Yahoo Finance Tesla, Lucid, Novo Nordisk: Trending tickers
EV makers Tesla (TSLA), Rivian (RIVN), and NIO (NIO) have all received a downgrade from Mizuho Securities to Neutral citing near-term demand and challenges with liquidity going into next year.
Shares of Lucid (LCID) are jumping Monday morning after the EV maker announced a $1 billion investment from its majority stockholder, Ayar Third Investment Company, to buy newly created convertible preferred stocks.
Novo Nordisk (NVO) is set to acquire Cardior Pharmaceuticals, a company that develops RNA-based therapeutics for heart disease. The deal includes a heart failure treatment in phase two of clinical development
Yahoo Finance Anchors Madison Mills and Seana Smith break down the latest developments for these companies.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Nicholas Jacobino
Video transcript
BROOKE DI PALMA: We're just about 30 minutes into today's trade. So we're going to take a look at how things are shaping up so far. Stocks trading slightly lower to kick off this shortened trading week, not a lot of momentum to move off of here. But all three major averages are still on pace for five straight months of gains here. So now, some time for individual trending tickers this morning because we have Mizuho securities downgrading EV makers Tesla, Rivian, and NIO all to neutral.
Analysts writing, although they remain constructive on the broader EV landscape, near-term demand and tightening liquidity create challenges coming into next year. Now, EV OEMs face a catch-22 juggling profitability and production ramps as well.
SEANA SMITH: And shares of Lucid skyrocketing after announcing a deal with its majority stockholder here, Ayar Third Investment Company to purchase $1 billion worth of newly created convertible preferred stock. Now, Ayar is an affiliate of Saudi Arabia's public investment fund. And the flow of capital is going to give the EV maker a bit more runway.
BROOKE DI PALMA: And we're also watching Novo Nordisk. The Wegovy maker is buying Cartier pharmaceuticals for up to $1.1 billion. That acquisition will strengthen Norvo's pipeline in cardiovascular disease. Cardio as a reminder develops therapies that target RNA to prevent repair and reverse heart disease. The deal includes a heart failure treatment currently in phase II of clinical development.
