Wall Street Breakfast FedEx demands tariffs return to sender
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Feb 24, 2026 Coverage of FedEx suing the U.S. to reclaim IEEPA tariff payments. Discussion of Hims & Hers disclosing an SEC inquiry tied to GLP-1 copycats. Conversation about IBM’s stock drop after controversial claims about COBOL modernization. Brief notes on tariffs, pharmaceutical litigation, quantum contract news, and market snapshot items.
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FedEx Seeks Big IEEPA Tariff Refunds
- FedEx sued the U.S. seeking full refunds for tariffs paid under IEEPA after the Supreme Court ruled against the administration.
- Penn Wharton estimates refunds could reach $175 billion and retailers should evaluate potential claims now.
Hims & Hers Faces SEC Probe Over GLP-1 Claims
- Hims & Hers disclosed an SEC probe into its statements about compounded semaglutide and related business ties.
- The company is cooperating but said financial impact is unknown while Q1 revenue guidance missed consensus.
IBM Stock Tumbles Over COBOL Modernization Debate
- IBM plunged after Anthropic claimed a tool could modernize COBOL, and IBM insisted translation isn't modernization.
- The stock fell over 13% in one day and 27% in February amid the debate on mainframe value.