Raphael Stevens

Stellantis is no longer developing a full-size electric Ram 1500 pickup truck.
The auto industry has been dealing with slower-than-expected consumer interest in electric vehicles.
Ram said it would still plan to launch an extended-range electric truck, which is equipped with an electric generator and a gas engine.

Stellantis’ Ram 1500 Revolution battery-electric concept pickup truck is introduced during a keynote address by Stellantis CEO Carlos Tavaras during CES 2023 at the Venetian Resort Las Vegas on Jan. 5, 2023.
Ethan Miller | Getty Images

Stellantis’ Ram brand is canceling plans to develop a full-size electric Ram 1500 pickup truck, citing slowing demand for electric vehicles.
“As demand for full-size battery electric trucks slows in North America, Stellantis is reassessing its product strategy and will discontinue development of a full-size BEV pickup,” a company spokesperson said Friday in a statement, using the industry acronym for battery electric vehicles.

Stellantis had already delayed plans twice for the truck, which was originally expected to go on sale by the end of 2024.
Ram said Friday it would still plan to launch an extended-range electric truck, which is equipped with an electric generator and a gas engine. That truck is expected to come out next year.
The company said it would rename that extended-range truck from “Ramcharger” to the “Ram 1500 REV.”
The change comes as Ram CEO Tim Kuniskis, who unretired from the automaker late last year, has launched an aggressive turnaround for the embattled brand.
New Stellantis CEO Antonio Filosa has been dialing back some of former CEO Carlos Tavares’ initiatives and pledged in late July to make “the tough decisions needed to re-establish profitable growth and significantly improved results.”
The auto industry overall has been dealing with slower-than-expected adoption of electric vehicles. The Trump administration has also been looking to unwind many of former President Joe Biden’s initiatives to push the auto industry away from gas-guzzling internal combustion engines and has canceled tax credits for buying EVs.

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Massachusetts filed a lawsuit in state court Friday against Kalshi, alleging the predictions platform offers sports gambling without a license under the guise of events contracts.
In the brief filed with the Suffolk County Superior Court, Massachusetts argues Kalshi is making more money on sports wagers than legal, licensed sportsbooks.
Events contracts are regulated as a predictions market by the Commodity Futures Trading Commission. Kalshi has repeatedly argued in federal court that the CFTC’s status as a federal agency supersedes state regulators.

The Kalshi logo arranged on a laptop in New York, US, on Monday, Feb. 10, 2025.
Gabby Jones | Bloomberg | Getty Images

Massachusetts filed a lawsuit in state court Friday against Kalshi, alleging the predictions platform offers sports gambling without a license under the guise of events contracts.
“If Kalsi wants to be in the sports gaming business in Massachusetts, they must obtain a license and follow our laws,” Massachusetts Attorney General Andrea Joy Campbell said in a news release.

The state is also asking the court to prevent Kalshi from offering sports events contracts in Massachusetts while the lawsuit is pending.
Events contracts are regulated as a predictions market by the Commodity Futures Trading Commission. Kalshi has repeatedly argued in federal court that the CFTC’s status as a federal agency supersedes state regulators.
In the brief filed with the Suffolk County Superior Court, Massachusetts argues Kalshi is making more money on sports wagers than legal, licensed sportsbooks.
“Sports event wagers comprised approximately 70% of Kalshi’s trading volume between February 25, 2025, and May 17, 2025, which increased to 75% from March 18, 2025 onwards—Kalshi’s first day offering single-game March Madness markets,” the lawsuit says. “Kalshi made more from sports wagers than licensed sports wagering platforms DraftKings or FanDuel over the course of the same February through May timeframe.”

Arrows pointing outwards

A screenshot of the Kalshi platform included in a lawsuit by the state of Massachusetts against the predictions platform.

A Kalshi spokesperson told CNBC this week that $439 million worth of wagers had been placed on NFL contracts to date.
The company has been spearheading a national defense of sports prediction trades. This week, the company made oral arguments before the 3rd Circuit Court of Appeals in an appeal by the state of New Jersey, which was prevented from enforcing a cease and desist against Kalshi. More

The union representing striking Boeing workers said Friday that members voted against Boeing’s latest contract offer.
The tentative five-year agreement was revealed on Wednesday, offering better wages.
The union said the offer did not have sufficient signing bonuses or a raise in benefits.

The Boeing Company at Paris Air Show 2025 in Le Bourget Airport.
Nicolas Economou | Nurphoto | Getty Images

Striking Boeing defense workers in Missouri voted Friday against the company’s latest offer of a modified contract deal, according to the union representing the workers.
More than 3,000 workers in the St. Louis area will remain on strike, the first walkout in almost three decades.

“Boeing’s modified offer did not include a sufficient signing bonus relative to what other Boeing workers have received, or a raise in 401(k) benefits,” a statement from the International Association of Machinists and Aerospace Workers read. “The democratic vote underscores the determination of approximately 3,200 IAM Union members to continue their stand together until their voices are heard.”
The union had said it reached a tentative five-year agreement with Boeing on Wednesday, with better wages and a signing bonus, and set a vote on the deal for Friday.
The deal that workers rejected included 45% average wage growth, among other things. The local chapter of the union, IAM 837, said it would bring the average wage from $75,000 to $109,000.
“Our members in St. Louis have once again shown that they will not settle for Boeing’s half-measures,” IAM International President Brian Bryant said in a statement. “Boeing must start listening to its employees and come back to the table with a meaningful offer that respects the sacrifices and skill of these workers.”
Boeing has said it is hiring more workers to replace those who are on strike to meet rising demand.

Boeing Air Dominance Vice President Dan Gillian said in a statement that no further talks are scheduled between Boeing and the striking workers, and that the company is “disappointed.”
“We’ve made clear the overall economic framework of our offer will not change, but we have consistently adjusted the offer based on employee and union feedback to better address their concerns,” Gillian said. “We will continue to execute our contingency plan, including hiring permanent replacement workers, as we maintain support for our customers.”
The striking workers mostly assemble and maintain F-15 fighter jets and missile systems, according to the union. The employees went on strike in early August and turned down a previous offer, which included 20% general wage increases and a $5,000 signing bonus, among other improvements.

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Shares of Pfizer and Moderna fell on Friday after a report that Trump administration health officials plan to link Covid vaccines to the deaths of 25 children. 
The report comes as Health and Human Services Secretary Robert F. Kennedy Jr., a prominent vaccine skeptic, moves to change immunization policy in the U.S.
The report said officials plan to include the claim in a presentation next week to a key vaccine panel that advises the Centers for Disease Control and Prevention and plays a key role in shot access.

Vials with Pfizer-BioNTech and Moderna coronavirus disease (COVID-19) vaccine labels are seen in this illustration picture taken March 19, 2021.
Dado Ruvic | Reuters

Shares of Pfizer and Moderna fell on Friday after a report that Trump administration health officials plan to link Covid vaccines to the deaths of 25 children. 
The report from the Washington Post said officials plan to include the claim in a presentation next week to a key vaccine panel that advises the Centers for Disease Control and Prevention.That committee plays a critical role in determining vaccine access, as it reviews immunization data and makes recommendations on who is eligible for shots and whether insurers should cover them, among other duties.

But the presentation to that panel is not final, the Post reported.
“FDA and CDC staff routinely analyze VAERS and other safety monitoring data, and those reviews are being shared publicly through the established ACIP process,” a spokesperson for the Department of Health and Human Services said in a statement, referring to the panel, the Advisory Committee on Immunization Practices.
“Until that is shared publicly, any this should be considered pure speculation,” the spokesperson added.
Pfizer’s stock fell more than 3% on Friday, while shares of Moderna dropped more than 7%. Novavax, which creates protein-based Covid shots, slid more than 4%.
The report comes as Health and Human Services Secretary Robert F. Kennedy Jr. moves to change vaccine policy in the U.S. He has dropped Covid shot recommendations for healthy kids and pregnant women and set new limits on the approval of new jabs against the virus.

In a statement, Moderna said the safety of its vaccine is “rigorously monitored” by the company, the FDA and regulators in more than 90 countries. Systems across the U.S., Australia, Canada and Europe have not identified “any new or undisclosed safety concerns in children or in pregnant women,” Moderna added.
Pfizer did not immediately respond to a request for comment.
Numerous studies have demonstrated that shots using mRNA technology, including Covid vaccines from Pfizer and Moderna, are safe and effective, and serious side effects have happened in extremely rare cases.
Researchers have noted an elevated but rare risk of myocarditis, or inflamed heart muscle, in young men in particular. But there is no evidence that the vaccines in use now cause any other major safety risks, including pediatric deaths. Global surveillance data also continue to generally show that the benefits of Covid vaccination outweigh the risks in pediatric populations.
The Washington Post said the claim appears to be based on information submitted to the federal Vaccine Adverse Event Reporting System, which monitors the safety of shots approved or authorized by the Food and Drug Administration. The system contains unverified reports of side effects, including from patients, doctors and pharmacists.
Only scientists and public health officials can determine, after thorough investigation, whether a vaccine caused or contributed to a side effect submitted to the system, according to the CDC website.
Last week, FDA Commissioner Marty Makary told CNN the agency is conducting an “intense investigation” into whether Covid shots have caused deaths in children. He did not share specific data linking pediatric deaths to the vaccine, but pointed to self-reported incidents in the safety system database. 
The FDA plans to release a report in the coming weeks, Makary added.
“We do know at the FDA, because we’ve been looking into the [vaccine safety] database of self reports, that there have been children who have died from the Covid vaccine,” Makary told CNN.
During a Senate hearing last week, Kennedy said he supports a statement made by a newly appointed member of a key government vaccine panel that mRNA vaccines pose a dangerous risk to people. More

Luxury furniture retailer RH reported significant tariff hits and said it could face more uncertainty with President Donald Trump’s threatened furniture duties.
The company significantly missed Wall Street revenue estimates.
CEO Gary Friedman wrote in a letter to shareholders that despite the uncertainty, he believes the company is well positioned.

Shares of RH fell slightly Friday after the luxury furniture retailer significantly missed revenue expectations in its fiscal second-quarter earnings report and slashed its full-year revenue outlook.
The chain said Thursday that it will take another $30 million hit to its forecast because of tariffs, even though the retailer stood by its full-year projection three months ago in its fiscal first-quarter earnings report.

It now sees full-year revenue up 9% to 11%, compared with a prior outlook of 10% to 13%, and adjusted earnings before interest, taxes, depreciation and amortization margins of 19% to 20% compared with previous estimates of 20% to 21%.
RH reported revenue of $899 million compared with Wall Street estimates of $905 million. The company also delayed the introduction of its Fall Interiors Sourcebook by roughly two months as it waited to finalize pricing depending on tariff announcements.
“We now expect approximately $40 million in revenues to shift out of Q3 and into Q4 and Q1 2026,” CEO Gary Friedman wrote in a letter to shareholders.

Gary Friedman, CEO, Restoration Hardware
Scott Mlyn | CNBC

The company is also facing uncertainty as President Donald Trump has threatened to put new tariffs on imported furniture.
In late August, the president said his administration was conducting a 50-day investigation to establish a yet-to-be-determined tariff rate on imported furniture. The move is meant to “bring the furniture business back” to the U.S., Trump added at the time.

“Just when you might have thought the tariff conversation was complete, the announcement of a new furniture investigation and the possibility for additional furniture tariffs, on top of existing furniture tariffs, and incremental steel and aluminum tariffs were introduced with the goal of returning furniture manufacturing back to America,” Friedman wrote. “We believe most in our industry hope that this investigation surfaces the difficulty of that task, as current manufacturing for high quality wood or metal furniture does not exist at scale in America.”
RH’s fiscal second-quarter earnings report, including its significant global tariffs hit, did not include any estimates of what changes the company might see if Trump follows through with the furniture tariff. The company is continuing to shift operations out of China and searching for alternatives to its India manufacturing.
“While there remains uncertainty until tariff investigations are complete, we have proven we are well positioned to compete favorably in any market condition,” Friedman wrote.

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Eli Lilly and Novo Nordisk are both preparing to launch obesity pills in the U.S. next year.
Lilly expects results from a head-to-head trial of its pill orforglipron versus Novo’s oral semaglutide in the coming months, said Lilly’s Chief Scientific Officer Dan Skovronsky.
Pills are expected to capture about 20% of the $80 billion obesity GLP-1 drug market by 2030, according to analyst estimates from Evaluate.

Eli Lilly and Novo Nordisk are preparing to take their rivalry to the next frontier of weight-loss medications: pills.
Both companies expect to launch oral obesity drugs in the U.S. next year, once regulators approve them. Daily pills could introduce more people to GLP-1s, the class of medicine that’s best known for weekly shots.

But after Lilly’s pill produced less weight loss than analysts had expected in a recent late-stage trial, it raised new questions about how widely the oral drugs will be adopted and which rival company will dominate the space.
Doctors will get a closer look at how Lilly and Novo’s pills compare in the coming months when Lilly releases the results of a head-to-head trial of the two, Lilly’s Chief Scientific Officer Dan Skovronsky said in an exclusive interview with CNBC. The study’s main objective is to measure how much the pills can reduce blood sugar levels in people with Type 2 diabetes, but it will also gauge weight loss.
“We wouldn’t have undertaken this head-to-head phase three randomized control trial unless we had a lot of confidence that orforglipron would fare well in comparison to oral semaglutide,” Skovronsky said.

Nikos Pekiaridis | Nurphoto | Getty Images

He cautioned against making comparisons across trials that didn’t directly compare the drugs, where Novo’s pill looks more effective and led to fewer discontinuations. Meanwhile, Novo’s Chief Scientific Officer Martin Holst Lange in a separate interview said the data speak for themselves.
Novo’s forthcoming obesity pill is an oral version of its weekly shot Wegovy; Lilly’s pill is a new drug called orforglipron that’s different from its shot Zepbound. Lilly’s shot is the gold standard in terms of efficacy, Skovronsky said. It can help people lose more than 20% of their body weight.

Neither Novo’s pill nor Lilly’s oral drug are as effective as Zepbound. At the highest dose, orforglipron has produced about 12% weight loss, while oral semaglutide has led to about 17%. That raises the question of how many people will opt for a pill if it means less weight loss.
Even so, Wall Street expects pills to make major inroads in the coming years. Analysts see oral drugs representing about 20% of the estimated $80 billion market for GLP-1 obesity drugs in 2030, according to data from Evaluate.

The logos of Danish drugmaker Novo Nordisk, maker of the blockbuster diabetes and weight-loss treatments Ozempic and Wegovy is seen outside theri building as the company presents the annual report at Novo Nordisk in Bagsvaerd, Denmark, on February 5, 2025.
Mads Claus Rasmussen | Afp | Getty Images

Skovronsky thinks that pills could eventually become the primary way that obesity is treated around the world, and that oral drugs could have a larger market share than injectables. He said most patients are more concerned about other factors like supply and convenience than how much weight they can lose, and he thinks orforglipron has the edge.
The treatment is a small molecule drug like most pills people know. It can be manufactured more easily than peptides, like the shots and Novo’s pill. And it doesn’t come with the food and water restrictions that come with Novo’s oral option, which requires people wait 30 minutes after taking the drug to eat and drink.
“When I look at the pills, orforglipron has no food effect, it’s a small molecule, so the manufacturing should be easier,” said BMO Capital Markets analyst Evan Seigerman. “But with new management at Novo Nordisk, I think [new Chief Executive Officer] Mike Doustdar is not going to just take this and be complacent about it. He’s going to lean in and ensure that this launch is successful.”
After seeing the results from Lilly’s obesity pill trial, Seigerman moved some of his market share estimate from orforglipron to oral semaglutide. Analysts cut their 2032 estimates for orforglipron by an average of about $4.5 billion between May and September, according to Evaluate. They now see sales of $14.56 billion that year.
Skovronsky said it’s harder to predict the market dynamics than the science.
“We did a good job predicting the science,” he said. “We said we’d make an oral that had safety, tolerability and efficacy that was similar to injectable GLP-1s. We did that. The science parts played out. Let’s see how the market plays out.” More