Norway stocks higher at close of trade; Oslo OBX up 0.31%

Investing.com -- Invesco (NYSE:IVZ) stock rose 3.2% as the asset manager reached a critical voting deadline for converting its flagship QQQ fund into a standard ETF structure.

The company has secured approximately 50% of shareholder votes in support of converting the $407 billion Invesco QQQ Trust Series 1 from a unit investment trust to an open-ended exchange-traded fund, just shy of the 51% needed for approval. The voting deadline is set for Friday at 9 a.m. Central time, according to a Securities and Exchange Commission filing.

The potential conversion represents a significant financial opportunity for Invesco, which currently receives virtually none of the substantial fee revenue generated by QQQ under its existing investment-trust format. A successful conversion would likely boost the company’s revenue stream considerably.

In a filing with the SEC, Invesco urged remaining shareholders to participate: "QQQ is holding a Special Shareholder Meeting tomorrow and we need your vote to avoid adjourning the meeting to a later date. Stop the calls, texts and mail by VOTING NOW!"

The QQQ fund, which tracks the Nasdaq-100 Index, is one of the most heavily traded ETFs in the market. The outcome of the vote could have meaningful implications for Invesco’s business model and future revenue potential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- Gelteq Limited (ASX:GTQ) stock gained 2.7% on Friday after the company announced promising preclinical results for its proprietary gel-based oral delivery technology, demonstrating significant improvements in drug bioavailability.

The clinical and science-based developer of advanced gel-based oral delivery systems revealed that its technology showed a 300% increase in bioavailability of an oil-soluble compound during the first hour compared to an FDA-approved reference product. Over a 24-hour period, the overall absorption improved by more than 20%.

These findings address a major challenge in pharmaceutical development, as more than 40% of approved drugs and up to 90% of developmental candidates are affected by poor solubility and bioavailability issues. The industry invests billions annually seeking solutions to these problems.

The preclinical studies also demonstrated that Gelteq’s platform enables controlled movement through the digestive system, targeted release, and effective absorption while maintaining full clearance of both active pharmaceutical ingredients and the gel material itself.

Gelteq’s technology could potentially benefit multiple therapeutic areas including neurology, inflammation and pain management, hormonal therapies, cardiovascular medicine, nutraceuticals, weight management, oncology, and veterinary health - categories where lipid-based or poorly soluble active ingredients are common.

The company positions itself as a valuable development partner for pharmaceutical and nutraceutical companies looking to reformulate existing assets or address complex formulation challenges in their pipelines.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Friday’s market has seen swings in various stocks based on news and other factors. Today, stocks like Salesforce (CRM) and Rubrik (RBRK) are rallying, while stocks like WR Berkley (WRB) and DocuSign (DOCU) are falling. Below are highlights of some of the biggest stock movers, from mega-caps to small caps.

Mega-Cap Movers ($200 billion USD or higher)

• Salesforce (CRM) +4.31%
• Micron Technology (MU) +3.24%
• Advanced Micro Devices ( +2.39%
• Avago Technologies (AVGO) +1.96%

Large-Cap Stock Movers ($10-$200 billion USD)

• Rubrik (RBRK) +26.65%
• Samsara (IOT); Samsara beats Q3 expectations with 29% revenue growth, shares slip +15.08%
• Ulta Salon Cosmetics & Fragrance (ULTA) +13.56%
• Albemarle (ALB); Albemarle stock rating upgraded by UBS on lithium market deficit forecast +7.51%
• Cooper Companies Inc (COO); CooperCompanies names Colleen Jay as new board chair effective January +8.17%
• Lattice Semiconductor (LSCC); Lattice Semiconductor announces $250 million share repurchase program +5.57%
• Social Capital Hedosophia V (SOFI); SoFi prices $1.5 billion public offering of common stock -5.71%
• AltC Acquisition (OKLO); Needham initiates Oklo stock with Buy rating, $135 price target -5.65%
• DocuSign Inc (DOCU) -6.16%
• WR Berkley Corp (WRB); Mitsui Sumitomo acquires 12.5% stake in W. R. Berkley -7.46%

Mid-Cap Stock Movers ($2-$10 billion USD)

• Praxis Precision Medicines Inc (PRAX); Praxis Precision Medicines advances toward NDA submission for tremor drug +43.41%
• Victoria’s Secret Co (VSCO) +17.69%
• Vera Therapeutics (VERA) +5.06%
• Parsons Corp (PSN); Parsons stock downgraded by Raymond James after losing FAA contract -22.28%
• Argan (AGX); Argan shares plunge over 10% on top-line miss in Q3 -13.77%
• SentinelOne (S); SentinelOne shares slide 6% on weak Q4 revenue guidance -10.11%
• Adaptive Biotechnologies Corp (ADPT) -9.82%
• CleanSpark (CLSK) -4.76%
• Cinemark Hldg (CNK) -4.74%

Small-Cap Stock Movers ($300 million - $2 billion USD)

• Ambitions Enterprise Management Co (AHMA) -32.65%
• Domo Inc (DOMO); Domo shares tumble 17% as Q3 results fail to impress -19.27%
• Immatics NV (IMTX) -15.46%
• Compass Diversified Holdings (CODI) -12.26%
• Alumis (ALMS) +20.84%
• Smith & Wesson (SWBI) +17.06%
• New Fortress Energy LLC (NFE); New Fortress Energy secures 7-year gas supply deal for Puerto Rico +16.79%
• Dingdong ADR (DDL) +10.26%
• Pepco Holdings Inc-Exch (POM) +10.65%
• Borr Drilling Ltd (BORR) +9.04%

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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com-- U.S. stocks rose after a relatively benign inflation report kept open the likelihood that the Federal Reserve will cut interest rates next week.

At 10:15 ET (15:15 GMT), the Dow Jones Industrial Average gained 235 points, or 0.5%, the S&P 500 index gained 35 points, or 0.5%, and the NASDAQ Composite rose 160 points, or 0.7%.

PCE inflation gauge in spotlight

The Fed’s preferred inflation measure, the Personal Consumption Expenditures Price Index (PCE), indicated that inflation remained under control, suggesting that the U.S. central bank can cut interest rates next week to support the slowing economy.

Excluding food and energy, the underlying, or "core," PCE price index fell to 2.8% in the 12 months to September, below the expected 2.9%, and 0.2% month-on-month.

The importance of price stability, the second element of the Fed’s dual mandate, has faded a little of late, but the Fed policymakers will be pleased to see the index falling, further emboldening rate-cut expectations.

Expectations of a 25-basis point reduction at the Federal Reserve’s December 9–10 meeting have been running hot on the back of recent weak labor data and broader signs of economic cooling.

Thursday’s weekly jobless claims plunged by 27,000 to a seasonally adjusted 191,000, the lowest level since September 2022, but economists cautioned that distortions tied to the Thanksgiving holiday may have exaggerated the decline.

Elsewhere, a private-sector payroll report from ADP on Wednesday showed a decline of 32,000 jobs -- the largest drop in over two and a half years, and a report by Challenger, Gray & Christmas stated that announced job cuts dropped sharply in November but hiring intentions remained weak.

Netflix agrees to buy Warner Bros Discovery

In the corporate sector, Netflix (NASDAQ:NFLX) has agreed to acquire Warner Bros Discovery (NASDAQ:WBD) in a cash and stock transaction valued at $27.75 per share, with a total enterprise value of approximately $82.7 billion.

The deal, announced on Friday, follows a weeks-long bidding war where Netflix outbid Paramount Skydance’s (NASDAQ:{{8171’s|PSKY}}) nearly $24-a-share offer with its nearly $28-a-share proposal.

Should the transaction be finalized, it would transform Netflix into a media powerhouse with control over one of the most valuable content libraries in the entertainment industry.

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Elsewhere, Ulta Beauty (NASDAQ:ULTA) shares soared after the cosmetics retailer topped Wall Street estimates for its fiscal third quarter and raised its full-year outlook.

Victoria’s Secret (NYSE:VSCO) stock rose strongly after the lingerie retailer reported better-than-expected third quarter results, raising its full-year outlook as its turnaround strategy shows signs of success.

On the flip side, Hewlett Packard Enterprise (NYSE:HPE) stock slumped after the cloud services and hardware company missed analysts’ revenue expectations for the fourth quarter, posting $9.68 billion versus a consensus estimate of $9.94 billion.

Crude on track for weekly gains

Oil prices rose Friday, adding to the previous session’s gains as stalled diplomatic progress over the Ukraine war and firm expectations of a U.S. Federal Reserve rate cut supported sentiment.

Brent futures gained 0.9% to $63.85 a barrel, and U.S. West Texas Intermediate crude futures rose 0.8% to $60.15 a barrel.

Both contracts jumped nearly 1% on Thursday, and both are now on track for 1.5% weekly gains - a second straight week of increase.

The lack of progress in U.S.-Russia talks to end the Ukraine war has dampened hopes that energy sanctions on Russian crude could be eased soon, keeping a risk premium in the market.

Ayushman Ojha contributed to this article