Midday Fly By: Wegovy weight loss pill approved, ServiceNow inks security deal

Fed rate cut bets have been pared by traders after the blowout GDP report that showed higher-than-expected growth and inflation. Delayed data showed that Gross Domestic Product surged to a 4.3% growth rate in Q3, which was much stronger than expected and marks the fastest rate since the 4.7% pace from Q3 of 2023.

Away from stocks, gold, silver and copper prices continue to trade near record highs and oil prices stabilized on Tuesday after four consecutive days of gains.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 

1. STOCK NEWS:

• The FDA approved a pill version of Novo Nordisk’s (NVO) Wegovy weight loss drug
• ServiceNow (NOW) announced an agreement to acquire cyber exposure management platform provider Armis for $7.75B in cash
• The FCC announced it is adding China’s DJI, Autel, and all foreign-made drones and components to its roster of companies deemed national security risks
• Kroger (KR) announced an incremental $2B share repurchase authorization
• Shares of Huntington Ingalls (HII) moved up after President Trump announced that the U.S. Navy intends to build new “Trump-class” battleships as part of the “Golden Fleet” initiative

2. WALL STREET CALLS:

• Ametek (AME) upgraded to Buy at TD Cowen on momentum and mix
• SEI Investments (SEIC) upgraded to Overweight at Piper Sandler
• Coty (COTY) downgraded at Evercore ISI and Grupo Santander as CEO steps down
• Brown & Brown (BRO) downgraded to Market Perform at BMO Capital
• JonesResearch initiated coverage of psychedelic drug researchers Mind Medicine (MNMD) and Atai Beckley (ATAI) with Buy ratings

3. AROUND THE WEB:

• Adam Mosseri says Instagram (META) may explore premium longform video and undergo more dramatic changes, including letting users proactively shape their feeds in a “fundamentally different” way, Semafor reports
• Makan Delrahim, Paramount’s (PSKY) chief legal officer and the top antitrust enforcer in President Trump’s first administration, is arguing that Netflix’s (NFLX) $72B bid for Warner Bros. Discovery (WBD) faces significant antitrust hurdles, WSJ says
• A patient in Pfizer’s (PFE) trial of its hemophilia drug Hympavzi died from a thrombotic stroke, Endpoints News says
• Alphabet’s (GOOGL) Waymo has resumed its robotaxi service in San Francisco after suspending it during a blackout, and says most trips finished before vehicles returned to depots or pulled over, CNBC reports
• Bourbon maker Jim Beam (STBFY) is halting production at one of its distilleries in Kentucky for at least a year as the whiskey industry navigates tariffs from the Trump administration, AP News says

4. MOVERS:

• Sable Offshore (SOC) increases after PHMSA approved the company’s restart plan for the Las Flores Pipeline
• Unusual Machines (UMAC) gains after receiving a purchase order from Performance Drone Works for $3.75M
• ZIM Integrated (ZIM) higher in New York after providing an investor update on its strategic review process
• Dow Inc. (DOW) falls after UBS lowered its price target on the stock
• Rezolve AI (RZLV) lower in New York after providing a summary on its recent live deployments and expansions

5. EARNINGS/GUIDANCE:

• Volato (SOAR) provided guidance for Q4 and FY25
• Barnes & Noble Education (BNED) reiterates its outlook for FY26
• Marti Technologies (MRT) announced it expects to exceed FY25 revenue view of $34M
• Laser Photonics (LASE) reported Q3 results, with EPS lower year-over-year
• JFB Construction (JFB) expects Q4 revenues to increase by 119% vs last year

INDEXES:

Near midday, the Dow was up 0.15%, or 73.41, to 48,436.09, the Nasdaq was up 0.41%, or 97.21, to 23,526.05, and the S&P 500 was up 0.29%, or 19.85, to 6,898.34.