Avalon Pernell, a Bloomberg equities reporter who covers market movers and company reporting. She discusses CF Industries’ surge amid tightening fertilizer supplies. She breaks down Centene’s sharp pullback tied to membership losses and rising medical costs. She covers Hims & Hers’ dramatic rally after a new Novo Nordisk partnership.
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Middle East Conflict Tightens Fertilizer Markets
Fertilizer markets tightened as the Middle East conflict threatens global nitrogen supplies.
CF Industries (CF) rallied to a record high, up as much as 14% intraday, given its ~40% share of North American ammonia production.
insights INSIGHT
Centene Flags Big ACA Enrollment Decline
Centene warned of sharply falling ACA enrollment and rising medical costs, hitting its stock hard.
CEO Sarah London said membership could fall nearly 40%, with Centene's membership already down from 5.5M in December to 3.6M in February.
insights INSIGHT
Hims & Hers Reaches Deal With Novo Nordisk
Hims & Hers struck a deal with Novo Nordisk to sell Ozempic and Wegovy, ending a legal spat and sparking a huge rally.
The telehealth stock jumped about 57% as Novo dropped a lawsuit and Hims agreed to stop advertising compounded versions.
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Today's biggest winners and losers in the stock market.
On this episode of Stock Movers, we take a look at some of the biggest gainers and decliners from the past week:
- CF Industries (CF) saw its shares trade higher this week, along with other stocks in the chemical and fertilizer space. Fertilizer markets are tightening as the escalating conflict in the Middle East threatens global supplies of nitrogen-based crop nutrients, boosting companies such as CF Industries Holdings Inc., the world’s largest producer of ammonia. CF Industries shares rose as much as 14% on Thursday, the biggest intraday jump since 2020 and to a record high. The Illinois-based company controls nearly 40% of the North American nitrogen fertilizer market, while Nutrien (NTR) — which climbed 7.6% to the highest price in more than three years — controls another 22%.
- Centene (CNC) shares sank on Tuesday after the health insurer flagged rising medical costs and declining membership, adding to an already cautious outlook for the industry. Centene said it expects enrollment in the Affordable Care Act marketplace will decline by about 35% or more across the industry after some federal ACA subsidies expired. It sees its own membership potentially dropping even faster. The company’s membership dropped from 5.5 million in December to 3.6 million in February, a decline that CEO Sarah London said was “in line with our expectations.”
- Hims & Hers (HIMS) shares posted their best week on record as a new partnership with Novo Nordisk A/S fuels fresh optimism about the company’s future in weight-loss drugs. The San Francisco-based company’s stock climbed about 57% this week, rallying in four of the past five trading sessions. Earlier this week, the telehealth company said it would work with Novo to sell blockbusters Ozempic and Wegovy on its platform, ending a feud between the firms. Novo also agreed to drop a lawsuit it filed against Hims last month. In return, Hims will no longer advertise compounded versions of Novo’s drugs, but it will still sell copies of Ozempic and Wegovy if a doctor says a patient needs them.
Stock Movers