- Boliden (BWJ TH) +1.5%
- Boliden Raised to Outperform at RBC; PT 500 kronor
- Voestalpine (VAS TH) +1%
- ArcelorMittal, Voestalpine Now JPMorgan’s Top Europe Steel Picks
- Norsk Hydro (NOH1 TH) -1%
- RENK Group (R3NK TH) -1%
- NOTE: Hensoldt 9M Adjusted Ebitda EU211M Vs. EU187M Y/y
- Standard Chartered (STD TH) -1.1%
- Aumovio (AMV0 TH) -1.1%
- Aumovio Now Sees FY Adj. Ebit Margin Upper End of 2.5% to 4%
- Prysmian (AEU TH) -1.2%
- Daimler Truck (DTG TH) -1.2%
- Daimler Truck Earnings Slump on ‘Very Weak’ North America Market
- Air Liquide (AIL TH) -1.3%
- Novo (NOV TH) -1.5%
- Novo Nordisk Sweetens Bid for Obesity Drug Startup Metsera (3)
- Prosus (1TY TH) -1.5%
- UPM-Kymmene (RPL TH) -3.5%
- UPM-Kymmene Cut to Underweight at JPMorgan; PT 23.70 euros
ZEAL DC — Amylin Reset: LLY Sets the Bar, GS Sees Opportunity, Street Split
Context:
Lilly’s eloralintide Ph2 data (16–20% WL @48w) came in at the top end of expectations. Safety profile benign — vomiting materially below GLP-1s, psych AEs placebo-like, only fatigue up. Stock reaction: ZEAL –11%. This was always the known bear point — LLY getting there first. The question now is whether this caps ZEAL’s optionality or simply crystallizes the overhang.
Lilly’s eloralintide Ph2 data (16–20% WL @48w) came in at the top end of expectations. Safety profile benign — vomiting materially below GLP-1s, psych AEs placebo-like, only fatigue up. Stock reaction: ZEAL –11%. This was always the known bear point — LLY getting there first. The question now is whether this caps ZEAL’s optionality or simply crystallizes the overhang.
BNP Paribas Exane – Still Framing It as a Safety Trade (Outperform, DKK905 TP)
They read the data as validation of the amylin mechanism and see the AE profile (fatigue, headache) as leaving a lane for Petrelintide to differentiate on tolerability.
They keep 1/3 of DCF value tied to Petrelintide and anchor the story on 2026 catalysts — Petrelintide Ph2 readout (Q1), Survodutide Ph3 (mid-year).
They keep 1/3 of DCF value tied to Petrelintide and anchor the story on 2026 catalysts — Petrelintide Ph2 readout (Q1), Survodutide Ph3 (mid-year).
Take: Classic contrarian buy-the-fear stance. BNP is saying: the selloff gives you convex exposure if Petre data look remotely clean.
Jefferies – “LLY Owns the Space Until Proven Otherwise” (Neutral)
Tone’s defensive. They call ZEAL “in a tough spot” until data hit. Emphasis is on portfolio gravity — LLY’s dose-escalation works, they have combo leverage (GLP-1/Amylin), brand reach, and payer power.
ZEAL’s path = hope LLY’s Ph3 doesn’t improve, then print data that look statistically cleaner.
ZEAL’s path = hope LLY’s Ph3 doesn’t improve, then print data that look statistically cleaner.
Take: Jefferies effectively saying ZEAL’s in the penalty box — no catalyst to re-rate for 6-9m, and even then it must show a “cleaner GLP-1.”
J.P. Morgan – Bar Raised, Read-Across Negative (Neutral)
Reads the same numbers but sees them as raising the bar, not validating ZEAL.
LLY efficacy (16–20%) + tolerability in line with placebo = “no reason to extrapolate upside” for Petrelintide. Dual receptor (amylin + calcitonin) could worsen GI burden.
LLY efficacy (16–20%) + tolerability in line with placebo = “no reason to extrapolate upside” for Petrelintide. Dual receptor (amylin + calcitonin) could worsen GI burden.
Take: JPM is flagging structural disadvantage — if LLY’s pure amylin is this clean, why own the dual mechanism? They’re short-term bearish by omission.
Goldman Sachs – “Risk Priced, Optionality Mispriced” (Buy, DKK866 TP, +104%)
GS writes what every seasoned buy-side wanted to hear: this didn’t create new risk, it priced in an old one.
They call the –11% move overdone and point to several nuances missed by the tape:
They call the –11% move overdone and point to several nuances missed by the tape:
- LLY trial 78 % female vs ZEAL Ph1 79 % male → not comparable.
- Fatigue (LLY) absent in Petrelintide Ph1; nausea milder.
- LLY’s 20 % WL confirms 15–20 % is attainable — proof of mechanism.
They stress 2026 as a busy catalyst year (Petrelintide Ph2, Survodutide Ph3).
Take: GS reframes the story: this is now a clean risk/reward trade — you’ve seen the risk, vol is in the price, upside optionality intact. It’s not about beating LLY; it’s about being the next clean entrant.
Cross-read
| Firm | Tone | Market Message |
| BNP Exane | Bullish | Overreaction; safety angle + 2026 catalysts. |
| Jefferies | Cautious | LLY dominance; ZEAL sidelined until data. |
| J.P. Morgan | Defensive | Dual receptor risk; LLY sets the new bar. |
| Goldman Sachs | Constructive | Known risk priced; mechanism validated; upside convex. |
The Take :
- The mechanism works — that’s the good news.
- The incumbent (LLY) is executing flawlessly — that’s the problem.
- ZEAL’s trade now binary near term: credibility on tolerability vs perception of redundancy.
- If Petrelintide Ph2 prints “clean” (≤20% WL, low fatigue, low nausea) → stock can re-rate 50–70 % on optionality alone.
- If AEs emerge → hard reset, because the dual-receptor thesis dies.
- Near-term flows = sentiment rebuild into 1H26, not fundamental momentum.
- Smart money line: LLY sets the ceiling, but GS is right — ZEAL’s floor just got visible.
Sources: BNP Paribas Exane (6 Nov 25) · Jefferies (Comment) · J.P. Morgan (Obesity Week 2025) · Goldman Sachs (7 Nov 25, Sharma et al.).
After Hours Summary: FROG +26.9%, GMED +22.5%, TNDM +20.3%, LASR +17.4%, EXPE +14.8%, AFRM +11.9%, SNDK +7.1% higher on earnings; PSIX -22.5%, AAOI -16.8%, OLED -15.1%, DKNG -8.3%, TTWO -7.1% lower on earnings
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: FROG +26.9%, GMED +22.5%, TNDM +20.3%, LASR +17.4%, FIGS +17.3%, PCT +16.9%, EXPE +14.8%, TXG +13.2%, ORGO +13.1%, FNKO +12.6%, GCT +12.4%, AFRM +11.9%, XPOF +11.4%, GRND +11%, WLDN +10.8%, ICUI +10.6%, EVH +10.2% (also unveils innovative model seeking to improve cancer care), IBEX +9.9%, PTON +9.2%, G +8.9%, CARL +8.9%, CE +8.5%, NRDS +8.5%, INOD +8.4% (also launches Innodata Federal), QNST +8.4% (also authorizes new $40 mln share repurchase program), PLMR +7.4%, SNDK +7.1%, AMPX +7%, OS +6.9%, OMDA +6.6%, KRUS +6.6%, AKAM +6.3%, RBA +6.2%, ABL +6.1% (also initiates annual dividend), KODK +5.7%, BILL +5.6%, NKTR +5.5%, ABNB +5.4%, PGNY +5.4%, NTRA +5.3%, HCI +5.2%, MODG +4.9%, MNST +4.5%, CENX +4.4%, AMN +4%, EXPI +4%, PLUS +3.9%, MWA +3.7% (also CEO to retire, names new CEO), PAR +3.4%, FIVN +3.3% (also $150 mln buyback auth, inclusive of $50 mln ASR), CON +3.2% (also authorizes new $100 mln share repurchase program), FLO +3.2%, AORT +2.9%, OUT +2.8%, CARG +2.6%, GSAT +2.6%, ZD +2.6%, AMRK +2.4% (also to change name and ticker to Gold.com under the ticker "GOLD"; also to acquire Monex Precious Metals), AHR +2.3%, DIOD +2.3%, GEN +2.2%, VCTR +2.1%, GRPN +2.1%, IREN +2%, SOLV +2%, TTD +2%, Q +1.7%, HUN +1.6% (also decreases dividend), DNLI +1.6% (also CMO to depart), NOG +1.5%, HASI +1.5%, PTGX +1.5%, ED +1.4%, QXO +0.7%, CIVI +0.5%, EOG +0.5%, JANX +0.5%, DBX +0.3%, FNF +0.3%, CPT +0.1%, DRH +0.1%, VTEX +0.1%, MAIN +0.1%
Companies trading higher in after hours in reaction to news: AKBA +4.5% (Vafseo data analysis), UVE +4.3% (declares special cash dividend of $0.13/sh), FLR +3.6% (FLR reaches deal with SMR; will convert remaining Class B units of SMR into Class A shares and will promptly begin a structured monetization of shares), BEN +2% (partnership with Wand AI), INTC +2% (Elon Musk says TSLA may discuss AI chip production with co, according to Barron's), CHRW +1.9% (increases dividend), OHI +1.4% (CEO and CIO disclose insider purchases), NCLH +1.1% (execs disclose share purchases), AFCG +1% (shareholders approve conversion to business dev co), CMCSA +0.8% (CMCSA hires bankers to consider bid for WBD's studio and streaming units, according to Reuters), JOBY +0.8% (to sell EV aircraft and services valued at up to $250 mln to Alatau Advance), ORIC +0.6% (announces publication of research paper), WBD +0.4% (CMCSA hires bankers to consider bid for WBD's studio and streaming units, according to Reuters), TSLA +0.3% (shareholders approve CEO Elon Musk's $1 trillion pay package), BA +0.2% (announces Somon Air plane deal), JNJ +0.1% (FDA approves DARZALEX FASPRO)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: TMCI -25.7%, NTLA -24.5%, EVCM -24% (also increases share repurchase authorization by $50 mln), PSIX -22.5%, CDXS -22.4% (also signs $37.8m supply assurance agreement with Merck), FOXF -22.3%, AAOI -16.8%, OPEN -15.7% (also dividend of tradable warrants), OLED -15.1% (also to acquire OLED patent assets from Merck KGaA), ASLE -13.2%, CLPT -12.6% (also to acquire IRRAS), XYZ -11.6%, KRMN -11.3%, SG -11.2% (also to sell Spyce business), GAU -11%, KRO -10.8%, ACHR -9.7% (also to acquire LA airport as strategic air taxi network hub and AI testbed; also raises $650 mln in offering of 81.25 mln shares at $8/sh), MP -8.7%, MRVI -8.7%, DOCS -8.5%, DKNG -8.3% (also increases share repurchase program to $2 bln), RUN -7.9%, RLAY -7.2%, TTWO -7.1% (also delays Grand Theft Auto VI release to Nov 2026), VERI -6.9%, USAR -6.5%, WSC -6.4%, CRNX -5.5%, GRNT -5.3%, AVPT -4.2%, SMR -4.2% (also FLR reaches deal with SMR; will convert remaining Class B units of SMR into Class A shares and will promptly begin a structured monetization of shares), ASTH -4.1%, BL -3.9%, CDTX -3.7%, LMAT -3.6%, LION -3.5%, ONTO -3.5%, GPRO -3.5%, MCHP -3.2%, STNE -3.2%, ARLO -3%, CC -2.9%, YELP -2.9%, RXT -2.7%, LNT -2.1%, PCRX -1.9%, HST -1.7%, INDI -1.3% (also names new CFO), CERT -1.2%, WYNN -1.2%, CERT -1.2%, TXRH -1.1%, TRUP -1%, TCX -1% (also names new CEO), AGO -0.9% (also increases share repurchase authorization by $100 mln), EVTC -0.6%, WPM -0.5% (also acquires Gold Stream on the Spring Valley Project), MTD -0.4% (also increases share repurchase authorization by $2.75 bln), SOUN -0.4%, STEP -0.4%, SYNA -0.4%, NHI -0.3%, BBDC -0.1% (also names new CEO), BHF -0.1%, NNI -0.1%, FG -0.1%, ALG -0.1%
Companies trading lower in after hours in reaction to news: ELDN -46.3% (presents Phase 2 BESTOW trial results for Tegoprubart), BHST -8.8% (stock offering), SHC -3.2% (30 mln share offering), WFG -1.6% (to close 2 lumber mills), SNA -1.2% (increases dividend), ALT -1.1% (files for $400 mln mixed securities shelf offering), CF -1% (files mixed securities shelf offering), TMO -0.9% (authorizes new $5 bln share repurchase program), STRL -0.6% (to join S&P MidCap 400), IONQ -0.5% (selected for Stage B of DARPA Quantum Benchmarking Initiative), ASR -0.2% (Oct passenger traffic), URGN -0.2% (files mixed securities shelf offering), ULS -0.1% (expands battery-powered vehicle certification services), KVUE -0.1% (issues statement in response to Texas AG action)
Peloton recalls 833,000 bikes after reports of injuries
Peloton is recalling around 833,000 of its original Bike+ machines following reports that some seat posts broke during use, according to the U.S. Consumer Product Safety Commission (CPSC).
The CPSC reports that Peloton has received three complaints related to the issue, including two incidents in which users were injured.
The affected Bike+ units were sold between January 2020 and April 2025. The CPSC is warning Peloton users to “immediately stop using the recalled exercise bikes.”
“The integrity of our products and our Members’ well-being are our top priorities,” said Márcio Oliveira, Peloton’s SVP of Global Hardware Operations and Product Safety, in an emailed statement to TechCrunch. “We are taking this opportunity to make replacement seat posts available to all affected Bike+ users and we encourage them to contact us to receive the redesigned seat post as soon as possible.”
This isn’t the first time that Peloton has issued a recall. The company recalled around 2.2 million exercise bikes over safety concerns in 2023 after reports of customer injuries.
Thursday’s recall marks the latest setback for Peloton, which replaced its CEO and laid off hundreds of workers last year. The company is scheduled to release its latest earnings report on Thursday amid efforts to revive growth after a decline in post-pandemic sales. Since reaching its peak in January 2021, Peloton’s stock has fallen by over 90%.
As part of the company’s efforts to revive its business, Peloton recently announced its biggest launch in years. The company revamped its entire hardware lineup and launched Peloton IQ, an AI and computer vision system that provides personalized guidance to users.
Peloton’s new Cross Training Series includes five connected fitness devices: Cross Training Bike, Bike+, Tread, Tread+, and Row+. Each features an advanced Swivel Screen for easy transitions between cardio, strength, yoga, Pilates, barre, and more. As for Peloton IQ, the tool offers goal-based coaching tailored to a user’s fitness level, along with performance tracking, progress insights, and real-time feedback.
Peloton’s focus on AI marks the company’s first big product change under CEO Peter Stern, a former Apple and Ford executive who took the reins of the company in January.
Sequoia’s shake-up may be a VC turning point
Turnover of leaders shows how hard it can be to ride out the vicious financial and tech cycles
In venture capital, success is self-perpetuating. Startups struggling for attention are drawn to the investors with the best track records: winning the right financial backers acts as a strong signal for young companies with little else to validate their claims of future greatness. That means the most successful VC firms usually get first option on the smartest founders and the best deals.
Fall off that curve, though, and it is hard to climb back on. That makes the internal ructions at Sequoia Capital, which can point to the longest success record among today’s top-tier VC firms, a potentially significant event in the world of start-up investing.
Perhaps because it has excelled in backing some of the world’s most disruptive businesses, Sequoia has been intent on painting itself as the ultimate stable financial partner, a bastion of calm and continuity. So anything that disturbs the mystique it has succeeded in weaving around itself is significant. When lead partner Roelof Botha said this week he was stepping aside barely three years after he took over as what the firm calls its “senior steward”, it felt little short of an upheaval.
The turnover at the top shows how hard it can be to ride out the vicious financial and tech cycles that characterise the tech start-up world, while navigating geopolitical stresses and the egos of both fellow partners and company founders. The huge concentrations of wealth already created by the artificial intelligence boom have greatly added to the stakes, promising to reshape not only the tech world, but Silicon Valley’s start-up financing landscape.
The full story of Botha’s departure has yet to be written, but he has had plenty to deal with. Sequoia was forced to split from its highly successful China arm, and his tenure has seen tensions and high-profile departures among partners erupt into the public domain. Had Sequoia under his leadership been surfing the crest of the AI wave, though, it is unlikely it would now be going through a change at the top.
Sequoia can point to a substantial role in some of today’s most valuable private companies, including SpaceX and payments company Stripe. It was also able to make significant cash returns to its limited partners from the last wave of tech success stories to go public, including Airbnb and DoorDash. But it has not led the way on AI.
If OpenAI comes anywhere close to justifying the expectations it has stirred up in Silicon Valley, it stands to be an era-defining company. It isn’t alone: fellow model-builder Anthropic may operate in OpenAI’s shadow, but at its last funding round it was judged to be worth $183bn — more than Alibaba when it went public in 2014, the highest market cap recorded by a tech company at the time of its IPO.
Despite backing Sam Altman’s first start-up, Loopt, Sequoia wasn’t early to OpenAI — the time when the most significant venture returns are made — though it has taken a small stake in later funding rounds. Instead, its main exposure to AI has come through application companies, including legal service Harvey and business AI concern Sierra.
The booming valuations of the model-builders may turn out to be a bubble, and VC returns from tech’s AI may end up being far more evenly distributed. But the extreme concentration is a reminder, if any were needed, that there are only two things that matter for the limited partners who supply venture capital’s cash: getting into the right funds, and making sure money is put to work at the right moments in the tech cycle. With AI, those strictures have taken on outsized importance.
For many years, long-run venture capital returns reported by Cambridge Associates reflected the huge profits from the dotcom boom of the late 1990s, a time when the average VC fund returned more than 20 per cent a year.
Last year, though, those funds finally faded into history. Cambridge’s 25-year view now only catches funds raised — and invested — as the 90s boom turned into a bubble. These showed an annualised return of only 8 per cent. For every other period measured by Cambridge since then, VC returns fall below returns from investing in companies trading on Nasdaq. These are averages, and the profits in VC have always been heavily skewed to a handful of successful firms, making it essential to get exposure to the right funds.
It is far too soon to determine the VC winners and losers from AI. But for Silicon Valley’s premier start-up investor, missing out on the early leaders feels like a humbling experience.
Comcast holds talks about acquiring ITV’s television business
US media giant sees potential to create a leading streaming service in the UK
US media giant Comcast is in talks with ITV about acquiring its television business, joining a list of several potential suitors for the UK broadcaster’s operations.
Comcast sees the potential to combine ITV’s TV business with Sky, which the US group bought in 2018, to create a leading streaming service in the UK, according to people close to the situation.
However, the talks are at an early stage and there is no certainty of a deal being struck, one of the people said. A number of other possible suitors are circling ITV.
Comcast and ITV declined to comment.
Novo Nordisk again raises bid in takeover fight for Metsera
Danish company is battling with Pfizer for US biotech as they seek edge in growing market for weight-loss drugs
Novo Nordisk has once again sweetened its bid for obesity biotech Metsera, as the Danish drugmaker tries to top Pfizer’s latest offer in a dramatic bidding war.
The company raised its bid after Pfizer matched Novo’s most recent offer late on Wednesday, valuing the company at up to $10bn, according to people familiar with the deal. The value of the new offer could not immediately be established.
The two big pharma companies are battling it out over the US biotech, as they seek to improve their position in the growing market for weight-loss drugs by adding Metsera’s long-acting injectable and obesity pill.
Spokespeople for Novo, Pfizer and Metsera did not immediately respond to requests for comment.
Pfizer had agreed a deal with Metsera in September but Novo reopened the bidding with an unsolicited offer last week, which the biotech declared superior.
Novo’s newest bid, sent on Thursday, deploys the same two-step structure that has drawn legal challenges from Pfizer and a warning from the Federal Trade Commission that it “may violate” antitrust rules.
The US drugmaker has claimed Novo’s unusual deal structure is illegal. The two-step process is designed to ensure Metsera’s shareholders receive the majority of their payout before the acquisition is put before regulators. Novo has said it is confident the deal will survive regulatory scrutiny.
After Novo’s latest bid, Pfizer now has two days to match the offer or walk away.
ZEALAND PHARMA — Diverging Analyst Views Post-LLY Amylin Data (Nov 2025)
BNP Paribas Exane – Bullish (Outperform, TP DKK 905, +90%)
- Sees Lilly’s mixed eloralintide results as positive for Zealand.
- High fatigue/headache rates at LLY strengthen petrelintide’s differentiation on safety.
- Upcoming catalysts: Petrelintide Ph2 (Q1 ’26), Survodutide Ph3 (mid-’26).
- View: clear path for ZEAL to stand out; risk/reward skewed positive.
Jefferies – Cautious/Neutral
- Says ZEAL is in a tough spot until Petrelintide data readout in H1 ’26.
- Acknowledges LLY’s dose-escalation looks solid and portfolio power “off the charts.”
- Zealand’s best chance: hope LLY’s Ph3 doesn’t outperform, and deliver data that look statistically stronger or cleaner (~20 % weight loss).
- Tone: Wait-and-see; limited upside near term.
J.P. Morgan – Bearish/Defensive
- Notes LLY’s 16–20 % weight loss and good tolerability (headache/depression ≈ placebo, vomiting lower than GLP-1s).
- Warns no positive read-across to Petrelintide, which also targets the calcitonin receptor—tolerability could be worse.
- LLY clearly ahead; Zealand’s data not expected until Q1 ’26.
- View: Short-term negative; ZEAL overshadowed by LLY’s strong profile.
Consensus Snapshot:
| Bank | Stance | Key Message |
| BNP Paribas Exane | Bullish | Lilly’s AEs create differentiation upside for Petrelintide. |
| Jefferies | Neutral | Needs strong 2026 data to re-rate; LLY dominance weighs. |
| J.P. Morgan | Bearish | LLY’s clean data limit read-across; Petrelintide may face tolerability risk. |
Bottom Line:
Street sentiment is split — Exane views ZEAL as a buy on differentiation potential, while Jefferies and JPM prefer to stay cautious until Phase 2 Petrelintide data in H1 2026 clarify the competitive picture.
Street sentiment is split — Exane views ZEAL as a buy on differentiation potential, while Jefferies and JPM prefer to stay cautious until Phase 2 Petrelintide data in H1 2026 clarify the competitive picture.
Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- ACVA -29.8%, ASPN -27.4%, DUOL -24.6%, PRCH -23.3%, ELF -20.6%, AOSL -20%, REZI -17.6%, ARQ -17.5%, AMSC -15.4%, RXO -14.9%, HNST -14.5%, PACB -14.4%, RDW -14.2%, BKSY -12.2%, SNN -11.8%, KMX -11.8% (guidance and leadership changes), CELH -11.5%, HUBS -11.3%, BMBL -11.1%, ACHC -10.9% (also COO to depart), FTNT -10.7%, RELY -10.6%, PRMB -10.3%, ROOT -10.1%, RGR -9.7%, PAYC -8%, KMPR -7.6%, TPR -7.6%, ENVX -7.2%, WRBY -7.2%, PRKS -7%, GOOS -6.4%, ENOV -6.3%, GNK -6%, ERII -5.8%, TALO -5.8%, TROX -5.5%, DD -5.4%, DEO -5.3%, KNTK -5.2%, HPK -5.1%, GSM -4.9%, BDX -4.5%, VTRS -4.2%, VAC -4.1%, BTG -4%, LEU -3.8%, CWAN -3.8%, NATL -3.6%, LPG -3.6%, USPH -3.5%, VIR -3.3%, CXT -3.2%, NXST -3.2%, JBI -3.1%, UMC -2.8% (Oct revs), MGNI -2.6%, CF -2.6%, CRH -2.5%, AVAH -2.4%, PTC -2.1%, ADMA -2%, WBD -2%, QCOM -1.9%
Other news:
- BNTC -6.8% (prices 7.4 mln shares of common stock at $13.50 per share)
- VOYG -4.6% (convertible notes offering)
- NOVT -4.1% (commences public offering of $550 mln)
- NVO -2.4% (new findings from STEP UP phase 3b trial)
- PTC -2.1% (TPG to acquire PTC's Kepware industrial connectivity and ThingWorx Internet of Things businesses)
- FWRG -1.8% (secondary offering of common stock)
- OBDC -1.8% (definitive merger agreement with Blue Owl Capital Corporation II)
- PONY -1.6% (debuts on HKEX)