All three major market US stock indexes were in the red in late-morning trading Monday, with the Nasdaq Composite leading the way down, as investors continue to fret over the state of the US economy and the plans for President Donald Trump's tariffs.
In company news, share of Novo Nordisk (NVO) were down on Monday after the company published the latest trial results of its investigative weight-loss drug, which trailed its own initial expectations. Patients treated with the therapeutic candidate, called CagriSema, experienced 15.7% weight loss after 68 weeks versus 3.1% with a placebo, according to the company, below the 25% weight-loss target the drugmaker discussed during its earnings call in November. Shares of Novo Nordisk were down 7.9% around midday.
Rocket (RKT) said Monday it will acquire real-estate brokerage Redfin (RDFN) for an equity value of $1.75 billion. The deal is set to close in Q2 or Q3, according to a joint statement. Rocket shares were down 13.4%, while those of Redfin were up 74%.
ServiceNow (NOW) said Monday it has signed a definitive agreement to acquire Moveworks for $2.85 billion. The cash-and-stock deal is expected to close in the second half of the year, subject to customary purchase price adjustments, ServiceNow said. Shares of ServiceNow were down 5.9%.
CVS Health (CVS) is preparing to launch 12 smaller stores focused primarily on pharmacy services, with minimal space for general retail, The Wall Street Journal reported Saturday, citing a company spokesperson. The outlets, each under 5,000 square feet, will be less than half the size of a normal CVS and are scheduled to open during 2026 in multiple locations, The WSJ reported. CVS shares were up 0.1%.
Ford Motor (F) said Monday it will inject up to 4.4 billion euros ($4.78 billion) of new capital and financing into a comprehensive business plan for its Ford-Werke unit in Germany. The new financing will address the "over-borrowing" position of the German subsidiary and provide capital to support the business transformation and enhance competitiveness, the automaker said. Ford shares were up 0.6%.
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