Hello, N2K’ers!

This week’s world famous News Haiku^TM competition challenges you to base a haiku on a new word or expression from Merriam Webster’s dictionary. 

Email me by Thursday at noon ET with your entry! *And of course, your submissions to this competition are subject to Cheddar’s terms of service. But you knew that already, didn’t you?*

Now let’s talk about today’s news you Need2Know, shall we?

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Pfizer slashes drug prices in historic deal

• Supreme Court lets Lisa Cook remain as a Federal R …

• Cops pull over a Waymo but can’t issue a ticket

• Jennifer Garner’s 'Once Upon a Farm' plans IPO

• Wall Street rises toward more records, despite gov …

• New show alert: The Business of Defense

What’s the stock market up to, eh?

$SPX ( ▲ 0.34% ) $DJI ( ▲ 0.09% ) $NDX ( ▲ 0.42% )

Companies mentioned in today’s newsletter

$PFE ( ▲ 6.79% )  $GOOGL ( ▲ 0.74% )  $GS ( ▼ 1.36% )  $JPM ( ▼ 1.5% )  $NKE ( ▲ 6.41% )  $PTON ( ▼ 3.67% )  $ADP ( ▼ 0.64% )  

Pfizer slashes drug prices in historic deal

Pfizer has become the first pharmaceutical giant to reach an agreement with the Trump administration to lower prescription drug prices under the Medicaid program. Patients in the U.S., who often pay nearly three times as much for medication as those in other developed nations, could soon see significant cost savings.

Pfizer CEO Albert Bourla joined President Trump at the White House to unveil the agreement, marking what Trump believed would be the start of wider industry change. “The United States is done subsidizing the healthcare of the rest of the world,” Trump said.

As part of the deal, Pfizer will offer “most-favored-nation” pricing on all newly launched drugs in the U.S., matching what other developed countries pay. The agreement also grants tariff relief to Pfizer, allowing the company to avoid steep pharmaceutical-targeted tariffs. In return, Pfizer has committed to a $70 billion investment in research, development, and domestic manufacturing.

The impact is largely limited to Medicaid, which spends far less on drugs than Medicare. Still, some drugs are cheaper. That’s got to be a good thing, right?

Song of the day: Jeff Tweedy, ‘New Orleans’

Taken from his sprawling triple-album, “Twilight Override,” this track is about a city where I spent two years, got divorced, and had a surprisingly fantastic time despite the whole divorce thing, 15 years ago. Do you know what it means to miss the place, though? I sure do…

Supreme Court lets Lisa Cook remain as a Federal Reserve governor for now

The Supreme Court has temporarily allowed Lisa Cook to remain on the Federal Reserve Board while broader legal battles regarding presidential authority over independent agencies unfold. Cook, who was appointed by President Joe Biden, has faced an effort by former President Donald Trump to unseat her, marking an unprecedented attempt to reshape the Fed’s leadership.

“President Trump lawfully removed Lisa Cook for cause from the Federal Reserve Board of Governors,” said White House spokesman Kush Desai. He added, “We look forward to ultimate victory after presenting our oral arguments before the Supreme Court in January.”

The central issue lies in whether a president has the authority to fire Federal Reserve governors at will — a move which many critics view as a threat to the Fed’s independence. Legal experts are paying close attention to this case, with Lev Menand, a professor at Columbia Law School, telling the Associated Press, “The court seems to be steering a different course here. It has the effect of freezing the status quo that is in favor of Fed independence.”

Despite accusations of financial misconduct relating to mortgage claims, Cook has denied wrongdoing. Her lawyers hailed the court’s decision and said, “We look forward to further proceedings consistent with the Court’s order.”

Today on the ‘gram: Nostalgia time

Post of the day: First Robert Redford, now this...

Quote of the Day

Cops pull over a Waymo but can’t issue a ticket

Police pulled over a Waymo autonomous taxi for making an illegal U-turn during a DUI operation in San Bruno, California, but quickly realized that the absence of a driver made issuing a ticket impossible.

“Citation books don’t have a box for ‘robot,’” the San Bruno Police Department humorously noted in a viral social media post, alongside photos of an officer inspecting the driverless vehicle.

Officers called Waymo to report what they described as a “glitch” in its programming. San Bruno Sgt. Scott Smithmatungol explained that, legally, police can only ticket human drivers for moving violations. However, new state laws coming into effect next year may allow officers to report violations involving autonomous vehicles to the Department of Motor Vehicles, potentially leading to enforcement involving companies, rather than individuals.

Waymo responded to the incident, with company spokesperson Julia Ilina telling the AP, “We are looking into this situation and are committed to improving road safety through our ongoing learnings and experience.”

It sounds like a robot wrote her statement, too, right?

Should you check your 401(k) today?

👍️ 

Yes.

Jennifer Garner’s 'Once Upon a Farm' plans IPO

Jennifer Garner’s organic baby food company, Once Upon a Farm, is gearing up for its next big chapter: going public. The Berkeley, California-based company disclosed significant growth in an IPO filing, with revenue jumping to $110.6 million in the six months ending June 30, compared to $65.8 million during the same period last year. The surge comes amid a busy season for U.S. IPO activity as investor demand resurges.

Founded in 2015 by Cassandra Curtis and Ari Raz, Once Upon a Farm specializes in organic food products for babies, toddlers, and children, such as cold-pressed pouches, oat bars, and frozen meals. Garner joined the company as a co-founder in 2017 alongside John Foraker, the former CEO of Annie’s, bringing star power and a mission to provide healthier options for kids.

Garner has championed Once Upon a Farm’s mission, making headlines as both an advocate and entrepreneur. With underwriters like Goldman Sachs $GS ( ▼ 1.36% ) and J.P. Morgan $JPM ( ▼ 1.5% ) backing the offering, the company looks all set for some major publicity.

Wall Street rises toward more records, despite government shutdown

Wall Street’s resilience shone again yesterday as U.S. stocks surged despite a government shutdown that threatens to delay crucial economic data. On Wednesday, the S&P 500 rose 0.4%, nearing last week’s record. Meanwhile, the bond market told a different story, with Treasury yields sinking after new reports revealed concerning hiring trends.

A payroll report by ADP Research $ADP ( ▼ 0.64% ) suggested that the U.S. job market may be weaker than expected. According to the survey, private employers cut 32,000 more jobs than they added in September, worse than analysts had predicted.

Adding to the uncertainty, the Labor Department’s comprehensive monthly jobs report, scheduled for release Friday, is likely delayed due to the shutdown. The lack of data further complicates expectations for future Federal Reserve actions.

In corporate news, Nike’s $NKE ( ▲ 6.41% ) stock soared 5.9% on robust quarterly results, while Peloton $PTON ( ▼ 3.67% ) fell 6.7% after a lukewarm reception to its new AI-focused products.

Poll of the day: Tix for bots?

Poll of the day: Banned words

We asked: How do you feel about banning words in the Energy Department?

You answered:

🟩🟩🟩🟩🟩🟩 I prefer free speech, to be honest. (856 votes)

⬜️⬜️⬜️⬜️⬜️⬜️ I think it's a good idea — it's just about message discipline. (26)

882 Votes via @beehiiv polls

New show alert: The Business of Defense

The global defense industry represents a staggering $2.5 trillion market, with the United States alone investing nearly $1 trillion in its military capabilities. From company boardrooms to Pentagon briefings, the decisions made today are reshaping how nations protect themselves and project power.

On October 9 at 8 p.m. ET, wherever you watch Cheddar, we'll take you inside this high-stakes world. We'll meet the industry's most influential players, explore cutting-edge innovations in AI. We examine the next generation of smart tanks, ships, precision-guided missiles, and reveal the breakthrough technologies that are redefining modern warfare.