase of small business owners showing that less than half had checked their company credit score. This underlines the need for tools to better help owners understand and manage their operations, the release said.

Business Credit Journey, Chase added, lets owners track changes to their credit over time, while giving access to two business credit scores from Dun & Bradstreet. It also notifies owners via email when their scores change, and includes educational guides on how to establish and improve credit.

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In other small business news, PYMNTS wrote recently about research showing that for many small and medium-sized businesses (SMBs), the shift away from cash will center less on digital enthusiasm and more on “whether new payment tools can feel as simple, immediate and reliable as cash itself.”

That is the larger story within “Ready for Change: Why Nearly Half of SMBs Want to Ditch Cash and Checks,” a PYMNTS Intelligence report produced in partnership with Mastercard.

The study found many SMBs want to lessen their reliance on cash and checks, but still have practical reasons for holding onto legacy payment methods.

These methods are woven into the businesses’ day-to-day operations, supplier relationships, bookkeeping habits and cash-flow needs. The research also suggests that business cards have room to grow, particularly when they are positioned as tools for control, visibility and working capital and not simply payment products.

“The most revealing finding may be that cash-heavy firms are not necessarily the least ready to change,” PYMNTS wrote. “In many cases, they are among the most interested in doing so. That creates an opening for banks, card issuers and payments providers, but only if they solve for the reasons cash still work.”

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.

Amazon AMZN secured a $17.5 billion senior unsecured delayed draw term loan facility with Citigroup C . Lenders also include JPMorgan Chase JPM , BofA Securities BAC , HSBC HSBC , and Wells Fargo WFC . The facility can be drawn until September 30, 2026, with any borrowed amount maturing three years from the draw date and no financial covenants attached. Amazon shares fell 2.10% intraday.

The loan is for general corporate purposes and gives Amazon the flexibility to draw funds as needed. Earlier this week the company also filed for a five-part debt offering in Canada for up to C$14 billion.

The moves reflect a broader shift among hyperscalers toward debt markets to fund AI buildouts. Combined Big Tech AI capital outlays are on track to surpass $700 billion this year, up from roughly $600 billion previously. Meta META filed its largest bond offering ever last October at up to $30 billion, while Alphabet GOOG recently disclosed plans for yen-denominated bonds.

ToplineJeanine Pirro, the U.S. Attorney for the District of Columbia, is investigating several major banks for allegedly “debanking” customers for political reasons, the Wall Street Journal reported—following up on one of President Donald Trump’s major complaints after his 2020 election loss.

U.S. Attorney Jeanine Pirro reportedly sent subpoenas to JPMorgan and Bank of America on Wednesday.

Getty Images

Key FactsInvestigators have reportedly sent subpoenas to several major banks, including Bank of America and JPMorgan Chase—one of the banks Trump is suing for closing his accounts following the Jan. 6 Capitol riots.

Trump previously signed an executive order last August instructing regulators to examine if banks violated the Equal Credit Opportunity Act, and the Treasury Department’s Office of the Comptroller of the Currency is conducting a probe of the allegations.

However, sources told the Journal that Pirro’s office was conducting its own probe and did not receive a referral from the Treasury Department office.

An official investigation has not been announced as of Wednesday afternoon, and Pirro’s office did not immediately return a request for comment from Forbes.

What Has the Treasury Department Found?The Office of the Comptroller of the Currency issued a preliminary report on the subject in December, finding that nine banks made “inappropriate distinctions among customers” between 2020 and 2023. These included several of the largest banks in the country, including JPMorgan Chase, Bank of America, Citibank and Wells Fargo. The preliminary report said the investigation was ongoing, and the office was still reviewing “thousands” of complaints of alleged debanking of individuals based on “political or religious” values.

TangentTrump named Pirro, a former prosecutor in Westchester County, New York, and Fox News host, as U.S. attorney for D.C. last May. Since then, her office, as well as the Justice Department at large, has come under fire for pursuing investigations of Trump’s political enemies—including an aborted probe of six Democratic lawmakers who appeared in a video urging members of the military not to follow illegal orders. Her office also launched an investigation of former Federal Reserve chair Jerome Powell over renovations to the central bank’s Washington, D.C., headquarters. Pirro dropped the probe into Powell in April, but the prosecutor has also suggested she could restart the investigation in the future.

Key BackgroundTrump has sued two banks for “debanking” him after the Jan. 6 riots—Capital One in March 2025, and JPMorgan Chase in January. In a statement, JPMorgan said the suit had “no merit” and insisted it did not close individuals’ accounts based on “political or religious reasons.” In a February legal filing, JPMorgan acknowledged closing some of Trump’s accounts a month after the Capitol riots. The bank had previously never confirmed if it had closed Trump’s accounts, citing banking privacy laws.

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Old Spice And Walmart Partner With Big Brothers Big Sisters Of Miami For The “School Of Swagger” Celebration for Graduating Mentees and the Mentors Who Inspire Next-Gen Confidence.

CINCINNATI--(BUSINESS WIRE)--For the 4th consecutive year, Old Spice and Walmart celebrated the Big Brothers Big Sisters of Miami Class of 2026 at the annual “School of Swagger” graduation event at Florida Memorial University. The celebration recognized students for their academic achievements and honored the dedicated mentors who supported them along the way.

In partnership with Old Spice, Sports Analyst and Reporter, Andraya Carter, joined Big Brothers Big Sisters of Miami President and CEO, Gale Nelson, for a candid fireside conversation on-stage. The discussion focused on the lifelong impact of mentorship, how young people can channel their inner confidence, and strategies for manifesting career growth. Carter shared personal stories from her journey as a student-athlete at the University of Tennessee to becoming a versatile broadcaster covering college basketball, football, the NBA, SEC Network and more.

Quick Facts
Initiative: Old Spice & Walmart "School of Swagger"
Primary Partner: Big Brothers Big Sisters of Miami
Keynote Speaker: Andraya Carter (Sports Analyst & Reporter)
Where: Florida Memorial University
Core Mission: Fostering next-gen confidence and reducing the youth mentorship gap

The event is a cornerstone of Old Spice and Walmart’s multi-year “School of Swagger” initiative, a program dedicated to expanding youth mentorship networks, boosting academic retention, and empowering young people with the confidence and support needed to navigate the seas of school and beyond.

“Mentorship has played a huge role in my own journey, from my coaches and teachers to the women and leaders who helped shape me both on and off the court,” said Andraya Carter. “I’m grateful to now be in a position where I can pour back into the next generation and encourage young people to believe in themselves and chase what’s possible. I’m honored to partner with Old Spice and Big Brothers Big Sisters through the ‘School of Swagger’ program to celebrate these students and the incredible impact mentors can have on young people’s lives.”

Throughout the fireside chat, Carter reflected on the mentors who helped influence her career, including legendary basketball coaches and sports personalities who came before her, while encouraging graduates to pursue opportunities with confidence and authenticity.

“Having a mentor in your corner can help build confidence, open doors and create opportunities that last far beyond the classroom,” Carter added. “No matter what path these students pursue — sports, media, business, the arts or beyond — having people who believe in you can make all the difference.”

The annual celebration recognized key milestones for the Class of 2026, highlighting program pillars that include:

Academic Milestones: Honoring students successfully graduating from the eighth-grade and senior high school tracks within the Big Brothers Big Sisters of Miami network. Community & Excellence: Awarding dedicated student scholarships alongside live youth performances. Brand Integrations: Spotlighting tailored product experiences, including products from various Old Spice collections. “For years, Old Spice and Walmart have worked alongside Big Brothers Big Sisters to support students through mentorship and confidence-building programs,” said Kate DiCarlo, Senior Communications Director at P&G. “The ‘School of Swagger’ initiative is rooted in the belief that every young person deserves a strong support system and access to mentors who can help guide them toward their goals.”

“The ongoing School Of Swagger partnership with Old Spice and Walmart highlights the power of corporate citizenship and mentorship," said Gale Nelson, President & CEO, Big Brothers Big Sisters Miami. "With over 1,300 attendees witnessing our 'Littles' walk across the stage to various post-secondary pathways, this partnership reinforces one simple fact - we all have a little in common.”

Old Spice launched the “School of Swagger” initiative in partnership with Walmart and Big Brothers Big Sisters to help foster confidence, create meaningful mentorship connections and support students as they navigate high school and prepare for future success. To learn more about the initiative and how to become a mentor yourself, visit https://oldspice.com/schoolofswagger/

About Old Spice

Old Spice, an iconic grooming brand for more than 80 years, is the No.1 selling antiperspirant and deodorant brand for men in the United States. As a category leader, Old Spice offers pro-level performance across a men’s grooming ecosystem including antiperspirants, deodorants, body washes, body sprays, shampoos, and hair stylers. Old Spice is the authority on the complete men’s grooming regimen. Follow Old Spice's social channels: Instagram, TikTok, Facebook, YouTube, and X.

About Big Brothers Big Sisters of America

Founded in 1904, Big Brothers Big Sisters of America is the largest and most experienced youth mentoring organization in the United States. The mission of Big Brothers Big Sisters of America is to create and support one-to-one mentoring relationships that ignite the power and promise of youth. Big Brothers Big Sisters' evidence-based approach is designed to create positive youth outcomes, including educational success, avoidance of risky behaviors, higher aspirations, greater confidence, and improved relationships. For more information, visit: www.bigbrothersbigsisters.org.

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Fashion Designer Cynthia Rowley Collaborates on Limited-Edition Brooch to Celebrate the New Collection

CINCINNATI--(BUSINESS WIRE)--Downy is launching Boutique Botanicals, a new line of in-wash scent bead boosters featuring nature-inspired boutique fragrances for your laundry. Crafted by the world-class perfumers at the Downy Fine Fragrance House, the team behind the cult-favorite Unlimited N.26, the collection includes three botanically-driven scents: Citrea, Peonia, and Folia.

Downy Boutique Botanicals draw from the richness of the botanical world, translating the complexity of flowers, herbs, and citrus into fine fragrance for fabric. The new collection is composed with the same craft and artistry as prestige perfumes, delivering a sophisticated, nature-inspired scent that lasts so you can start every day fresh. To mark the launch, Downy tapped fashion designer Cynthia Rowley to design a limited-edition brooch as a wearable expression of scent's role as fashion's most invisible accessory.

"Scent and fashion have always been connected, but this collaboration lets us celebrate that in a new way," said fashion designer Cynthia Rowley. "I was intrigued by the idea of creating a visual representation of fragrance. My family and I have been fans of Downy for years, so designing this brooch to bring Boutique Botanicals to life felt like a full-circle moment."

The Boutique Botanicals Collection includes three nature-inspired scents:

Citrea – Opens with a bright spark of fresh and luminous clementine, before giving way to the honeyed softness of neroli in full bloom. At its heart is a deep, sensual white musk that wraps every fiber in warmth, leaving behind a fragrance that feels less like laundry and more like a luxury you wear all day. Peonia – Softly romantic and richly layered, Peonia begins with the delicate bloom of peony, unfolding into the vibrant sweetness of azalea. A whisper of peppercorn brings an unexpected warmth, creating a fragrance that is soft, enveloping, and endlessly captivating. Folia – Crisp and green, Folia is defined by the herbal clarity of basil, brightened by the sunny lift of bergamot. A cool rush of eucalyptus moves throughout, opening across fabrics with a refreshed, quietly vibrant feel. The clean, invigorating fragrance brings a sense of ease and clarity that lingers throughout the day. "We built Boutique Botanicals on the simple idea that the clothes you wear every day deserve the same sensorial intention as the perfume you put on your skin,” said Benjamin Sattler, Vice President of North America Downy. “Scent is one of the most personal ways to express yourself, and now that can start with your laundry."

Starting now through July 9, consumers can enter the Cynthia Rowley x Downy Boutique Botanicals Sweepstakes for a chance to win the Cynthia Rowley brooch at BotanicalsSweeps.com. The Downy Boutique Botanicals collection is available nationwide with an MSRP of $15.97. To use, add the desired amount to the washing machine drum before adding clothes. Safe for all washable fabrics. For more information, visit www.downy.com.

About Procter & Gamble

P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit https://www.pg.com for the latest news and information about P&G and its brands. For other P&G news, visit us at https://www.pg.com/news.

NO PURCHASE NECESSARY. Void where prohibited. Open to legal residents of the 50 US and DC who are 18 years of age or older as of the last day of the month prior to date of entry. The Cynthia Rowley x Downy Boutique Botanicals Sweepstakes starts at 10:00 a.m. ET on 6/9/2026 and ends at 11:59 p.m. ET on 7/9/2026. Sponsored by The Procter & Gamble Distributing LLC. For full rules visit BotanicalsSweeps.com.

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Procter & Gamble (NYSE:PG | PG Price Prediction) is a stock built for multi-decade ownership because its portfolio of daily-use staples generates the kind of inelastic cash flow that funds a dividend through every economic regime humanity has thrown at it since 1891.

Pillar 1: A Business Built to Outlast Cycles The forever case starts with what P&G actually sells. Tide, Gillette, Crest, and Pampers are not discretionary purchases. Consumers replace detergent, razors, toothpaste, and diapers on a schedule dictated by biology and household routine, not by the unemployment rate. That demand profile shows up in the BEA data: food spending alone rose from $1,513.8B in January 2025 to $1,562.8B in April 2026, and total personal consumption expenditures climbed from $20,462.2B to $21,979.4B over the same window. Households keep buying staples.

That inelasticity gives P&G pricing power. With CPI running at 332.4 in April 2026, the company pushed through tariff and commodity headwinds totaling roughly $400 million and $150 million after-tax while still posting Q3 FY26 organic growth across all five segments and an operating margin (TTM) of 23.1%.

Pillar 2: Income That Compounds Without Drama P&G is in its 70th consecutive year of dividend increases, with roughly $10 billion in dividends and $5 billion in buybacks planned for fiscal 2026. The current quarterly payout is $1.0885, up from $0.9407 in early 2024 and roughly $0.285 in 1999. The dividend yield sits at 2.88%.

Coverage is the part retirees should focus on. FY2025 free cash flow came in at $14.045 billion against a dividend payout of $9.872 billion, a coverage ratio of 1.42x. The eight-year average is 1.61x. Cash conversion ran at 111% in FY2025. The check clears with room to spare.

Pillar 3: Survival Built Into the Balance Sheet P&G has paid a dividend through the Great Depression, two world wars, the 1970s inflation shock, the 2008 financial crisis, and the recent tariff cycle. Beta sits at 0.385, institutional ownership at 71.95%, and return on equity at 31.1%. Trailing P/E is 21x on diluted TTM EPS of $6.83. None of those readings flash danger.

The Scenario Where It Lags In a risk-on bull market led by tech and growth, P&G will trail. Shares are down 5.94% over the past year, currency-neutral core EPS was flat year-over-year in Q3 FY26, and core gross margin compressed 100 basis points on tariff costs. That underperformance is the price of owning a business that does not need a tailwind to function. The forever thesis is about collecting a growing dividend through the next forty years of unknown markets, which is exactly what this balance sheet is engineered to do.

For long-horizon income investors, the setup is straightforward: a defensive cash machine with a 70-year dividend growth record and coverage well above 1x.

Key Takeaways JNJ agreed to acquire Firefly Bio for $1 billion in cash, expanding its oncology pipeline.Firefly Bio's Firelink DAC platform is designed for cancers driven by KRAS mutations.JNJ expects the deal to strengthen efforts in hard-to-treat solid tumors with limited options. Johnson & Johnson (JNJ - Free Report) announced that it has entered into a definitive agreement to acquire California-based biotech, Firefly Bio, for $1 billion in cash.

The impending acquisition will add Firefly Bio’s proprietary Firelink degrader antibody conjugate (DAC) platform to JNJ’s pipeline.

Firefly Bio's Firelink DAC platform, which has been designed for cancers driven by KRAS mutations, is likely to strengthen J&J’s oncology pipeline. The deal is likely to support J&J's efforts to develop targeted treatments for some of the most common and difficult-to-treat solid tumors, where treatment options remain limited.

The transaction is expected to be closed later in 2026, subject to customary closing conditions.

The DAC platform is a new technology designed to overcome some of the limitations of existing cancer treatments by delivering a highly targeted protein degrader directly to tumor cells while minimizing damage to healthy cells.

JNJ Price PerformanceYear to date, shares of J&J have risen 13.4% compared with the industry’s rise of 5.8%.

Image Source: Zacks Investment Research

JNJ Seeks Expansion With M&A PushJ&J has been on an acquisition spree in recent times. In 2025, the company invested more than $32 billion in R&D and M&A, including the acquisition of Intra-Cellular Therapies, which added the antidepressant drug Caplyta to JNJ’s neuroscience portfolio.

Caplyta is approved for the treatment of schizophrenia, depression in both bipolar 1 and 2, and major depressive disorder.

J&J is also building its oncology pipeline through M&A deals. Last year, it acquired Halda Therapeutics, which added a promising clinical-stage treatment for prostate cancer with potential across multiple tumor types.

The acquisition added Halda’s proprietary RIPTAC platform, a technology being used to develop oral, targeted therapies for multiple types of solid tumors.

J&J has also pursued various acquisitions to strengthen its presence in cardiovascular diseases and rare autoantibody-driven disorders.

JNJ's Zacks Rank & Stocks to ConsiderJ&J currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Indivior Pharmaceuticals (INDV - Free Report) , Liquidia Corporation (LQDA - Free Report) and Immunocore (IMCR - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share (EPS) have increased from $3.33 to $4.05. Over the same period, EPS estimates for 2027 have risen from $3.66 to $4.27. INDV shares have risen 4.2% year to date.

Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.

Over the past 60 days, estimates for Liquidia’s 2026 EPS have increased to $2.97 from $1.50. Over the same period, EPS estimates for 2027 have risen to $4.81 from $2.91. LQDA shares have surged 85.3% year to date.

Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.

Over the past 60 days, estimates for Immunocore’s 2026 have improved from a loss of 88 cents per share to earnings of 6 cents. Over the same period, EPS estimates for 2027 have risen from 24 cents to 87 cents. IMCR shares have lost 19.9% year to date.

Immunocore’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 46.66%.

Joaquin Duato said finding a cure for certain cancers and turning others into chronic diseases is an achievable target for the coming decade.

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Dean Omar Branham Shirley secures verdict on behalf of family of woman who died from mesothelioma

LOS ANGELES--(BUSINESS WIRE)--A Los Angeles jury has awarded $32 million to the family of a California woman who died from pleural mesothelioma after years of exposure to an asbestos-contaminated talc product, finding Johnson & Johnson (NYSE: JNJ) and its subsidiaries liable for her illness.

“The jury saw the devastating consequences of that exposure and returned a verdict that holds Johnson & Johnson accountable for the harm caused to this family.”

Share Maria Lozano died from mesothelioma in 2024. Her children, John Lozano, Araceli Lenard-Lozano and Jeanette Lozano, continued the lawsuit after her death.

View the verdict form and photos here.

During the trial, the family’s attorneys showed how Ms. Lozano regularly used Johnson & Johnson’s talc-based baby powder on herself and her children from the early 1970s, ultimately leading to her fatal cancer.

“Johnson & Johnson tried to blame everything from environmental conditions in Mexico City to cosmetics and automotive work,” said Dean Omar Branham Shirley (DOBS) attorney Danny Kraft, who represented the family at trial. “The jury carefully considered the evidence and concluded that Maria Lozano’s mesothelioma was caused by decades of exposure to asbestos-contaminated Johnson’s Baby Powder.”

At trial, J&J argued Maria’s asbestos exposure stemmed from environmental conditions in Mexico City, where she spent the first 21 years of her life, as well as cosmetic products and her husband’s automotive work. The jury rejected those alternate exposure theories and assigned 0% fault to the Mexico City facilities, cosmetic products and automotive products.

“Maria Lozano spent decades trusting and using Johnson & Johnson’s baby powder on herself and her children,” said DOBS attorney Mark Linder, who also represented the family at trial. “The jury saw the devastating consequences of that exposure and returned a verdict that holds Johnson & Johnson accountable for the harm caused to this family.”

During the trial, counsel for the Lozano family presented evidence showing that the company failed to adequately warn consumers about the dangers associated with asbestos-contaminated talc despite longstanding knowledge of the risks.

The case is Lozano v. Johnson & Johnson, Coordinated Proceeding Special Title LAOSD Asbestos Cases, Coordinated Case No. JCCP 4674, in the Superior Court of California for the County of Los Angeles.

Dean Omar Branham Shirley, LLP, is a nationally recognized trial firm that handles cases across the country for individuals who have suffered catastrophic injuries or have died as a result of the irresponsible conduct of others. For more information, visit www.dobslegal.com.

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JACKSONVILLE, Fla.--(BUSINESS WIRE)--Johnson & Johnson (NYSE: JNJ) is expanding the U.S. roll-out of its latest advancement in presbyopia-correcting intraocular lenses (PC-IOLs). TECNIS PureSee IOL is an extended depth of focus (EDOF) lens designed to support visual clarity and quality for patients undergoing cataract surgery.3

"Patients today want vision solutions that support how they live their lives every day. TECNIS PureSee IOL builds on the trusted TECNIS platform to help meet those expectations while giving surgeons greater flexibility to personalize care."

Share Benefits of TECNIS PureSee IOL:

Range of vision: Excellent distance and intermediate vision with some near vision3* Low level of bothersome visual symptoms: 97% of patients reported no very bothersome visual disturbances3 Vibrant vision: Excellent vision, day and night3 “With the full U.S. availability of TECNIS PureSee IOL, we are expanding access to an important extended depth of focus option that reflects our commitment to innovation, visual quality, and patient satisfaction,”3 said Erin Powers, President, Surgical Vision, North America, Johnson & Johnson. “Patients today want vision solutions that support how they live their lives every day. TECNIS PureSee IOL builds on the trusted TECNIS platform to help meet those expectations while giving surgeons greater flexibility to personalize care.”

The expanded U.S. availability of TECNIS PureSee IOL comes during Cataract Awareness Month, a time dedicated to raising awareness about this common and preventable cause of vision loss. Cataract surgery is one of the most common and safe procedures in the U.S., with a success rate of nearly 98%.6 In a single procedure, TECNIS PureSee IOL addresses both cataract-related vision loss and the effects of presbyopia,3 which occurs when your eyes gradually lose the ability to see objects clearly up close.7 Nearly everyone will get presbyopia by the age of 50.8

TECNIS PureSee IOL is the first and only U.S. FDA‑approved extended depth of focus (EDOF) IOL with no warning on loss of contrast sensitivity.3** Contrast sensitivity refers to a patient’s ability to distinguish an object from its background, an important part of visual quality, especially in low‑light or foggy conditions. Aspheric monofocal IOLs are widely considered the benchmark for preserving contrast sensitivity. By maintaining contrast sensitivity comparable to an aspheric monofocal IOL, TECNIS PureSee IOL helps patients experience the visual clarity and confidence they expect, while also benefiting from an extended range of vision.3

“I was an investigator with the TECNIS PureSee IOL, so I have firsthand experience with this lens, and I’m excited to have this option in my practice for patients,” said Daniel Chang, MD, Cataract and Refractive Surgeon, Empire Eye & Laser Center.^ “This is the first presbyopia-correcting lens I’ve seen that has similar, if not in some cases even fewer, night vision symptoms than a monofocal lens.3 This is a very exciting time for the TECNIS platform. I think TECNIS PureSee IOL is going to be a landmark advancement.”

New patient lifestyle quiz

To further support patient education during Cataract Awareness Month, Johnson & Johnson is encouraging individuals to take a new patient lifestyle quiz designed to help them reflect on their daily activities, vision needs, and goals ahead of cataract surgery. Patients can use the quiz as a starting point for informed conversations with their eye care professional about which TECNIS IOL, including the TECNIS PureSee IOL, may be right for them.

For more patient information and tools please visit www.clearvisionforyou.com. Visit us at jnjvisionpro.com/en-us/ and follow Johnson & Johnson | Vision on LinkedIn.

INDICATIONS and IMPORTANT SAFETY INFORMATION for TECNIS PureSee™ IOL and TECNIS PureSee™ Toric II IOLs with TECNIS SIMPLICITY™ Delivery System

Rx Only

INDICATIONS FOR USE

The TECNIS SIMPLICITY™ Delivery System is used to fold and assist in inserting the TECNIS PureSee™ IOL, which is indicated for primary implantation for the visual correction of aphakia in adult patients with less than 1 diopter of pre-existing corneal astigmatism in whom a cataractous lens has been removed. The lens mitigates the effects of presbyopia by providing an extended depth of focus. Compared to an aspheric monofocal IOL, the TECNIS PureSee™ IOL provides improved intermediate visual acuity, while maintaining comparable distance visual acuity. The lens is intended for capsular bag placement only.

The TECNIS SIMPLICITY™ Delivery System is used to fold and assist in inserting the TECNIS PureSee™ Toric II IOLs, which are indicated for primary implantation for the visual correction of aphakia and for reduction of refractive astigmatism in adult patients with greater than or equal to 1 diopter of preoperative corneal astigmatism in whom a cataractous lens has been removed. The lenses mitigate the effects of presbyopia by providing an extended depth of focus. Compared to an aspheric monofocal IOL, the TECNIS PureSee™ Toric II IOLs provide improved intermediate visual acuity, while maintaining comparable distance visual acuity. The lenses are intended for capsular bag placement only.

WARNINGS

Physicians should weigh the potential benefit/risk ratio of IOL implantation in patients with any of the conditions listed below, as intraocular lenses may exacerbate an existing condition or may pose an unreasonable risk to the eyesight of patients. The following conditions are not specific to the design of the IOL and are attributed to cataract surgery and/or IOL implantation in general: Recurrent severe anterior or posterior segment inflammation of unknown etiology Posterior segment diseases of which monitoring or treatment ability may be limited by an intraocular lens Surgical difficulties at the time of cataract extraction and/or intraocular lens implantation that might increase the potential for complications (e.g., persistent bleeding, significant iris damage, uncontrolled positive pressure, or significant vitreous prolapse or loss) Compromised posterior capsule or zonules due to previous trauma or developmental defect in which appropriate support of the IOL is not possible Risk of damage to the endothelium during implantation Suspected microbial infection Congenital bilateral cataracts Previous history of, or a predisposition to, retinal detachment Potentially good vision in only one eye Medically uncontrollable glaucoma Corneal endothelial dystrophy Proliferative diabetic retinopathy Rotation of the toric lens away from its intended axis can reduce its astigmatic correction. Misalignment greater than 30° may increase postoperative refractive cylinder. If necessary, lens repositioning should occur as early as possible prior to lens encapsulation. Do not attempt to disassemble, modify or alter the delivery system or any of its components, as this can significantly affect the function and/or structural integrity of the design. Do not use if the cartridge of the delivery system is cracked or split prior to implantation. Do not implant the lens if the rod tip does not advance the lens or if it is jammed in the delivery system. Do not stop, reverse or advance the plunger too slowly (for example more than 1 second) during initial lens advancement. Doing so may result in improper folding of the lens. Do not advance the lens from the Holding Position prior to fully hydrating the system. A minimum of 1 minute at the Holding Position is required to fully hydrate the system to prevent sticking and a potential scratch or crack to the lens. Do not advance the lens from the Holding Position until ready for implantation. Interruptions during delivery may result in the lens being scratched or cracked or stuck in the cartridge. Discard the device if the lens has been advanced past the Holding Position but not delivered within 60 seconds. The lens and delivery system should be discarded if the lens has been folded within the cartridge for more than 10 minutes. Not doing so may result in the lens being stuck in the cartridge. Johnson & Johnson Surgical Vision, Inc., single-use medical devices are labeled with instructions for use and handling to minimize exposure to conditions which may compromise the product, patient, or the user. When used according to the directions for use, the delivery system minimizes the risk of infection and/or inflammation associated with contamination. The reuse/resterilization/reprocessing of Johnson & Johnson Surgical Vision, Inc. single-use medical devices may result in physical damage to the medical device, failure of the medical device to perform as intended, and patient contamination, transmission of infection, and lack of product sterility. PRECAUTIONS

Prior to surgery, the surgeon must inform prospective patients of the possible risks and benefits associated with the use of this device and provide a copy of the patient information brochure to the patient. Autorefractors may not provide optimal postoperative refraction of patients with the IOL. Manual refraction with maximum plus technique is strongly recommended. This is a single-use device. Do not resterilize the lens or the delivery system. Most sterilizers are not equipped to sterilize the soft acrylic material of the IOL and the preloaded inserter material without producing undesirable side effects. Do not store the device in direct sunlight or at a temperature under 41°F (5°C) or over 95°F (35°C). Do not autoclave the delivery system. The contents are sterile unless the package is opened or damaged. Do not use if the delivery system has been dropped or if any part was inadvertently struck while outside the shipping box. The sterility of the delivery system and/or the lens may have been compromised. The recommended temperature for implanting the lens is at least 63°F (17°C). Do not advance the lens unless ready for lens implantation. Do not leave the lens in a folded position more than 10 minutes. When the delivery system is used improperly, the lens may not be delivered properly (i.e., haptics may be broken). Please refer to the specific Directions For Use section provided. The use of balanced salt solution or ophthalmic viscosurgical devices (OVDs) is required when using the delivery system. For optimal performance when using OVD, use the HEALON™ family of OVDs. The use of balanced salt solution with additives has not been studied for this product. The lens should be placed entirely in the capsular bag. The lens should not be placed in the ciliary sulcus. Carefully remove all viscoelastic and do not over-inflate the capsular bag at the end of the case. Residual viscoelastic and/or over-inflation of the capsular bag may allow the lens to rotate, causing misalignment of the toric lens with the intended axis of placement. Do not reuse. Recent contact lens usage may affect the patient’s refraction; therefore, in contact lens wearers, surgeons should establish corneal stability without contact lenses prior to determining IOL power. The IOL is designed for optimum visual performance when emmetropia is targeted. The TECNIS™ Toric IOL Calculator includes a feature that accounts for posterior corneal astigmatism (PCA). The PCA is based on an algorithm that combines published literature (Koch, et al., 2012) and a retrospective analysis of data from a TECNIS™ Toric multi-center clinical study. The PCA algorithm for the selection of appropriate cylinder power and axis of implantation was not assessed in the prospective TECNIS™ Toric IOL U.S. IDE study and may yield results different from those in the TECNIS PureSee™ Toric II IOL labeling. Please refer to the TECNIS™ Toric IOL Calculator user manual for more information. The use of methods other than the TECNIS™ Toric IOL Calculator to select cylinder power and appropriate axis of implantation were not assessed in the TECNIS™ Toric IOL U.S. IDE study and may not yield similar results. Accurate keratometry and biometry, in addition to the use of the TECNIS™ Toric IOL Calculator (www.TecnisToricCalc.com) are recommended to achieve optimal visual outcomes for the TECNIS PureSee™ Toric II IOLs. All preoperative surgical parameters are important when choosing a toric lens for implantation, including preoperative keratometric cylinder (magnitude and axis), incision location, the surgeon’s estimated surgically induced astigmatism (SIA) and biometry. Variability in any of the preoperative measurements can influence patient outcomes and the effectiveness of treating eyes with lower amounts of preoperative corneal astigmatism. The effectiveness of the toric lens in reducing postoperative residual astigmatism in patients with preoperative corneal astigmatism less than 1.0 diopter has not been demonstrated. All corneal incisions were placed temporally in the TECNIS™ Toric IOL U.S. IDE study. If the surgeon chooses to place the incision at a different location, outcomes may be different from those obtained for the TECNIS™ Toric IOL. Note that the TECNIS™ Toric IOL Calculator incorporates the surgeon’s estimated SIA and incision location when providing IOL options. Children under the age of 2 years are not suitable candidates for intraocular lenses. The safety and effectiveness of the TECNIS PureSee™ IOLs have not been substantiated in pregnant women, patients under the age of 22 or those with preexisting ocular conditions and intraoperative complications, including those specified in the Warnings and Precautions. Careful preoperative evaluation and sound clinical judgment should be used by the surgeon to decide the benefit/risk ratio before implanting a lens in a patient with one or more of these conditions. Before Surgery

Pupil abnormalities Prior corneal refractive or intraocular surgery Choroidal hemorrhage Chronic severe uveitis Concomitant severe eye disease Extremely shallow anterior chamber Medically uncontrolled glaucoma Microphthalmos Non-age-related cataract Proliferative diabetic retinopathy (severe) Severe corneal dystrophy Severe optic nerve atrophy Irregular corneal astigmatism Amblyopia Macular disease During Surgery

Excessive vitreous loss Non-circular capsulotomy/capsulorhexis The presence of radial tears known or suspected at the time of surgery Situations in which the integrity of the circular capsulotomy/ capsulorhexis cannot be confirmed by direct visualization Cataract extraction by techniques other than phacoemulsification or liquefaction Capsular rupture Significant anterior chamber hyphema Uncontrollable positive intraocular pressure Zonular damage 24. Potential complications generally associated with cataract surgery include, but are not limited to: endophthalmitis/intraocular infection, hypopyon, hyphema, IOL dislocation, persistent cystoid macular edema, pupillary block, retinal detachment/tear, persistent corneal stromal edema, persistent uveitis, persistent raised intraocular pressure (IOP) requiring treatment (e.g., AC tap), retained lens material, or toxic anterior segment syndrome, or any other adverse event that leads to permanent visual impairment or requires surgical or medical intervention to prevent permanent visual impairment.

ATTENTION: Reference the Directions for Use for a complete listing of Indications and Important Safety Information

About Vision at Johnson & Johnson

Johnson & Johnson has a deep legacy in developing transformational new products that improve the health of patients’ eyes. We have a bold ambition: Vision Made Possible – improving sight for more than 40 million people each year. Through cutting-edge innovation, expertise in material and optical science, and advanced technologies, we are revolutionizing the way people see and experience the world. Visit us at clearvisionforyou.com, follow @JNJVision on X, Johnson & Johnson | Vision on LinkedIn, and @JNJVision on Facebook.

About Johnson & Johnson

At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more about our MedTech sector’s global scale and deep expertise in cardiovascular, orthopaedics, surgery and vision solutions at https://www.jnjmedtech.com/en-US/. Follow us at @JNJMedTech on LinkedIn.

Cautions Concerning Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 related to TECNIS PureSee IOL. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: competition, including technological advances, new products and patents attained by competitors; uncertainty of commercial success for new products; the ability of the company to successfully execute strategic plans; impact of business combinations and divestitures; challenges to patents; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; and global health care reforms and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, www.investor.jnj.com or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

©Johnson & Johnson and its affiliates 2026. All rights reserved.

Footnotes:

*TECNIS PureSee IOL achieved a 1.5-line difference in mean monocular distance-corrected near VA at 6 months compared to TECNIS 1-Piece.

**In clinical evaluation, TECNIS PureSee IOL demonstrated contrast sensitivity comparable to an aspheric monofocal intraocular lens, with no clinically meaningful differences (≤0.3 log units) versus aspheric monofocal controls across pupil sizes, while maintaining distance visual acuity and low levels of visual symptoms.

^Daniel Chang, MD, is a paid consultant of Johnson & Johnson

World Health Organization (WHO), 2022. Blindness and vision impairment. Available at: https://www.who.int/news-room/fact-sheets/detail/blindness-and-visual-impairment. Centers for Disease Control and Prevention (2024) Cataract Data. Available from: https://www.cdc.gov/vision-health/about-eye-disorders. TECNIS PureSee™ IOL, Model DEN00V, DFU US, Z312075E rev B. Launch to Date Implants. Data on File. DOF2023CT4043 Clinical Investigation. Patient Satisfaction Outcomes. July 18, 2023. Harvard Medical School (2020) Considering Cataract Surgery? What You Should Know. Harvard Health Publishing REF2022OTH4464. American Academy of Ophthalmology. What Is Presbyopia? https://www.aao.org/eye-health/diseases/what-is-presbyopia Vision Loss Expert Group of the Global Burden of Disease Study and GBD 2019 Blindness and Vision Impairment Collaborators, 2024. Global estimates on the number of people blind or visually impaired by uncorrected refractive error: a meta-analysis from 2000 to 2020. Eye, 38, pp.2083–2101. https://doi.org/10.1038/s41433-024-03106-0 2026PP10682

Johnson & Johnson JNJ is making a stronger case for expanding Imaavy into a rare autoimmune blood disorder after posting detailed Phase 2/3 data from its ENERGY study.

The company said the 115 patient trial supports a potential label expansion for Imaavy in warm autoimmune hemolytic anemia, or wAIHA, a rare disease tied to anemia. J&J's application is already under FDA priority review after earlier data showed more Imaavy patients achieved a lasting hemoglobin response than those on placebo.

The detailed results showed patients receiving Imaavy were roughly 3 times more likely than placebo patients to achieve durable hemoglobin levels. J&J also said the drug's safety profile was consistent with its known tolerability in myasthenia gravis, where Imaavy is already approved.

the story matters because wAIHA currently has no FDA approved therapies, giving J&J a possible first mover opportunity in a rare disease market. The next thing to watch is the FDA's decision on the label expansion.

The pharmaceutical industry continues to address any and every known ailment. Cancer, however, remains the business's biggest market. Precedence Research suggests the global oncology market is currently worth nearly $280 billion per year, en route to $700 billion by 2035.

And that bodes well for drugmaker Johnson & Johnson (JNJ +0.96%). After years of lethargic performance, the company's been on a buying spree of late, acquiring Halda Therapeutics and Ambrx Biopharma specifically because of the developmental work these companies were doing on the cancer front.

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Fast-forward to today. J&J's most recent purchase -- while relatively small at $1 billion -- advances the company's goal of producing $50 billion worth of annual oncology revenue by 2030. (For perspective, Johnson & Johnson did $94.2 billion worth of business last year.)

Here's what investors need to know about the deal.

A strategic, complementary acquisition The latest target in Johnson & Johnson's streak of acquisitions is mostly unknown Firefly Bio. What's it getting for its $1 billion in cash? Firefly's proprietary Firelink degrader antibody conjugate (DAC) platform, mostly, which specifically takes aim at KRAS (Kirsten rat sarcoma viral oncogene homolog) tumors.

That won't mean much to most people; here's the explanation in simpler language:

A KRAS-driven tumor is a cancer caused by a mutation in the KRAS gene. This mutation errantly tells the affected cell to continue growing and dividing even when it shouldn't. It's not uncommon in cases of colorectal and non-small cell lung cancer, and it's particularly common with pancreatic cancer. It's a problem in all cases, however, in that it's long been considered "undruggable," meaning there's historically been little that can be done about these mutations.

Image source: Getty Images.

Medical science's capabilities have finally caught up with many of its diagnostic capabilities, though, at least on one front. The industry can now induce a human body to natural fight cancers it didn't know -- or know how -- to fight before. One of the approaches of inducing such a response is with antibody drug conjugates, which essentially deliver self-destruct instructions to diseased cells (identifying them by unique proteins on their surface) without harming healthy cells.

Enter FireFly Bio, or specifically, the Firelink platform, which creates a category of antibody drug conjugates (or ADCs) called "degraders." These are essentially ADC boosters that destroy a unique gatekeeping protein on the surface of a diseased cell without ever even giving it a chance to prevent or slow an antibody from effectively penetrating it.

A chance for marketable improvement It's still a fairly new science, but one that's more than proven. The next stage of the DAC era is simply continuing to refine the science so it can be utilized with more cancer-fighting antibody drug conjugates. And Johnson & Johnson's got plenty of those. That's the chief reason it wanted Ambrx back in 2024, although it's done a fair amount of internal ADC development lately as well.

It matters mostly because Precedence Research also thinks the worldwide antibody drug conjugate market alone could be worth $21 billion by 2030, and $35 billion by 2035. The more effective J&J's cancer-fighting ADC portfolio is, the bigger its piece of that pie gets, and the closer it gets to its cancer treatment revenue target of $50 billion.

Disney shot back at the Federal Communications Commission on Thursday as part of an early renewal process for broadcast licenses for eight of the company's stations.

Disney said in filings it was submitting the applications "under protest in response to an unlawful, arbitrary, and unconstitutional order" from the FCC.

In late April, the FCC said it was launching an early review of the Disney-owned ABC stations years ahead of schedule following concerns around the company's diversity, equity and inclusion efforts. The licenses of the eight stations were originally up for renewal between 2028 and 2031.

Last year the FCC, the federal entity that regulates the media and telecommunications industry, began an investigation into the DEI efforts of Disney and other media companies.

The agency said it began investigating Disney last March for possible violations of the Communications Act of 1934 and the FCC's rules regarding its prohibition on unlawful discrimination.

In April, the FCC said it had determined further action was needed. Disney had until Thursday to file the renewals.

In a Friday interview on CNBC's "Squawk on the Street," FCC Chair Brendan Carr said the agency's focus remains on its investigations into Disney's DEI practices and that pulling up the license renewal deadline is not related to First Amendment matters.

"I understand Disney wants to make this about a lot of other things, and their PR machine has been in high gear, but we've been very clear about what this is: concerns about invidious forms of DEI discrimination," Carr told CNBC.

He added that the next step, as soon as Friday, will be for the FCC to issue a public notice and begin a cycle where the public can petition to deny the renewal of Disney's licenses, opening the door for Disney to file an opposition.

"We have been signaling for a long time that we want Disney to take seriously our investigation, and it was only after we felt like — again, we provided them notice now that we thought their responses were disingenuous, that they were incomplete, that they were frankly nonresponsive to a number of questions — that we thought it was important to take this next step in our investigation to make sure that they're being fully responsive to our proceedings," Carr said.

When asked if he thinks there is a possibility that the FCC may actually pull ABC's licenses, Carr said the agency will "follow the facts and the law wherever they go."

The FCC's early review came shortly after ABC faced renewed political backlash from President Donald Trump following comments made by comedian Jimmy Kimmel during his late night TV show that airs on the broadcast network.

The timing raised eyebrows from critics of the Trump administration — as well as from a sitting FCC commissioner — who said the scrutiny was politically motivated.

In Thursday's filing, Disney said it objected to the process and added that the FCC hadn't called for an early renewal in more than five decades.

"The order has no legitimate purpose," Disney said in the filing. "There is no information that the application will reveal that the Commission could not obtain through other means. The order is inconsistent with a legitimate exercise of investigative authority and is plainly incompatible with the First Amendment."

Disney has accused Donald Trump's media regulator of an "unlawful" attempt to suppress free speech after it was forced to apply for early licence reviews for its eight ABC TV stations.

The order from the Federal Communications Commission (FCC), which is chaired by Trump-appointee Brendan Carr, came amid growing pressure on Disney to sack talk show host Jimmy Kimmel for a joke about Melania Trump.

Disney filed applications for the early licence reviews on Thursday, but did so "under protest", calling it "unlawful, arbitrary, and unconstitutional".

It also said it violates its First Amendment free speech rights.

"This effort to suppress speech under the guise of bureaucratic process must not prevail," the company added.

Image: US President Donald Trump and First Lady Melania Trump have both called for Kimmel to be sacked. Pic: Reuters The FCC claims the reviews, ​which were due to start in October 2028, had been brought forward as part of a year-long discrimination investigation.

Carr told reporters last month that the timing was "unrelated" to the Kimmel news. He said: "I understand that anything that we do is is now framed as 'in the wake of' in the headlines, and I understand that's how it is, but we've got to make these decisions based on where we are in the investigations and what is best for next steps in that enforcement proceeding in the headlines can be what the headlines are, but that was the basis for our decision."

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'There's Trump's world and then there's the real world'

Last month Kimmel had joked on his show, Jimmy Kimmel Live!, that Mrs Trump had a "glow like an expectant widow".

Days later a gunman opened fire in Washington at the White House Correspondents Association (WHCA) dinner, which was attended by the first lady and the president.

The pair have demanded the sacking of Kimmel, who was briefly taken off-air last year over comments about the killing of Trump supporter Charlie Kirk.

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Mr Trump wrote: "I appreciate that so many people are incensed by Kimmel's despicable call to violence, and normally would not be responsive to anything that he said, but this is something far beyond the pale."

In a post on X, the first lady said Kimmel's "hateful and violent rhetoric" intends to divide the US.

"His monologue about my family isn't comedy - his words are corrosive and deepen the political sickness within America.

"Enough is enough. It is time for ABC to take a stand. How many times will ABC's leadership enable Kimmel's atrocious behaviour at the expense of our community," she wrote.