Closing Bell: Alphabet Higher, E.W. Scripps Rises on Sinclair Proposal, Novo Nordisk Lower
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Scarlet Fu, Katie Greifeld, Tim Stenovec and Carol Massar. On this episode of Stock Movers: - Alphabet (GOOGL) closed higher on last week's glowing reviews for the Gemini AI model. The stock has risen almost 13% this month, and it is up nearly 70% this year, by far the top performer among the Mag 7 - E.W. Scripps (SSP) rose on a proposal by Sinclair to buy all outstanding shares of E.W. Scripps it does not already own for $7.00 per share, consisting of $2.72 in cash and $4.28 in combined company common stock. - Novo Nordisk (NVO) closed 5.5% lower. Shares dropped after a pill version of Ozempic failed to slow the progression of Alzheimer’s disease in a pair of long-shot studies that aimed to open up a new use for blockbuster obesity drugs.See omnystudio.com/listener for privacy information.
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Novo Nordisk's Ozempic Pill Fails to Slow Alzheimer's, Amazon Rises, Tesla Jumps
On this episode of Stock Movers: - Novo Nordisk (NVO) dropped after a pill version of Ozempic failed to slow the progression of Alzheimer’s disease in a pair of long-shot studies that aimed to open up a new use for blockbuster obesity drugs. - Amazon (AMZN) is rising. The company says it will spend as much as $50 billion, expanding its capacity to provide artificial intelligence and high-performance computing services to US government entities. - Tesla (TSLA) shares jumped around 7% on Monday after a Sunday post on X from Elon Musk commenting on the company’s AI chip plans.See omnystudio.com/listener for privacy information.
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Bristol-Myers Positive, Cooper Jumps, WBD Declines
Bristol-Myers (BMY) Analysts are citing a positive readacross to Bristol-Myers from positive results for Bayer's experimental stroke-prevention drug Cantor: Bayer’s data supports confidence in BMY’s own program in secondary stroke prevention Earlier this month: shares fell after one of its most important experimental medicines appeared unlikely to benefit patients who had suffered a heart complication, another setback for the drugmaker’s product pipeline Cooper (COO) Maker of medical devices and surgical instruments; Activist investors Browning West wrote a letter to the board saying its “inadequate” oversight has led the company to significantly underperform and miss financial guidance Calls for urgent change at the Board to refocus the co. and appoint Browning West’s director candidates Urges Cooper to pause any potential restructuring efforts until Browning West’s recommended directors are seated so that any restructuring is optimized in scope and magnitude Reuters reported earlier this month that Browning West owns about 4% of Cooper WBD Netflix, Comcast and Paramount Skydance all submitted bids for Warner Bros. Discovery by the Nov. 20 deadline for a first bid Comcast and Netflix are most interested in the film and TV library; Paramount is willing to buy the whole company Fourth owner in seven years Warner Bros. may not reach a deal with any of the suitors and may continue its current plan to separate its flagging cable networks from the rest of the businesses next year See omnystudio.com/listener for privacy information.
On this episode of Stock Movers:Oracle (ORCL) Oracle credit-default swaps -- cost of protecting Oracle's debt against default rose to the highest in more than three years Oracle's AI spending spree is raising questions over how exactly the company is going to fund its deals, especially since it has a weaker credit rating than Microsoft or Alphabet -- it's quickly emerging as the credit market’s barometer for AI risk Stock slumped 11% last week, six-week stretch of declines -- losses also caused a $130 billion hit to Larry Ellison's net worth after the rally in September briefly made him the world's riches person Alphabet (GOOGL) Leads the rally on Monday given continued optimism over the latest version of its Gemini AI model Last week: The Information reported that OpenAI CEO Sam Altman recently told colleagues that Alphabet’s progress in AI could “create some temporary economic headwinds for our company” Bloomberg Intelligence: excess returns year-to-date are the weakest among investment grade tech peers excluding Oracle; consequence of its considerable defensive credit characteristics and tight spreads vs. fundamentals Centene (CNC) Climbing with other health insurers after Politico reported the White House is expected to propose a two-year extension of Obamacare subsidies with new limits on eligibility MS NOW also reported that President Donald Trump is expected to announce a general framework to address health care costs and spikes in ACA insurance premiums Centene offers health insurance plans under the Affordable Care Act (ACA) marketplace See omnystudio.com/listener for privacy information.
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Novo Dordisk Drops; Alibaba Soars; Biogen Rises
On this episode of Stock Movers:- A pill version of Novo Nordisk (NOVOB) Ozempic failed to slow the progression of Alzheimer’s disease in a pair of high-risk studies that aimed to open up a new use for blockbuster obesity drugs. Patients who took the medicine didn’t see their disease progress more slowly based on a cognitive assessment, the Danish drugmaker said Monday. Novo will discontinue a planned one-year extension of the studies. The stock plunged as much as 12.4% in Copenhagen, hitting the lowest level since July 2021.- Alibaba Group's (BABA) Qwen app drew more than 10 million downloads in the week after its relaunch, boding well for a longer-term effort to build a rival to OpenAI’s ChatGPT. - Biogen (BIIB) shares rise 4.7% in premarket trading on Monday after Novo Nordisk said a pill version of Ozempic failed to slow the progression of Alzheimer’s disease in two late-stage studies. Wall Street analysts see a positive read-through to Biogen.See omnystudio.com/listener for privacy information.
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