A box of Ozempic, a semaglutide injection drug used to treat type 2 diabetes manufactured by Novo Nordisk.
George Frey reuters
Check out the companies making big moves in the afternoon.
Novo Nordisk – The Danish drugmaker’s stock rose 6.27% after it said late Tuesday it was halting a kidney disease treatment trial of Ozempic after a committee said analysis showed signs of success. Eli LillyThe price of diabetes drug maker Monjaro increased by 4.48%.
DaVita, fresenius medical care, Baxter International – Shares of dialysis service providers Davita and Fresenius Medical Care fell 16.86% and 17.57%, respectively, on the news from Novo Nordisk. Baxter International, which makes products for chronic dialysis therapy, fell 12.27%.
exxon mobil, leading natural resources – Exxon Mobil shares fell 3.59% after the biggest U.S. oil and gas producer agreed to buy Shell rival Pioneer Natural Resources in an all-stock deal worth $59.5 billion, or $253 per share. Pioneer stockholders will receive 2.3234 shares of Exxon for each Pioneer share. The deal, Exxon’s largest since its acquisition of Mobil, is expected to close in the first half of 2024. After this news, Pioneer shares increased by 1.44%.
humana – Shares fell 1.39% after CEO Bruce Broussard said he would step down from his post in late 2024. The company named Envision Healthcare’s Jim Rechtin as his successor.
amgen -The biopharma stock rose 4.55% after an upgrade from Leerink to outperform. Analyst David Risinger cited rising earnings multiples and pipeline newsflow as catalysts.
Shoals Technologies – Shares rose 5.26% after Goldman Sachs upgraded it to buy from neutral. The investment bank cited valuations and the potential for gross margin growth.
associate financial – The provider of loans to medium-sized businesses dropped 2.12% after CEO Jeffrey Brown quit. Announced plans to step downEffective from 31 January 2024.
Walgreens Boots Alliance -The pharmacy chain rose 0.98% after former Cigna executive Tim Wentworth was named CEO effective Oct. 23.
consistent – The stock rose 5.23% in afternoon trading. Coherent was announced on Tuesday That Japanese companies will invest $1 billion in Coherent’s silicon carbide business. On Wednesday, B. Riley upgraded shares to buy from neutral, saying Coherent’s silicon carbide business may be worth more than the Street’s current estimate.
plug power – The battery company climbed 5.31% after forecasting sharp growth in revenue to about $6 billion by 2027, according to a regulatory filing.
Take-Two Interactive Software – Shares rose in afternoon trading, but closed 0.34% lower after Raymond James upgraded the stock to outperform from market perform. The firm said it sees a path to more consistent video game releases and proper evaluation based on Take-Two Interactive’s Grand Theft Auto 6 release soon.
— CNBC’s Michael Bloom, Hakyung Kim, Yun Lee and Lisa Han contributed reporting.
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