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McKinsey & Co. to pay $650M to settle opioid consulting probe, ex-partner to plead guilty

McKinsey & Company agreed to pay $650 million in a deferred prosecution agreement that will resolve a federal criminal probe into the company’s consulting work advising Purdue Pharma on how to increase sales of its opioid painkiller OxyContin, a court filing said Friday.

A former top partner at McKinsey, Martin Elling, also agreed to plead guilty to obstruction of justice next month in the probe by the U.S. Department of Justice, according to a filing in U.S. District Court in Abingdon, Virginia.

The criminal charging document that McKinsey agreed to have filed by prosecutors alleges the consulting giant “knowingly and intentionally” conspired with Purdue Pharma “and others to aid and abet the misbranding of prescription drugs.”

The document also said McKinsey is accused, through the acts of its then-partner Elling, of “knowingly destroying and concealing records and documents with the intent” to impede the investigation by the Department of Justice.

McKinsey, which previously agreed to pay almost $1 billion to settle lawsuits by states, local governments and others related to its opioid consulting, accepted responsibility for the conduct alleged by federal prosecutors, according to the deferred prosecution agreement.

As part of the deal, McKinsey will not work on any marketing, sale, promotion or distribution of controlled substances.

In a statement to CNBC, McKinsey said, “We are deeply sorry for our past client service to Purdue Pharma and the actions of a former partner who deleted documents related to his work for that client.”

“We should have appreciated the harm opioids were causing in our society and we should not have undertaken sales and marketing work for Purdue Pharma,” the firm said. “This terrible public health crisis and our past work for opioid manufacturers will always be a source of profound regret for our firm has requested comment from McKinsey.”

The company said that in addition to its deferred prosecution agreement with the DOJ, it “has agreed to settle a related civil False Claims Act investigation and to enter into a Corporate Integrity Agreement with the Office of Inspector General at the Department of Health and Human Services.”

This post appeared first on NBC NEWS

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Week Ahead: NIFTY Halts At Crucial Levels; Staying Above This Point Necessary To Extend The Move

The markets had a wide-ranging week once again; however, they ended near its high point this time. The Nifty had ranged sessions for four out of five days; the last trading day of the week saw the Nifty swinging wildly before closing near its high point. The trading range also remained wider; the Index oscillated 611 points over the past sessions. The volatility, though, took a back seat. The India VIX came off by 7.69% to 13.05 on a weekly basis. The Nifty closed a notch above its immediate resistance points; the headline index finished the week with a net weekly gain of 90.50 points (+0.37%).

The week was set to end on a negative note had the markets not surged higher on Friday. From a technical perspective, Nifty has resisted the 100-DMA placed at 24709 over the past several days. Following a massive rebound that the Nifty witnessed from lower levels, the Index has closed a notch above this important resistance level. For this upmove to extend itself, Nifty will have to stay above the 24700 level. Any slippage below this point will again send the Nifty back inside the wide 24400-24700 trading range. Failure to sustain above the 24700 mark will mean an extended period of consolidation for the markets. However, the longer the Nifty stays above 24700, the greater the possibility of this upmove extending itself.

The coming week is expected to start quietly, with the levels of 24790 and 25000 acting as resistance points. The supports come in at 24590 and 24400 levels. The trading range will continue to stay wider than usual.

The weekly RSI is 56.37. It is neutral and does not show any divergence against the price. The weekly MACD is bearish and stays below its signal line.

The pattern analysis of the weekly charts shows that the Nifty suffered a brutal mean reversion process. The Index was 16% higher than its 50-week MA at one point in time. During the recent sharp corrective move, the Nifty tested this level again. It subsequently found support and staged a strong technical pullback. The market’s finding support at the 50-week MA has reinforced the credibility of this level as one of the important pattern supports for the market. On the daily timeframe, the Nifty has attempted to cross above the 100-DMA level after resisting it for a couple of days.

The markets may attempt to resume the technical pullback that it started by rebounding off the 50-week MA level. For this to happen, it would be crucial for Nifty to keep its head above the 24700 mark. It is also important to note that any slip below the 27400 level would drag the markets back inside the consolidation zone. The volatility is once again towards the lower end of its range; there is a possibility that we may see a surge in volatility in the coming week. It is recommended that investors stay invested in relatively stronger stocks and sectors. Rather than blindly chasing the rising stocks, investments must be appropriately rotated into the sectors showing stronger or improving relative strength. While mindfully protecting profits at higher levels, a cautious outlook is advised for the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show no major change in the sectoral setup. The Nifty Bank, Financial Services, Private Banks, and IT indices are inside the leading quadrant. These groups are likely to outperform the broader markets relatively.

The Pharma and Midcap 100 indices are inside the weakening quadrant. These sectors are likely to see a continued slowdown in their relative performance.

The FMCG, Energy, Media, Auto, Energy, and Infrastructure indices are inside the leading quadrant. These groups may exhibit relative underperformance against the broader Nifty 500 index.

The PSU Bank index continues to rotate firmly inside the improving quadrant. The Realty and Metal indices are also inside the improving quadrant, and these groups are likely to improve their relative performance against the broader markets.

Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

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Army vs Navy: Score, highlights from rivalry game

One of its biggest games just wrapped up the 2024 regular season.

In the annual Army-Navy game Saturday, the Midshipmen largely had their way with the Black Knights, knocking off the No. 18 team in the latest US LBM Coaches Poll in a 31-13 victory at Northwest Stadium in Landover, Maryland — the home venue of the NFL’s Washington Commanders.

Navy quarterback Blake Horvath was the star of his team’s win, rushing for 204 yards and two touchdowns on 25 carries, an average of 8.2 yards per rush. He added 107 passing yards and two touchdowns. With the win, Navy earned the Commander-in-Chief’s Trophy outright for the first time since 2019.

Defensively, the Midshipmen contained an Army offense headlined by Bryson Daily and the Joe Moore Award-winning offensive line. Daily was intercepted three times after coming into the game with just one interception in his team’s first 12 contests this season. The Black Knights were held to 178 total yards and just 3.2 yards per play.

While the matchup is a source of intense interest nationally every year, this year’s meeting was particularly intriguing.

Under coach Jeff Monken, Army was 11-1, tying the single-season record at a program with three claimed national championships. The Black Knights earned their biggest victory of the season last Friday, blowing past Tulane 35-14 in the American Athletic Conference championship game.

The Midshipmen, meanwhile, entered the game with an 8-3 record, a sizable improvement after finishing 5-7 in coach Brian Newberry’s first season. After a 6-0 start, however, Navy has lost three of its past five games. On Saturday, in its biggest game of the year, it was able to rebound in spectacular fashion.

The 18-point margin of victory represented a break from the series’ recent history. Of the 10 past Army-Navy Games, eight have been decided by one score, including last season’s 17-11 Army victory in Foxborough, Massachusetts. After Navy’s 14-game win streak in the series was snapped in 2016, the Black Knights had won six of the past eight meetings.

Here’s a look at the score, updates, highlights and more from Navy’s win against Army:

Army vs Navy score updates

Army vs Navy live updates

Final: Navy 31, Army 13

Bryson Daily throws third INT

It has been a forgettable day for Army quarterback Bryson Daily, who has been brilliant for so much of the 2024 season, but has struggled at times today against Navy.

With the Black Knights likely needing a miracle to pull off a comeback win, Daily throws his third interception of the day, with Luke Pirris picking him off at the Army 37-yard line with 3:35 remaining. Daily came into the game today with just one interception this season.

Navy likely ices game with FG

The Midshipmen take another, decisive step to a victory in the Army-Navy Game. After the Bryson Daily interception, Blake Horvath busts out a 48-yard run to get Navy to the Army 12-yard line.

On the ensuing play, it appeared as though the Midshipmen got a touchdown, with Eli Heidenreich finding the end zone from 12 yards out, but a holding penalty nullifies that and pushes Navy back. Still, the Midshipmen end the drive with a 27-yard Lance Gossett field goal to go up 31-13 with 3:39 remaining. That should about do it.

Bryson Daily throws second INT

While trying to cut into a 15-point deficit, Army quarterback Bryson Daily throws across his body and across the field to an open wideout, but Navy’s Andrew Duhart jumps in to deflect the ball in the air. From there, and with the ball somehow managing not to hit the turf, Kenneth McShan, collects the ball for the interception, giving the Midshipmen the ball at their own 33-yard line after an unsportsmanlike conduct penalty.

Blake Horvath fourth TD stretches Navy lead vs Army

The Midshipmen are able to capitalize on their well-timed special teams trickery.

The play after the successful fake punt, Blake Horvath ran 19 yards to the Army 5-yard line. After a couple of short runs, Horvath follows the blocking of his linemen and gets into the end zone for his second rushing touchdown and fourth total touchdown of the day. With the extra point, Navy leads Army 28-13 with 8:50 remaining.

Navy gets first down on fake punt

A gutsy play from the Midshipmen, who appeared in position to punt from their own 47-yard line, but the snap goes directly to 285-pound nose guard Landon Robinson, who rumbles 29 yards for a first down. The ball was punched out at the end of the scamper, but Navy falls on it to gain a first down at the Army 24.

Army FG makes it one-score game vs Navy

The Black Knights go 45 yards in 13 plays to get a 31-yard field goal from Trey Gronotte. With his kick, Army gets within eight points, 21-13, with 14:44 remaining in the fourth quarter.

Army very nearly got more points, but Bryson Daily was unable to connect with a wide-open Casey Reynolds on a second-and-9 from the Navy 14-yard line.

End of third quarter: Navy 21, Army 10

The third quarter ends with Navy holding on to an 11-point lead, but Army’s driving, with a second-and-9 at the Midshipmen’s 14-yard line.

Blake Horvath’s second TD pass extends Navy lead vs Army

In a game of long, sustained drives, Navy shows that a service academy can also score in a quick strike, too.

On a third-and-4 from his team’s own 48-yard line, Blake Horvath finds an open Eli Heidenreich for a first down and from there, Heidenreich breaks a tackle near the Army 40 and scampers the rest of the way into the end zone for a 52-yard touchdown that pushes the Midshipmen lead to 21-10 with 6:34 remaining. Heidenreich is whistled for unsportsmanlike conduct for spiking the ball in the end zone, a questionable call since it looked like an Army player walked into the ball’s path rather than Heidenreich attempting to taunt his opponent.

Horvath is now up to 107 yards and two touchdowns on just four completions.

Army opening drive ends with FG

The Black Knights go 47 yards in 11 plays on the first possession of the second half for either team while draining 6:40 off the clock in the process. It ends with a 39-yard field goal from Trey Gronotte to get Army within four points, 14-10, with 8:15 remaining in the third quarter.

The points were made possible by a conversion on fourth-and-1 from the Navy 49-yard line, when a Bryson Daily pass fell incomplete, but the Midshipmen were whistled for pass interference.

Halftime: Navy 14, Army 7

Navy’s drive stalls out just shy of midfield, leading to a punt that downs Army at its own 9-yard line before the Black Knights take a knee to drain the rest of the clock and take us into halftime.

The Midshipmen with a seven-point lead, but Army will get the ball to open the second half with a chance to tie things up.

Army punts, giving Navy final chance to score before halftime

The Black Knights were able to pick up a first down, but got little else, with a Bryson Daily pass on third-and-9 falling incomplete to force a 49-yard Army punt that gets Navy back to its 35-yard line with 1:25 remaining.

Bryson Daily and company have gained 13 yards or fewer on three of their four drives today.

Navy punts

A Blake Horvath 37-yard run up the middle got Navy in an advantageous position, with a first-and-10 from the Army 33-yard line. From there, though, the Midshipmen’s drive stalls and they fail to gain another yard.

A 28-yard punt is downed at the Army 8 with 4:05 remaining in the half.

Bryson Daily TD gets Army on the board vs Navy

Suddenly faced with a two-touchdown deficit, Army gets a much-needed scoring drive.

The Black Knights successfully converted a fourth-and-3 from the Navy 46-yard line, with Bryson Daily finding Casey Reynolds for an 18-yard pickup. Two plays later, Daily again goes to the air, this time connecting with Hayden Reed on a jump pass for a 23-yard touchdown.

The play finished off an 8-play, 65-yard drive after Army had gained only 25 combined yards on its first two possessions. With the extra point, it’s 14-7 with 6:29 remaining in the half.

Blake Horvath TD pass doubles Navy’s lead vs Army

The Midshipmen make the most of the rare Bryson Daily interception. After running for 21 yards on the previous play, Blake Horvath finds Brandon Chatman in stride on a beautifully executed wheel route, allowing him to go into the end zone untouched for an 18-yard touchdown pass.

With the extra point, Navy doubles its lead, with a 14-0 advantage over Army with 11:30 remaining in the first half.

Bryson Daily interception sets Navy up in Army territory

Staring down a third-and-8, Army quarterback Bryson Daily throws an interception to Navy’s Dashaun Peele at the Black Knights’ 46-yard line, where the Midshipmen will take over. The play came on an apparent miscommunication between Daily and his receiver.

It is just the second interception on 82 attempts this season for Daily, who was recently revealed to be the No. 6 vote-getter for the 2024 Heisman Trophy.

End of first quarter: Navy 7, Army 0

Botched pitch forces Navy to punt

The Midshipmen appeared to be in a good position early in their second drive, with a first-and-10 at their own 38-yard line, but a pitch from Blake Horvath goes awry, with the Navy quarterback having to chase down the ball and fall on it for a 14-yard loss.

Facing a second-and-24, the Midshipmen were unable to pick up another first down, but a 52-yard Navy punt pins Army at its own 12-yard line with just over a minute left in the period.

Midshipmen force an Army punt

After their scoring march, the Midshipmen forces Army to punt after a Bryson Daily pass on third-and-7 goes long, with no wide receiver in the area.

Navy takes over at its own 23-yard line with 5:23 remaining in the quarter.

Blake Horvath TD puts Navy on the board

Navy receives the opening kickoff and strikes first, with Blake Horvath leaping over the line from one yard out to cap off a 12-play, 64-yard drive that drains 6:04 off the clock.

The scoring march was keyed by a 31-yard pass from Horvarth to fullback Alex Tecza on a third-and-8 that got the Midshipmen to the Army 22-yard line.

It was one of three successful third-down conversions for Navy on the drive. An encouraging start, to say the least, for the Midshipmen against the No. 7 scoring defense in the FBS.

Pregame

Army vs Navy uniforms

Here’s a look at the uniforms Army and Navy football will be wearing for today’s matchup:

Marshall opts out of bowl game vs Army

As the Black Knights take the field for their final regular season game, their postseason future is experiencing a bit of an unexpected change.

According to a report Saturday from Yahoo Sports, Marshall is opting out of its scheduled appearance in the Independence Bowl against Army. Since coach Charles Huff left for Southern Miss, the Thundering Herd has lost 29 players to the transfer portal, according to 247Sports.

With Marshall out of the game and no 6-6 teams remaining, a replacement will have to be found among 5-7 teams, with the Black Knights’ opponent determined based on NCAA Academic Progress Rate scores.

Cadets take the field before Army-Navy Game

With kickoff still about two hours away, hundreds of West Point cadets are on the field and leading the Army faithful in a chant.

Army vs Navy game location

The 125th installment of the Army-Navy Game will be held at Northwest Stadium in Landover, Maryland, the home venue of the NFL’s Washington Commanders. In the hours leading up to the game, the field is ready for the Black Knights and Midshipmen.

Army vs Navy time today

  • Date: Saturday, Dec. 14
  • Time: 3 p.m. ET
  • Location: Northwest Stadium (Landover, Maryland)

What channel is the Army vs Navy game on today?

  • TV channel: CBS
  • Streaming: Paramount+ | Fubo (free trial)
  • Radio: Westwood One

The Army-Navy Game will air on CBS Saturday. Brad Nessler (play-by-play) and Gary Danielson (analyst) will call the game from the booth while Jenny Dell will serve as the sideline reporter. Streaming options for the game include Paramount+ and Fubo, the latter of which offers a free trial to potential subscribers.

Watch the Army-Navy Game live with Fubo (free trial)

Army vs Navy history

  • Series record: Navy leads 62-55-7
  • Army’s last win: 2023 (Army 17, Navy 11)
  • Navy’s last win: 2021 (Navy 17, Army 13)

Army vs Navy predictions

Below are picks and predictions for Saturday’s Army-Navy Game:

  • College Sports Wire: Army 23, Navy 21
  • Fox Sports: Army 28, Navy 23
  • ESPN: Army has 65.9% chance to win

Army vs Navy betting odds

Odds courtesy of BetMGM as of Friday, Dec. 13

  • Spread: Army (-6)
  • Over/under: 39.5 points
  • Moneyline: Army (-250) | Navy (+200)

Army vs Navy weather update

According to a forecast from The Weather Channel, there will be a mix of sunshine and clouds Saturday afternoon in Landover, Maryland, with a high temperature of 39 degrees. There will be light and variable winds, but that should only matter so much to two teams that seldom pass the ball.

Army football schedule 2024

  • Friday, Aug. 30: vs. Lehigh (W, 42-7)
  • Saturday, Sept. 7: at Florida Atlantic * (W, 24-7)
  • Saturday, Sept. 14: BYE
  • Saturday, Sept. 21: vs. Rice * (W, 37-14)
  • Thursday, Sept. 26: at Temple * (W, 42-14)
  • Saturday, Oct. 5: at Tulsa * (W, 49-7)
  • Saturday, Oct. 12: vs. UAB * (W, 44-10)
  • Saturday, Oct. 19: vs. East Carolina * (W, 45-28)
  • Saturday, Oct. 26: BYE
  • Saturday, Nov. 2: vs. Air Force (W, 20-3)
  • Saturday, Nov. 9: at North Texas * (W, 14-3)
  • Saturday, Nov. 16: BYE
  • Saturday, Nov. 23: vs. No. 6 Notre Dame (L, 49-14)
  • Saturday, Nov. 30: vs. UTSA * (W, 29-24)
  • Friday, Dec. 6: vs Tulane * (AAC championship game) (W, 35-14)
  • Saturday, Dec. 14: vs. Navy
  • Record: 11-1 overall, 9-0 in AAC play

* Denotes American Athletic Conference game

Navy football schedule 2024

  • Saturday, Aug. 31: vs. Bucknell (W, 49-21)
  • Saturday, Sept. 7: vs. Temple * (W, 38-11)
  • Saturday, Sept. 14: BYE
  • Saturday, Sept. 21: vs. Memphis * (56-44)
  • Saturday, Sept. 28: at UAB * (W, 41-18)
  • Saturday, Oct. 5: at Air Force (W, 34-7)
  • Saturday, Oct. 12: BYE
  • Saturday, Oct. 19: vs. Charlotte * (W, 51-17)
  • Saturday, Oct. 26: vs. No. 11 Notre Dame (L, 51-14)
  • Saturday, Nov. 2: at Rice * (L, 24-10)
  • Saturday, Nov. 9: at USF * (W, 28-7)
  • Saturday, Nov. 16: vs. Tulane * (L, 35-0)
  • Friday, Nov. 29: at East Carolina * (L, 34-20)
  • Saturday, Dec. 14: vs. No. 18 Army
  • Record: 8-3 overall, 6-2 in AAC play

* Denotes American Athletic Conference game

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Randy Moss reveals cancer diagnosis, details treatment in livestream

Hall of Fame wide receiver Randy Moss announced Friday he is recovering from surgery to treat cancer.

‘I’ve told you all over the last couple of weeks about me battling something internally and your boy is a cancer survivor,’ Moss said in an Instagram livestream.

Moss said he has been battling a cancer found outside of his bile duct between his pancreas and liver. He was in the hospital for six days for surgery, treatment, and recovery and was released Friday.

Moss has been a regular on the ESPN show ‘Sunday NFL Countdown’ this NFL season. The network announced on Dec. 6 he’d be stepping away from the show for an extended time.

‘As soon as I get healthy to get back out with guys, I will be on set,’ Moss said on the livestream Friday after thanking his ESPN coworkers. ‘Hopefully I can be with you guys soon.’

NFL STATS CENTRAL: The latest NFL scores, schedules, odds, stats and more.

He thanked multiple doctors from the Charlotte-area medical center where he was treated as well as the staff on site during his recovery.

‘Thank you guys for helping nurse me back to recovery that I’m able to get home to my family,’ Moss said.

The Hall of Fame wide receiver is selling the sweatshirt he wore during the livestream on his personal website. He stated that all proceeds from those sales will go to cancer research.

‘I am a cancer survivor but we made it through and for that I thank you all,’ Moss said.

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Warriors reach deal to acquire Nets guard

The Golden State Warriors reached a deal to acquire guard Dennis Schroder and a second-round pick from the Brooklyn Nets for guard De’Anthony Melton and three second-round picks, ESPN reported Saturday.

The trade cannot be made official until Sunday when Melton becomes trade-eligible.

The Warriors get backcourt help from Schroder, who had a strong summer at the 2024 Paris Olympics for Germany and is producing for the Nets, averaging 18.4 points and 6.6 assists and shooting 45.2% from the field, 38.7% on 3-pointers and 88.9% on free throws. He has three games with 30 or more points this season, including 34 against Milwaukee.

Schroder, 31, signed a two-year, $25.4 million with Toronto in 2023 and was dealt to Brooklyn at the trade deadline last season. He is a free agent after this season.

The Warriors signed Melton, 26, to a one-year, $12.8 million contract in the offseason, and he averaged 10.3 points in six games before undergoing season-ending knee surgery for a partially torn left ACL.

“I feel so bad for De’Anthony,” Warriors coach Steve Kerr told reporters last month. “He’s such a perfect fit for us and we were so excited to have him, and he was clearly going to be our starter next to Steph (Curry). The good news is he’s a young guy and the surgery is pretty routine these days, so he should be able to come back and resume his career really well, but I feel awful for him and bad for us, too.”

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WWE Saturday Night’s Main Event results: Winners and highlights

Cody Rhodes did enough to defeat Kevin Owens and retain the Undisputed WWE Championship but the celebration was short-lived.

Owens attacked Rhodes after the Saturday Night’s Main Event show went off the air and performed a piledriver on the champion. Rhodes did not move after the attack and had to be carried out of the arena on a stretcher.

With Rhodes laid out in the middle of the ring, Owens picked up the Winged Eagle championship and began taunting the crowd.

As Owens was headed backstage, he was approached and shoved by Paul ‘Triple H’ Levesque. The confrontation was first seen by fans in the arena who shared the footage on social media.

Here’s what happened at Saturday Night’s Main Event:

Cody Rhodes vs. Kevin Owens

Result: Cody Rhodes def. Kevin Owens

Highlights for this action-packed match:

Cody Rhodes brings back the Winged Eagle Championship

Chelsea Green vs. Michin

Result: Chelsea Green def. Michin

Highlights for this action-packed match:

Gunther (c) vs. Finn Balor vs. Damian Priest

Result: Gunther def. Damian Priest and Finn Balor

Highlights for this action-packed match:

Liv Morgan (c) vs. Iyo Sky

Result: Liv Morgan def. Iyo Sky

Highlights for this action-packed match:

Sami Zayn vs. Drew McIntyre

Result: Drew McIntyre def. Sami Zayn

Here are some highlights:

When is Saturday Night’s Main Event?

Saturday Night’s Main Event begins at 8 p.m. ET Saturday, Dec. 14. It will be a two-hour event.

Where is Saturday Night’s Main Event?

Saturday Night’s Main Event will take place at the Nassau Veterans Memorial Coliseum in Uniondale, New York, on Long Island. It’s the same arena where the first Saturday Night’s Main Event was held in 1985.

How to watch Saturday Night’s Main Event: TV channel, streaming

The event will be broadcast on NBC or can be streamed on Peacock.

Watch WWE Main Event with Peacock.

Saturday Night’s Main Event match card

Matches not in order

  • Undisputed WWE Championship match: Cody Rhodes (c) vs. Kevin Owens
  • Triple threat match for World Heavyweight Championship: Gunther (c) vs. Finn Balor vs. Damian Priest
  • Women’s World Championship match: Liv Morgan (c) vs. Iyo Sky
  • Final for inaugural Women’s United States Championship: Chelsea Green vs. Michin
  • Sami Zayne vs. Drew McIntyre

What is Saturday Night’s Main Event?

In the 1980s, if there was an event that had WrestleMania-worthy matches not at WrestleMania and for a nationwide audience, it was Saturday Night’s Main Event.

As wrestling continued to grow across the country and WWE strengthened its position as the top company in the U.S., Saturday Night’s Main Event was a way to showcase the biggest stars getting in the ring against each other. Typically held on NBC, it allowed millions of people a rare opportunity to tune in.

The show was a success and multiple shows a year would take place from 1985-1992. After a hiatus, it was brought back in 2006 and a couple more shows took place over the next few years. Now, in 2024, it’s back and appears to be something WWE is going to try to hold continuously; another Saturday Night’s Main Event will be held on Jan. 25 in San Antonio.

Who will be the announcers for Saturday Night’s Main Event?

A familiar voice will be on the call for Saturday Night’s Main Event.

WWE Hall of Famer Jesse Ventura will be back to put on the headset Saturday night. The former governor of Minnesota was a commentator for WWE after his wrestling career and was featured in the early editions of Saturday Night’s Main Event.

Women’s United States Championship tournament

History will be made on Saturday night with the crowning of the first Women’s United States Championship. For months, fans have been calling on WWE to introduce a mid-card title to the women’s division, and now it’s finally here.

To determine the first champion, a tournament was held with the finals taking place on Saturday night between Chelsea Green and Michin. Here is how the tournament played out:

First round

  • Bayley def. Candice LeRae and B-Fab
  • Chelsea Green def. Bianca Belair and Blair Davenport
  • Michin def. Lash Legend and Piper Niven
  • Tiffany Stratton def. Naomi and Elektra Lopez

Semifinals

  • Chelsea Green def. Bayley
  • Michin def. Tiffany Stratton

Finals

  • Chelsea Green vs. Michin

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Tech 5: Musk Faces SEC Clash, Broadcom Surges, Google Makes Quantum Chip Breakthrough

Tech stocks surged this week as US and Canadian jobs data bolstered interest rate cut expectations.

Broadcom (NASDAQ:AVGO) became the newest member of the trillion-dollar club, crossing the market cap threshold in early trading on Friday (December 13) after a strong earnings forecast caught attention. Meanwhile, its peer NVIDIA (NASDAQ:NVDA) suffered losses as it prepares to face probes in both China and the US.

Meanwhile, Google (NASDAQ:GOOGL) announced a quantum computing milestone, and Tesla (NASDAQ:TSLA) CEO Elon Musk called out the US Securities and Exchange Commission (SEC) over multiple probes into his business dealings.

In crypto news, investors maintained a bullish outlook despite a slight pullback.

Find out what other key pieces of news mead headlines in the tech space this week.

1. Bitcoin price volatile after US$100,000 milestone

Bitcoin fell below the US$100,000 mark at the start of the week after last’s week’s record-setting price move. Altcoins and meme tokens also took a hit, hinting at a potential shift in market dynamics.

Some analysts believe Bitcoin is consolidating, with a surge in buying needed to overcome the US$101,000 level. Even so, other experts predict Bitcoin could reach US$120,000 in the coming weeks.

Bitcoin’s lowest point for the week came on Tuesday (December 10), when US$1.5 billion in long positions were liquidated. This downturn may have been fueled by concerns over Google’s new quantum computing chip, which were later debunked by experts. The cryptocurrency recovered to rise above US$101,000 on Wednesday (December 11) afternoon, and briefly touched US$102,500 on Thursday (December 12). The increase came as traders bought the dip and as Wednesday’s US consumer price index report boosted investor confidence in crypto and tech stocks.

Wall Street also saw impressive gains on Wednesday, with the Nasdaq Composite (INDEXNASDAQ:.IXIC) closing above the 20,000 level for the first time. However, both cryptocurrencies and stocks retreated slightly after Thursday’s US producer price index reading showed producer costs had risen above estimates.

Bitcoin held around US$101,500 on Friday, while Ether was above US$3,900.

Bitcoin and Ether spot exchange-traded funds (ETFs) saw inflows this week, with over US$4 billion entering Bitcoin spot ETFs and over US$1.9 billion going into Ether spot ETFs in the past few days, as per SoSo Value data.

Despite the ongoing bullish sentiment, the Bitcoin-to-gold ratio is showing signs of an imminent correction. The resistance level has been between 34 and 37 since early to-mid November, a point that has been associated with local market tops. Additionally, the Bitcoin Relative Strength Index crossed above 70 in November, indicating overbought conditions — a pattern that has often preceded sharp price declines in the past.

2. Musk clashes with SEC, reaches net worth milestone

Musk expressed his discontent on X, formerly Twitter, on Thursday regarding a settlement demand issued by the SEC. The demand requires Musk to accept terms, including a fine, or face charges on multiple counts.

In a letter sent to the SEC and posted to X, Musk’s lawyer Alex Spiro accuses the SEC of engaging in “an improperly motivated campaign against Mr. Musk and the individuals and companies associated with him.’

In February 2022, the SEC launched an investigation into Musk’s business activities due to concerns about potential insider trading. It was based on suspicions that he might have shared confidential information with his brother.

Later, in April 2022, the Oklahoma Firefighters Pension and Retirement System sued Musk, accusing him of deliberately concealing his investments in Twitter and his intent to buy the company.

The fund’s attorneys argued that Musk influenced other shareholders’ decisions and put them at a disadvantage by failing to clearly disclose pertinent information regarding his stake in the company.

Both cases are ongoing at this time. The SEC’s settlement demand letter is specifically related to concerns about Musk’s disclosures regarding his initial purchase of Twitter shares in 2022.

Spiro’s letter also references a reopened investigation into Musk’s biotech company Neuralink; it began in September 2023, when the nonprofit Physicians Committee for Responsible Medicine requested that the commission investigate the company for securities fraud after Musk falsely claimed that “no monkey has died as a result of a Neuralink implant.” The group claims that Musk lied to investors about the safety of the device.

Sources for CNBC said charges may not immediately follow if the SEC is unable to settle with Musk. Rather, SEC staff may issue a Wells notice before commissioners decide whether to file formal charges.

The news came as Musk’s net worth passed US$400 billion, buoyed by Tesla and SpaceX valuations.

3. Broadcom surges on strong results and AI potential

Broadcom released results for its fourth fiscal quarter and full 2024 year on Thursday, revealing a 51 percent year-on-year revenue increase for Q4 and an 11 percent rise in its common stock dividend from the prior quarter.

The company also reported GAAP net income of US$4,324 million for the fourth quarter, non-GAAP net income of US$6,965 million and adjusted EBITDA of US$9.01 million for Q4.

Looking forward, Broadcom estimates that it could derive US$90 billion in revenue from custom artificial intelligence (A) chips by 2027, driven by key customers like Google and Meta (NASDAQ:META). There is potential for significant expansion if contracts with Microsoft (NASDAQ:MSFT) or Amazon (NASDAQ:AMZN) are secured.

Broadcom’s strong outlook has spurred optimism among analysts at Jefferies Financial Group (NYSE:JEF), Morgan Stanley (NYSE:MS) and Evercore (NYSE:EVR), sparking a rally that sent its share price soaring over 24 percent to a new all-time high of US$224 on Friday, culminating in a market cap of US$1.05 trillion.

This positive sentiment extended to other chip stocks, with Marvell Technology (NASDAQ:MRVL), Micron Technology (NASDAQ:MU) and Taiwan Semiconductor Manufacturing (NYSE:TSM) also experiencing gains. The PHLX Semiconductor Sector (INDEXNASDAQ:SOX) closed up 3.36 percent for the day and 1.57 percent for the week.

Ahead of Broadcom’s results, Bloomberg reported on Thursday that Apple (NASDAQ:AAPL) — one of the chipmaker’s biggest customers — is working to replace Broadcom’s combined Wi-Fi and Bluetooth chip with its own in-house technology, codenamed Proxima. Taiwan Semiconductor will manufacture the chip, which is reportedly anticipated to be used in products as early as 2025.

4. Google makes quantum computing breakthrough

Google took a significant quantum computing step with the unveiling of its Willow quantum processor on Monday (December 9). Willow features 105 qubits — fundamental units of information in quantum computing, similar to bits in classical computers — and demonstrates a significant reduction in error rates as the number of qubits increases.

This addresses a major challenge in quantum computing, where qubits are highly susceptible to environmental interference. Willow also excels in random circuit sampling, a benchmark test that involves running a quantum computer with a series of random operations and then measuring the output. According to Google, Willow can complete a calculation in under 5 minutes that would have taken the fastest supercomputer 10 septillion years.

Some commentators, including Andy Parackal, an AI and machine learning advocate and the founder of Parackal Coaching, came forward to express concerns that Willow’s quantum computing abilities could be enough to crack Bitcoin’s cryptographic hash function, Secure Hash Algorithm 256-bit. However, industry experts like Cinemad Producer have said these concerns are unfounded because Willow is not yet powerful enough. Willow has reached 105 qubits with improved error rates, but 2022 research from Universal Quantum and the University of Sussex shows that a quantum computer with a capacity of 1.9 billion qubits would be required to break Bitcoin’s encryption.

Willow’s advancements represent a significant step forward in quantum computing, offering the potential to revolutionize various fields, including drug discovery, materials science and AI.

Google also released Gemini 2.0, its most advanced multimodal AI model to date, to developers and testers on Wednesday. According to the company, Gemini 2.0 will be capable of generating images and audio, with a focus on enhancing ‘agentic experiences’ across applications.

Google DeepMind CEO Demis Hassabis and CTO Koray Kavukcuoglu said in a joint statement that AI agents powered by Gemini 2.0 will be able to understand complex instructions, plan, reason and even assist with video game strategy.

A full release is slated for next year, but in the meantime, Gemini Advanced users will be able to try out the chat-optimized version of Gemini 2.0 within the Gemini app.

5. NVIDIA faces antitrust investigation in China

NVIDIA’s share price dropped 2.5 percent on Monday following the news that China’s market regulator will be investigating potential violations of the country’s antimonopoly law.

The investigation is reportedly focused on the terms of NVIDIA’s 2020 acquisition of Mellanox Technologies, an Israeli-American company that specialized in high-performance interconnect solutions prior to the purchase.

NVIDIA is currently facing legal challenges on multiple fronts. In the US, a class-action lawsuit alleging that the company misled investors about the connection between its sales and cryptocurrency mining has been allowed to proceed by the Supreme Court. The Associated Press released the news on Wednesday.

Shares of NVIDIA are down 3.27 percent for the week, dwarfed by the gains of competitor Broadcom.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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1 Min Read

Pumping the Brakes on Ferrari (RACE)

Despite its position as a luxury automaker synonymous with prestige and performance, Ferrari N.V. (RACE) may be showing signs of a near-term downturn. Recent price action, coupled with stretched valuations and slowing shipment trends, suggests that RACE may face potential downside.

By incorporating both technical and fundamental analysis, we can see a compelling risk/reward setup for a bearish trade. The best part? This opportunity was identified automatically by the OptionsPlay Strategy Center within  today and empower your trading journey with the tools and insights you need to stay ahead of the market.

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3 Mins Read

Bearish Formation Threatens Gold’s Advance

After the November pullback, GLD began to rally again. This week, on Wednesday, price exceeded the nearest November top, which made official the new rising trend from the November low. Brief celebration ends the following day as GLD tops, setting the top boundary for a bearish rising wedge formation. Rising wedges are bearish because they normally resolve downward.

GLD has rallied +40% since the February low, so it is entitled to take a break.

The weekly chart shows the root of the problem, which is the parabolic advance (+71%) from the 2022 low. Parabolic advances beg for correction, which can sometimes be severe. In the case of GLD, we do not expect more than a sideways digestion process to dampen the angle of ascent.

The monthly chart emphasizes the steepness of the advance to all-time highs, and the need for some digestion or correction. Should gold pull back, two support levels are apparent: 2450 and 2085. We think the second level is unlikely because sentiment is still too bearish.

Conclusion: Gold has had a very profitable rally since the 2022 low, and it would be beneficial for it to take a break with either a pullback or consolidation. It appears that that process has begun.

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Technical Analysis is a windsock, not a crystal ball. — Carl Swenlin

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Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

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Identifying GREAT Trades and Looking Ahead to 2025 Using RRG Charts

There are a number of ways that you can find great trading opportunities. One way is to simply follow a chart on a WatchList and wait for certain indicators to reach “buy” points. For instance, an uptrending stock many times will find support as its 20-day EMA is tested or when its RSI approaches 40 during pullbacks. For this article, however, I want to show you an interesting way to use RRG charts to accomplish the same thing, only RRG charts might be better for traders who visualize movements better when comparing relative moves.

Live Nation (LYV) is in the communication services (XLC) sector and from early-August through late-November, it was in a stealth uptrend outpacing nearly all stocks on a relative basis as it gained over 60% in that 3 1/2 month span. I like to see 20-day EMA tests and this one is quite clear:

There’s a lot to like here as LYV’s industry group – broadcasting & entertainment ($DJUSBC) – is now showing much better relative strength to the S&P 500. In other words, money is rotating INTO the entertainment area and, as an industry group leader, LYV is reaping the rewards. The early-December selloff has taken LYV out of overbought territory on its RSI and allowed it to test its rising 20-day EMA, setting up for a bounce.

If I use the weekly and daily RRG charts and dissect the component stocks within the communication services sector, here’s what I find:

Weekly RRG – XLC

I’ve highlighted LYV as it’s the furthest XLC component stock to the right and in the leading quadrant, showing both strong bullish momentum and excellent relative strength. That tells us that we have a stock worth watching for possible trade setups during periods of short-term selling. For that short-term selling and how it looks on a daily RRG, let’s drill down to that time frame and check it out.

Daily RRG – XLC

Once again, I’ve highlighted LYV so that you can visualize its movement from an RRG perspective. From experience, many leading stocks will have short-term pullbacks where they move all the way through the Weakening quadrant, only to turn higher and head back towards the Leading quadrant. LYV’s sharp chart would show this as a rally back to test the recent price high. If and when that occurs, we’ll see LYV’s daily RRG chart turn back towards the Leading quadrant. But my point here isn’t whether LYV moves higher again for us to make money. Instead, I’m simply pointing out how healthy stocks will look on their weekly and daily RRGs. The weekly chart will highlight a stock’s powerful recent move higher and the daily chart will help us to identify those bullish stocks, and possible entry points, that are experiencing short-term weakness.

As a swing trader, this is EXACTLY what we want to look for.

Huge RRG Event

Saturday morning at 10:00am ET, Julius de Kempenaer, Sr. Technical Analyst here at StockCharts.com and the founder and creator of RRG charts, will join me for a FREE (no credit card required) EarningsBeats.com event, “Key Rotation Into 2025”, where we’ll use RRG charts to show everyone the critical rotation that’s taking place now that will likely help shape the direction of our major indices during the balance of 2024 and throughout 2025. For more information and to register for the event, CLICK HERE.

If you cannot make the event live, those registering will receive a copy of the recording of the event that you can check out at your earliest convenience. So please register NOW and save your seat!

Happy trading!

Tom

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