The Federal Trade Commission (FTC) has taken action to prevent the acquisition of Horizon Therapeutics plc (Nasdaq: HZNP) by the biopharmaceutical giant, Amgen Inc. (Nasdaq: AMGN). In its efforts to block the transaction, the FTC has filed a lawsuit in federal court, expressing concerns that the acquisition would allow Amgen to utilize rebates on its existing blockbuster drugs to exert pressure on insurance companies and pharmacy benefit managers (PBMs). The goal would be to favor Horizon's two monopoly products—Tepezza, a treatment for thyroid eye disease, and Krystexxa, which addresses chronic refractory gout. Notably, both of these treatments currently face no competition in the pharmaceutical marketplace.

Following the FTC's announcement, the stock market has responded accordingly. On Tuesday, $AMGN 's shares are currently trading at $228.04, experiencing a decrease of $5.49 (-2.35%) and $HZNP 's shares at $95.92, reflecting a decline of $16.33 (-14.55%).

In other news, Applied Digital Corporation (Nasdaq: APLD) has made an exciting announcement regarding its recently launched AI Cloud Service. Through its wholly-owned subsidiary Sai Computing, the company has secured its first major AI customer, signing an agreement valued at up to $180 million over a 24-month period. As a result of this positive news, $APLD is currently trading at $5.57, representing an increase of $2.16 (63.10%).

Additionally, Morgan Stanley has revised the price target for Etsy, Inc. (Nasdaq: ETSY), lowering it from $79 to $74. $ETSY 's shares are trading at $92.85, reflecting a decrease of $5.00 (-5.11%).

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