Wall Street Breakfast Novartis puts $12B on the table
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Oct 27, 2025 Novartis makes waves with a $12B deal to acquire Avidity, sending its stock soaring. Meanwhile, HSBC faces a hefty $1.1B hit due to a court ruling linked to the Madoff fraud, impacting its shares. Excitement builds as five candidates are in the running for the Fed chair position, with interviews set before year-end. Copper prices are rising on positive U.S.-China trade talks, and Hive Digital boasts remarkable growth in Bitcoin mining capacity. The market is buzzing with these key updates!
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Big Pharma Backs RNA Bets
- Novartis agreed to acquire Avidity Biosciences for $12 billion, paying $72 a share in cash which is a 46% premium.
- The deal signals Big Pharma's strong interest in RNA modalities and lifted related stocks like Dyn Therapeutics.
Five Finalists For Fed Chair Emerge
- Treasury Secretary Scott Bessent revealed five finalists to replace Jerome Powell, including Fed insiders and a BlackRock executive.
- Bessent plans a second interview round to present a recommended slate to the president after Thanksgiving.
HSBC Faces $1.1B Madoff Ruling Hit
- HSBC will book a $1.1 billion provision after a Luxembourg court ruled against its unit in a Madoff-related suit.
- The ruling relates to custodial services the bank provided to funds invested with Bernard Madoff's firm.