Europe’s New “Largest Company”

There’s a new king of the European content, with the title changing hands for the first time years. 👑

We last talked about LVMH in June, when it became the first European company to pass a $500 billion valuation. Since then, it’s fallen on fears of a slower-than-anticipated recovery in China, allowing a competitor to catch up. 

Today, Danish pharmaceutical giant Novo Nordisk officially surpassed its value, claiming the title of Europe’s largest company. As for what’s driving the stock? The company continues to grow in hopes that its latest products can help people shrink.

The drugmaker’s Ozempic and Wegovy products have experienced massive demand over their potential weight loss uses. That’s created a massive “arms race” as competitors look to create their own versions of the drugs. Besides cosmetic benefits, analysts are focused on the ability of these drugs to reduce the risk of major cardiovascular events associated with being overweight or obese. 🔻

It’s unclear what the potential market size will end up being. But for now, investors are betting big on $NVO shares. 🤩

Tesla Unveils Its Cybertruck

Elon Musk has been in the news quite a bit recently. But today, he was back in the headlines for better reasons, delivering the company’s first Cybertrucks at its Austin headquarters. 🛻

The live event comes after roughly four years of delays and missteps. In it, Musk touted the truck’s towing abilities, bulletproof doors, and straight-line speed, with the event ending with several customers taking delivery of their vehicles.

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Several Corporate Shakeups

There were several high-profile management changes announced today. We’ve got you covered with a summary below. 📝

First up, the founder and CEO of dating app Bumble, Whitney Wolfe Herd, is planning to step down early next year as she transitions to a new role as executive chair. She’ll be replaced by Lidiane Jones, the current CEO of Salesforce’s cloud-based messaging platform Slack. The announcement came ahead of Bumble’s earnings results, which will be released Tuesday after the bell. Like other pandemic-era companies that came public during the bull market, Bumble’s share price has struggled since day one and is currently sitting at all-time lows. 📉

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More Automotive Antics

News drove several auto stocks today, so let’s review. 👇

First, let’s start with GM-owned Cruise, which is experiencing a lot of trouble in the autonomous driving market. The California Department of Motor Vehicles (DMV) recently suspended its driverless permits over several issues. That caused the company to suspend all driverless taxi operations and pause production of its vehicles. 🛑

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Siemens Seeks Support

Roughly four months after we last discussed Siemens Energy, the company is back in the news. 📰

Before getting into today’s news, the energy giant made headlines in June after scrapping its profit forecast and warning that major setbacks at its wind turbine subsidiary (Siemens Gamesa) could last years. That sent shares tumbling 37% in about two days, also pressuring Siemens AG, which owns about 35% of the company.

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