The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1217 GMT - Novo Nordisk suffers more from compounders than rival Eli Lilly, as evident from Lilly's upbeat growth outlook versus Novo Nordisk's gloomy expectations, AlphaValue analyst Abhishek Raval writes. Interestingly, there is a seemingly tighter crackdown on making copycat versions of Lilly's weight-loss drug tirzepatide, whereas for Novo Nordisk's semaglutide the regulators have struggled to restrict illegal compounding, Raval says. "This raises doubts as to whether there is an invisible hand of the U.S. administration working against Novo." Raval also questions plans by Hims & Hers to sell copycat versions of Novo Nordisk's weight-loss pill at $49 a month and then $99 a month. "Based on our research, the cost of compounded semaglutide ranges from $100-$250 per month, meaning that Hims & Hers may not make profits from the above-mentioned pricing." (dominic.chopping@wsj.com)
1205 GMT - German defense company Renk's free cash flow for the fourth quarter will look worse than it really is, MBW's Jens-Peter Rieck writes. The shifting of payments into the first quarter of 2026 will distort the company's cash generation picture, as the timing switch "masks underlying strength," the analyst writes. The company's guidance for 2025 earnings remains intact despite headwinds from a weaker dollar, U.S. tariffs and Germany's ban on the export of arms to Israel, the analyst writes. "That guidance remains unchanged underscores very strong cost control." Renk climbs 8.4%, more than recouping losses of 6% over the week to Thursday's close. (josephmichael.stonor@wsj.com)
1203 GMT - Novo Nordisk has launched its Wegovy weight-loss pill, but online pharmacy Hims & Hers Health said Thursday it will sell cheaper pills containing semaglutide--the active ingredient in Wegovy--and not approved by the Food and Drug Administration. Overnight, FDA Commissioner Marty Makary posted on X that the agency will take swift action against illegal copy drugs. This is a significant positive for Novo Nordisk and removes the rapid overhang that drove the stock down 8% yesterday, UBS analyst Matthew Weston writes. Hims is using a liposomal formulation of semaglutide, versus a patented SNAC oral formulation in Novo Nordisk's Wegovy pill. "With liposomal, oral delivery is notoriously challenging as a delivery technology and there is a high chance, in our view, that the vast majority of the semaglutide in the compounded formulation will be digested in the gut." Novo Nordisk shares rise 4.5%. (dominic.chopping@wsj.com)
1152 GMT - Delivery Hero is likely to remain the target of a partial acquisition rather than a full takeover deal from Prosus, J.P. Morgan analysts write in a note. Amsterdam-listed technology investor Prosus's recent shareholder letter, highlighting a "limited appetite for large M&A", points to a low chance of a full takeover by Prosus, they say. However, a smaller deal--such as Prosus buying the German food-delivery company's Latin American assets for cash--remains on the table, they add. Post-transaction, Prosus could reduce its 28% stake, they say. Delivery Hero and Prosus shares are up 0.6% and 1.1%, respectively. (najat.kantouar@wsj.com)
1130 GMT - Orsted's fourth-quarter results mostly missed consensus, but the balance sheet has improved, Berenberg analysts write. The Danish renewable-energy company's results generally came in below consensus expectations for the quarter, the bank says. However, leverage has significantly improved following the 60 billion Danish kroner rights issue, which should remove any immediate investor concerns relating to the balance sheet, it adds. Guidance for 2026 and 2027 is in line with consensus expectations in terms of Ebitda and capex. "Overall, the Q4 numbers look disappointing versus consensus, but we note that guidance is in line and the balance sheet appears in much better shape following completion of the rights issue." Shares rise 1.2%. (dominic.chopping@wsj.com)
1127 GMT - Aker Solutions delivered another strong report, with free cash flow, a clear upward adjustment of the 2026 guidance and strong order intake standing out, SB1 Markets analyst Erik Aspen Fossa writes. For 2026, Aker Solutions raised its revenue guidance to 45 billion-50 billion Norwegian kroner from 45 billion kroner previously. At the same time, the company is now guiding for an Ebitda margin of 7.0%-7.5%, in line with 2025 but above consensus of 6.8%. "The 2026 guidance indicates around 10% upside to consensus for EBITDA, while the company delivers an attractive dividend." However, the bank continues to believe that the market will be cautious in extrapolating the strong results for 2025-26 to 2027 and beyond. Shares rise 7.6%. (dominic.chopping@wsj.com)
1124 GMT - UBS Group has benefited from higher-than-expected efficiency gains from its integration of Credit Suisse, but this tailwind is fading, analysts at Goldman Sachs say in a note. The Swiss bank's 2028 guidance is broadly aligned with consensus views, Goldman Sachs says. "While we expect there may be a degree of conservatism baked into the targets, we expect lower potential for outperformance compared with the prior phase of the integration cycle," the analysts say. This is due to demand for reinvestment within the business and future savings coming from core divisions rather than units designed with the goal of being wound down, they add. Goldman Sachs cuts its recommendation on the stock to neutral from buy, and lowers its target price to 38 Swiss francs from 41.50 francs. Shares fall 1.5% to 33.48 francs. (adria.calatayud@wsj.com)
1119 GMT - European software stocks fall further Friday, capping a week in which mooted competition from artificial-intelligence agents pummeled the sector. New plug-ins to Anthropic's Cowork agent spooked investors earlier this week before the startup released a newer version of its Claude Opus model that the company said can perform financial research tasks. Valuations across sectors caught in the Anthropic-induced selloff--including software, internet, media and business services sectors--are down 40% on average from 2025 peaks, analysts at Morgan Stanley calculate. RELX trades down 4.8%, pushing its losses for the week to 17%. IT services companies Sage and Capgemini both fall around 2.5%, while data broker Experian slides 3%. Wolters Kluwer drops 3.6%. (josephmichael.stonor@wsj.com)
1106 GMT - Vinci posted a modest beat to earnings expectations and free cash flow ahead of consensus estimates, Jefferies analysts say in a note to clients. The French group remains highly cash generative and the increase in dividend payout is also a positive signal, the analysts say. However, order intake in energies and construction were notably weak, which is expected to draw some focus, they add. The book-to-build ratio in the fourth quarter reflects a slowing of momentum for Vinci's contracting business, they say. Shares trade 8% higher at 131.90 euros. (nina.kienle@wsj.com)
1102 GMT - Fundamentals for China's solar industry are largely unchanged, Morningstar's Cheng Wang says. Chinese solar photovoltaic stocks rallied this week following media reports that Elon Musk-linked delegations visited several companies, fueling speculation about potential collaborations on space-based solar PV projects. The analyst notes that while solar PV plays a critical role in meeting power demand, the estimated demand from data centers is limited relative to annual global solar additions. Given that space-based solar PV is still at an early stage, any potential partnerships are unlikely to materially boost solar producers' revenues. Morningstar maintains its fair-value estimates for the sector, with JA Solar seen as undervalued and TCL Zhonghuan as overvalued. It views Jinko Solar, Trina Solar, Longi, CSI Solar, Tongwei and Daqo as fairly valued. (jason.chau@wsj.com)
1045 GMT - Banco de Sabadell's choice of TSB head Marc Armengol to replace Cesar Gonzalez-Bueno as CEO likely rules out major changes to the bank's business plan, analysts at Autonomous Research say in a note. The news came as a surprise given that the 2025-2027 plan is still under way, according to Autonomous. The move means Sabadell will have refreshed its CEO and CFO roles in one year and a half, both with long-standing internal managers, the analysts say. Armengol brings a tech background to the role, they add. "Based on the communication and in the absence of any other news, we do not think this implies significant--if any--changes to the operation or the 2025-27 business plan for the time being," the analysts say. Shares fall 5.6%. (adria.calatayud@wsj.com)
1043 GMT - Orsted reported an uneventful set of results, UBS analyst Mark Freshney writes. There are incremental impairments, but they are in line with what was previously disclosed and there are no new negatives related to construction, which is important, he says. Fourth-quarter impairments were limited, with 500 million Danish kroner ($79.2 million) on the Sunrise project and 100 million kroner on the Revolution project, which relate to the lease suspensions in December. On top of that, a 1.6 billion kroner impairment on the European onshore business was already communicated by the Danish renewable-energy company. The funds from operations to net debt ratio is at 42.9%, which is close to the 30% threshold for the credit ratings, Freshney adds. A ratio below around 30% can trigger a rating downgrade. Shares rise 3.1%. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
February 06, 2026 07:17 ET (12:17 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments