Yesterday Was a Big Day for Construction
đ„ Mayo Clinic announced $785 million worth of new construction projects across three states yesterday. Since 2016, Mayo has invested more than $1 billion in major construction projects, and the clinic says it will have doubled its space in a decade with new facilities for patient care, research, education and technology.
𧏠Pharma giant Eli Lilly announced plans to invest $700 million to build the Lilly Institute for Genetic Medicine in Bostonâs Seaport district yesterday. The new institute is part of a broader strategy aiming to develop new genetic medicines, and builds on last yearâs $880 million acquisition of Prevail Therapeutics, a clinical-stage biotech company whose lead program is a gene therapy for Parkinsonâs disease. Researchers in both locations will work together to use RNA and DNA-based technologies to develop new therapies.
đ Home Depotâs stock tumbled ~10% in afternoon trading yesterday after reporting Q4 earnings. Short, colloquial explanation: Dads keep buying more home improvement stuff for now, but itâs not making the company as much money. Longer, more official explanation: Fiscal results beat expectations and the company raised its dividend, but reported gross margin that fell and provided a less than enthusiastic profit outlook. (Question: is it possible to read this story without hearing the jingle in your head?)
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Business & Markets
  | February 22, 2022How the Sausage is Made
đ· McDonaldâs on Sunday confirmed that billionaire activist investor Carl Icahn has nominated two members to its board of directors in a push to change the way the companyâs pork suppliers treat pregnant pigs.
- In 2012, McDonaldâs promised to phase out the practice of keeping pregnant sows in small gestational crates. The WSJ revealed earlier this month that Icahn had quietly pushed for that change behind the scenes.
- Now, the Humane Society and Icahn â whose daughter used to work there â are claiming the fast-food giant is simply working to reduce the practice, rather than end it.
- In a statement, McDonaldâs said it expects to source 85% to 90% of its US pork volumes from âsows not housed in gestation crates during pregnancyâ by the end of this year, and 100% by the end of 2024.
- The company also mentioned that Icahn is a majority owner of pork supplier Viskase and hasnât publicly called on them to adopt similar commitments.
đ§ In the know: Icahn reportedly owns just 200 McDonaldâs shares (worth ~$50,000). The activist investor typically acquires eight- or nine-figure stakes in the companies he targets.
Itâs unusual for activist investors with such a small stake to gain traction. But last spring, a hedge fund called Engine No. 1 won three seats on Exxon Mobilâs board â despite a 0.02% stake in the company â after arguing it should commit to carbon neutrality.
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  | February 18, 2022*Runs to Check Uber Rating*
đđđ This week, Uber unveiled a way for riders to check out how many glowing five-star reviews â or regrettable one-star ratings â youâve received. The company said the move is meant to encourage people to be more thoughtful about their interactions with drivers.
Business & Markets
  | February 18, 2022Who Wants to Be a Millionaire?
đ°đïž Easy-peasy⊠just buy a house. Homes valued at $1 million or higher are now the norm in 481 US cities, according to Zillow data published Wednesday, more than double the number from five years ago.
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