The bottom line
■ Americans’ median net wealth increased during the pandemic at the highest rate on record, rising 37 percent from 2019 to 2022 to $192,900. For the top 10 percent of households, the median wealth climbed 26 percent to $3.8 million.
USA Today
■ Pfizer cut its revenue guidance because sales of Covid vaccines and medication are coming in lower than expected. The company said sales of Paxlovid will come in $7 billion lower than earlier expectations, and vaccine sales will be $2 billion lower for the year. The company is launching a $3.5 billion cost-cutting plan.
CNBC.com
■ Taylor Swift: The Eras Tour grossed $126 million to $130 million on its opening weekend. The opening alone makes it the top-grossing concert film ever.
The Wall Street Journal
■ A model of an X-wing fighter from the 1977 Star Wars sold for about $3.1 million this week, one of the most expensive pieces of movie memorabilia ever to be auctioned.
The New York Times
■ Automaker Ford says that new fuel economy rules will mean that it will face $1 billion in fines from 2027 to 2032.
Bloomberg
■ The FDA last week ordered vape-maker Vuse Alto to stop sales of its menthol flavored e-cigarettes. Their menthols are the best-selling vapes on the market, making up $1.6 billion of a total of $5.5 billion in ecigarette sales last year.
The Wall Street Journal
■ Netflix added 8.76 million customers last quarter, bringing its total to 247.2 mllion. On track to add 20 million this year, Netflix credits new password-sharing limits for the gain.
Bloomberg