Navigated to Novo Nordisk Falls, State Street Drops, Zions Plunges on Losses From Alleged Fraud On this episode of Stock Movers: - Transcript

Novo Nordisk Falls, State Street Drops, Zions Plunges on Losses From Alleged Fraud On this episode of Stock Movers:

Episode Transcript

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Bloomberg Audio Studios, podcasts, radio News.

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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.

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Take a look at some of the stocks on the move Today'm Paul Sweeney, a Longtside Scarlafu, and we're joined by Bloomberg Christina Quino.

Christine, what are you looking at?

Let's take a look at Novo Nordisk, Paul.

So that's one of the red stocks on the screen.

At the moment it took her Nvo.

Those shares are down three point eight percent now, so that's extending some of those opening declines that we've already seen.

And this is the ozempek maker.

And of course we did get President Donald Trump saying earlier that the price of the drug ozempe could come down to just one hundred and fifty dollars a month.

I think at the moment the list price is about a thousand, so it would be literally a fraction of the cost.

Uh.

And you know, Novillo has already been challenged this year, right like it shares have been down about fifty percent in the last twelve months because it's facing increasing competition in the weight loss market.

But we did have Blower Intelligence analysts weighing in saying that okay, in theory, this would be bad news for NOVO, of course, but implementation would be challenging.

And we don't even have any details at the moment in terms of how this was going to will go down and what sort of proportion of patients would actually be will have access to those lower prices, and so the knee jerk reaction is a cell today.

But watch this space for a bit of a call back there.

Potentially the knee jerk reaction to State Street's latest results is also to sell it, absolutely scarl it.

So State Street tick her STT.

Those shares also down this morning, extending the clients as well, down more than five point eight percent.

Right now, we did get their results.

Third quarter adjusted EPs beat estimates.

That's the good thing.

Fees are also up, but everyone is focusing on their net interest income, which is below expectations.

I think the word in the street is that, Okay, fees are up, that's great, but that's more reflective of the broader market environment, right it's not necessarily reflective of State Streets very specific strengths and in terms of its net interest income coming in below expectation.

That's actually a very specific UH weakness because Turist analyst David Smith was pointing out that investors will definitely be asking why they've kept their NI guide is lower when other trust banks have actually raised it.

So that's something that is causing a bit of concern in terms of the net interest income outlook in something that's probably weighing on the shares today.

Zion Zion, What is a Zion the science the bank that we've all been talking about UH for the last twenty four hours anyway, And so right yesterday, big big decline thirteen percent, calwing those losses back today, so Zion chicker zio and shares are up now more than five percent, and yeah, they're they're rebounding because you know, after the aftermath of the great sell off yesterday, I think the word industry is that it is at the moment, it's looking like it's an asyncratic risk.

And potentially what we saw yesterday was the price action self first ask questions.

Later bloger intelligence weigh in Herma Chan wrote that you know, this looks like it is very specific to those charge offs related to two specific commercial loans and otherwise, credit quality has actually been well managed.

We did see, you know, prior to the news that you know, Zions was looking like it has a good base when it comes to small business clients and as Herman mentioned as a quality has been solid.

Loan losses have been below piers and so yeah, Niederk reaction yesterday already cloning that.

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Back today the Stock Mover's Report from Bloomberg Radio.

Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines.

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