Business
Brexit Cost UK Economy 6%, Bank of England Company Data Shows
Brexit has stripped roughly 6 per cent from the size of the UK economy over the past decade, according to economists who have analysed internal Bank of England data covering the decisions, views and financial results of thousands of British firms since the 2016 referendum.
The study drew on the same intelligence the Bank uses to set interest rates, reconstructing how the UK might have grown had it voted to stay in the EU. Its conclusion is that about half the damage came from the sheer shock and uncertainty of the post-referendum years, with the remainder flowing from the higher trade barriers that followed Britain’s exit from the customs union and single market in 2021.
For the small and medium-sized firms that make up the bulk of the UK economy, the finding will feel less like an academic revision and more like a description of the past ten years: thinner margins, postponed investment and the steady accretion of paperwork at the EU border.
The research is co-authored by the British economist Nick Bloom, a professor at Stanford University, alongside economists at the Bank of England. Crucially, it is the first time the Bank’s granular information on the corporate sector has been deployed in this way.
That information comes from the Decision Maker Panel, a survey the Bank set up in 2016 with the express purpose of gauging the economic impact of Brexit. Normally used to help inform interest-rate decisions, it allowed the authors to track, year by year, how exposed individual firms were to different facets of Brexit, the impacts they reported, and the changes that showed up in their accounts.
The company-level data point to a 6 per cent hit over ten years. Set alongside five more traditional methods of analysis, the wider studies suggest a steeper average of around 8 per cent. The full paper, published through the National Bureau of Economic Research, sets out the economic impact of Brexit in detail, and carries the customary disclaimer that “the views expressed do not necessarily represent those of the Bank of England”.
Bloom argues that the UK was growing briskly in the years before the vote and could have at least partly matched the United States but for the disruption. The Bank’s company data, he says, offers important corroboration. His paper concludes that “in the case of Brexit, there was a substantial economic impact on the United Kingdom, but it arose gradually over the subsequent decade”.
The timing is notable. The Bank’s most senior figures have become markedly more forthcoming in recent months about the consequences of leaving the EU, a shift Business Matters has tracked as the governor warned the Brexit impact would stay negative for the foreseeable future.
Speaking to journalists, governor Andrew Bailey said that as a result of Brexit, “I think the level of activity and growth in the economy has been lower.” He went on: “And the reason for that is that if you reduce the size of the markets that we trade with, so we reduce our export markets, then that does tend to have a negative impact on growth,” adding that productivity and the size of the market had also been affected.
Bailey did, however, temper the verdict on the City. The impact on financial services, he said, was “not good”, but “nowhere near as detrimental as many people predicted at the time”.
Not everyone accepts the headline number. Some policy economists contend that it is inherently difficult to model how the UK would have fared without Brexit, and that such studies risk overstating the effect at a time of overlapping global shocks. Critics also argue the analysis does not fully capture the outperformance of US investment and technology, or the European energy crisis that struck four years ago.
The 6 per cent estimate sits within a familiar range. It is a touch above the 5 per cent blow calculated by Goldman Sachs, and it chimes with mounting evidence that smaller exporters have borne the brunt, as seen in the £27bn hit to UK exporters where the smallest firms have been squeezed hardest.
The latest version of the study has landed just ahead of the tenth anniversary of the referendum, and against a backdrop of cautious rapprochement. Prime Minister Sir Keir Starmer has said he will meet his EU counterparts at a summit in July to agree deals on food and farm exports, as well as electricity and emissions trading, with further areas of cooperation and alignment expected to be on the table.
For Britain’s business owners, the political mood music matters less than what it eventually delivers at the border. A decade on from the vote, the lesson buried in the Bank’s own company data is a sobering one: the cost of Brexit did not arrive in a single dramatic shock, but accumulated quietly, firm by firm, year after year.
Business
Form 4 Citizens Inc For: 22 June

Form 4 Citizens Inc For: 22 June
Business
Netflix Stock Drops Near Multi-Month Lows as Failed Roku, Warner Bros. Bids Weigh on Shares
Netflix shares fell 4.59% to $73.83 on Monday, sliding closer to their 52-week low as the streaming giant continues grappling with investor frustration over a string of unsuccessful acquisition attempts and growing concerns about margin pressure heading into the back half of 2026.
A Persistent M&A Overhang
Netflix shares experienced significant downward pressure and intraday volatility Monday, hitting levels close to multi-month lows. The primary driver of this sell-off is a persistent overhang from recent mergers and acquisitions developments. Investors remain frustrated following consecutive high-profile, unsuccessful expansion attempts.
Specifically, Netflix’s aggressive pursuit of Roku ended in defeat to Fox Corporation, which secured the acquisition in a major multi-billion-dollar transaction. This setback, combined with the company previously walking away from a potential buyout of Warner Bros. Discovery assets, has raised strategic concerns. Co-CEO Greg Peters’s recent signals that the company is not actively pursuing major new acquisitions have left the market worried about the future path of content library expansion.
A Year of Significant Decline
Monday’s drop extends what has already been one of the most difficult stretches for Netflix shares in recent memory. Netflix has been a punishing hold this year. Shares are down 17.92% year to date and 36.95% over the past 12 months, with the one-month return at negative 14.16%. The stock sits roughly 15% below its 52-week high of $134.12 and only a few dollars above its 52-week low of $75.01.
Wall Street Trims Its Targets
The persistent decline has prompted a wave of more cautious analyst commentary in recent weeks. Netflix is grappling with a series of negative revisions from Wall Street. Prominent investment banks have recently issued downgrades or trimmed their price targets. These adjustments reflect a broader consensus that Netflix’s previous valuation premium is unwinding. This reassessment was initiated when management decided not to raise its full-year revenue guidance despite a strong earnings beat in the first quarter, signaling potential growth normalization for the rest of the year.
Margin Concerns Add to the Pressure
Beyond the acquisition disappointments, profitability concerns have also weighed on sentiment. Netflix’s full-year operating margin guidance of 31.5% missed analyst consensus of 32%, revealing that heavy content amortization and costly expansions into live broadcasting are outpacing revenue growth and eroding profitability.
Leadership Transition Adds Uncertainty
The strategic uncertainty surrounding the company’s acquisition strategy has been compounded by a notable change at the top of its governance structure. The exit of co-founder and longtime chairman Reed Hastings has stripped the company of a key stabilizing leader during a critical operational pivot, adding another layer of uncertainty for investors already digesting the failed M&A attempts.
Insider Selling Compounds the Negative Sentiment
Technical and market sentiment factors have further depressed the stock in recent sessions. Sector pressure has been compounded by notable insider selling, with executives offloading significant volumes of shares over the past quarter. Insiders have logged 107 recent transactions on the sell side, according to one tracking service, adding to the cautious tone surrounding the stock even as some institutional buyers have begun accumulating positions at the lower valuations.
Strong First-Quarter Results Despite the Stock’s Decline
Despite the stock’s poor performance, Netflix’s actual quarterly financial results have continued to outperform expectations. Netflix’s first-quarter 2026 earnings per share hit $1.23, beating estimates of $0.79 by nearly 56%, while revenue reached $12.25 billion versus a $12.18 billion forecast. The company maintained full-year revenue growth guidance of 12% to 14% and a 31.5% operating margin despite the Warner Bros. acquisition termination. The paid membership base surpassed 325 million subscribers, with the advertising business projected to reach approximately $3 billion in 2026, doubling from the prior year.
The Bull Case Centers on Advertising Growth
Several analysts continue to argue the stock’s decline has created a meaningful disconnect between Netflix’s underlying cash generation and its now-compressed valuation multiple. The bull case is built on advertising. Ad revenue is on track to roughly double to $3 billion in 2026, with the advertiser count up 70% year over year to over 4,000 clients, and the ad-supported tier driving over 60% of new sign-ups in advertising markets.
Management raised 2026 free cash flow guidance to $12.5 billion and reaffirmed an operating margin target of 31.5%, even as the company walked away from the Warner Bros. deal with a $2.80 billion termination fee.
Analyst Price Targets Still Point Significantly Higher
Despite the stock’s recent struggles, the average Wall Street price target remains well above current trading levels. The average 12-month price target for Netflix is $114.15, with a high estimate of $151.40 and a low estimate of $80.00. Thirty-seven analysts recommend buying the stock, while zero suggest selling, leading to an overall rating of Buy, implying significant upside potential from current levels.
Competitive Pressure Remains a Durable Risk
Even with the company’s continued subscriber growth and advertising momentum, analysts continue to flag the competitive landscape as an ongoing structural risk to the bull case. Competition from Disney, Amazon, Apple, and YouTube remains the durable risk facing Netflix’s continued growth, particularly as those rivals continue investing heavily in their own streaming and content offerings.
Upcoming Content Slate
Beyond the financial metrics, Netflix’s programming pipeline continues to offer potential catalysts for renewed subscriber and engagement growth. The company’s upcoming slate includes the Tyson Fury versus Anthony Joshua live event, along with Greta Gerwig’s Narnia adaptation and David Fincher’s The Hawk, giving the platform several high-profile releases to potentially reinvigorate momentum heading into the back half of the year.
What Comes Next
With Netflix’s next earnings report scheduled for July 16, investors will be watching closely for updated commentary on advertising growth, subscriber trends, and management’s broader strategy now that two major acquisition attempts have failed. Given the wide range in current analyst price targets — from $80 on the low end to $151 on the high end — and the stock trading near its 52-week low despite continued double-digit revenue growth, Netflix’s next earnings report is likely to serve as a pivotal moment in determining whether the recent selloff represents a genuine reassessment of the company’s growth trajectory or a buying opportunity for investors willing to bet on the advertising business sustaining its rapid expansion.
Business
Wegovy Tablets (Oral Semaglutide), Explained:
The development of oral semaglutide for weight management marks an important shift in how GLP-1 medicines may be used in obesity care.
For several years, GLP-1 receptor agonists have been associated mainly with injectable treatments such as Wegovy and Mounjaro injectable pens. The arrival of Wegovy weight loss tablets changes that conversation by introducing a non-injectable option for eligible patients.
However, the significance of oral semaglutide is not simply that it avoids injections. It is also a formulation achievement. Semaglutide is a peptide-based medicine, and peptide medicines are naturally difficult to deliver by mouth because the digestive system is designed to break them down. Creating a tablet that can survive long enough in the stomach to be absorbed and produce a clinical effect is therefore a meaningful pharmaceutical development.
What is oral semaglutide?
Semaglutide is a GLP-1 receptor agonist. GLP-1, or glucagon-like peptide-1, is a hormone involved in appetite regulation, digestion and blood sugar control. GLP-1 receptor agonist medicines mimic some of the effects of this hormone, helping people feel fuller, reducing hunger and slowing the rate at which food leaves the stomach.
In weight management, semaglutide is used alongside dietary changes and increased physical activity. It is not a replacement for lifestyle change, but it can support people who are clinically eligible by reducing appetite and helping them sustain a lower-calorie intake.
The same active ingredient is used in different semaglutide products, but formulation and dose matter. Injectable semaglutide and oral semaglutide are not interchangeable unless a prescriber has advised a suitable switch. The oral tablet has its own dosing schedule, administration instructions and clinical considerations.
Why oral delivery is difficult
The digestive system presents several barriers to peptide medicines. Stomach acid and digestive enzymes can break down peptide molecules before they are absorbed. Even if the medicine survives long enough, large peptide molecules do not easily cross the gut lining into the bloodstream.
This is why GLP-1 receptor agonists have historically been delivered by injection. An injection bypasses the stomach and digestive enzymes, allowing the medicine to enter the body more reliably.
Oral semaglutide addresses this problem through the use of an absorption enhancer called SNAC, or sodium N-(8-[2-hydroxybenzoyl] amino) caprylate. SNAC works locally in the stomach to help protect semaglutide from degradation and support absorption through the stomach lining.
This does not mean oral absorption becomes simple or complete. Only a small proportion of the swallowed dose is absorbed, which is why oral semaglutide uses higher milligram doses than injectable semaglutide like Wegovy pen. It also explains why administration instructions are so important.
Key considerations
One of the most important practical differences between oral and injectable semaglutide is how the tablet must be taken. Oral semaglutide needs to be taken on an empty stomach with a small amount of water, and patients must wait before eating, drinking anything other than water or taking other oral medicines.
This fasting window matters because food, drink and other medicines can reduce absorption. If the tablet is not taken correctly, less semaglutide may reach the bloodstream, which could affect the treatment’s clinical effect.
This means the tablet may be more appealing to people who prefer not to inject, but it still requires consistency and routine. A weekly injection may be easier for some patients; a daily tablet may be easier for others. The best option depends on medical suitability, lifestyle, treatment history and personal preference.
What the clinical data show
The OASIS 4 trial studied oral semaglutide 25mg once daily in adults with obesity or overweight with at least one weight-related complication. Participants also received lifestyle support, including reduced calorie intake and increased physical activity.
In the main analysis, participants taking oral semaglutide lost an average of 13.6% of their body weight after 64 weeks, compared with 2.2% in the placebo group. In an analysis assuming participants stayed on treatment and did not use additional anti-obesity interventions, average weight loss was 16.6% with oral semaglutide compared with 2.8% with placebo.
This distinction is important. The 13.6% result reflects the broader treatment-policy analysis, while the 16.6% result reflects a more idealised treatment-adherence scenario. Patient-facing discussions should avoid presenting the higher figure without explaining the context.
The study also showed that a greater proportion of people taking oral semaglutide achieved clinically meaningful weight loss thresholds, including at least 5%, 10%, 15% and 20% body weight reduction.
How oral semaglutide compares with injectable treatments
It is natural to compare the tablet with injectable Wegovy, but direct comparisons should be made carefully. Oral and injectable semaglutide have been studied in different trials, with different designs and populations. Similar-looking percentages do not necessarily prove equivalent effectiveness.
The oral formulation in Wegovy tablets may be especially relevant for people who are clinically eligible for GLP-1 treatment but are reluctant to use injections. Needle anxiety, storage concerns, travel plans, manual dexterity and preference for a tablet routine may all influence treatment choice.
At the same time, daily tablets are not automatically more convenient for everyone. Some patients may find a once-weekly injection simpler than a tablet that has to be taken under fasting conditions every morning.
Side effects and safety considerations
The side effect profile of oral semaglutide is broadly consistent with the GLP-1 medicine class. Gastrointestinal symptoms are the most common side effects, including nausea, vomiting, diarrhoea, constipation, indigestion and abdominal discomfort. These effects are often most noticeable during dose escalation.
More serious but less common risks may include gallbladder problems and pancreatitis. People should seek medical advice if they experience severe or persistent abdominal pain, especially if it is associated with vomiting or radiates to the back.
Oral semaglutide is a prescription-only medicine and is not suitable for everyone. Suitability depends on body mass index, weight-related health conditions, medical history, current medicines, contraindications and a clinical assessment by a qualified prescriber.
Patients should not buy weight loss medicines through social media, online marketplaces or unregulated sellers. Demand for GLP-1 medicines has increased rapidly, and counterfeit or inappropriate products can pose serious health risks.
What oral Wegovy could mean for pharmacies and patients
From a pharmacy industry perspective, oral Wegovy may change some of the practical considerations around GLP-1 treatment. Tablets may be simpler to store and distribute than refrigerated injectable pens, although they still need to be handled according to the authorised product information.
For patients, the tablet format may broaden choice. Some people may prefer a needle-free option, while others may prefer the simplicity of once-weekly dosing with an injection. The key is not that one format is universally better, but that different formulations may suit different patients.
Ana Carolina Goncalves, Superintendent Pharmacist at Pharmica Online Pharmacy, explains: “Oral semaglutide is significant because it gives eligible patients another way to access GLP-1 treatment, but it should not be seen as a casual or cosmetic option. Like injectable GLP-1 medicines, Wegovy tablets still require a thorough clinical assessment, careful dose escalation and ongoing attention to side effects, nutrition and long-term weight management habits.”
The future of oral GLP-1 treatment
The development of oral semaglutide points to a broader direction in obesity care: more treatment options, more patient choice and more innovation in how peptide-based medicines are delivered.
Oral semaglutide is best understood as a delivery innovation rather than a new mechanism of action. It uses the same GLP-1 pathway as established semaglutide treatments, but packages it in a way that may be more acceptable or practical for some patients.
The tablet format is an important step forward, but the fundamentals remain the same: GLP-1 medicines should be prescribed safely, used correctly and supported by sustainable changes to diet, physical activity and long-term health behaviours.
Business
How Dan Champ Built a Career in Student Travel
Some entrepreneurs discover their business idea in a boardroom. Others find it through years of real-world experience.
For Dan Champ, that experience came through student travel.
Today, Champ is the founder of Champ Tours, a California-based student travel company. But his journey into entrepreneurship was decades in the making. Long before launching his own business, he spent years helping organize and lead student travel experiences, learning every aspect of the industry from the ground up.
Along the way, he developed a leadership style rooted in service, faith, and relationships.
“To know and see people where they are and to serve them the best you can,” Champ says. “That’s what matters most.”
That simple philosophy continues to shape both his business and his life.
Where Dan Champ’s Leadership Journey Began
Champ grew up in Roseville, California, a growing suburb outside Sacramento. He describes his childhood as stable, supportive, and full of opportunities.
“I had a good childhood in a loving family,” he says. “I lacked for nothing.”
As a young person, he explored a variety of interests. He played sports, swam competitively during the summer, and developed a passion for music after picking up the trumpet in fifth grade.
Music became a major part of his life. By high school, he was performing in marching bands, jazz bands, concert bands, and even leading his own Dixieland jazz group.
Looking back, Champ believes those experiences taught him valuable lessons about teamwork and leadership.
“When you’re part of a group working toward something together, you learn how important every person’s role is,” he says.
Those lessons would later prove useful in business.
How Dan Champ Became an Expert in Student Travel
Champ’s connection to student travel began early in his professional life.
What started as an opportunity to help coordinate trips eventually grew into a long-term passion. Over the years, he gained hands-on experience managing travel logistics, coordinating large groups, working with families, and creating memorable experiences for young travelers.
Few industries require as much attention to detail as student travel. Every trip involves planning, communication, transportation, safety, scheduling, and customer service.
Champ learned each piece through experience.
One person had a particularly strong influence on his development.
“Joanna Cameron ran most of my student tours in my early career,” he says. “I learned everything I know about student travel from her.”
That mentorship helped shape his understanding of what makes a successful travel experience.
More importantly, it reinforced the value of putting people first.
Why Dan Champ Started Champ Tours
Many business owners point to a single moment that pushed them toward entrepreneurship.
For Dan Champ, the decision developed gradually.
After spending years in the student travel industry, he realized he wanted to build something of his own. He had accumulated decades of experience and developed a clear vision for how student travel could be delivered with a personal touch.
Instead of simply continuing down familiar paths, he decided to take a risk.
In 2024, he launched Champ Tours.
The company reflects the values he has carried throughout his career: service, relationships, and meaningful experiences.
“I’ve always loved helping students experience places they’ve only read about or seen in pictures,” Champ says.
The business allows him to combine his passion for travel with his commitment to helping young people broaden their perspectives.
Overcoming Challenges and Finding New Direction
Like many entrepreneurs, Champ’s path has not always been straightforward.
He has faced setbacks, disappointments, and moments of uncertainty. But he believes challenges often reveal opportunities that are not immediately visible.
One of the most significant lessons he learned was the importance of staying open to new directions when plans change.
Rather than becoming discouraged by setbacks, he chose to focus on opportunities that aligned with his strengths and passions.
That mindset eventually led him toward entrepreneurship.
Looking back, he sees those difficult moments as important turning points rather than failures.
Sometimes the path forward is not the one people originally expect.
The Faith and Values Behind the Business
Faith plays a central role in Champ’s life and leadership philosophy.
His personal priorities are clear.
“God, wife, children, self,” he says.
Those priorities influence how he approaches business decisions, relationships, and long-term goals.
Champ also speaks openly about overcoming addiction to alcohol and nicotine earlier in life.
“I was addicted to alcohol and nicotine for a number of years,” he says. “God removed that from me.”
Today, he credits prayer, Scripture, family, and close friends for helping him remain grounded.
He supports organizations and ministries including Bridgeway Christian Church, Compassion International, Focus on the Family, FamilyLife, and Air1.
For Champ, leadership is not about titles or recognition. It is about service.
“People need encouragement,” he says. “They need someone who sees them and cares about them.”
What Drives Dan Champ Today
As founder of Champ Tours, Champ continues to focus on creating meaningful travel experiences while growing a business built on trust and relationships.
He remains an avid reader and lifelong learner who enjoys gaining new perspectives through books, podcasts, and conversations with others.
At the center of everything is a mission that has remained consistent throughout his life.
“Loving God and loving people and raising my children to do the same,” he says.
It is a simple statement, but one that explains much about the way he leads.
For Dan Champ, success is not measured solely by destinations visited or businesses launched. It is measured by the people served along the way. And after decades of experience in student travel, that remains the journey that matters most.
Business
Form 4 Butler National Corp For: 22 June

Form 4 Butler National Corp For: 22 June
Business
Tesla Stock Rises 1.8% as Musk’s Stake Hits 19.9% Amid SpaceX Merger Chatter
Tesla shares rose 1.80% to $407.69 in Monday morning trading, recovering ground after a recent pullback, as the electric vehicle maker continues navigating a complex mix of Elon Musk’s expanding ownership stake, ongoing speculation about a possible merger with SpaceX, and lingering questions about its robotaxi and self-driving ambitions.
Musk Increases His Stake
Among the most notable recent developments for the stock has been a significant increase in Musk’s personal ownership position. Musk’s Tesla stake jumped to 19.9% after he exercised stock options worth $110 billion, a move that further consolidates the CEO’s control over the company at a moment when speculation about Tesla’s strategic direction has intensified.
SpaceX Merger Speculation Continues
Much of the recent chatter surrounding Tesla has centered on the possibility that the company could eventually combine with Elon Musk’s other major venture, following SpaceX’s blockbuster public debut earlier this month. For Tesla and SpaceX, chatter is growing that two might become one. SpaceX’s stock surge has left Tesla in the dust, and now some investors are talking up a merger. With SpaceX and Tesla now resting at vastly different valuations following SpaceX’s record-setting IPO, some analysts have suggested a combination could reshape how investors think about both companies’ long-term prospects.
A Notable Voice of Caution on the Merger Talk
Not every analyst views the merger speculation as a clear positive for Tesla shareholders. Jefferies has trimmed its Tesla price target to $375 and flagged a new structural risk for the stock, warning of potential downside risks associated with speculative market expectations, particularly regarding a SpaceX merger.
Cathie Wood Continues Building Her Position
Despite the mixed analyst sentiment, prominent growth investor Cathie Wood has continued adding to her Tesla holdings in recent sessions. Cathie Wood’s ARK Invest increased its exposure to Tesla and Snowflake on Thursday, June 18, while continuing to trim its position in Roku, according to the firm’s latest daily trading disclosures. A trading notice revealed it added 54,815 shares on Thursday across two funds, with Wood buying $22 million of Tesla and $52 million of Snowflake in the same session.
Operational Improvements Amid Valuation Questions
Beyond the merger speculation and Musk’s ownership changes, Tesla’s underlying business has shown some signs of operational improvement even as questions persist about whether the stock’s valuation is justified. Tesla is experiencing operational gains with vehicle sales up 15% year-on-year, but faces challenges in robotaxi progress and a valuation disconnect.
That improvement followed a stronger-than-expected first-quarter earnings report. Tesla’s first-quarter 2026 earnings per share of $0.41 beat forecasts of $0.36, exceeding expectations by nearly 14%, with revenue reaching $22.39 billion, exceeding expectations by roughly half a percent. Automotive gross margins improved to 19.2%, while energy storage margins hit a record 39.5%, and free cash flow totaled $1.4 billion.
Significant Capital Spending Plans Ahead
Tesla’s management has signaled an aggressive spending plan for the remainder of the year as the company works to expand beyond its core vehicle business. The company plans over $25 billion in capital expenditures for 2026 to expand factories, AI infrastructure, and launch Robotaxi and Optimus products. Musk has described the humanoid robot program in particularly ambitious terms, calling Optimus “probably the biggest product ever,” signaling a long-term strategic shift in how the company frames its growth story to investors.
Regulatory Hurdles for Full Self-Driving in Europe
Tesla’s autonomous driving ambitions have also run into specific regulatory pushback overseas in recent days. A Swedish transport authority is recommending a vote against the Europe-wide rollout of Tesla’s supervised self-driving software, unless the U.S. EV maker disables its ability to exceed legal speed limits.
Despite that specific regulatory concern, broader adoption data out of Europe has shown growing usage of the technology among existing customers. The Dutch road authority said that 40,000 Teslas in the Netherlands had begun using the carmaker’s “Full Self-Driving” driver assistance software and had collectively driven 24 million kilometers using the feature.
A Mixed Year for the Stock So Far
Despite the recent recovery in share price, Tesla’s overall performance in 2026 has been characterized by significant volatility and underlying investor uncertainty. It’s been a rocky start to 2026 for Tesla. The electric vehicle maker’s stock has been declining, and excitement around the business simply hasn’t been all that strong of late. Intense competition and shrinking margins highlight just some of the biggest risks with the business right now.
Where Analysts Currently Stand
Despite the company’s mixed recent performance, the broader analyst community continues to maintain a generally positive outlook on the stock. According to 47 analysts, the average rating for Tesla stock is “Buy.” The 12-month stock price target is $420.55, representing a modest increase from recent trading levels.
A Trademark Filing Hints at Future Product Direction
Beyond its existing vehicle and energy businesses, Tesla has also signaled potential new branding directions tied to its broader technology ambitions. Tesla filed a trademark for “Amazing Abundance” covering AI, humanoid robots, autonomous driving, and automation technologies — a development that traders may watch closely as a possible indicator of upcoming product or marketing initiatives across the company’s expanding technology portfolio.
Annual Revenue Decline Despite Recent Quarterly Strength
Despite the positive first-quarter results, Tesla’s full-year 2025 performance showed a year-over-year contraction that continues to weigh on the broader narrative surrounding the stock. In 2025, Tesla’s revenue was $94.83 billion, a decrease of 2.93% compared to the previous year’s $97.69 billion. Earnings were $3.79 billion, a decrease of 46.79% — underscoring why investors continue parsing each subsequent quarterly report closely for signs of a sustained turnaround.
With Tesla’s next earnings report scheduled for July 22, investors will be watching closely for updated guidance on the company’s progress in robotaxi deployment, Optimus production, and the broader AI infrastructure buildout funded by this year’s planned capital expenditures. Given the continued speculation about a potential SpaceX merger and the uncertainty surrounding how that scenario might affect existing shareholders, Tesla’s near-term stock performance is likely to remain closely tied not only to its own operational results but also to developments at Musk’s other ventures, particularly as SpaceX continues navigating its own volatile first weeks as a newly public company.
Business
Form 4 AT&T Inc DRC For: 22 June

Form 4 AT&T Inc DRC For: 22 June
Business
Oruka Therapeutics Shares Jump 14 Percent to 82.77 on Clinical Progress and Investor Confidence
NEW YORK — Oruka Therapeutics Inc. shares rose sharply Monday, climbing more than 14 percent to $82.77 in morning trading. The biotechnology company’s stock movement reflected positive investor sentiment surrounding advancements in its clinical pipeline and broader industry interest in innovative therapeutic approaches.
Trading volume for Oruka Therapeutics increased notably above typical levels, signaling strong participation from institutional and retail investors. The percentage gain placed the stock among active movers in the healthcare sector as markets assessed various biotechnology developments.
Biotechnology firms frequently experience significant price fluctuations following updates on drug candidates or clinical trial results. Oruka Therapeutics, focused on developing treatments for inflammatory and immunological conditions, has generated attention through its research efforts. Monday’s surge suggested favorable interpretations of recent company activities and market positioning.
The session’s gains occurred amid selective strength in healthcare stocks. While broader indices showed modest movements, individual biotechnology names responded to company-specific news and sector trends. Oruka Therapeutics’ performance highlighted the potential for substantial returns in development-stage companies.
Analysts tracking the company have noted its novel approaches to addressing complex diseases. Research programs target specific biological pathways that could offer improved outcomes compared to existing therapies. Progress in these areas often drives market enthusiasm as investors anticipate commercial potential.
Oruka Therapeutics operates within a competitive biotechnology environment where scientific innovation creates value. The sector involves substantial research costs and regulatory requirements alongside significant rewards for successful products. Monday’s trading reflected confidence in the company’s strategic direction and therapeutic candidates.
Trading activity for Oruka Therapeutics aligned with patterns seen in clinical-stage biotechnology stocks. Share prices frequently react to news regarding trial milestones, partnerships and regulatory interactions. The current advance indicates positive market assessments of recent developments.
Broader healthcare sector dynamics provided context for the stock’s performance. Increased focus on precision medicine and targeted therapies benefits companies pursuing differentiated treatment options. Oruka Therapeutics’ positioning may have attracted investors seeking exposure to promising programs.
Market observers noted increased trading interest and options activity around Oruka Therapeutics. Such patterns often accompany significant developments or anticipation of future catalysts. The stock’s liquidity supported active participation throughout the morning session.
The biotechnology industry’s emphasis on addressing unmet medical needs drives ongoing investment. Oruka Therapeutics’ pipeline targets conditions where current options face limitations. Successful development could substantially impact patient care and company valuation.
Investor sentiment toward biotechnology remains sensitive to clinical results and regulatory news. Monday’s gains for Oruka Therapeutics suggested optimistic views regarding its programs and execution capabilities. The sector’s volatility requires careful evaluation of risk and potential reward.
Company leadership has emphasized scientific rigor and patient-focused development strategies. Such approaches align with industry standards while building stakeholder confidence. Strategic decisions about clinical advancement and potential collaborations influence market perceptions.
The session’s performance added Oruka Therapeutics to lists of notable market movers. Percentage gains of this magnitude often generate increased analyst coverage and investor scrutiny. Market participants will likely monitor the stock for sustainability of momentum.
Biotechnology investing demands understanding of scientific fundamentals and financial considerations. Oruka Therapeutics’ pipeline represents key value drivers while operational metrics affect near-term stability. Comprehensive analysis involves multiple factors beyond share price movements.
Market dynamics for biotechnology companies frequently feature rapid price changes based on news flow. Oruka Therapeutics’ surge exemplified this characteristic while highlighting the sector’s capacity for substantial appreciation. Risk management strategies remain essential given development uncertainties.
Looking ahead, Oruka Therapeutics faces typical biotechnology milestones that could shape future performance. Clinical trial outcomes, regulatory interactions and potential business development activities represent significant catalysts. Investors will evaluate these developments against competitive landscapes.
The broader market environment continues evolving with attention to economic indicators and policy considerations. Biotechnology companies navigate these conditions while pursuing scientific objectives. Oruka Therapeutics’ recent performance demonstrates resilience amid varying external factors.
Trading activity demonstrated strong momentum for Oruka Therapeutics. The 14.42 percent increase reflected significant buying interest and positive sentiment. Market observers will assess whether momentum sustains or experiences typical consolidation.
Overall, Oruka Therapeutics’ stock surge highlighted the biotechnology sector’s potential for notable movements. The company’s developments attracted investor attention while contributing to narratives about therapeutic innovation. Continued focus on fundamental progress will inform long-term assessments.
Business
Jordan Peterson Announces Weekly Release of Archived Lectures as He Recovers From Illness
TORONTO — Canadian psychologist and author Jordan Peterson has provided an update on his health, revealing that ongoing illness prevents him from resuming podcasting and public lecturing. Instead, he plans to engage with audiences through weekly releases of previously recorded material from his extensive tour archive.
In a social media message posted Sunday, the 64-year-old thanked supporters and outlined his approach to staying active during recovery. Peterson indicated the archived lectures would begin releasing this Sunday and continue weekly thereafter. The initiative allows him to maintain connection with followers while focusing on health priorities.
“I’m pleased to let you know that we’re going to release a lecture a week from my extensive tour archive, beginning this Sunday and then repeating every Sunday after that,” Peterson said.
The bestselling author described the project as a practical way to contribute meaningfully during his recovery period.
“This allows me to do something interesting and useful while I’m otherwise incapacitated,” he added. “My health is such at the moment that I can’t really return to podcasting or public lecturing.”
Peterson’s daughter, Mikhaila Fuller, had previously shared details about his health challenges. She described a recurrence of akathisia, a condition involving intense physical and psychological distress, triggered by an old neurological injury. Fuller also mentioned Peterson had dealt with pneumonia and sepsis during the ordeal, calling the previous year particularly difficult for the family.
The psychologist has not elaborated on specific medical details in his recent update but acknowledged incomplete recovery. The archived lectures, originally recorded with future release in mind, provide a suitable outlet during this period.
“We recorded these with the express intention of preparing them for release, and we’ve all determined that this is a very good time to do that,” Peterson explained.
He suggested the content would particularly appeal to longtime followers familiar with his classroom-style presentations.
“I hope you find them useful and compelling,” he said. “They’ll be particularly attractive to those of you who liked my early YouTube work that was very lecture focused. It’s a return to my roots, I suppose, in some ways.”
Peterson expressed measured satisfaction with the arrangement given his circumstances.
“I’m as happy as I can be under the current circumstances, given my ill health, to be participating in this process and to have these lectures prepared for release,” he added.
Peterson rose to international prominence through university lectures and writings on psychology, mythology and cultural issues. His books, including “12 Rules for Life” and “Beyond Order,” became bestsellers while his podcast attracted millions of listeners. The author has maintained an active public presence through speaking engagements and media appearances.
Though not identifying as a Christian, Peterson frequently discusses faith, mythology and moral frameworks in his work. His wife Tammy entered the Catholic Church in 2023, while Fuller has shared her own Christian faith journey. In a 2024 interview, Peterson addressed Christianity’s potential benefits, particularly for child-rearing.
“We are seeing a revival of church-going, especially of the more conservative type,” he said. “And I suspect that’s probably also useful. Providing [children] with something like exposure to classic religious ideas is necessary.”
Peterson has emphasized discernment in evaluating religious practice.
“By their fruits, you will know them,” he noted, referencing biblical principles. “You have to pay attention to the fact that not everybody who says ‘Lord, Lord is going to enter the Kingdom of Heaven.’”
The author’s health challenges have drawn concern from supporters worldwide. His decision to release archived material demonstrates commitment to audience engagement despite personal limitations. The lectures, drawn from past tours, offer familiar content that aligns with his established style and interests.
Peterson’s influence extends across psychology, self-improvement and cultural commentary. His lectures often explore complex topics through mythological and historical lenses, attracting diverse audiences. The archived releases may introduce his work to new listeners while providing continuity for existing followers.
The author’s daughter has served as a primary spokesperson during his health struggles, sharing updates about treatment and recovery progress. Her descriptions of akathisia and related complications highlighted the seriousness of Peterson’s condition while expressing hope for improvement with proper medical care.
Public figures facing health challenges often adjust professional activities while maintaining connection with audiences. Peterson’s approach through archived lectures balances recovery needs with continued intellectual contribution. The strategy may serve as a model for others navigating similar circumstances.
Peterson’s work has sparked both praise and controversy throughout his public career. Supporters value his emphasis on personal responsibility and psychological insights while critics question certain cultural and political positions. The upcoming lecture releases will likely generate renewed discussion across various platforms.
The author’s broader impact includes influence on self-help literature and public discourse about meaning and responsibility. His lectures frequently draw connections between ancient wisdom traditions and contemporary challenges. This approach resonates with audiences seeking frameworks for navigating modern complexities.
As Peterson focuses on recovery, the weekly lecture series provides a structured way to maintain public presence. The initiative leverages existing material while allowing time for health priorities. Followers can anticipate consistent content drawn from his extensive speaking history.
The psychological and cultural topics Peterson addresses remain relevant amid ongoing societal debates. His perspective, shaped by clinical experience and academic background, offers distinctive insights. The archived lectures preserve access to this material during his recovery period.
Peterson’s family has expressed gratitude for public support throughout his health challenges. The author’s update reflects appreciation for this encouragement while outlining practical steps for continued engagement. The lecture series represents a thoughtful adaptation to current circumstances.
The broader public intellectual landscape includes various voices addressing psychology, culture and meaning. Peterson’s contributions have occupied a significant place within these conversations. His temporary shift to archived material maintains continuity while prioritizing health.
As the weekly releases begin, audiences will have opportunities to revisit or discover Peterson’s earlier work. The content spans topics from personal development to mythological analysis, reflecting his diverse interests. The format provides accessible entry points for new listeners.
Peterson’s career demonstrates the intersection of clinical psychology and public commentary. His ability to communicate complex ideas to general audiences contributed to his prominence. The upcoming lectures preserve this communicative strength during his recovery.
Health challenges among public figures often prompt reflection on work-life balance and priorities. Peterson’s situation highlights the importance of addressing medical issues while maintaining professional connections. His chosen approach balances both considerations effectively.
The author’s influence extends to readers and listeners worldwide. His books and lectures have impacted personal development journeys for many individuals. The archived material ensures continued access to this content during his recovery period.
Monday’s announcement provides clarity about Peterson’s immediate plans while expressing optimism about eventual return to regular activities. The lecture series offers a bridge between current health limitations and future full engagement. Supporters will likely welcome this development.
Peterson’s update concludes a period of relative silence regarding his condition. The message balances transparency about limitations with proactive steps for audience connection. The approach demonstrates resilience and commitment to his work’s ongoing value.
Business
Investor support for Target chairman Brian Cornell hits record low
Brian Cornell, Executive Chairman of the Target Corporation.
Anjali Sundaram | CNBC
Target has promised investors that it’s pursuing an aggressive turnaround with a new CEO at the helm, but its longtime former top executive Brian Cornell still leads the retailer’s board of directors — and some major investors are signaling they’re hungry for change.
Shareholder backing for Target’s former CEO and current executive chairman Cornell fell to its lowest level ever during the company’s annual general meeting this month.
While Cornell, 67, was comfortably reelected to his position on Target’s board of directors, he saw the steepest drop in support since he joined the retailer’s board more than a decade ago, when he was hired as its CEO.
In all, 87.2% of shareholders voted to re-elect him to the board — a 4% decline from the year-ago period and a material drop from his historical average of 95% support. It’s also well below the average level of support directors have received across the S&P 500 this year, which Harvard Law puts at 96.6%.
“Getting over 95% is normal. Getting under 95% is poor, and getting under 90 is very poor. It means people are going out of their way to say they don’t want you there anymore,” said Kevin Kaiser, an adjunct full professor of finance at The Wharton School of the University of Pennsylvania who teaches a course on shareholder activism.
Given how many investors automatically approve what major proxy firms or boards suggest they vote for, “anything below 90 is considered a very bad result” and is rare to see, Kaiser said.
Cornell’s drop in support comes after he stepped down from his CEO role and transitioned to be Target’s executive chairman in February as the company contended with dwindling profits, a falling share price and three straight years of annual sales declines.
Neil Saunders, retail analyst and GlobalData managing director, said some analysts and investors viewed Cornell’s appointment to executive chair as a “reward for failure” and wanted a clean break from the management team that oversaw so many of Target’s issues.
“If you don’t do a good job as CEO, then arguably you should be cleared out of the boardroom and I think that’s how most people view it,” Saunders said. “I don’t think that that is unreasonable. To get rewarded for delivering a decline in the share price and causing problems for the company, it just doesn’t sit well with a lot of people.”
A Target spokesperson declined to comment and instead referred CNBC to its 2026 proxy statement and a press release it issued announcing the voting results of its annual general meeting. In its proxy statement, the company said keeping the roles of board chair and CEO separate “is appropriate given the company’s immediate strategic and operational priorities” as the positions have “distinct roles and responsibilities.”
“The separated structure allows [CEO Michael Fiddelke] to focus on the business, including implementation of key initiatives, during the initial phase of his CEO tenure, while Mr. Cornell’s service as Executive Chair allows the Board to continue to leverage his in-depth knowledge of our business and industry during this transitional phase,” the statement reads.
Critiquing Cornell
Since joining Target as the retailer’s CEO in 2014, Cornell grew sales by more than 44% and helped transform it into a $100 billion-plus juggernaut as he oversaw the expansion of its digital presence, grew stores and steered the company through the Covid-19 pandemic.
But over the past few years, he’s faced rising criticism as the company has underperformed expectations and lost share to competitors like Costco, Walmart and Amazon. Target has been criticized for mismanaging inventory, under-investing in stores and falling behind on the trendy, eye-catching merchandise the retailer built its name on.
Target has also been the subject of backlash over its actions on a number of social justice issues, and the brunt of that has fallen on Cornell. The retailer reduced certain LGBTQ-themed pride merchandise in stores several summers ago and rolled back diversity, equity and inclusion programs, which led to nationwide boycotts and preceded weeks of foot traffic declines.
Combined, these issues have contributed to a precipitous drop in Target’s share price, which is up about 33% year to date but still down by about 50% since its all-time high in 2021.
When the company announced that Cornell would be stepping down as CEO earlier this year, Wall Street had favored an outside candidate to replace him, according to a June survey of 51 investors by Mizuho Securities, an equity research firm.
When it said two insiders would continue to lead the company — Cornell as executive chair and company veteran Fiddelke as CEO— the same day that it forecast another annual sales decline, investors were disappointed, leading shares to fall. However, since then, it appears as if analysts and investors are warming up to Fiddelke, who received 99% of the vote during the company’s meeting.
“It feels like they’re doing a lot of things better in terms of merchandising,” Michael Baker, a senior research analyst at investment bank D.A. Davidson, said in an interview. “To me that would be a sign of continued progress under Michael Fiddelke.”
During the company’s fiscal first quarter, which ended May 2, Target saw comparable sales grow 5.6% — its first positive same-store sales number in five quarters, with strength across all six of its core merchandising categories. While Target said its turnaround efforts are showing signs of early progress, finance chief James Lee acknowledged higher tax refunds helped to fuel spending, a benefit he expects to fade over the rest of the year.
Losing shareholder support
Sign at the entrance to a Target in Venice, Florida.
Erik Mcgregor | Lightrocket | Getty Images
The exact investors that voted against Cornell, and their reasons, aren’t clear since complete voting records haven’t been released yet, but two of the nation’s largest public pension fund managers turned against him.
The Florida State Board of Administration, which manages the Florida Retirement System Pension Plan, the sixth largest pension plan in the nation with about $277 billion assets under management, voted against Cornell after supporting him for the past nine years, proxy records show.
The fund manager didn’t return CNBC’s request for comment, but voting records show it voted against Cornell because of “poor long-term company performance.”
New York’s comptroller, which manages the $295 billion New York State Common Retirement Fund, supported Cornell from 2017 through 2024 but voted against him at the last two meetings, state records show.
In a statement to CNBC, State Comptroller Thomas DiNapoli said “Cornell and others should not be rewarded for poor performance.”
“Investors are not supporting Target’s leadership because it mismanaged the company’s workforce, hurt the brand, and damaged shareholder value,” DiNapoli said. “It’s why New York state’s pension fund and other shareholders voted against board directors and Target’s executive pay plan.”
While influential, the pension funds are not among Target’s top 50 shareholders. It’s not clear how Target’s largest investors voted at the meeting.
A number of left-leaning activists — including SOC Investment Group, Trillium Asset Management and Mercy Investment Services — called on investors to vote against Cornell. The activists have also urged investors to vote against lead independent director Christine Leahy, who received 88.5% of the vote during the most recent meeting, an 8% decline in support from last year.
“Let’s suppose somebody is being criticized and it’s damaging our reputation with our customers and our employees, and as a solution to that, we promote this person to the executive chair role at the board level,” said Wharton’s Kaiser. “It just doesn’t smell right, and the person who would have had the primary role in stopping that from happening would have been the lead independent board member.”
In its proxy statement, Target called Leahy a strong director “supported by a governance structure designed to further promote independence” as it recommended shareholders vote in her favor.
It’s unclear whether or not the investor pressure will have an impact on Target’s board, but Kaiser said change at that level typically happens when directors see such dramatic drops in support during annual meetings.
“It means there’s a lot of pressure now on the board and on the individuals on the board and they clearly are losing the support of the shareholders,” Kaiser said. “If they don’t do something, the next [annual general meeting] won’t go well for them.”
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