Ozempic Oopsies

December 02, 2023

Good Morning,

Drugmaker Novo Nordisk showers money on U.S. obesity doctors, Dell Technologies reported third-quarter revenue below estimates, 20,000 New Zealand home loan accounts are now past due, a former Blue Origin rocket engine manager alleges wrongful termination for whistleblowing on safetyand the Ports of Auckland have been fined over half a million dollars after admitting its responsibility in the death of a man.

Let's jump in.

Before The Bell

Markets

  • The Auckland Council has invited tenders to advise on potential buyback of bonds maturing in 2050. (NBR)

  • The S&P/NZX 50 Index closed at 11,367.51, up 37.31 points or 0.33%, after reaching an intraday low of 11,3207.05. (GR)

  • European stocks advanced and the dollar fell before comments from Federal Reserve Chair Jerome Powell that may offer clues about the path of interest rates. (BBG)

  • The S&P 500 Index advanced 8.9% this month, for its second-best November since 1980. The gauge is up around 19% in 2023 and snapped a three-month losing streak as investors looked past the possibility of a recession, geopolitical turmoil and soaring borrowing costs. (BBG)

  • Oil prices were broadly steady on Friday following a 2% drop on Thursday. (RT)

Earnings and Data

  • Dell Technologies reported third-quarter revenue below estimates due to a slower-than-expected recovery in the hardware and software market. (RT)

News Summary

  • Almost 20,000 home loan accounts are now past due, credit bureau Centrix says. (Stuff)

  • The Labour Party outlines battle plan as National-led government promises to get to work. (Stuff)

  • An alleged organised crime syndicate has been busted in Auckland with police dismantling drug and money laundering operations and seizing $25 million worth of cannabis. (Stuff)

  • The Ports of Auckland have been fined over half a million dollars after admitting its responsibility in the death of a father-of-seven who was killed by a falling container. (Stuff)

  • Consumer confidence remains pessimistic as inflation pressures persist. (RNZ)

  • Former banned director Dave Henderson is continuing a legal fight to clear his name after the High Court declined a judicial review last year. (NBR)

  • The Biden administration has forced Rain Neuromorphics, a Saudi Aramco-backed venture capital firm, to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman. (RT)

  • War resumes in Gaza after truce collapses. (RT)

  • Steve Maharey has resigned as the chair of the boards of ACC and drug-buying agency Pharmac, effective immediately. (NBR)

  • Binance’s VIP traders got sneak peek of record US crypto penalty. (BBG)

  • Morgan Stanley downgrades LVMH to end six years of bullishness. (BBG)

  • Drugmaker Novo Nordisk paid U.S. medical professionals at least US$25.8 million over a decade in fees and expenses related to its weight-loss drugs. (RT)

  • Former Blue Origin rocket engine manager alleges wrongful termination for whistleblowing on safety. (TC)

  • Indeed Inc., the online job-search company, is canceling the monthly mental health days it introduced during the pandemic. (BBG)

  • A client of Malaysia’s biggest bank recently discovered that her bank balance had mysteriously increased to more than $86 million. (BBG)

Deal Flow

Investments / M&A

  • Brookfield has flagged it could walk away from its pursuit of Origin Energy, citing changes in government climate policy, ahead of a shareholder vote on its A$16 billion takeover offer lobbed with private equity partner EIG. (AFR)

  • AbbVie will buy ImmunoGen for US$10.1 billion. (RT)

  • India's UltraTech Cementsays it will buy the cement business of Kesoram Industries in an all-stock deal valued at US$645.41 million, in a move to add heft to its hold in the southern part of the country. (RT)

VC & Fundraising

  • Syrup Tech Inc., a startup that makes artificial intelligence tools to help fashion retailers plan and manage their inventory, has raised US$17.5 million in a funding round led by Accel. (BBG)

  • Nexl, which makes software for lawyers to manage their clients, has raised A$6 million from investors, in a deal that values the company at $31 million, after doubling its annual recurring revenue. (AFR)

Equity Raises

  • Biotech Mesoblast had its broker Bell Potter launch a A$97.7 million equity raising on Friday morning to fund trials. (AFR)

  • Barrenjoey’s equities desk crossed 2.46 million shares in Dusk Ltd, representing 4% of the company shortly after market open on Friday. (AFR)

Daily Picks

  • A US judge has blocked Montana’s state ban on the use of TikTok from taking effect, saying it violated the free speech rights of users. (Guardian)

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