By Katy Barnato

Trump Media $(DJT)$: The president-elect moved his entire $4 billion stake in Trump Media into a trust he controls. Shares of Truth Social's parent company fell 2%.

FedEx $(FDX)$: The delivery company said it would spin off its freight-trucking division. It also reported lower quarterly profits and trimmed its annual financial goals. Shares shed less than 0.1%.

Nike $(NKE)$: The sportswear company reported its third consecutive quarterly sales decline, while profit fell. Executives warned that this quarter, revenue could decline by more than 10%, and could be even steeper next quarter. Shares slipped 0.2%.

Novo Nordisk (DK:NOVO.B, NVO): An experimental anti-obesity treatment helped patients lose less than a quarter of their bodyweight, missing the company's targets and knocking its stock. Its U.S.-listed stock tumbled 18%.

Eli Lilly $(LLY)$: Shares of the pharmaceutical company, which rivals Novo in the obesity-drugs market, rose 1.3%. Shares in Viking Therapeutics $(VKTX)$ and Amgen $(AMGN)$, both of which are working on weight-loss drugs, also rallied.

Tesla $(TSLA)$: The EV marker's shares fell 3.5%. On Thursday, Sen. Rand Paul (R., Ky.), floated the idea of installing Tesla Chief Executive Elon Musk as speaker of the House.

U.S. Steel $(X)$: The company cut quarterly earnings guidance, citing weak European demand. Shares lost 5%. In the background, the clock is ticking on a national-security review that could block U.S. Steel's purchase by Japan's Nippon Steel.

Occidental Petroleum $(OXY)$ and Sirius XM $(SIRI)$: The oil producer gained 3.9% and the radio company added 12% after filings late Thursday showed Berkshire Hathaway had recently raised its stakes in each firm.

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(END) Dow Jones Newswires

December 20, 2024 16:23 ET (21:23 GMT)

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