Market Updates
U.S. Movers: Exxon Mobil, Humana, Novo Nordisk, Pioneer Natural Resources, Sherwin William
Scott Peters
11 Oct, 2023
New York City
Benchmark indexes advanced for the third day in a row and crude oil prices edged slightly lower amid escalating tensions in the Middle East after Israel prepares for a military offensive in occupied Gaza.
The S&P 500 index increased 0.9% to 4,375.96 and the Nasdaq Composite rose 1.1% to 13,635.62.
The yield on 2-year Treasury notes decreased to 4.99%, 10-year Treasury notes inched lower to 4.59% and 30-year Treasury bonds edged down to 4.75%.
Humana Inc declined 1.2% to $494.0 after the health insurance company said chief executive Bruce Broussard will step down in the second-half of 2024.
The company named health care industry veteran Jim Rechtin as President and Chief Operating Officer effective January 8, 2024, as part of a long-planned CEO transition and Rechtin will assume chief executive's role after Broussard steps down.
Sherwin-Williams Company was unchanged at $252.0 and the company said President Heidi G Petz will assume additional role of chief executive from the start of 2024.
Novo Nordisk AS jumped 3.4% to $96.34 after the Danish company said it will stop kidney trials earlier because of promising results.
The company's drug therapy Ozempic uses active ingredient semaglutide, which the company also uses in the making of its weight-loss drug Wegovy.
After the Novo Nordisk's news, Davita Inc plunged 18% to $54.58 and Fresenius Medical Care dropped 16.7% to $17.45.
Pioneer Natural Resources Company jumped 1.9% to $241.79 after the company agreed to be acquired by Exxon Mobil in an all-stock merger for $253 a share or $60 billion.
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