News

Charlie Javice, founder of student finance startup Frank, was convicted of defrauding JPMorgan Chase in its $175 million acquisition of the company by inflating Frank's customer base through falsified user data. Meanwhile, Philadelphia businessman Joseph LaForte received a 15-and-a-half-year prison sentence for orchestrating a $404 million investment fraud scheme through Par Funding while evading millions in taxes.

President Trump's announcement of sweeping tariffs on imported automobiles sent shockwaves through the market, pushing vehicle prices higher and dragging down broader sectors amid fears of escalating trade tensions. This policy shift also fueled inflation concerns, with the Fed's preferred inflation gauge exceeding expectations and consumer inflation expectations reaching their highest level since 1993.

The FDA has approved Novartis' Pluvicto for a broader range of prostate cancer patients, significantly increasing the number of eligible patients. This approval is based on the Phase 3 PSMAfore trial, which demonstrated Pluvicto's efficacy and favorable safety profile in patients with PSMA-positive mCRPC who had previously received ARPI therapy.

Topcon Corporation, led by President and CEO Takashi Eto, announced a management buyout with investment from KKR & Co Inc and JIC Capital. The tender offer price of 3,300 yen per share represents a significant premium over Topcon's recent stock performance and is expected to commence around the end of July 2025.

BofA Securities analyst Robert F. Ohmes reiterated his Buy rating on Dollar General Corporation (DG) shares, citing several factors including increased trade-in activity, improved inventory levels, and a Back to Basics strategy aimed at enhancing efficiency. Despite Ohmes' positive outlook, DG shares traded lower on Friday.