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  • GSK Says Dreamm-3 Phase 3 Study For Blenrep Didn’t Meet Primary Endpoint

    GSK Says Dreamm-3 Phase 3 Study For Blenrep Didn’t Meet Primary Endpoint

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    By Michael Susin

    GSK PLC said Monday that its Dreamm-3 Phase 3 study in patients with relapsed or refractory multiple myeloma didn’t meet its primary endpoint of progression-free survival.
    

    The pharmaceutical giant said that the study compared its monotherapy Blenrep versus pomalidomide in combination with low dose dexamethasone and observed median progression-free survival was longer for Blenrep.
    

    

    “These trials are designed to demonstrate the benefit of Blenrep in combination treatment with novel therapies and standard-of-care treatments in earlier lines of therapy and dosing optimization to maintain efficacy while reducing corneal events,” it added.
    

    The company said additional trials will continue and further data from the studies are anticipated in the first half of 2023.
    

    Write to Michael Susin at michael.susin@wsj.com
    

    

    

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    Novo Nordisk 3Q Sales DKK45.57B
    
			
    Novo Nordisk 3Q Sales DKK45.57B
    
			
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    By Dominic Chopping
    

    Danish pharmaceutical company Novo Nordisk AS on Wednesday raised full-year guidance and reported a third-quarter net profit that beat expectations amid strong demand for its diabetes care and obesity treatments.
    

    Net profit rose to 14.41 billion Danish kroner ($1.91 billion) from DKK12.12 billion in the same period last year, beating the DKK13.95 billion forecast by analysts in a FactSet poll.
    

    

    Sales rose 28% to DKK45.57 billion, against analysts’ expectations of DKK44.5 billion.
    

    Global sales were driven by diabetes and obesity care sales as GLP-1 sales increased by 44% in local currencies, obesity care sales increased by 62% and rare disease sales increased by 4%, partially offset by a 15% decrease in insulin sales, the company said.
    

    Full-year guidance was raised, with the company now expecting 2022 sales growth of 14%-17% from 12%-16% previously, and operating-profit growth of 13%-16% from 11%-15%, both measured in local currencies.
    

    Reported growth in sales is now seen around 10 percentage points higher than in local currencies from 9 percentage points higher previously, while reported operating-profit growth is seen around 15 percentage points higher from around 14 percentage points higher previously.
    

    Write to Dominic Chopping at dominic.chopping@wsj.com
    

    

    

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    Where Are Markets Headed? Six Pros Take Their Best Guess
    
			
    Where Are Markets Headed? Six Pros Take Their Best Guess
    
			
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    A massive selloff in bonds. A plunge in tech stocks. The implosion of cryptocurrencies. The highest inflation in four decades.
    

    Amid a brutal and uncertain climate, we asked six heavyweights in the world of finance to share their thoughts on the state of the markets, how they have handled this year’s carnage and what they anticipate in the future.
    

    

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    TotalEnergies Declares Third 2022 Interim Dividend of EUR0.69 a Share
    
			
    TotalEnergies Declares Third 2022 Interim Dividend of EUR0.69 a Share
    
			
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    By Giulia Petroni
    

    TotalEnergies SE said Thursday that profit jumped in the third quarter of the year as it benefited from high commodity prices, but also booked a new impairment related to Russia.
    

    The French oil-and-gas major said quarterly net profit came in at $6.63 billion compared with $4.65 billion in the same period last year. On an adjusted basis, profit was $9.86 billion, above a FactSet-compiled consensus that had forecast the figure at $9.54 billion.
    

    

    The company said it booked a new impairment of $3.1 billion related to Russia in the quarter.
    

    TotalEnergies’s hydrocarbon production decreased 5% on year to 2.67 million barrels of oil equivalent a day from 2.81 million boe/d in the previous year, partly due to higher planned maintenance on the Ichthys gas field in Australia and unplanned shutdowns of the Kashagan oil field in the Caspian Sea. The company expects fourth-quarter production at around 2.8 million boe/d.
    

    Sales for the third quarter rose to $69.04 billion from $54.73 billion for the year-earlier period.
    

    TotalEnergies said it expects oil prices to be supported by the OPEC+ decision to reduce production quotas and the European ban on Russian oil, despite anticipated slower global growth next year. It also said gas prices should remain high and refining margins strong.
    

    The company will distribute a third interim dividend of 69 European cents ($0.69) a share for 2022, equal to the first and second 2022 interim dividends and an increase of 5% from the interim and the final dividends for 2021.
    

    Write to Giulia Petroni at giulia.petroni@wsj.com
    

    

    

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    Apple Earnings Are on Deck as Consumer Demand Softens
    
			
    Apple Earnings Are on Deck as Consumer Demand Softens
    
			
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            Apple
    
          
    
        
    
       shares have been remarkably resilient in the face of this year’s tech stock selloff, falling less than 15% since the end of December, and sharply outperforming rivals
    
        
    
          
    
            Microsoft
    
          
    
        
    

            
    
          
    
            Alphabet
    
          
    
        
    
       and
    
        
    
          
    
            Amazon
    
          
    
        
    
       which are all down from 26% to 28%. 
    

    Apple (ticker: AAPL) sits with a $2.4 trillion market valuation—$500 billion more than Microsoft, $1 trillion more than Alphabet, and nearly double the size of Amazon. 
    

    

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    Cash Is the Focus as Boeing Reports Its Earnings
    
			
    Cash Is the Focus as Boeing Reports Its Earnings
    
			
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            Boeing
    
          
    
        
    
       has reported positive free cash flow in only one quarter in more than three years. Whether the company generated more than it burned through in the three months through September, and how much it will produce in coming quarters, holds the key to the stock’s next move.
    

    Wednesday morning, B
    
        
    
          
    
            oeing
    
          
    
        
    
       (ticker: BA) is due to report third-quarter numbers. Wall Street is looking for earnings of about 10 cents a share from $17.8 billion in sales, a significant improvement from the second quarter, when
    
        
    
          
    
            Boeing
    
          
    
        
    
       reported an adjusted loss of 37 cents a share from sales of $16.7 billion.
    

    

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    German Business Sentiment Remains Depressed in October
    
			
    German Business Sentiment Remains Depressed in October
    
			
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    By Maria Martinez
    

    Business confidence in Germany fell slightly in October, remaining at a very low level, as companies expect a challenging winter due to the energy crisis.
    

    The Ifo business-climate index fell to 84.3 points in October from a revised reading of 84.4 points in September, data from the Ifo Institute showed Tuesday. This is its lowest value since May 2020. Economists polled by The Wall Street Journal had expected the index to come in at 83.6.
    

    

    “The German economy is facing a difficult winter,” Ifo President Clemens Fuest said. Companies were less satisfied with their current business, while their expectations improved, he said.
    

    The index of the current situation fell to 94.1 in October from 94.5 in September, while the gauge assessing companies’ expectations rose to 75.6 from 75.3.
    

    The Ifo index is based on a poll of about 9,000 companies in manufacturing, services, trade and construction. The decline in confidence is affecting mainly manufacturing and construction, the report shows.
    

    Write to Maria Martinez at maria.martinez@wsj.com
    

    

    

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    Schlumberger Rebrands as SLB, Dropping Family Name
    
			
    Schlumberger Rebrands as SLB, Dropping Family Name
    
			
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    Oil-field services giant says new name marks commitment to cleaner energy
    


    


    




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    France to Pay Part of Companies’ Electricity Bills
    
			
    France to Pay Part of Companies’ Electricity Bills
    
			
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    By Joshua Kirby
    

    The French government will cover a part of companies’ electricity bills, with big energy firms asked to contribute to the cost, a minister told TV station BFM Business late Sunday.
    

    An “electricity guarantee” for 2023 will be finalized soon, and will cover part of any amount paid above a reference price fixed by the government, according to Energy Transition Minister Agnes Pannier-Runacher.
    

    

    Energy companies making large profits will be asked to provide a contribution in relation to the reference price, the minister said, adding that the relevant legal proposition will be made very soon.
    

    The move comes amid surging energy prices across Europe following a stoppage of natural-gas flows from Russia. In France, supply has also been threatened by strikes at nuclear reactors owned by national utility Electricite de France SA.
    

    Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
    

    

    

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    Tesla Stock Could Rebound in 3 Months. Here’s What it Would Take.
    
			
    Tesla Stock Could Rebound in 3 Months. Here’s What it Would Take.
    
			
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    Elon Musk says that
    
        
    
          
    
            Tesla
    
          
    
        
    
       could someday be worth more than
    
        
    
          
    
            Apple
    
          
    
        
    
       and Saudi Aramco, combined. First, it needs to get through the next few months.
    

    Before Tesla (ticker: TSLA) reported third-quarter earnings this past week, investors had been hoping they would allay concerns that had been growing since the company released second-quarter numbers three months earlier. They did no such thing. While earnings topped expectations, third-quarter deliveries, sales, and profit margins all fell short of Street projections. Tesla shares slumped 6.7% following the release, putting them down 22% since the end of September, their second-worst start to a quarter since the first few weeks of 2016. 
    

    

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    IRS to Make Largest Increase Ever to 401(k) Contribution Limit
    
			
    IRS to Make Largest Increase Ever to 401(k) Contribution Limit
    
			
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    IRS to Make Largest Increase Ever to 401(k) Contribution Limit
    

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    Netflix Adds a Better-Than-Expected 2.4 Million Subscribers
    
			
    Netflix Adds a Better-Than-Expected 2.4 Million Subscribers
    
			
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            Netflix
    
          
    
        
    
       shares were trading sharply higher after the streaming giant posted better-than-expected subscriber growth for the third quarter. 
    

    The company added 2.41 million net new subscribers in the quarter, beating its own forecast of 1 million additions. Netflix (ticker: NFLX) said it expects to add another 4.5 million subscribers in the December quarter. 
    

    

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    Microsoft Lays Off Employees After Slowdown in Earnings Growth
    
			
    Microsoft Lays Off Employees After Slowdown in Earnings Growth
    
			
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    The software giant said earlier this year that it planned to reduce staff by less than 1%
    


    


    




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    Russia Wipes Out Exxon’s Stake in Sakhalin Oil-and-Gas Project
    
			
    Russia Wipes Out Exxon’s Stake in Sakhalin Oil-and-Gas Project
    
			
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    Russia Wipes Out Exxon’s Stake in Sakhalin Oil-and-Gas Project
    

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    Bank of America Reports Earnings Monday. What Wall Street Is Watching.
    
			
    Bank of America Reports Earnings Monday. What Wall Street Is Watching.
    
			
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    Bank of America Reports Earnings Monday. What Wall Street Is Watching.
    

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    8 Mining Stocks: Why Their Long-Term Outlook Is Bright
    
			
    8 Mining Stocks: Why Their Long-Term Outlook Is Bright
    
			
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    The world needs metals like copper, iron, and cobalt, but investors don’t seem to need mining stocks. They should reconsider.
    

    Investor reluctance is understandable. Why get exposure to an industry whose profits hinge on the health of industrial activity when the global economy seems headed for a downturn that would probably send metal prices lower?
    

    

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    Why It’s Time to Buy This Uranium Miner’s Stock
    
			
    Why It’s Time to Buy This Uranium Miner’s Stock
    
			
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    Heading into this past week, uranium miner
    
        
    
          
    
            Cameco
    
          
    
        
    
       was that rare stock in the market: It had posted a double-digit gain in 2022. One deal made those gains disappear—and created a buying opportunity.
    

    At first glance, there didn’t seem to be all that much that was controversial about the joint venture Cameco (ticker: CCJ) announced this past Tuesday. Along with
    
        
    
          
    
            Brookfield Renewable Partners
    
          
    
        
    
       (BEP), Cameco agreed to buy Westinghouse Electric, a servicer to nuclear power plants, for $7.88 billion, including debt. Cameco will own 49% of the joint venture once the deal is completed. 
    

    

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    Kroger and Albertsons Say Their Merger Will Cut Prices. Their Shares Are Tumbling.
    
			
    Kroger and Albertsons Say Their Merger Will Cut Prices. Their Shares Are Tumbling.
    
			
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    With inflation still an untamed threat, Friday’s announced merger of the grocers
    
        
    
          
    
            Kroger
    
          
    
        
    
       and
    
        
    
          
    
            Albertsons
    
          
    
        
    
       will spur debate about whether the consolidation will raise food prices, or lower them.
    

    The Biden administration’s antitrust regulators are scrutinizing mergers more closely than did predecessors, and an old argument against combinations is that they lead to price-gouging.
    

    

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    Moderna Stock Takes Off on Cancer Vaccine News
    
			
    Moderna Stock Takes Off on Cancer Vaccine News
    
			
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            Moderna
    
          
    
        
    
       stock shot up after
    
        
    
          
    
            Merck
    
          
    
        
    
       said it is exercising an option to work on a personalized cancer vaccine with the Covid-19 vaccine maker.
    

    Merck (ticker: MRK) will pay
    
        
    
          
    
            Moderna
    
          
    
        
    
       (MRNA) $250 million for the joint development and future commercialization of the vaccine, which is currently in Phase 2 clinical trials. The two companies had announced a “strategic collaboration” in June 2016.
    

    

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    WSJ News Exclusive | Peloton Co-Founder John Foley Faced Repeated Margin Calls From Goldman Sachs as Stock Slumped
    
			
    WSJ News Exclusive | Peloton Co-Founder John Foley Faced Repeated Margin Calls From Goldman Sachs as Stock Slumped
    
			
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    John Foley, the co-founder and former chief executive of Peloton Interactive faced repeated margin calls on money he borrowed against his Peloton holdings before he left the fitness company’s board last month, according to people familiar with the situation.
    

    As Peloton’s shares slumped over the past year, Goldman Sachs Group asked Mr. Foley several times to provide fresh funds or additional collateral for personal loans the bank had extended to him, the people said. The company’s share price has fallen nearly 95% from its $160 peak in December 2020.
    

    

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