$RIO ---
Rio Tinto (NYSE:RIO) – Dominic Barton, chairman of Rio Tinto, stated in an interview with Bloomberg TV that the mining industry needs to ramp up exploration to meet growing demand for critical metals like copper for the energy transition. He emphasized that mergers and acquisitions will not solve the supply gap and that the company is focused on exploration investments. Shares fell 0.3% in pre-market trading, after closing 2.5% lower on Friday.
Nike (NYSE:NKE) – New Nike CEO Elliott Hill is expected to reverse the direct-to-consumer strategy of former president John Donahoe, prioritizing relationships with retailers and boosting sales. Nike shares closed 6.8% higher on Friday after his appointment, as the company faces strong competition and seeks to regain market share. During Donahoe’s tenure, he received nearly $104 million in salary and benefits at Nike, while the company lost about $40 billion in market value. Donahoe still holds more than 1.5 million stock options that could generate returns if the stock price recovers. Hill will receive an annual package worth about $20 million. Shares fell 0.4% in pre-market trading.
AstraZeneca (NASDAQ:AZN) – AstraZeneca announced that its experimental cancer drug, datopotamab deruxtecan (Dato-DXD), did not improve survival in breast cancer patients compared to chemotherapy. The company noted that the use of other effective therapies after disease progression may have influenced the results. Shares fell 1.4% in pre-market trading, after closing 0.7% lower on Friday.
Grifols (NASDAQ:GRFS) – Grifols accelerated the reduction of executive powers from Thomas Glanzmann, who will now only chair the board, aiming to improve corporate governance. The change, anticipated for 2025, is part of a restructuring following criticism from Gotham City Research and comes amid acquisition talks for the company. Shares fell 2.0% in pre-market trading, after closing 1.4% lower on Friday.
Cardinal Health (NYSE:CAH) – Cardinal Health announced the acquisition of Integrated Oncology Network for $1.12 billion, expanding its presence in cancer treatment. The transaction will allow its Navista unit to access more than 100 healthcare providers across 10 states, strengthening community oncology services. The company expects a positive earnings impact within 12 months of the deal’s close.
Johnson & Johnson (NYSE:JNJ) – A Johnson & Johnson subsidiary filed for bankruptcy for the third time, seeking a $10 billion settlement to resolve thousands of lawsuits alleging its talc products cause cancer. Despite 83% of claimants supporting the deal, J&J faces legal resistance and criticism for manipulating the bankruptcy system.
Novo Nordisk (NYSE:NVO) – Novo Nordisk shares closed down 5.5% on Friday after disappointing results from a trial of its obesity pill, monlunabant, which showed only 6.5% weight loss over 16 weeks, compared to the 15% expected. The company plans to initiate a phase 2b trial to further explore dosage and safety. Shares fell 0.8% in pre-market trading.
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