Novo Nordisk (NYSE:NVO) has outbid Pfizer Inc (NYSE:PFE, ETR:PFE) in a heated contest for obesity-focused biotech Metsera (NASDAQ:MTSR), with the Danish drugmaker’s revised offer valuing the company at roughly $10 billion, compared with Pfizer’s $8.1 billion proposal.
Metsera’s board on Tuesday declared Novo Nordisk’s amended bid “superior,” setting the stage for a potential acquisition that could reshape the obesity treatment landscape.
Bank of America analysts on Tuesday downgraded Draftkings Inc (NASDAQ:DKNG) to ‘Neutral’, while reducing its price objective to $35 per share, citing “relentless” headwinds that could hurt the sports betting platform’s long-term earnings power.
In a note to clients, the analysts pointed to factors such as the company’s underperformance in iGaming, with its market share declining from 27% to 23% over the last two years, and never-ending state taxes, which has pressured its margins by about 200 basis points, as reasons for their pessimism.
Ferrari (NYSE:RACE) reported third-quarter earnings that beat expectations, buoyed by higher prices and strong demand for customized and hybrid vehicles, even as weaker China sales and US tariff concerns lingered.
Revenue rose 7% to €1.77 billion, surpassing analyst estimates of €1.71 billion, while EBIT increased 8% to €503 million.
iHeartMedia Inc (NASDAQ: IHRT) shares climbed 25% on Tuesday after Bloomberg reported that Netflix Inc (NASDAQ:NFLX, ETR:NFC) is in discussions to license video podcasts from the media company.
Bloomberg, citing people familiar with the matter, said Netflix is seeking exclusive rights to video versions of iHeartMedia’s popular podcasts, which would prevent full episodes from being uploaded to YouTube.
Denny's Corp (NASDAQ: DENN) shares surged more than 50% in early trading on Tuesday after the family diner restaurant chain announced that it will be taken private for $6.25 per share in cash, representing an enterprise value of about $620 million.
Denny's will be acquired by a group consisting of private equity firm TriArtisan Capital Advisors LLC, alternative asset manager Treville Capital Group, and Yadav Enterprises Inc, one of Denny’s biggest franchisees.
Uber Technologies Inc (NYSE:UBER, ETR:UT8) shares fell 6.6% on Tuesday morning after the ride-hailing and delivery giant signaled softer profit margins as it ramps up investment in growth initiatives, despite putting up stronger-than-expected third-quarter results.
Revenue rose 16% to $13.47 billion, topping Wall Street estimates of $13.27 billion, while earnings per share surged to $1.20 from $0.69 expected.
Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) shares climbed 9% to 1.75p after the company announced it has been granted an Investment Registration Certificate by Saudi Arabia’s Ministry of Investment (MISA), giving it full legal status to operate in the Kingdom.
The approval allows Hydrogen Utopia to establish a branch or subsidiary in Saudi Arabia, hire staff, lease facilities and participate in both government and private-sector projects.
Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) shares climbed 10% to 1,061p after the company raised its full-year targets following a record third quarter that saw profits, cash flow and shareholder returns all surge.
The US-focused gas and oil producer now expects adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of between $900 million and $925 million for 2025, about 7% higher than previously forecast, and has lifted its free-cash-flow goal by 5% to around $440 million.