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Now, time for some of today’s trending tickers. We are watching Synopsys, Novo Nordisk and Chewy.
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First up is Synopsys, the chip design software maker plunging after warning that US export restrictions are contributing to a slowdown in China. That’s the largest market for semiconductors.
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The company’s CEO also said that a push to develop its own intellectual property is not achieving the desired results, partly because of the China challenges. He also announced he’d be refocusing resources on other areas, and he’s also reducing the company’s head count by about 10%.
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Next up, Novo Nordisk, the maker of Ozempic and Wegovy will slash 9,000 jobs globally and cut its profit forecast for the third time this year. The announcement comes as the company looks to recover lost ground to competitor Eli Lilly.
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with the 11% reduction of its workforce, the company aims to save $1.3 billion by the end of 2026. Those shares down 60% in the past 12 months, which may be why the shares are not moving more this morning.
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And finally, Chewy, the retailer for pet products sliding after reporting second quarter results. The company’s profit fell in its fiscal second quarter despite an uptick in sales.
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Chewy said its bottom line was hurt in the recent quarter by a $79 million expense tied to share-based compensation and related taxes.
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As always, you can scan the QR code below to track the best and worst performing stocks with the Yahoo Finance’s trending tickers page.
