Market Beats | Adobe Launches Premiere on iPhone; Steve Cohen’s $8B Queens Casino Plan Clears Key Community Vote; Pfizer to Slash US Drug Prices; New York Subway and Bus Base Fare to Rise to $3; Tesla Jumps Over 30% in September; Millennium Hit With About $100 Million Loss as First Brands Files for Bankruptcy; Forex Trading Hits Record $10 Trillion a Day

—— Adobe Launches Premiere on iPhone; Steve Cohen’s $8B Queens Casino Plan Clears Key Community Vote; Pfizer to Slash US Drug Prices; New York Subway and Bus Base Fare to Rise to $3; Tesla Jumps Over 30% in September; Millennium Hit With About $100 Million Loss as First Brands Files for Bankruptcy; Forex Trading Hits Record $10 Trillion a Day

1. Adobe Launches Premiere on iPhone

Adobe Inc. announced Tuesday that its flagship Premiere video-editing software is now available on the iPhone for the first time, as the company seeks to fend off rising competition in mobile editing.

Premiere has long been a staple for professional video creators on desktops, alongside Apple’s Final Cut Pro and Blackmagic’s DaVinci Resolve. But until now, a full-featured mobile version had been missing. The move comes as Adobe works to retain users against fast-growing apps like ByteDance’s CapCut and Meta’s Instagram Edits, both of which target social media creators with beginner-friendly interfaces.

On iPhone, Premiere is free for general editing and doesn’t require a subscription. However, Adobe will charge credits for AI-powered features such as generative video, images, stickers, and sound effects, as well as assistive tools including speech enhancement, background removal, and auto-captioning. The company stressed it does not use customer content to train its AI models.

Premiere Rush, Adobe’s earlier lightweight mobile app, is being discontinued, with the Android version also removed from Google Play. Adobe said it is working to bring a new Premiere experience to Android, with a beta program in the works. The company took a similar “Apple-first” approach earlier this year with Photoshop.

The new app doesn’t yet match the full capabilities of the desktop version, but Premiere Pro subscribers can import mobile projects into desktop software for more advanced editing.

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2. Steve Cohen’s $8B Queens Casino Plan Clears Key Community Vote

New York Mets owner Steve Cohen’s $8billion proposal to build a casino complex next to Citi Field in Queens has advanced after a community advisory panel unanimously approved it for further review.

The project will now go before the New York Gaming Facility Location Board, which is expected to issue up to three full-scale casino licenses in the NYC area this December. If successful, the venture would mark a new chapter for Cohen, who built his fortune as a hedge fund titan before an insider-trading scandal more than a decade ago. The casino could provide a major financial windfall even as the Mets’ lackluster performance has hampered his World Series ambitions.

The approval stands in contrast to three Manhattan casino bids, which were rejected by local panels earlier this month. Recent winners advancing to state review include Genting Group in Queens, MGM Resorts in Yonkers, and Bally’s Corp. in the Bronx.

Cohen, partnering with Hard Rock International, has branded his project “Metropolitan Park.” Plans call for redeveloping a 50-acre parking lot into a complex featuring parkland, athletic fields, an upgraded transit hub, and a food hall with local vendors.

Bid documents estimate the project will generate more than 17,000 construction jobs and over 6,000 permanent roles, with average salaries of $140,000 for permanent staff. The application also commits to building 450 units of affordable housing.

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3. Pfizer to Slash US Drug Prices

Pfizer Inc. is set to unveil a sweeping initiative to cut US prescription drug prices during a joint event with President Donald Trump on Tuesday, according to White House officials.

Key measures include providing “most favored nation” pricing for Medicaid enrollees — ensuring they receive the lowest global price on select Pfizer medications. This aligns with President Trump’s broader push to bring US drug prices in line with international levels.

Pfizer will also launch TrumpRx, a new government-run platform enabling Americans to purchase certain high-demand drugs at steep discounts via direct-to-consumer cash payments.

The company will additionally announce a $70 billion investment in domestic R&D and manufacturing. CEO Albert Bourla is expected to speak at the event.

“President Trump is doing more to lower healthcare costs than anyone else in Washington,” said White House spokesman Kush Desai. “Democrats talked for decades — Trump is the one walking the walk.”

Pfizer shares surged as much as 4.6% Tuesday before paring gains.

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4. New York Subway and Bus Base Fare to Rise to $3

The Metropolitan Transportation Authority (MTA) has approved a new round of fare and toll hikes, set to take effect around January 4, 2026. Under the plan, the base fare for subways and buses will increase from $2.90 to $3.

Weekly and monthly passes on the Long Island Rail Road (LIRR) and Metro-North Railroad will rise by as much as 4.5%, while one-way tickets will see increases of up to 8%. According to the MTA, the additional revenue will help cover inflationary pressures and rising labor costs.

This marks the first fare adjustment since 2023. At the same time, the MTA continues phasing out its decades-old MetroCard system, replacing it with a tap-and-go digital payment network.

The fare hike comes roughly one year after New York launched the nation’s first congestion pricing program, which requires most drivers to pay $9 during peak hours to enter Manhattan’s central business district. While controversial, the program has become an important revenue source.

Compared with other U.S. transit systems, New York’s increases are considered modest, partly due to additional state funding directed to the MTA.

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5. Tesla Jumps Over 30% in September

Tesla Inc. shares surged more than 30% in September, heading for their strongest month in almost a year and placing them among the top 10 performers in the S&P500. Since President Donald Trump paused sweeping global tariffs in early April, the stock has climbed nearly 100%, the best rally among the “Magnificent Seven” tech giants. Investors are betting on CEO Elon Musk’s vision of transforming Tesla from an EV maker into an AI-driven company building robots and self-driving taxis — a shift underscored by the board’s recent proposal of a record $1trillion pay package for Musk.

Still, with the stock trading near $440, just shy of its $479.86 peak last December, questions are mounting over whether third-quarter sales will justify the rally. “Tesla trades at a sky-high multiple while profits are shrinking amid weaker EV demand and fierce competition. On top of that, the expiration of EV tax credits will weigh further on sales,” said Irene Tunkel, chief U.S. equity strategist at BCA Research.

Tuesday marks the final day buyers can claim tax credits for EV purchases, after the Trump administration eliminated the incentives. Analysts expect Q3 deliveries to spike as consumers rushed to beat the deadline, but forecast a sharp slowdown afterward.

Ross Gerber, president and CEO of Gerber Kawasaki and a long-time Tesla investor, noted: “Tesla’s core business is worth about $150 a share. Anything above that reflects Elon’s hype about robotaxis and robots.”

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6. Millennium Hit With About $100 Million Loss as First Brands Files for Bankruptcy

Millennium Management, one of Wall Street’s largest hedge funds, has been caught in the fallout from the sudden collapse of auto-parts supplier First Brands Group.

A team led by Sean O’Sullivan at Millennium wrote down its position in First Brands, with losses expected to total roughly $100million, according to people familiar with the matter. First Brands filed for Chapter11 protection in Texas on Sunday after weeks of scrutiny over its reliance on opaque, off-balance-sheet financing to support brands such as Fram air filters and Anco wiper blades.

In its September28 filing, the company listed liabilities between $10billion and $50billion against assets of just $1billion to $10billion. Millennium’s exposure was tied to short-term loans provided to finance First Brands’ inventory, one of the people said. The supplier had funneled about 70% of its revenue through factoring arrangements.

Other investors, including Apollo Global Management and Diameter Capital Partners, profited by betting against First Brands. Millennium declined to comment on the losses.

Factoring and related trade-finance practices are often used to smooth cash flows in global trade, but the sector has faced mounting skepticism following the collapse of Greensill Capital in 2021 and the implosion of Stenn Technologies last year.

Millennium, which oversees more than $79billion across multi-strategy teams, only recently expanded into trade finance, according to one person familiar with the matter. The latest bankruptcy filings also cover a network of affiliated First Brands entities across multiple U.S. states and over a dozen countries, including Brazil and Luxembourg.

The company is expected to rely on a $1.1billion debtor-in-possession loan from creditors to maintain operations, according to a Monday statement.

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7. Forex Trading Hits Record $10 Trillion a Day

Anthropic on Monday introduced Claude Sonnet 4.5, its latest AI model designed to significantly enhance coding and automation. The model can autonomously code for up to 30 hours, compared with seven hours for its predecessor Claude Opus 4. Sonnet 4.5 also improves on Anthropic’s agent features, enabling it to take actions on a user’s computer more effectively.
Valued at 183 billion dollars, Anthropic has reached 5 billion in run-rate revenue as of August, with much of its momentum driven by adoption of its coding tools. The new release is said to excel in sectors such as cybersecurity and financial services. Co-founder Jared Kaplan called Sonnet 4.5 “stronger in almost every way” than Opus, while noting that a more powerful Opus upgrade is planned for later this year.
Chief Product Officer Mike Krieger emphasized that realizing AI’s full potential requires not only better models but also workflow adaptation and deeper partnerships between frontier labs and enterprises.

The launch comes just a week ahead of OpenAI’s annual developer conference, underscoring intensifying competition in the AI landscape.

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