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September 01, 2020 1:39pm
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Pfizer sues Johnson & Johnson

The markets traded lower during the midday with the Dow slipping 5 points to 22,365. Nasdaq dropped 26 points to 6,434.


Pfizer has sued Johnson & Johnson for engaging in anticompetitive practices over J&J's rheumatoid arthritis and Crohn's disease treatment Remicade. Pfizer alleged that J&J forced insurers to sign contracts giving preference to Remicade over Pfizer's Inflectra and threatened to withhold rebates if Inflectra was deemed an acceptable alternative to Remicade. Pfizer asserted that the actions of J&J created a monopoly for Remicade.


UPS plans to hire approximately 95,000 employees for the holiday shopping season. The package delivery service works closely with retailers in order to properly staff its locations as daily average volume surges from a normal of 19 million packages to more than 30 million packages. Nearly 35% of the seasonal employees will transition into full time employees.


Toshiba ended weeks of speculation about the future of its semiconductor business. The world's second largest producer of NAND memory chips will be sold to an investment group led by Bain Capital for approximately $18 billion. Toshiba's joint venture partner Western Digital,which was also bidding for the chip business, may sue to block the deal.


In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 5 on both the NYSE and on Nasdaq. The broader S&P 500 lost 4 points to 2,502. Bitcoin soared $93 to $3,989.


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