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Stock Market Today: Dow Jones, S&P 500 Falters As Russia-Ukraine War Drags On; BBBY Stock Soars As Ryan Cohen Takes Stake

Markets open lower today as investors are battered by rising inflation and economic fallout from Russia’s war on Ukraine.
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Stock Market Today Mid-Morning Updates

On Monday, the Dow Jones Industrial Average is down by another 60 points. We begin the week with potentially another round of sanctions on Russia as it continues its invasion of Ukraine. However, Western allies’ sanctions against Russia have started to form repercussions. This comes in the form of large potential losses for their own banks, companies, and investors. Also, Russia was a no-show at the United Nations’ highest court on Monday as Ukraine sought an emergency order to halt hostilities on its territory.

Citigroup (NYSE: C) is down by over 3% on today’s opening bell after receiving a downgrade from Jefferies. The firm says that Citi appears unlikely to hit its financial targets that it detailed at an investor conference last week. Meanwhile, Palantir Technologies (NYSE: PLTR) is up by over 11% on Monday after Morgan Stanley (NYSE: MS) upgraded the data analytics software company, noting that its fundamentals are getting better. Today, Uber Technologies (NYSE: UBER) has also raised its outlook for the first-quarter core profit, citing faster recovery than expected and better delivery growth.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 0.15% today while Microsoft (NASDAQ: MSFT) is down by 1.80%. Meanwhile, 3M (NYSE: MMM) and Nike (NYSE: NKE) are also trading lower on Monday. Among the Dow financial leaders, Visa (NYSE: V) is down by 1.81% while Goldman Sachs (NYSE: GS) is also down by 1.78%.

Shares of EV leader Tesla (NASDAQ: TSLA) are up by 2.25% on Monday. Likewise, rival EV companies like Rivian (NASDAQ: RIVN) are down by 0.09%. Lucid Group (NASDAQ: LCID) is up by 4.29% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) opened higher today.

Dow Jones Today: Oil Prices Briefly Soared To Pandemic Highs While Bitcoin Dips Below $40,000

Following the stock market opening on Monday, the S&P 500, Dow, and Nasdaq are trading lower by 0.77%, 0.86%, and 0.68% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down by 0.82% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also down by 0.80%. 

The 10-year Treasury yield hovers at around 1.79% today. U.S. Secretary of State Antony Blinken said on Sunday that the U.S. and its European allies are exploring banning imports of Russian oil. The White House was also coordinating with congressional committees to move forward with a U.S. ban. This has sent oil prices to new pandemic-era highs. For instance, the West Texas Intermediate crude briefly breached over $130 per barrel on Sunday. Today, it still trades at an elevated level of roughly $118 per barrel. Traders are driving up crude on concerns about supply disruptions from Russia’s invasion of Ukraine. Bitcoin also dropped below $40,000 as commodities surged and investors shedding risk as the war rages on. 

[Read More] Top Stock Market News For Today March 7, 2022

BBBY Stock Skyrockets On News Of GameStop Chairman Ryan Cohen’s Latest Stake

Share of Bed, Bath & Beyond (NASDAQ: BBBY) are currently up by over 95% at today’s opening bell. For the most part, the current movement in BBBY stock follows news of a notable stakeholder in the company. In detail, Ryan Cohen, the co-founder of Chewy (NYSE: CHWY) and GameStop (NYSE: GME) chairman is turning heads with his latest announcement. According to the billionaire investors, his investment firm RC Ventures currently holds a 9.8% stake in BBBY.

More importantly, Cohen and his firm argue that BBBY should “narrow its focus to fortify operations and maintain the right inventory mix to meet demand, while simultaneously exploring strategic alternatives that include separating buybuy Baby, Inc. (“BABY”) and a full sale of the company.” To highlight, a key part of Cohen’s letter could be the mention of a sale. Should BBBY take his advice on selling the core business and spinning off its BABY division, it could be big for the $1.6 billion firm. Accordingly, some investors could be looking to jump on the BBBY train in the case that this happens.

At the same time, Cohen’s board seat at GameStop and his current position in BBBY could stir up some hype in the meme stock community. In fact, BBBY stock was a former key name in the meme stock mania last year. With the company’s shares trailing well behind the broader stock market before today’s gains, we could be looking at another round of retail investors buying. Regardless, investors may want to keep an eye on BBBY stock today.

BBBY stock
Source: TradingView

[Read More] Best Stocks To Invest In Right Now? 5 Energy Stocks To Note As Oil Prices Surge

Occidental Petroleum (OXY) Gains Following News Of Berkshire Hathaway’s $5 Billion Position In Company

In other news, Occidental Petroleum (NYSE: OXY) is another notable gainer to consider in the stock market today. Aside from the broader tailwinds in the energy industry, Occidental is gaining attention thanks to Warren Buffett. Over the weekend, Buffett’s Berkshire Hathaway (NYSE: BRK.A) revealed a new $5 billion stake in Occidental. To put things into perspective, this adds up to over 61 million of OXY stock. According to the SEC filings, the firm made these purchases at prices ranging from $47.07 to $56.45. All in all, Berkshire Hathaway now owns 91.2 million common shares of Occidental. This translates to a 9% stake in the company. Not to mention, this is prior to Berkshire Hathaway exercising its warrants for another 84 million shares. 

After this significant piece of news, OXY stock is now looking at year-to-date gains of over 80%. This would put it well ahead of its industry peers as the global energy crunch persists. For one thing, the company seems to have a lot going for it now. With even the Oracle of Omaha being keen on Occidental, investors looking towards value could follow suit. As oil prices rise on news of Russian oil bans and investors seek defensive value plays, OXY stock could be worth noting.

OXY stock
Source: TradingView

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The post Stock Market Today: Dow Jones, S&P 500 Falters As Russia-Ukraine War Drags On; BBBY Stock Soars As Ryan Cohen Takes Stake appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Study: Life’s building blocks are surprisingly stable in Venus-like conditions

If there is life in the solar system beyond Earth, it might be found in the clouds of Venus. In contrast to the planet’s blisteringly inhospitable surface,…

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If there is life in the solar system beyond Earth, it might be found in the clouds of Venus. In contrast to the planet’s blisteringly inhospitable surface, Venus’ cloud layer, which extends from 30 to 40 miles above the surface, hosts milder temperatures that could support some extreme forms of life. 

Credit: Credit: JAXA/J. J. Petkowski

If there is life in the solar system beyond Earth, it might be found in the clouds of Venus. In contrast to the planet’s blisteringly inhospitable surface, Venus’ cloud layer, which extends from 30 to 40 miles above the surface, hosts milder temperatures that could support some extreme forms of life. 

If it’s out there, scientists have assumed that any Venusian cloud inhabitant would look very different from life forms on Earth. That’s because the clouds themselves are made from highly toxic droplets of sulfuric acid — an intensely corrosive chemical that is known to dissolve metals and destroy most biological molecules on Earth. 

But a new study by MIT researchers may challenge that assumption. Appearing today in the journal Astrobiology, the study reports that, in fact, some key building blocks of life can persist in solutions of concentrated sulfuric acid. 

The study’s authors have found that 19 amino acids that are essential to life on Earth are stable for up to four weeks when placed in vials of sulfuric acid at concentrations similar to those in Venus’ clouds. In particular, they found that the molecular “backbone” of all 19 amino acids remained intact in sulfuric acid solutions ranging in concentration from 81 to 98 percent.  

“What is absolutely surprising is that concentrated sulfuric acid is not a solvent that is universally hostile to organic chemistry,” says study co-author Janusz Petkowski, a research affiliate in MIT’s Department of Earth, Atmospheric and Planetary Sciences (EAPS).

“We are finding that building blocks of life on Earth are stable in sulfuric acid, and this is very intriguing for the idea of the possibility of life on Venus,” adds study author Sara Seager, MIT’s Class of 1941 Professor of Planetary Sciences in EAPS and a professor in the departments of Physics and of Aeronautics and Astronautics. “It doesn’t mean that life there will be the same as here. In fact, we know it can’t be. But this work advances the notion that Venus’ clouds could support complex chemicals needed for life.”

The study’s co-authors include first author Maxwell Seager, an undergraduate in the Department of Chemistry at Worcester Polytechnic Institute and Seager’s son, and William Bains, a research affiliate at MIT and a scientist at Cardiff University.

Building blocks in acid

The search for life in Venus’ clouds has gained momentum in recent years, spurred in part by a controversial detection of phosphine — a molecule that is considered to be one signature of life — in the planet’s atmosphere. While that detection remains under debate, the news has reinvigorated an old question: Could Earth’s sister planet actually host life? 

In search of an answer, scientists are planning several missions to Venus, including the first largely privately funded mission to the planet, backed by California-based launch company Rocket Lab. That mission, on which Seager is the science principal investigator, aims to send a spacecraft through the planet’s clouds to analyze their chemistry for signs of organic molecules. 

Ahead of the mission’s January 2025 launch, Seager and her colleagues have been testing various molecules in concentrated sulfuric acid to see what fragments of life on Earth might also be stable in Venus’ clouds, which are estimated to be orders of magnitude more acidic than the most acidic places on Earth.

“People have this perception that concentrated sulfuric acid is an extremely aggressive solvent that will chop everything to pieces,” Petkowski says. “But we are finding this is not necessarily true.”

In fact, the team has previously shown that complex organic molecules such as some fatty acids and nucleic acids remain surprisingly stable in sulfuric acid. The scientists are careful to emphasize, as they do in their current paper, that “complex organic chemistry is of course not life, but there is no life without it.” 

In other words, if certain molecules can persist in sulfuric acid, then perhaps the highly acidic clouds of Venus are habitable, if not necessarily inhabited. 

In their new study, the team turned their focus on amino acids — molecules that combine  to make essential proteins, each with their own specific function. Every living thing on Earth requires amino acids to make proteins that in turn carry out life-sustaining functions, from breaking down food to generating energy, building muscle, and repairing tissue. 

“If you consider the four major building blocks of life as nucleic acid bases, amino acids, fatty acids, and carbohydrates, we have demonstrated that some fatty acids can form micelles and vesicles in sulfuric acid, and the nucleic acid bases are stable in sulfuric acid. Carbohydrates have been shown to be highly reactive in sulfuric acid,” Maxwell
Seager explains. “That only left us with amino acids as the last major building block to
study.”

A stable backbone

The scientists began their studies of sulfuric acid during the pandemic, carrying out their experiments in a home laboratory. Since that time, Seager and her son continued work on chemistry in concentrated sulfuric acid. In early 2023, they ordered powder samples of 20 “biogenic” amino acids — those amino acids that are essential to all life on Earth. They dissolved each type of amino acid in vials of sulfuric acid mixed with water, at concentrations of 81 and 98 percent, which represent the range that exists in Venus’ clouds. 

The team then let the vials incubate for a day before transporting them to MIT’s Department of Chemistry Instrumentation Facility (DCIF), a shared, 24/7 laboratory that offers a number of automated and manual instruments for MIT scientists to use. For their part, Seager and her team used the lab’s nuclear magnetic resonance (NMR) spectrometer to analyze the structure of amino acids in sulfuric acid. 

After analyzing each vial several times over four weeks, the scientists found, to their surprise, that the basic molecular structure, or “backbone” in 19 of the 20 amino acids remained stable and unchanged, even in highly acidic conditions.

“Just showing that this backbone is stable in sulfuric acid doesn’t mean there is life on Venus,” notes Maxwell Seager. “But if we had shown that this backbone was compromised, then there would be no chance of life as we know it.” 

The team acknowledges that Venus’ cloud chemistry is likely messier than the study’s “test tube” conditions. For instance, scientists have measured various trace gases, in addition to sulfuric acid, in the planet’s clouds. As such, the team plans to incorporate certain trace gases in future experiments. 

“There are only a few groups in the world now that are working on chemistry in sulfuric acid, and they will all agree that no one has intuition,” adds Sara Seager. “I think we are just more happy than anything that this latest result adds one more ‘yes’ for the possibility of life on Venus.”

###

Written by Jennifer Chu, MIT News

Paper: “Stability of 20 Biogenic Amino Acids in Concentrated Sulfuric Acid: Implications for the Habitability of Venus’ Clouds”

https://www.liebertpub.com/doi/10.1089/ast.2023.0082


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John Lewis relies too heavily on its heritage – here’s what it could do instead

The company has returned to profit by making cuts, but there are things it could do to reinvent itself.

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Road to recovery? Jevanto Productions/Shutterstock

In a tricky economic climate, the British department store John Lewis has managed to deliver some good news. The retail partnership – owned by its 80,000 employees – posted pre-tax profits of £56 million after a £234 million loss the year before.

The positive announcement was somewhat tarnished by the fact that those employees (known as partners) would not receive a bonus for the second year in a row. There were also hints of job cuts.

But what more could this giant of UK retail, which also owns Waitrose supermarkets, do to endure its survival? Does its increasing reliance on grocery sales mean its own brand has become less valuable?

For over 160 years on the high street, John Lewis has worked hard on that brand. Its slogan (scrapped in 2022) about being “never knowingly undersold” was well known, it remains a trusted supplier of an extensive range of household hoods, rates highly for customer service, and runs Christmas TV adverts which have became a media event in themselves.

In doing all of those things, John Lewis seemed to be in a much better place than its rivals. BHS (founded in 1928) and Debenhams (1778) have disappeared from the high street. House of Fraser (1849) was taken over and has a much-reduced physical presence.

John Lewis’s nearest rival, Marks & Spencer (1884), is now doing well, but only after it underwent a fairly brutal restructuring which involved cutting thousands of jobs during the pandemic, closing 67 stores, and slashing its operations in France.

So John Lewis’s “brand heritage” – its history, tradition and pedigree – has worked pretty well for a pretty long time. But its recent return to profit was the combined effort of reinvesting and streamlining, according to some reports.

Also known as “trimming the fat” in the business world, the retailer’s streamlining endeavours consisted of cutting more than 1,500 jobs, and closing underperforming stores, such as the branch in Sheffield, which had served residents for nearly 80 years and was much mourned, including by my own mother-in-law.

It has also been reported that more job cuts are imminent, with up to 11,000 jobs to go in the next five years.

And perhaps these measures highlight some of the harsh realities of running a department store in the always-open and effortless world of online shopping. Maybe employees (even those considered partners, as under John Lewis’s employee-ownership model) have become expendable.

Maybe physical stores, where consumers go to explore and seek advice, have become expendable. Maybe all traditions are expendable when they are not commercially viable.

People first

Yet the world of retail is filled with examples of heritage brands reinventing themselves to stay relevant, buoyant and competitive.

John Lewis will need to do the same if it wants to retain its legacy on the British high street. And it could do worse than taking a leaf out of Waitrose’s playbook.

For the company’s return to profit was largely due to the buoyant sales generated by Waitrose supermarkets, which increased by 4%. The department store business meanwhile, suffered a 2% fall.

Part of Waitrose’s success comes from providing a sense of indulgence and enjoyment – including healthy food – through carefully curated and often locally sourced products. It works closely with local farmers, supports regional suppliers (an approach that has also contributed to M&S’s success), and reinvests in stores and product offers.

Essentially, as part of UK’s grocery sector, Waitrose extended its partnership ethos to include people and groups beyond the shop walls – to build a “local retail ecosystem” that promotes and leverages a community spirit around their stores.

M&S shop front.
Appealing to appetites. Simon Vayro/Shutterstock

John Lewis department stores could try and do something similar. They could focus more on products that help customers live healthier and more active lives, and which are relevant to their interests. They could sell products created by local small businesses, and make a determined approach to be a supportive presence in the regions they serve.

Research suggests that heritage brands benefit from having a moral standing – when they show they care about the people they make money from, the local communities they operate in, and the people they employ.

So perhaps John Lewis should make moral values a part of its evolving heritage. It needs to show it cares not just for the people who work for the company directly, but also the people on whom it relies for success – the customers – and people it can build new relationships with. All of them could prove critical to its future success.

Kokho Jason Sit is affiliated with the Chartered Institute of Marketing.

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ARPA-H appoints Etta Pisano to lead its Advancing Clinical Trials Readiness Initiative

The Advanced Research Projects Agency for Health (ARPA-H) has appointed Etta D. Pisano, MD, FACR, senior portfolio lead, to build the agency’s clinical…

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The Advanced Research Projects Agency for Health (ARPA-H) has appointed Etta D. Pisano, MD, FACR, senior portfolio lead, to build the agency’s clinical trial portfolio and lead the ARPA-H Advancing Clinical Trials Readiness Initiative under ARPA-H Resilient Systems Mission Office Director Jennifer Roberts.

Credit: N/A

The Advanced Research Projects Agency for Health (ARPA-H) has appointed Etta D. Pisano, MD, FACR, senior portfolio lead, to build the agency’s clinical trial portfolio and lead the ARPA-H Advancing Clinical Trials Readiness Initiative under ARPA-H Resilient Systems Mission Office Director Jennifer Roberts.

The first radiologist to be appointed to such a role, Dr. Pisano is an internationally recognized expert in women’s health, breast cancer research, and the use of artificial intelligence in medical imaging applications.

“I am honored to be working for ARPA-H to identify and promote research that can improve healthcare quality, efficacy and delivery, and to improve patient care and access to clinical trials for all Americans, including women, rural residents, and the underserved,” said Dr. Pisano.

Dr. Pisano will continue to serve as study chair of the large-scale Tomosynthesis Mammographic Imaging Screening Trial (TMIST) for the ECOG-ACRIN Cancer Research Group (ECOG-ACRIN). TMIST is led by ECOG-ACRIN with funding from the National Cancer Institute, part of the National Institutes of Health. She will also continue to serve as the American College of Radiology® (ACR®) Chief Research Officer (CRO). Dr. Pisano previously served as the principal investigator of the landmark Digital Mammographic Imaging Screening Trial (DMIST).

The TMIST breast cancer screening study is among the fastest growing National Cancer Institute (NCI) trials of the COVID-19 era. Under Dr. Pisano’s leadership, TMIST is assembling one of the most diverse cancer screening trial populations ever. Approximately 21% of TMIST U.S. participants are Black—more than double the average rate for Black participation in NCI-funded clinical trials (9%).

With ARPA-H, Dr. Pisano will work to build underserved and minority participation in clinical trials—including identifying and onboarding rural facilities and those outside of large academic medical centers—such as emerging retail healthcare sites. 

These duties are also very consistent with the missions of ECOG-ACRIN and ACR, which include promoting the exploration and identification of next-generation technologies that can benefit patients and providers.

“This is a great opportunity for Etta, and I’m excited about the impact she will make on our approach to clinical trials,” said Mitchell D. Schnall, MD, PhD, group co-chair of ECOG-ACRIN.

About ECOG-ACRIN

The ECOG-ACRIN Cancer Research Group (ECOG-ACRIN) is an expansive membership-based scientific organization that designs and conducts cancer research involving adults who have or are at risk of developing cancer. The Group comprises nearly 1400 member institutions and 21,000 research professionals in the United States and around the world. ECOG-ACRIN is known for advancing precision medicine and biomarker research through its leadership of major national clinical trials integrating cutting-edge genomic approaches. Member researchers and advocates collaborate across more than 40 scientific committees to design studies spanning the cancer care spectrum, from early detection to management of advanced disease. ECOG-ACRIN is funded primarily by the National Cancer Institute, part of the National Institutes of Health. Visit ecog-acrin.org, and follow us on X @eaonc, Facebook, LinkedIn, and Instagram.

Media Contact: Diane Dragaud, Director of Communications, communications@ecog-acrin.org.


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