Hims & Hers Shares Sink 25%, Maxwell Invokes the Fifth, More
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News when you want it with Bloomberg News Now, I'm Amy Morris. Novo Nordisk is suing hims and hers health even after the telehealth firm scrapped plans to sell a copyright version of Novo's Wagovi weight loss pill. Bloomberg Intelligence Senior Pharma Analyst Sam Fazelli says that reversal is already a reprieve for Novo.
It could be a bigger reprieve if they decide to also not continue with the injectable version. That's a lot easier. There was a period where they were allowed to because there was lack of supply. Then the FDA, I think, didn't do much when supply came back on and the compounders still carried on.
Sam Fazelli with Bloomberg Intelligence. Him's and hers shares are down 25%. Novo Nordisk's shares are more than 5% higher. Ghislaine Maxwell refused to answer questions from a House committee invoking her Fifth Amendment rights. The former girlfriend and confidant of Jeffrey Epstein was to be questioned during a video call after she came under new scrutiny, while lawmakers are looking for anyone who is connected to Epstein and might have facilitated his abuse. Chair of the committee, Congressman James Comer.
As expected, Ghislaine Maxwell took the fifth and refused to answer any questions. This obviously is very disappointing. We had many questions to ask about the crimes she and Epstein committed.
Maxwell was to be questioned during a video call to the federal prison camp in Texas where she is serving a 20-year sentence for sex trafficking. The fallout from the Epstein files is spreading overseas. UK Prime Minister Keir Starmer facing a high-profile call to resign after he appointed Peter Mendelsohn as US ambassador, despite his ties to the late sex offender.
The distraction needs to end and the leadership in Downing Street has to change.
Scottish Labour Party leader Anas Sarwar this morning. Two of Starmer's top aides have already resigned. Members of Starmer's cabinet are coming to his defence. Oil-edged tyre after the US advised ships to steer clear of the Straits of Hormuz. The Transportation Department said American-flagged ships should stay as far as possible from Iranian waters. The development reversed any momentum that followed pledges by Iran and the U.S. to continue their talks on Friday. Oil now more than 1.5% higher.
Why are hims & hers shares down 25%?
A Hong Kong court has sentenced former media mogul and pro-democracy activist Jimmy Lai to 20 years in prison for collusion and sedition charges under a 2020 Beijing-imposed national security law. The sentence has prompted intense international scrutiny, with Western governments calling for Lai's release on humanitarian grounds. Lai's family and supporters have condemned the sentence, with his son calling it draconian and an injustice. Secretary of State Marco Rubio is urging Hong Kong authorities to grant Lai humanitarian parole. The January jobs report comes out on Wednesday, just a few days late because of the partial government shutdown. White House economic advisor Kevin Hassett told CNBC this morning to expect slightly smaller numbers that are consistent with high GDP growth,
More on this with Bloomberg's Enda Curran in Washington.
The monthly jobs data are supposed to hold up OK. They're meant to come in around 69,000 according to the Economist survey. Unemployment holding around 4.4%. That's meant to have leaned into the idea of a stabilizing jobs market. But maybe, and this is perhaps what Mr. Hassett is speaking to, we do also get the annual revisions on Wednesday. And they're expected to show fairly hefty downward revisions for the previous year, the year to March 2025.
Bloomberg's end to current reporting. Another rally in tech companies after last week's artificial intelligence-driven rout drove stocks higher.
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