🚀 Intel shares fall as Trump calls for CEO to be fired

Market Overview
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Year To Date Performances:

1. Intel shares fell Thursday after Donald Trump demanded CEO Lip-Bu Tan resign immediately, citing alleged conflicts of interest due to Tan’s ties to Chinese companies. Trump’s Truth Social post followed a letter from Senator Tom Cotton raising national security concerns and questioning whether Tan had divested from entities linked to China’s military. Tan, who became CEO in March, was previously head of Cadence Design, which faced a criminal case under his leadership. Despite beating Q2 earnings expectations, Intel recently announced significant cost cuts, including scrapping projects in Germany and Poland, as well as scaling back construction of its Ohio chip plant.

2. Eli Lilly beat second-quarter earnings expectations and raised its 2025 guidance due to soaring demand for Mounjaro and Zepbound, its blockbuster diabetes and weight-loss medications. Revenue jumped 38% to $15.56 billion, with U.S. sales alone hitting $10.81 billion, primarily driven by increased prescription volume. The company also released late-stage trial data for its experimental obesity pill, orforglipron, which helped patients lose over 12% of body weight, slightly below Wall Street’s hopes, causing a dip in shares. Despite looming Trump-era tariffs and price pressure, Lilly now expects up to $62 billion in sales and up to $23 EPS in 2025.

3. President Trump will sign an executive order today allowing alternative assets, like cryptocurrencies, private equity, and real estate, into 401(k) retirement plans, marking a major win for private asset managers. The order directs the Labour Secretary to review fiduciary rules governing such investments under ERISA, potentially opening $8.7 trillion in defined-contribution assets to riskier, higher-fee products. While pensions and endowments have embraced private assets, they’ve been mainly excluded from 401(k)s due to concerns about fees, transparency, and liquidity. Bitcoin jumped on the news, and firms like BlackRock and Apollo are already moving to offer such options.

   Headlines

   1. Peloton announced it is cutting 6% of its staff despite posting a profit last quarter.

   2. Bitcoin climbed above $116,000 following President Trump’s executive order.

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