On this episode of Stock Movers:
- Novo Nordisk (NVO) won approval to sell a pill version of its blockbuster obesity shot Wegovy in the US, a crucial step in its effort to defend its market share from rival Eli Lilly. The shares soared by as much as 11% in Copenhagen, the biggest intraday gain since August. Novo has fallen by almost half this year amid concern about the Danish drugmaker’s ability to compete in the obesity market it pioneered. Shares continued to rally in New York trading on Tuesday.
- Johnson & Johnson (JNJ) was ordered to pay about $1.56 billion to a Maryland woman who blamed the company’s talc-based baby powder for causing her asbestos-linked cancer, the largest such verdict for an individual in 15 years of litigation. The verdict comes as J&J has been pummeled by a recent spate of baby powder verdicts after it failed this year to use bankruptcy court to force a settlement of more than 70,000 lawsuits accusing the company of hiding the product’s cancer risks. Shares of the company fell in trading on Tuesday.
- ServiceNow (NOW) has reached a deal to buy the cybersecurity startup Armis in a deal valued at $7.75 billion, representing its largest acquisition to date. Shares in ServiceNow fell about 1.3% in early trading before markets opened in New York. They closed up around 0.9% on Monday, giving the company a market valuation of about $163 billion.