Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Shares of AbbVie have dropped sharply after disappointing trials for its drug to treat schizophrenia. The drug, emraclidine, failed to meet the primary goal of treating symptoms of the mental illness. The drug was part of two mid-stage trials which shows no statistically significant improvement in the severity of symptoms. AbbVie says it needs to analyze the data to determine next steps. The North Chicago-based company’s shares fell as much as 12% at one point, the biggest decline in three years. The stock had been up nearly 30% this year as of Friday’s close. 

Also, car-maker Stellantis, facing a strike by workers at its Belvidere plant over a stalled reopening of the facility, says it will cut hundreds of workers at a warehousing facility in Detroit. Listen for more below: