Yahoo Finance Senior Reporter Allie Canal takes a closer look at some of Wednesday’s trending tickers, including Novo Nordisk (NVO), IBM (IBM), and Pinterest (PINS).
To watch more expert insights and analysis on the latest market action, check out more Morning Brief.
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we’re watching Novo Nordisk, IBM and Pinterest.
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First up, Novo Nordisk. The maker of Ozempic is cutting its growth expectations for its obesity and diabetes treatments as competition intensifies.
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It’s the fourth time this year the company has trimmed its forecast amid lagging sales. The company also reported disappointing earnings for the third quarter.
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Novo is struggling to compete with Eli Lilly in the growing market for obesity medicines. It’s now entered a bidding war with Pfizer for obesity startup Mitsara as it looks to spark growth.
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Next up, IBM. The tech company planning to cut thousands of workers this quarter. The workforce reduction comes as IBM continues to shift the focus of its business to higher growth software and services.
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IBM shares have climbed this year on investor enthusiasm for its software business. The company employed about 270,000 workers as of the end of 2024.
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Finally, Pinterest. Shares slumping after the search platform gave a weaker than expected revenue outlook.
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It’s a sign its advertising business may not be growing as quickly as expected despite the upcoming holiday shopping season.
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Analysts at Rosenblatt also downgraded the stock to neutral from buy, citing AI concerns.
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The company just launched Pinterest assistant last week, marketed as the first AI powered visual first collaborator for online shopping.
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Well, you can scan the QR code below to track the best and worst performing stocks with Yahoo Finance’s trending tickers page.
