On this episode of Stock Movers:
- Nvidia (NVDA) shares are lower after China ruled the company violated anti-monopoly laws with its 2020 deal to acquire Mellanox Technologies. The State Administration for Market Regulation found Nvidia in violation of antitrust regulations after concluding a preliminary investigation.
- Tesla (TSLA) shares are higher after CEO Elon Musk purchased about $1 billion worth of the carmaker’s shares, according to a regulatory filing. The billionaire bought the stock indirectly through a trust on Sept. 12, the filing shows. The purchases coincided with Tesla Chair Robyn Denholm speaking with Bloomberg News about the merits of a pay package for Musk that could be worth upwards of $1 trillion if the company achieves a series of ambitious milestones linked to market value and performance.
- Hims & Hers Health (HIMS) shares are falling after FDA Commissioner Marty Makary said a widely watched TV commercial by the telehealth firm earlier this year breached the agency’s regulations. Makary in a JAMA Network Open article cited Hims’ Super Bowl ad that promotes its copycat obesity drug as an example of the industry’s misleading ads
- Corteva (CTVA) is higher after WSJ reported it is considering a breakup. A potential breakup of Corteva’s seed and pesticide businesses into separate companies is “puzzling” to some Wall Street analysts who see little upside to the stock’s valuation. KeyBanc Capital Markets views the news as negative while Bloomberg Intelligence says it undermines “product and financial logic.”
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