On this episode of Stock Movers:
- Shares of regional banks Zions Bancorp (ZION) and Western Alliance (WAL) edged lower ahead of the open after the companies said they were the victims of fraud on loans to funds that invest in distressed commercial mortgages, fueling concern that more cracks are emerging in the credit markets.
- Truist Financial (TFC) and Fifth Third Bank (FITB) edged higher in the early session after earnings that came in slightly above consensus estimates.
- Shares of pharma giants Eli Lilly (LLY) and Novo Nordisk (NOVOB DC) are falling in premarket trading after President Trump said the price of the blockbuster diabetes drug Ozempic could come down to just $150 a month. The US list price of Ozempic is roughly $1,000 for a month’s supply. Trump told reporters on Thursday that the cost of the drug, made by Novo, will soon be “much lower.” Lilly sells similar treatments, including Mounjaro and Zepbound.