Investors looking for safe havens in a dangerous market (0:30). Weight-loss drugmaker decline (1:45). Worry of recession eroding sentiment for consumer focused stocks (3:50). Fed decision out Wednesday (8:08). China EV data points coming next week (8:55). FedEx, Micron earnings coming (10:35).Episode transcripts: seekingalpha.com/wsbShow links: Novo Nordisk slips after data for next-gen obesity drugDespite recent sell-offs, Wedbush expects AI tech stocks to reach record highsIntel's appointment of Tan as CEO has Wall Street 'encouraged,' but questions remainSign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Full Episode
Brian Stewart, welcome back to Wall Street Breakfast. Great to be here on a Friday with you.
Thanks. Great to be here.
Yesterday, we had some discussion talking about markets going lower. What are you seeing out of the markets? What are you most focused on at week's end and looking ahead to next week?
So as you mentioned, the markets were down pretty sharply on Monday and continued to drift lower later in the week. So it was definitely a down week for the market. When we're looking at it, I think it's important to kind of pick out outliers and stocks that maybe buck the trend a little bit.
If you go to the kind of winners and losers leaderboards for the week, there's just a lot of red and a lot of stocks that are down sort of similar amounts. It's kind of hard to pick out. ones to focus on. So if we're looking for some green and a big wash of red, you can look at some big oil players. So ConocoPhillips and ExxonMobil were both up over the past week.
ConocoPhillips is up 10%, ExxonMobil up 4%. They were both up as the markets fell on Monday. I think this is just sort of a seeking shelter kind of play. Overall, the stocks have been tracking oil prices over the past year and are actually down over the course of a year, underperforming the major averages. But now both stocks are beating the S&P 500 for year to date. So
they've kind of jumped past the S&P 500. So I think that's just a sign that people are looking for safe havens in an overall dangerous market. And then we look at the other side, some of the unexpected leaders on the downside so far this week have been the weight loss drug makers. So Novo Nordisk is down 18% over the past week and Eli Lilly is down 12%. I think this is sort of a
a commentary on the overall weight loss market. I think there's a fear of saturation. There was a survey that came out recently that said one out of five Americans have tried GLP-1. So we're sort of getting to the point where people who want it are already using it. And so there's a question of where the next growth is coming from.
And then in terms of what's in the pipeline, there's been some underwhelming trial results lately. So there's not something on the horizon, the next great weight loss drug from these companies meant to take it over.
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