Heading into a new trading week, here is a quick roundup of the top five stories from the technology, corporate and cryptocurrency sectors that investors would not want to miss out on from the weekend.
1. Johnson & Johnson Settles Risperdal Lawsuits: Johnson & Johnson JNJ said it has settled most of the 9,000 lawsuits it faced over its anti-psychotic drug Risperdal and recorded $800 million in legal expenses related to the settlement in the third quarter.
The lawsuits accused J&J of failing to warn of the risk of a condition called gynecomastia (enlargement of the breast tissue in men or boys), associated with Risperdal.
2. GameStop COO Departure: GameStop Corp. GME disclosed in a regulatory filing that Chief Operating Officer Jenna Owens has left just seven months after joining the company. The videogame retailer, a Reddit-favorite stock, did not give reasons for the sudden departure of Owens, a former Amazon.com Inc. AMZN executive.
3. Musk-Inspired Cryptocurrency Skyrockets In October: Dogelon Mars, a meme cryptocurrency named after Tesla Inc. TSLA CEO Elon Musk, gained over 4000% in October. Dogelon, an ERC20 cryptocurrency built on the Ethereum blockchain, thanked its holders on Friday for their support in getting the coin listed on OKEx.
4. Cathie Wood’s Facebook Bet: Popular money manager Cathie Wood’s Ark Invest bought shares estimated to be worth $63.8 million in Facebook Inc. FB on Friday, a day after the Mark Zuckerberg-led social media company said it has changed its name to Meta Platforms Inc.
5. Snowden’s Shiba Inu Warning: Whistleblower Edward Snowden has warned that people should not invest their hard-earned money in cryptocurrency Shiba Inu SHIB/USD, which he called a “clone of dog money.”
His comments come after the self-described “Dogecoin killer” outperformed Dogecoin to become the world's ninth-largest cryptocurrency by market capitalization again on Friday.
What Else: Among other stories from the weekend, investors would want to check out the EV week in review, Elon Musk laying a condition for helping the United Nations World Food Program (WFP), and fast-food giant McDonald Corp.’s (MCD) foray into the non fungible token (NFT) market.
Tech giant Apple Inc. AAPL may launch its mixed-reality handset as soon as next year, Bloomberg’s Mark Gurman said in the latest edition of his “Power On” newsletter.
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