Stock futures were little changed on Thursday.
Good afternoon, readers.
Say you walk into a hospital or other COVID vaccine distribution site. You qualify to get one because you’re a priority group under local regulations, and there are enough available doses around for you to get one. Which one would you actually receive?
The Food and Drug Administration (FDA) has already granted emergency authorization to two of them, one from Pfizer and its German partner BioNTech and the other from Moderna. But you’re unlikely to know which one of those you’ll be getting.
This pandemic has had a unifying theme: Triage. You get the resources to who needs them most. You allocate such resources accordingly. That was the case with coronavirus testing at the start of the outbreak. Now it’s the case for one of the most complex immunization campaigns in history.
While the Pfizer and Moderna vaccines share scientific roots, they’re still very different … Read the rest
Here we go again. You’d think that proliferation of direct listings and SPACs last year that enable founders, venture capitalists and big investors to take enterprises public their way would be loosening Wall Street’s grip on the IPOs––a longstanding bonanza for investment banks. But in 2020, 194 tradtional IPOs, the highest total since 2014, got done the old fashioned way, with the bankers frequently selling shares at bargain prices to their prized customers, who cleaned up from a parade of first day pops that resounded among the biggest ever. According to data posted by Jay Ritter of the University of Florida, an expert on IPOs, no fewer than 12 offerings in 2020 left $500 million or more “on the table.” In those dozen deals, the owners collected between half-a-billion and three-and-a-half billion dollars less than if they’d gotten the price where their shares settled at the close of the opening … Read the rest
Of all the horrific details coming to light about the riots in Washington, D.C. last week, two have left me with strange, emotional bruises.
Here’s the first. As the pro-Trump rioters rampaged through the Capitol building forcing lawmakers to rush for safety, a group of young staffers for House Speaker Nancy Pelosi had no choice but to take cover in a conference room within her office. They barricaded the door, turned off the lights, and hid under a table—in silence—for two and a half hours and listened to the madness outside. Here’s the part I can’t shake: It was a survival tactic they learned from growing up with active shooter drills in school.
Here’s the second.
Footage from inside the Capitol showed a Black Capitol Police officer, later identified by CNN as Eugene Goodman, make a split-second decision to encourage an angry mob to follow him away from the Senate … Read the rest
Many of us are shocked and appalled by the violence that caused the U.S. Capitol to go into lockdown last week. We should be appalled, but not necessarily surprised. This is, after all, what any regular day on the Internet looks like—with information unregulated and manipulated to communicate skewed views and fake news, more often than not encouraging political fury and violence. What we are seeing now is the consequence of years of unchecked growth in the technology industry.
Today, the Internet and social networks influence all the information we consume, the opinions we form, the misinformation we believe. Yesterday’s events underscore our new reality. The physical world is becoming more like the Internet: dysfunctional, angry, lawless, and a complete banana republic.
As the CEO of a software company and member of the technology community, I am proud of the many good things my industry has achieved, including technologies that … Read the rest
Joe Biden promised that his presidency would mean a return to normalcy. His Cabinet picks help demonstrate how he plans to deliver.
The president-elect announced his final nominees this past week, completing a diverse team of two dozen people. He noted Friday that this will be the “first Cabinet ever” to reach gender parity and include a majority of people of color, notable given earlier concerns that he was leaning largely on white men.
Some nominees have decades of experience in their respective agencies. Many held prominent roles in the Obama administration. Many have already begun meeting with interest groups and advocacy organizations, and his transition team has had what’s been described as an “open-door policy” toward advocacy groups for months.
It’s a sharp contrast to President Donald Trump’s Cabinet, which was dominated largely by white men with little experience in Washington. Biden’s aides say that was one of the … Read the rest