Yahoo Finance Trending tickers: Novo Nordisk | Walmart | Barclays | Foot Locker
The latest investor updates on stocks that are trending on Friday
Novo Nordisk (NVO)
Novo Nordisk shares were higher in extended trading after the weight loss drug announced $2.3bn ($1.8bn) will be spent on ramping up production in France.
The move has eased investors’ concerns as the Danish company has struggled to keep up with demand in existing markets for its hugely popular anti-obesity drug Wegovy.
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Novo Nordisk will double the size of its French site, adding 500 jobs to the 1,600 already there. The investments mostly address the production of diabetes drugs, cartridges and vials, it said, with a 2028 target date for completion.
The group said earlier this month that it will invest more than $6bn to boost production capacity.
Novo Nordisk has also revealed it has picked Japan as the sixth country in which to launch Wegovy.
Walmart (WMT)
Walmart shares were flat in extended trading as investors try so ascertain how US retailers fare with the unofficial kick off of the holiday shopping season with Black Friday.
Shares in the world’s largest retailer have been struggling this month after it predicted weaker consumer spending during the holiday season. It also surprised investors by deciding once again to not be open for Thanksgiving.
“It’s a thing of the past. We’ll again be closed on Thanksgiving,” Walmart US CEO John Furner said.
Read more: LIVE: FTSE and European markets slide as Black Friday sales kick off
More retailers have moved away from opening their stores on the holiday, a nod to a change in consumer habits and lacklustre economic times.
Investors are worried around US retail given growing concerns that spending may slow under pressure from dwindling savings, rising credit card debt and inflation.
Barclays (BARC.L)
Barclays rose after Reuters reported it was targeting £1bn in cost cuts which could involve axing as many as 2,000 jobs.
The redundancy plans are likely to impact employees in departments such as legal, HR and compliance – rather than customer-facing branch staff or investment bankers.
A group of Barclays managers, led by CEO C.S. Venkatakrishnan, are said to be reviewing proposals to bolster its profitability.
Foot Locker (FL)
Foot Locker shares were in the red in extended trading amid fears that the footwear retailer will miss expectations when it presents its third quarter results next week.
Shares in Foot Locker are down by around 40% year-to-date and analysts are gearing up for a letdown relative to expectations.
The shoe retailer is expected to report earnings of $0.23 per share on revenue of $1.97bn, compared to $1.27 per share on revenue of $2.17bn.
"They did not execute as well as their competition in their consumer engagement and that cost them a lot of the very good product that they had," Williams Trading senior equity analyst Sam Poser told Yahoo Finance.
UBS has a sell rating for Foot Locker and a price target of $11, well below its $22.49 closing price on Thursday.
Foot Locker will deliver its third-quarter results before Wall Street opens on November 29.
Watch: Foot Locker's missteps that led to a downgrade
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