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Wire

Top Midday Stories: NextEra, Dominion to Combine in All-Stock Deal; Big Pharma Firms Denied Certiorari by Supreme Court in Medicare Pricing Case

The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 Index were down in late-morning trading Monday, as Wall Street monitored oil prices and US Treasury yields amid the ongoing conflict in the Middle East.In company news, NextEra Energy (NEE) and Dominion Energy (D) said Monday they have entered into a definitive agreement to combine in an all-stock deal. Under the terms of the transaction, Dominion shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra for each Dominion share they own at the close of the deal, which is expected in the next 12 to 18 months. NextEra shareholders will own about 74.5% of the combined company, while Dominion shareholders will own the remaining 25.5%. NextEra shares were down 5.5% around midday, while Dominion shares were up 9.6%.The US Supreme Court on Monday denied writ of certiorari petitions by six big pharmaceutical companies seeking to challenge the legality of the Medicare Drug Price Negotiation Program under the Inflation Reduction Act of 2022. AstraZeneca (AZN), Novartis (NVS), Novo Nordisk (NVO), Johnson & Johnson's (JNJ) Janssen Pharmaceuticals, Bristol-Myers Squibb (BMY) and Boehringer Ingelheim Pharmaceuticals all had their petitions denied by the Supreme Court. Shares of AstraZeneca, Novartis, Johnson & Johnson and Bristol-Myers were up 1.1%, 0.8%, 0.4% and 0.5%, respectively, while Novo Nordisk was down 1%.Berkshire Hathaway (BRK.A, BRK.B) disclosed Friday in a regulatory filing that it sold all of its stake in UnitedHealth Group (UNH). Separately, a New York state court judge on Monday prohibited prosecutors from using some evidence found in the backpack of Luigi Mangione, who is standing trial for the murder of UnitedHealth Group's UnitedHealthcare CEO Brian Thompson, CNBC reported. UnitedHealth shares were down 1.5%, while Berkshire's class A and class B shares were up 0.2% and 0.1%, respectively.Citigroup (C) and BlackRock's (BLK) HPS Investment Partners are launching a 15 billion euro ($17.48 billion) private capital program to expand access to private financing for corporate and sponsor-owned borrowers in the Europe, the Middle East and Africa region, the companies said Monday. Citigroup shares were down 0.2%, while BlackRock shares were up 0.5%.Price: $88.24, Change: $-5.13, Percent Change: -5.49%

$AZN$BLK$BMY$BRK.A$BRK.B$C$D$JNJ$NEE$NVO$NVS$UNH
Wire

Big Pharma Firms Denied Certiorari by Supreme Court in Medicare Pricing Case

The US Supreme Court on Monday denied petitions for writs of certiorari filed by six big pharmaceutical companies seeking to challenge the legality of the so-called 'Drug Price Negotiation Program' under the Inflation Reduction Act of 2022.AstraZeneca (AZN), Novartis (NVS), Novo Nordisk (NVO), Johnson & Johnson's (JNJ) Janssen Pharmaceuticals, Bristol Myers Squibb (BMY) and Boehringer Ingelheim Pharmaceuticals all had their petitions denied by the Supreme Court.The companies did not immediately respond to requests for comment from.Price: $183.25, Change: $+1.67, Percent Change: +0.92%

$AZN$BMY$JNJ$NVO$NVS
Wire

Big Pharma Firms Denied Certiorari by Supreme Court in Medicare Pricing Case

Big Pharma Firms Denied Certiorari by Supreme Court in Medicare Pricing Case

$AZN$BMY$JNJ$NVO$NVS
Asia Markets

European Equities Traded in the US as American Depositary Receipts Down Sharply in Friday Trading

European equities traded in the US as American depositary receipts were sharply lower late Friday morning, falling 1.90% to 1,808.55 on the S&P Europe Select ADR Index, which is down 1.6% for the week so far.From continental Europe, the gainers were led by software firm SAP (SAP) and biopharmaceutical company Cellectis (CLLS), which were up 2.2% and 2.1% respectively. They were followed by internet advertising firm Criteo (CRTO) and accommodations booking site trivago (TRVG), which increased 1.6% and 1% respectively.The decliners from continental Europe were led by semiconductor company Sequans Communications (SQNS) and telecommunications company Nokia (NOK), which fell 5.2% and 4.7% respectively. They were followed by 3D printer company Materialise (MTLS) and pharmaceutical company Novo Nordisk (NVO), which lost 2.6% and 2.1% respectively.The gainers from the UK were led by biopharmaceutical company NuCana (NCNA) and software firm Endava (DAVA), which advanced 12.1% and 3.9% respectively. They were followed by biotech firm Trinity Biotech (TRIB) and oil and gas company BP (BP), which rose 3.4% and 1% respectively.The decliners from the UK and Ireland were led by pharmaceutical company Silence Therapeutics (SLN) and utilities company National Grid (NGG), which dropped 8.8% and 7.9% respectively. They were followed by mining company BHP Group (BHP) and biopharmaceutical company Biodexa Pharmaceuticals (BDRX), which were down 5.1% and 2.7% respectively.

$BDRX$BHP$BP$CLLS$CRTO$DAVA$MTLS$NCNA$NGG$NOK$NVO$SAP$SLN$SQNS$TRIB$TRVG
Asia Markets

European Equities Traded in the US as American Depositary Receipts Tracking Higher in Thursday Trading

European equities traded in the US as American depositary receipts were moving higher late Thursday morning, rising 0.43% to 1,852.92 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by semiconductor company Sequans Communications (SQNS) and 3D printer company Materialise (MTLS), which climbed 11.4% and 10.4% respectively. They were followed by lender ING Group (ING) and biopharmaceutical company Cellectis (CLLS), which increased 2.3% and 2.1% respectively.The decliners from continental Europe were led by pharmaceutical company Novo Nordisk (NVO) and internet browser company Opera (OPRA), which fell 1.7% and 1.6% respectively. They were followed by oil and gas company Eni (E) and lender Banco Santander (SAN), which were off 1.3% and 0.5% respectively.The gainers from the UK were led by biopharmaceutical companies NuCana (NCNA) and Akari Therapeutics (AKTX), which advanced 9.6% and 3.2% respectively. They were followed by communications company WPP (WPP) and lender Barclays (BCS), which were up 2.8% and 2.4% respectively.The decliners from the UK and Ireland were led by biotech firm Autolus Therapeutics (AUTL) and mining company BHP Group (BHP), which dropped 9.9% and 2.1% respectively. They were followed by biopharmaceutical company Amarin (AMRN) and pharmaceutical company AstraZeneca (AZN), which were down 1.3% each.

$AKTX$AMRN$AUTL$AZN$BCS$BHP$CLLS$E$ING$MTLS$NCNA$NVO$OPRA$SAN$SQNS$WPP
Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Wednesday Ahead of US-China Meeting

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% higher in Wednesday's premarket activity as markets traded mixed ahead of a meeting between US President Donald Trump and Chinese leader Xi Jinping.US stock futures were also mixed, with S&P 500 Index futures down 0.03%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures gaining 0.3% before the start of regular trading.The US Producer Price Index rose by 1.4% in April following a 0.7% gain in March, well above the 0.5% gain expected in a survey compiled by Bloomberg as of 7:35 am ET.The weekly petroleum stocks data will be released at 10:30 am ET.Mortgage applications rose by 1.7% in the week ended May 8 after a 4.4% fall in the previous week, with the home purchase applications driving the increase despite a small uptick in mortgage rates, according to Mortgage Bankers Association data released Wednesday.In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower, Ether ETF (EETH) advanced 0.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.4%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained 0.7% and the iShares US Industrials ETF (IYJ) was down 0.1%.Red Cat (RCAT) stock was down more than 13% before the opening bell after the company said it priced an underwritten public offering of 23.9 million shares at $9.40 apiece.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.4% lower. The iShares US Consumer Staples ETF (IYK) retreated by 0.3%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.3%.Birkenstock (BIRK) shares were down more than 5% pre-bell after the company reported lower-than-expected fiscal Q2 adjusted earnings and revenue.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) declined by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.6% higher.Sumitomo Mitsui Financial Group (SMFG) shares were up more than 2% pre-bell after the company reported higher fiscal 2026 earnings and ordinary income.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 1.4%, and the iShares US Technology ETF (IYW) was 1.3% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 1.5%, while the iShares Semiconductor ETF (SOXX) rose by 2%.Nvidia (NVDA) shares were up more than 2% in premarket activity after reports that Nvidia Chief Executive Jensen Huang is set to accompany US President Donald Trump on his visit to Beijing, a last-minute addition that has raised expectations of progress in stalled talks over Nvidia's H200 AI chip sales to China.EnergyThe iShares US Energy ETF (IYE) was down 1%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.3%.Fluence Energy (FLNC) stock was down more than 2% before the opening bell after the company said it has priced an underwritten public offering of a total of 20 million of its Class A common shares on behalf of certain shareholders at $21 apiece.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.5%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.6% lower.Novo Nordisk (NVO) shares were up 0.4% pre-bell. The drugmaker presented new analyses from its phase 3 OASIS 4 trial showing that adults treated with Wegovy pill achieved substantial weight loss and improved physical function. The company also said it is pausing further manufacturing development at its Odense, Denmark, site.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.4% to $101.81 per barrel on the New York Mercantile Exchange. Natural gas was down 0.6% at $2.83 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 0.4%, while The United States Natural Gas Fund (UNG) was 0.8% higher.Gold futures for May gained by 0.4% to reach $4,705.90 an ounce on the Comex. Silver futures rose by 2.6% to $87.85 an ounce. SPDR Gold Shares (GLD) was 0.7% lower, and the iShares Silver Trust (SLV) fell by 0.7%.

Dow JonesNasdaq CompositeS&P 500$BETH$BIRK$BITO$EEM$EETH$EXI$FAS$FAZ$FLNC$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVDA$NVO$PMR$QQQ$RCAT$RTH$SLV$SMFG$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Healthcare Stocks Advance Late Afternoon

Healthcare stocks advanced late Tuesday afternoon, with the NYSE Healthcare Index and the State Street Healthcare Select Sector SPDR ETF (XLV) each rising about 2%.The iShares Biotechnology ETF (IBB) increased 1.2%.In sector news, President Donald Trump said Tuesday that US Food and Drug Administration Commissioner Marty Makary is resigning, Bloomberg reported.In corporate news, West Pharmaceutical Services (WST) shares were down 3% after the company said in a regulatory filing its global operations were disrupted by a cyberattack.Alkermes (ALKS) shares jumped past 7% after the firm said Tuesday a late-stage trial of Lumryz oral suspension in adults with idiopathic hypersomnia, a rare condition in which patients require excessive sleep, met all primary and secondary targets.Sonida Senior Living's (SNDA) recent stock decline was unwarranted given the broad-based strength in its Q1 results, RBC said in a note. RBC kept its outperform rating and raised its price target to $45 from $39. Shares eased 0.2%.Dr. Reddy's Laboratories (RDY) plans to launch a generic version of Novo Nordisk's (NVO) Ozempic this month in Canada, Bloomberg reported Tuesday, citing Chief Executive Erez Israeli. Dr. Reddy's shares fell 5.3%, and Novo rose 1.1%.

$ALKS$NVO$RDY$SNDA$WST
Wire

Market Chatter: Dr. Reddy's to Launch Generic Ozempic in Canada This Month

Dr. Reddy's Laboratories (RDY) intends to launch a generic version of Novo Nordisk's (NVO) Ozempic this month in Canada, Bloomberg reported Tuesday, citing comments by Chief Executive Erez Israeli.Health Canada approved its application in April, while exclusivity on semaglutide, the key ingredient in Ozempic and Wegovy, expired on Jan. 4 in Canada, the report said.Dr. Reddy's didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $12.29, Change: $-0.86, Percent Change: -6.51%

$NVO$RDY
Wire

Dr. Reddy's to Launch Generic Ozempic in Canada This Month, Bloomberg Reports

Dr. Reddy's to Launch Generic Ozempic in Canada This Month, Bloomberg Reports

$NVO$RDY
Asia Markets

US Equity Futures Lower Pre-Bell as Trump Says Middle East Ceasefire on 'Life Support'

US equity futures were lower pre-bell Tuesday as the standoff continued in the Middle East, with the ceasefire between the US and Iran on shakier ground after President Donald Trump said it was "on life support."Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 0.8% lower.Trump told reporters in the White House that the month-old truce is "unbelievably weak." He had rejected Iran's response to the US peace proposal. Iran's most recent counteroffer had included a demand for war reparations, an end to sanctions, full sovereignty over the Strait of Hormuz, and the release of frozen Iranian assets.Traders monitored the latest round of earnings, with Sea (SE) and Venture Global (VG) posting higher Q1 earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.2% at $107.57 per barrel and US West Texas Intermediate crude 3.1% higher at $101.08 per barrel.The April consumer price index, released at 8:30 am ET, gained 0.6% as expected, compared with a 0.9% increase in the previous month, according to estimates compiled by Bloomberg.Federal Reserve Chicago President Austan Goolsbee is slated to speak Tuesday.In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended 0.2% lower, and China's Shanghai Composite finished 0.3% lower. Meanwhile, the UK's FTSE 100 was down 0.4%, and Germany's DAX index was 1.1% lower in Europe's early afternoon session.In equities, Novo Nordisk (NVO) stock was up 2.5% after the company said a higher dose of its Wegovy drug helped people with obesity lose "significant amounts" of weight irrespective of how quickly their body responds to the treatment, based on a new sub-analysis from a clinical trial. Sea and Venture Global shares were up 11% and 9.4%, respectively, after the companies reported their Q1 financial results.On the losing side, Dell Technologies (DELL) shares were down 2.1% after UBS downgraded the stock to neutral from buy. Hims & Hers Health (HIMS) stock was down 15% after the company reported a swing to Q1 loss.

Dow JonesNasdaq CompositeS&P 500$DELL$HIMS$NVO$SE$VG
Commodities

Exchange-Traded Funds, Equity Futures Fall Pre-Bell Tuesday Amid Consumer Inflation Report Release

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5% and the actively traded Invesco QQQ Trust (QQQ) was 1% lower in Tuesday's premarket activity amid the consumer price date report for April.US stock futures were also lower, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures slipping 0.04%, and Nasdaq futures falling 0.9% before the start of regular trading.The NFIB Small Business Optimism Index edged up to 95.9 in April from 95.8 in March, while expectations for business conditions weakened, according to National Federation of Independent Business data on Tuesday.The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.6% in April, as expected and following a 0.9% increase in March, according to data released Tuesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.4%, higher than the consensus estimate for a 0.3% increase. Core CPI rose by 0.2% in March.In premarket activity, bitcoin was down by 1.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.6% lower, Ether ETF (EETH) retreated 2.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost by 1.5%.Power Play:EnergyThe iShares US Energy ETF (IYE) was up 0.8%, while the State Street Energy Select Sector SPDR ETF (XLE) gained by 1.2%.Venture Global (VG) stock was up more than 11% before the opening bell after the company reported higher Q1 earnings and revenue.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.4%, while the Vanguard Industrials Index Fund (VIS) was inactive and the iShares US Industrials ETF (IYJ) gained 0.04%.Hub Group (HUBG) stock was down more than 5% before the opening bell after the company said it filed a Form 12b-25 with the US Securities and Exchange Commission to delay its Q1 2026 Form 10-Q filing as it continues work on previously disclosed financial restatements.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) decreased by 0.5%.GameStop's (GME) shares were down more than 4% pre-bell after eBay (EBAY) said its board has rejected an unsolicited, non-binding buyout offer from GameStop.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.Figure Technology Solutions (FIGR) shares were up more than 4% pre-bell after the company swung to a Q1 net income and higher revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.2%, and the iShares US Technology ETF (IYW) was 1.5% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 1.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 1.1%, while the iShares Semiconductor ETF (SOXX) lost 2.2%.Qnity Electronics (Q) shares were up more than 3% in premarket activity after the company reported higher Q1 adjusted earnings and net sales.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) gained by 0.5%, while the iShares US Healthcare ETF (IYH) slipped 0.2%. The iShares Biotechnology ETF (IBB) was flat.Novo Nordisk (NVO) stock was up more than 2% premarket after the company said the higher dose of Wegovy helped people with obesity lose "significant amounts" of weight irrespective of how quickly their body responds to the treatment, based on a new sub-analysis from a clinical trial.CommoditiesFront-month US West Texas Intermediate crude oil rose 3.6% to $101.55 per barrel on the New York Mercantile Exchange. Natural gas was down 0.4% at $2.90 per 1 million British Thermal Units. The United States Oil Fund (USO) advanced 3.3%, while the United States Natural Gas Fund (UNG) was 1.5% lower.Gold futures for May declined by 0.4% to $4,709.30 an ounce on the Comex. Silver futures fell 1.8% to $84.37 an ounce. SPDR Gold Shares (GLD) was 0.7% lower, and the iShares Silver Trust (SLV) fell by 2.8%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$EBAY$EEM$EETH$EXI$FAS$FAZ$FIGR$GLD$GME$HUBG$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVO$PMR$Q$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VG$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Healthcare Stocks Lower Late Afternoon

Healthcare stocks declined late Friday afternoon, with the NYSE Healthcare Index and the State Street Healthcare Select Sector SPDR ETF (XLV) each shedding about 0.9%. The iShares Biotechnology ETF (IBB) decreased 0.3%.In sector news, President Donald Trump has approved a plan to fire the US Food and Drug Administration Commissioner Marty Makary, the Wall Street Journal reported Friday. Trump expressed displeasure in recent days with Makary for taking too long to approve flavored vapes and nicotine pouches, the Journal reported earlier this week.In corporate news, Zoetis (ZTS) shares fell past 5% after Ameriprise downgraded the stock to hold from buy following its Q1 results Thursday. UBS also cut its price target to $99 from $130, and Jefferies to $117 from $155.Traws Pharma (TRAW) shares surged 28%. The company said Friday it plans to develop potential therapies for the treatment and prevention of hantavirus infections using its portfolio of antiviral drug candidates targeting negative-strand RNA viruses.Novo Nordisk (NVO) saw a 40% month-on-month surge in April sales of its diabetes and weight-loss drugs in India after slashing prices, despite a flood of generic versions, Bloomberg reported, citing data from market researcher Pharmarack. Novo added 0.5%.PTC Therapeutics (PTCT) shares jumped past 14% after posting a smaller-than-expected net loss for Q1, as well as total revenue that surpassed analysts' consensus.

$NVO$PTCT$TRAW$ZTS
Sectors

Sector Update: Healthcare Stocks Lower in Afternoon Trading

Healthcare stocks declined Friday afternoon, with the NYSE Healthcare Index falling 1% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 0.9%.The iShares Biotechnology ETF (IBB) was 0.4% higher.In corporate news, Zoetis (ZTS) shares fell past 6% after Ameriprise downgraded the stock to hold from buy following its Q1 results Thursday. UBS cut the company's price target to $99 from $130, and Jefferies to $117 from $155.Traws Pharma (TRAW) shares surged 24%. The company said Friday it plans to develop potential therapies for the treatment and prevention of hantavirus infections using its portfolio of antiviral drug candidates targeting negative-strand RNA viruses.Novo Nordisk (NVO) saw a 40% month-on-month surge in April sales of its diabetes and weight-loss drugs in India after slashing prices, despite a flood of generic versions, Bloomberg reported, citing data from market researcher Pharmarack. Novo added 0.2%.

$NVO$TRAW$ZTS
Research

Research Alert: CFRA Keeps Hold Opinion On Adss Of Novo Nordisk

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We adjust our target price to USD50 from USD47, implying 15.1x our 2026 EPADS, below its historical forward P/E average of 24x-28x, to reflect concerns over its long-term competitive edge. We adjust our EPADS forecasts to DKK21.05 from DKK20.60 for 2026 and to DKK21.70 from DKK22.30 for 2027, to account for the updated guidance while also considering the continued pricing pressure. Novo Nordisk raised its 2026 outlook, with adjusted sales and operating profit now expected to decline 4%-12% CER (vs. prior -5% to -13%), reflecting stronger GLP-1 expectations, particularly for the Wegovy pill. In Q1 2026, adjusted sales (excluding the rebate provisions reversal) fell 10% (-4% CER) on lower realized prices, particularly in the U.S., partially offset by volume growth. The Wegovy pill's strong launch trajectory is encouraging, with international rollout expected in 2H 2026. However, persistent U.S. pricing pressure, mixed clinical data (CagriSema setbacks), and intensifying competition warrant close monitoring.

$NVO
Sectors

Sector Update: Health Care Stocks Advance Late Afternoon

Health care stocks were higher late Wednesday afternoon, with the NYSE Health Care Index increasing 0.3% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.2%.The iShares Biotechnology ETF (IBB) climbed up 2.1%.In corporate news, Oscar Health (OSCR) shares surged past 10% after the company reported higher Q1 results.DaVita (DVA) shares jumped past 22% after Deutsche Bank upgraded the stock to buy from hold and boosted its price target to $220 from $126, a day after the company reported better-than-expected Q1 results.CVS Health (CVS) raised its full-year earnings outlook after reporting better-than-expected Q1 results on improvement in its health-care benefits segment. Its shares gained 8%.Novo Nordisk (NVO) expects generic versions of its Ozempic medication to face approval delays in China until next year, Bloomberg reported, citing the drugmaker. The patent for semaglutide, the main ingredient in Ozempic and Wegovy, expired in China in March, but the firm said it still has regulatory data protection until April 2027 due to a trade agreement between China and Switzerland, Bloomberg reported. Novo shares rose 2.2%.

$CVS$DVA$NVO$OSCR
Sectors

Sector Update: Health Care Stocks Mixed Wednesday Afternoon

Health care stocks were mixed Wednesday afternoon, with the NYSE Health Care Index increasing 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.1%.The iShares Biotechnology ETF (IBB) climbed 1.8%.In corporate news, CVS Health (CVS) raised its full-year earnings outlook after reporting better-than-expected Q1 results driven by improvement in its health-care benefits segment. Its shares gained 6.8%.Novo Nordisk (NVO) expects generic versions of its Ozempic medication to face approval delays in China until next year, Bloomberg reported, citing the drugmaker. The patent for semaglutide, the main ingredient in Ozempic and Wegovy, expired in China in March, but the company said it still has regulatory data protection until April 2027 due to a trade agreement between China and Switzerland, Bloomberg reported. Novo shares rose 2.5%.Eli Lilly (LLY) is looking to raise about $8 billion from an investment-grade bond sale to fund an acquisition spree, Bloomberg reported. Lilly shares added 0.3%.

$CVS$LLY$NVO
Wire

Market Chatter: Novo Nordisk Expects Delay for Generic Ozempic in China

Novo Nordisk (NVO) expects generic versions of its Ozempic medication to face approval delays in China until next year, Bloomberg News reported Wednesday, citing the drugmaker.The patent for semaglutide, the main ingredient in Ozempic and Wegovy, expired in China in March, but the company said it still has regulatory data protection until April 2027 due to a trade agreement between China and Switzerland, Bloomberg reported.Hangzhou Jiuyuan Genetic Biopharmaceutical, the first Chinese firm to seek clearance for a generic, said in March its product review was suspended because of the international data protection stipulations, according to the report.Novo Nordisk and Hangzhou Jiuyuan did not immediately respond to' requests for comment, while the Chinese regulatory authority could not be reached for comment.Novo Nordisk shares were more than 3% higher in Wednesday trading.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $46.21, Change: $+1.34, Percent Change: +2.98%

$NVO
Sectors

Sector Update: Health Care Stocks Gain Pre-Bell Wednesday

Health care stocks were higher premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) gaining by 0.1% and the iShares Biotechnology ETF (IBB) advancing 1%.Novo Nordisk (NVO) stock was up more than 6% premarket after the company posted higher-than-expected Q1 earnings and revenue in addition to raising its 2026 adjusted sales growth guidance.Royal Philips (PHG) shares were up more than 1% pre-bell after the company reported higher-than-expected Q1 adjusted income from continuing operations and revenue.Oscar Health (OSCR) stock was up over 9% premarket after the company reported higher Q1 adjusted earnings and revenue.

$IBB$NVO$OSCR$PHG$XLV
Sectors

Sector Update: Health Care

Health care stocks were edging higher premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) gaining by 0.1% and the iShares Biotechnology ETF (IBB) advancing 1%.Novo Nordisk (NVO) stock was up more than 6% premarket after the company posted higher-than-expected Q1 earnings and revenue in addition to raising its 2026 adjusted sales growth guidance.

$IBB$NVO$XLV
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday Amid Potential US-Iran Truce

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 1% and the actively traded Invesco QQQ Trust (QQQ) was 1.7% higher in Wednesday's premarket activity amid news of a potential US-Iran truce.US stock futures were mixed, with S&P 500 Index futures up 1%, Dow Jones Industrial Average futures falling 1.2%, and Nasdaq futures advancing 1.6% before the start of regular trading.US mortgage applications fell in the week ended May 1 amid higher mortgage rates, according to data released by the Mortgage Bankers Association early Wednesday.ADP's monthly measure of private payrolls showed a 109,000 increase in April, below expectations compiled by Bloomberg as of 7:20 am ET for an increase of 120,000.State-level unemployment data for March is slated for a 10 am ET release, followed by the weekly petroleum stocks at 10:30 am ET.Chicago Federal Reserve President Austan Goolsbee is due to speak on Wednesday.In premarket activity, bitcoin was down by 1.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.3% higher, Ether ETF (EETH) advanced 2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) fell over 14%.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.9% lower.Hut 8 (HUT) shares were up more than 24% pre-bell after the company reported higher Q1 revenue.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 2.1%, and the iShares US Technology ETF (IYW) was 2.4% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) rose 3.6%, while the iShares Semiconductor ETF (SOXX) increased by 4.3%.Advanced Micro Devices (AMD) shares were up more than 18% in premarket activity after the company overnight posted stronger-than-expected fiscal Q1 results and issued an upbeat Q2 revenue outlook.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.3%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 1% higher.Novo Nordisk (NVO) stock was up more than 6% premarket after the company posted higher-than-expected Q1 earnings and revenue in addition to raising its 2026 adjusted sales growth guidance.EnergyThe iShares US Energy ETF (IYE) was down 4.2%, while the State Street Energy Select Sector SPDR ETF (XLE) fell by 4.8%.Equinor (EQNR) stock was down more than 9% before Wednesday's opening bell after the company reported lower Q1 revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.8%, while the Vanguard Industrials Index Fund (VIS) was up 2.3%, and the iShares US Industrials ETF (IYJ) was inactive.Ametek (AME) stock was up more than 2% before the opening bell after the company agreed to acquire Indicor Instrumentation from Indicor in an all-cash deal valued at about $5 billion.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.2%. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 1.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.2% lower.Amazon (AMZN) shares were up more than 1% a day after The Information reported the company-backed Anthropic will pay Alphabet's (GOOG, GOOGL) Google Cloud about $200 billion over five years for computing capacity and processors.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 10% to $91.80 per barrel on the New York Mercantile Exchange. Natural gas was down by 2.5% at $2.72 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 9.6%, while the United States Natural Gas Fund (UNG) was 1.6% lower.Gold futures for May rose by 3.1% to $4,711.90 an ounce on the Comex. Silver futures advanced by 5.7% to $77.79 an ounce. SPDR Gold Shares (GLD) was 3% higher, and the iShares Silver Trust (SLV) rose by 5.4%.

Dow JonesNasdaq CompositeS&P 500$AMD$AME$AMZN$BETH$BITO$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$GOOG$GOOGL$HUT$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVO$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

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