Novo Nordisk (NVO) and Eli Lilly (LLY) will start selling their obesity drugs, Wegovy and Zepbound, directly to employers beginning January 1.

This new approach bypasses pharmacy benefit managers (PBMs), the usual middlemen in drug purchases.

Employers will pay upfront, fixed prices through Waltz Health, a digital health company that helps employers buy affordable medications.

By cutting out PBMs, the companies aim to reduce costs and expand access to these weight loss treatments.

This move aligns with broader efforts to make obesity drugs more affordable and accessible, especially as demand grows amid rising obesity rates.

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Good Morning Traders! Markets bouncing Monday as rate cut hopes revive. S&P futures +0.7%, Nasdaq +1% after NY Fed's Williams signaled support for December cut Friday.

Fed cut odds surged to 71% from 42% in one week. Three days of delayed data ahead—Thanksgiving week could decide Fed's path.

Here are the highlights for today:

(Fed Odds Whipsaw)
Dramatic reversal in Fed expectations. Williams' dovish comments Friday sparked Dow +500 point rally. Market now pricing 71% chance of December cut vs 42% last week. Wednesday's jobless claims critical—Fed trying to support labor market without reigniting inflation.

(Data Deluge Coming)
Delayed shutdown data compressed into three days before Thanksgiving. Tuesday: September retail sales and PPI. Wednesday: jobless claims and durable goods. Fed's final beige book also drops. No more jobs or CPI data before Dec 9-10 FOMC meeting though.

(AI Winners Rally)
Alphabet +2.3% after passing Microsoft to become third-largest US company Friday—first time since Aug 2018. Stock +58% YTD on four consecutive earnings beats and Gemini 3 excitement. Salesforce CEO Benioff: "Holy s---...I'm not going back to ChatGPT. The leap is insane."

(Tesla's Chip Ambitions)
Tesla +1.7% after Musk revealed company designed "several million AI chips" for cars and data centers. AI5 chip nearly done, AI6 underway, targeting new chip every 12 months. Goal: "build chips at higher volumes than all other AI chips combined." Vertical integration intensifying.

(Burry's Big Reveal)
Michael Burry's "watch-this-space" announcement was...a Substack launch. "Cassandra Unchained" gives front row seat to his market analysis. Recently disclosed puts against Nvidia and Palantir before deregistering Scion. Still trading own money, now sharing publicly.

(Earnings Week Ahead)
Holiday-shortened week loaded with tech and retail. Tuesday: Alibaba (expect 5% revenue growth but 61% profit drop), Dell, HP, Best Buy, Workday, Zscaler. Wednesday: Deere (16% profit decline expected despite cyclical bottom hopes). 95% of S&P 500 already reported—80% beat EPS.

(Crypto Comeback)
Bitcoin +0.9% to $86,885 clawing back losses. Strategy +1.3%—Monday filing reveals if they bought Bitcoin last week. Last skip was Sept 29-Oct 5. Robinhood +1.9%, Coinbase +2.1% following. Crypto appetite returning as risk-on sentiment improves.

(Eli Lilly $1T Club)
Eli Lilly hit $1 trillion market cap Friday—joining exclusive club of 8 tech giants plus Berkshire Hathaway. Only non-tech company besides Buffett's conglomerate with 13-digit valuation. Weight-loss drug momentum propelling pharma into mega-cap stratosphere.

(Market Assessment)
Fed pivot hopes back after Williams dovish turn. November tracking worst since 2008 for Nasdaq and S&P despite 30%+ gains from April lows—profit-taking or AI doubts? Shortened week with thin liquidity means "vibes matter more than anything." Data flood could swing sentiment fast either way.

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Maritime shipping has historically outperformed despite being unpopular, and it’s set for strong gains in 2026. Key drivers include easing tariff tensions, a robust tanker market, the new Simandou iron ore mine boosting dry bulk demand, and a potential rotation from tech to value stocks.

Shipping stocks trade near multi-year lows, offering attractive entry points. My top pick is CMB,TECH (CMBT), with a fleet of 250 vessels, including 130 dry bulk ships poised to benefit from these trends.

Despite a 22% decline over the past year, CMBT trades well below peers and its net asset value. With expected tanker strength and dry bulk growth, CMBT could see 50%-100% upside by mid-2026.

Higher leverage amplifies gains in a bull market. The recent merger with Golden Ocean has pressured shares, creating a buying opportunity for value-focused investors seeking exposure to shipping’s rebound.

Novo Nordisk’s shares fell nearly 10% in U.S. premarket trading after the company announced that a pill version of its blockbuster drug Ozempic (semaglutide) failed to slow the progression of Alzheimer’s disease in two large late-stage trials.

The studies, named EVOKE and EVOKE+, did not show a significant difference between semaglutide and placebo in reducing cognitive decline, as measured by the Clinical Dementia Rating – Sum of Boxes (CDR-SB) score.

Although semaglutide improved Alzheimer’s-related biomarkers, this did not translate into a delay in disease progression.

This setback dampens hopes of expanding the drug’s use beyond obesity and diabetes treatment, impacting investor sentiment negatively

US Foods Holding Corp. (USFD) and Performance Food Group Company (PFGC) have ended their pursuit of a merger.

US Foods CEO Dave Flitman stated that after thorough analysis of potential synergies and regulatory challenges, the board and leadership concluded that terminating merger discussions is in the best interest of the company and its shareholders.

Flitman emphasized that US Foods will focus on executing its long-term strategy and disciplined capital allocation to drive value creation.

The decision signals both companies’ preference to grow independently rather than combine at this time.

X (formerly Twitter) has introduced a new account transparency feature aimed at combating bots and misinformation.

This update lets users view details like an account’s location, username change history, original join date, and how the X app was downloaded.

The move enhances network transparency and helps identify potential bad actors.

Instagram (Meta) has offered a similar feature, including “not shared” status options, as part of broader efforts to curb disinformation while protecting vulnerable voices.

Additionally, X is reportedly developing a feature to warn users if an account is using a VPN to mask its location, further increasing accountability on the platform.

This rollout reflects growing social media initiatives to balance transparency, security, and free expression.

Enlivex Therapeutics (ENLV) shares rose Monday after reporting positive six-month efficacy data from its Phase IIa Allocetra trial in patients with moderate to severe knee osteoarthritis.

The multi-country, randomized study showed that Allocetra maintained a favorable safety profile at six months, consistent with earlier three-month results.

The full six-month follow-up has now been completed for all participants. These results reaffirm earlier findings and help identify an age-related subgroup of primary osteoarthritis responders, supporting the drug’s potential effectiveness.

The encouraging data boosted investor confidence ahead of market open.

Exchange-traded funds (ETFs) investing in Bitcoin are experiencing their worst month of outflows since their launch nearly two years ago.

Investors have pulled about $3.5 billion from U.S.-listed Bitcoin ETFs in November, nearly matching the previous record outflow of $3.6 billion set in February.

BlackRock’s Bitcoin fund, IBIT, which holds around 60% of these assets, has seen $2.2 billion in redemptions this month, putting it on track for its worst month unless there is a sharp reversal.

These outflows coincide with Bitcoin itself heading for its worst monthly performance since the 2022 crypto collapse, reflecting ongoing investor caution amid market volatility and recent corporate failures in the crypto sector

Rents have recently started to fall in much of the U.S., offering some relief to renters after years of sharp increases that outpaced wage growth.

In October, median monthly rent for units with up to two bedrooms dropped 1.7% year-over-year to $1,696 and is down about 3.6% from its 2022 peak.

While this is good news for renters, it also encourages many to keep renting longer.

Meanwhile, homeownership costs remain high due to mortgage rates above 6%, near-record home prices, and additional expenses like taxes and maintenance.

These factors continue to strain affordability and slow the housing sales market, making renting a more attractive option despite falling rents

Google has signed a multi-year, multi-million dollar cloud deal with NATO’s Communication and Information Agency to support the organization’s digital modernization.

NATO will use Google Cloud to enhance its digital infrastructure, governance, and artificial intelligence capabilities.

Google Distributed Cloud (GDC) will specifically support NATO’s Joint Analysis, Training and Education Center (JATEC), handling classified workloads securely.

Tara Brady, President of Google Cloud EMEA, highlighted that the partnership will help NATO accelerate its digital transformation while maintaining high security and digital sovereignty.

Following the announcement, Alphabet shares rose 3% in premarket trading. This deal underscores Google Cloud’s commitment to providing advanced, secure cloud solutions to major international organizations.

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Good Morning, Traders! Nvidia crushed 4.2% Tuesday on bombshell report Meta negotiating multi-billion dollar deal for Google's TPU chips starting 2027.

Here are the highlights for today:

Alphabet soared 4% on the news—stock now +68% YTD, best year since 2009. Google TPUs cheaper to develop and run than Nvidia GPUs. Competitive threat escalating

The Information reports Meta discussing using Google's tensor processing units in data centers from 2027, plus potential short-term Google Cloud rentals. TPUs less flexible than Nvidia GPUs but cost advantage massive. Google targeting 10% of Nvidia's revenue with TPU business. AMD also hit, -3.9%.

Broadcom +2.5% (helps design Google TPUs, surged 11% Monday). Wall Street betting Google wins AI war via TPUs plus Gemini 3 model getting rave reviews. Salesforce CEO Benioff already publicly ditched ChatGPT for Gemini. Competitive landscape rapidly reshaping.

Alibaba ADRs +4.2% after beating Q2 earnings. CEO Eddie Wu: "We have entered investment phase to build long-term strategic value in AI technologies." Qwen chatbot relaunch driving excitement. NIO +4.2% on 87,071 Q3 deliveries (+41% YoY), narrower loss, guiding Q4 deliveries 120K-125K.

Keysight Technologies +14% crushing Q4—revenue $1.42B (+10% YoY), announced $1.5B buyback. Symbotic +13% on warehouse automation demand, free cash flow swung positive to $494M. Zoom +4% beating Q3, unveiled $1B buyback, guiding FY revenue $4.85B-$4.86B.

Bitcoin -2.4% struggling to sustain comeback after brutal selloff, now $86,861. Strategy -2.6%, Coinbase -1.7%, Robinhood -1.5% giving back Monday gains. Risk appetite fading despite Monday's tech rally. Crypto still correlated to equity risk sentiment.

SanDisk +2.4% joining S&P 500 before Nov 28 open, replacing Interpublic Group. Memory chip maker spun from Western Digital in February. Market cap near $30B—was BY FAR largest company in S&P Small Cap 600. Major index rebalancing flows incoming.

BEA will release initial Q3 GDP estimate Dec 23—nearly two months late due to shutdown. Only TWO Q3 GDP estimates will be published vs usual three. October unemployment rate and CPI can't be compiled retroactively—permanently lost. Fed flying blind on October data forever.

European markets edging higher on rate cut hopes. Fed Governor Waller signaled support for December cut citing labor market risks. Echoes Williams and Daly's dovish turn. Germany recorded ZERO growth in Q3. UK 10-year yield at 4.54%, Germany at 2.70%. Growth concerns mounting.

Google vs Nvidia battle heating up as Meta potentially shifts billions to TPUs. Competitive moat narrowing despite Nvidia's dominance. Chinese stocks rallying on AI investment themes. Fed governors turning dovish but October data void complicates December decision. Tech leadership fragile as alternatives emerge.

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Zscaler (ZS) is a high-beta cybersecurity stock showing resilience amid recent market weakness.

It reported solid 21% year-over-year revenue growth with stable EBITDA and cash flow margins of 24% and 16%, respectively.

The company holds nearly $2 billion in net cash, providing financial strength. Its order backlog is growing faster than recognized revenue, indicating potential acceleration ahead.

However, Zscaler trades at a very high valuation—over 100x trailing free cash flow—reflecting premium expectations.

Technical analysis suggests a potential short-term bottom near $260, with upside targets between $368 and $415 if support holds.

A stop-loss near $258 is advised to limit downside risk. Overall, Zscaler is rated a “Buy” for investors willing to accept volatility, offering a favorable risk/reward ratio of about 2:1 to 3.3:1 based on current price levels.

Best Buy beat Q3 expectations with non-GAAP EPS of $1.40, $0.09 above estimates, and revenue of $9.67 billion, up 2.3% year-over-year and $80 million above forecasts.

The company raised its full-year 2026 guidance, now expecting revenue between $41.65 billion and $41.95 billion, up from prior estimates.

Comparable sales are projected to grow 0.5% to 1.2%, improving from a previous range of -1.0% to 1.0%. Adjusted diluted EPS guidance was raised to $6.25–$6.35, slightly above consensus.

Adjusted operating income rate and capital expenditures remain steady at about 4.2% and $700 million, respectively.

CFO Matt Bilunas highlighted confidence in Best Buy’s long-term strategy following strong quarterly results and an improved outlook.

Barnwell Industries (BRN) is raising about $2.4 million through a private placement of 2.2 million shares at $1.10 each.

The financing is led by Bradley Radoff and includes other accredited investors, some of whom are board members.

Most purchasers, excluding board members, management, and one other, will receive warrants to buy one share for every two shares purchased, with an exercise price of $1.65.

The transaction is expected to close around November 28, 2025. Following the announcement, BRN stock rose about 2.7% in pre-market trading.

This private placement supports Barnwell’s ongoing transformation and strategic growth plans.

Clearfield (CLFD) has increased its common stock share repurchase program from $65 million to $85 million.

The board added $20 million to the remaining $8.4 million available, bringing total funds under the program to $28.4 million.

This decision reflects the board’s view that the current share price undervalues the company’s long-term growth potential.

The move signals confidence in Clearfield’s strategic positioning and outlook amid ongoing market opportunities in fiber connectivity.

Veralto (VLTO) is acquiring In-Situ, a water analytics firm, for $435 million. In-Situ’s products, including water quality sondes and sensors, complement Veralto’s OTT HydroMet business within its Water Quality segment.

In-Situ is expected to generate about $80 million in sales in 2025, with a gross margin near 50% and mid-teens EBITDA margin.

Veralto anticipates $11 million in pre-tax run-rate cost synergies by the end of year three post-acquisition.

CEO Jennifer Honeycutt said the deal expands Veralto’s presence in fast-growing water ecosystem applications critical for public health and economic security.

This acquisition strengthens Veralto’s water monitoring solutions and supports its growth strategy.

Compass Group reported fiscal year GAAP EPS of $1.319 and revenue of $46.1 billion, up 9.5% year-over-year.

Organic revenue grew 9.1% in North America and 7.7% internationally. Net new business increased 4.5%, with strong gains in North America, while client retention remained above 96%.

The company secured $3.8 billion in new business, an 11% rise year-over-year.

For 2026, Compass expects underlying operating profit growth around 10%, driven by about 7% organic revenue growth, 2% profit growth from M&A including Vermaat, and continued margin improvement.

The company remains confident in sustaining mid-to-high single-digit organic revenue growth and profit growth exceeding revenue growth over the longer term.

Analog Devices (ADI) shares rose about 4% premarket after beating Q4 fiscal 2025 estimates.

Revenue surged 26% year-over-year to $3.08 billion, and adjusted EPS rose 35% to $2.26, both surpassing expectations.

CFO Richard Puccio noted strong bookings in Industrial and Communications markets. ADI returned 96% of free cash flow to shareholders in fiscal 2025, including $2.2 billion in share repurchases and $1.9 billion in dividends.

The board declared a quarterly dividend of $0.99 per share, payable December 22. For Q1 fiscal 2026, ADI expects revenue of $3.1 billion (±$100 million) and adjusted EPS of $2.29 (±$0.10), above consensus.

The company anticipates a reported operating margin near 31% and adjusted operating margin around 43.5%.

Puccio expressed confidence in capitalizing on cyclical recovery and growth opportunities despite macro uncertainty

Kohl’s (KSS) shares jumped 24% premarket after beating Q3 expectations and raising its full-year outlook.

Revenue fell 2.8% to $3.4 billion but beat estimates by $40 million. Comparable sales declined 1.7%, outperforming the expected 3.9% drop.

Gross margin improved 51 basis points to 39.6%. Operating income was $73 million, with EPS at $0.10 versus a -$0.17 consensus.

Kohl’s now expects full-year comparable sales to decline 2.5% to 3%, better than the prior forecast of -5% to -6%, and above the consensus of -4.2%.

The company raised full-year operating margin guidance to 3.1%-3.2%, above the 2.7% consensus.

CEO Michael Bender credited progress on Kohl’s 2025 initiatives for the strong results.

With short interest over 26%, the stock’s volatility may continue as investors react to the upbeat report.