The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all saw gains on 10-11-2023, with the S&P 500 advancing by 0.43%, the Dow Jones finishing 0.19% higher, and the Nasdaq Composite rising by 0.71%. The 10-year Treasury yield fell 1.74% to 4.562.
The Federal Trade Commission and European Commission are currently reviewing Pfizer's (PFE, Financial) planned $43 billion acquisition of cancer drug maker Seagen (SGEN, Financial). The focus of the review is the potential impact the deal may have on innovation in cancer medicines. The European Commission has set Oct. 19 as a deadline to complete its initial review of the transaction.
NextEra Energy (NEE, Financial) saw a 3.7% increase in Wednesday's trading, rebounding from a 25% plunge after NextEra Energy Partners (NEP, Financial) slashed its growth guidance two weeks ago. Morgan Stanley reiterated its Overweight rating and $91 price target, noting alternative non-dilutive sources of financing to replace NEP asset sales, intact demand for renewables, and the potential for new disclosures to improve transparency and confidence in the financial outlook.
Shares of Tempest Therapeutics (TPST, Financial) closed nearly 4,000% higher Wednesday after the company released updated data from a Phase 1/2 study of its drug TPST-1120 in the first-line treatment of advanced or metastatic hepatocellular carcinoma, a type of liver cancer.
General Motors (GM, Financial), Ford Motor (F, Financial), and Stellantis N.V. (STLA, Financial) have laid off roughly 4,800 workers at factories that are not among the plants that have been hit by the United Auto Workers strikes over the last four weeks. The automakers maintain that the strikes have forced them to impose the layoffs because of a chain reaction in the manufacturing and supplier network from assembly plants that were closed by strikes.
Shares of Baxter International (BAX, Financial) and Outset Medical (OM, Financial) hit new 52-week lows amid a sell-off in dialysis-related stocks following an update by Novo Nordisk (NVO, Financial) on a kidney failure study for its GLP-1 drug Ozempic.
Shares of Ardelyx (ARDX, Financial) were down 17% in afternoon trading Wednesday ahead of an expected FDA decision on its kidney disease treatment candidate Xphozah and amid a market-moving update from Novo Nordisk (NVO, Financial) on its GLP-1 drug Ozempic in the treatment of kidney failure.
Shares of dialysis companies DaVita (DVA), Baxter International (BAX, Financial), Fresenius Medical Care (FMS) and Outset Medical (OM, Financial) fell sharply Wednesday, the day after Novo Nordisk (NVO, Financial) reported that it was ending a kidney failure study of its GLP-1 drug Ozempic early due to efficacy data.
Exxon Mobil (XOM, Financial) saw a 4.6% decline in Wednesday's trading, following news of its blockbuster acquisition of Pioneer Natural Resources (PXD, Financial). The $59.5B all-stock deal will cause a ~14% dilution effect for Exxon shareholders.
Workday (WDAY, Financial) Co-President Sayan Chakraborty, Co-President Douglas A Robinson, CFO Zane Rowe, Chief Operating Officer James Bozzini, Co-CEO Aneel Bhusri, and Chief Legal Officer Richard Harry Sauer all disclosed the sale of company shares on Oct. 5 - Oct. 6.
US Steel (X, Financial) quickly rose 1.4% on some speculation that a Japanese company may join ArcelMittal (MT) in a potential offer for the U.S. steelmaker.
Medical Properties Trust (MPW, Financial) closed on the sale of its four remaining Australian facilities to HMC Capital at a 5.7% cash cap for ~A$470M (US$305M), the company said Wednesday.
American International Group (AIG) has appointed David McElroy in a newly created role of chairman, general insurance. Don Bailey, currently global head of distribution and field operations will take up the role of CEO, North America insurance, and Jon Hancock, currently CEO of international general insurance, will serve as CEO of international insurance.
Shares of Eli Lilly (LLY, Financial) hit a new 52-week high on Wednesday after rival GLP-1 drugmaker Novo Nordisk (NVO, Financial) said it was ending a kidney failure study early for its drug semaglutide due to efficacy data.
Ross Stores (ROST, Financial) announced on Wednesday that it had appointed Stephen Brinkley to the newly created position of president, operations, effective October 30.
Birkenstock (BIRK, Financial) opened trading on Wednesday at $41 per share after pricing its highly-anticipated IPO at $46 per share. The iconic shoe seller raised $1.48B through the issuance of 32.26M ordinary shares and the pricing valued the company at $8.6B.
