Novo Says It’s Suing Hims; Lilly Strikes Deal for Biotech Orna; Alphabet Looks to Raise About $15 Billion

Today's biggest winners and losers in the stock market.

On this episode of Stock Movers:

- Hims & Hers Health (HIMS) shares tumble as much as 17% in premarket trading on Monday after the telehealth company said it will stop selling its recently-launched copycat version of the new Wegovy weight-loss pill.

- Eli Lilly & Co (LLY) agreed to buy closely held US biotech Orna Therapeutics Inc. for up $2.4 billion in cash, its second deal in as many days as the company expands its pipeline beyond its well-known blockbuster obesity drug Zepbound. Orna is developing a new class of treatments for certain autoimmune diseases, such as rheumatoid arthritis and multiple sclerosis. The biotech company, which is based in Watertown, Massachusetts, has struck licensing deals with other companies, including Vertex Pharmaceuticals Inc. and Merck & Co.

- Alphabet (GOOG) is looking to raise about $15 billion from a US high-grade dollar bond sale, according to people with knowledge of the matter, adding to a borrowing spree by companies at the forefront of the artificial intelligence investment boom.Massive cloud-computing companies known as hyperscalers are expected to spend more than $650 billion this year to expand AI infrastructure. Since last year, the group has flooded the market with debt that investors have so far eagerly absorbed, although concerns are growing that excessive spending on AI may be fueling a bubble.

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