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Investor Day Bust: Novo Nordisk Plunges As Wall Street's Turnaround Hopes Fade

Novo Nordisk shares tumbled as much as 7.7% in Copenhagen trading after Wall Street analysts questioned the Danish drugmaker's turnaround efforts amid the loss of its GLP-1 lead to Eli Lilly & Co.

At its capital markets day earlier in London, Novo outlined plans for more than five blockbuster launches and over $23 billion in new sales in the coming years. But that comes as its obesity-market lead has been surrendered to Eli Lilly, and analysts were hoping for more commentary from management about turnaround efforts as the stock is down 18% on the year.

"Investors are selling the shares because they are not seeing concrete news that could drive the stock higher," Nordnet investment economist Per Hansen wrote.

CEO Mike Doustdar told analysts, "We need to work harder, and we will." However, much of the optimism from capital markets a few years ago about Novo leading the GLP-1 race has all but faded.

Much of Novo's medium-term outlook rests on CagriSema, according to Bloomberg Intelligence analysts Michael Shah and Christos Nikoletopoulos. That treatment has already disappointed Wall Street multiple times, including failing to match Lilly's Zepbound in a head-to-head trial. Other potential growth drivers remain earlier in development and carry a higher risk of failure

From the peak of the GLP-1 craze in mid-2024, Novo shares in Copenhagen have plunged a staggering 74%, with shares stabilizing since August 2025.

"The event came amid mounting investor pressure for clarity beyond obesity drugs Wegovy and Ozempic as Novo's semaglutide patent expiries approach in the early 2030s. Investors were increasingly focused on Novo’s next growth drivers following setbacks for obesity candidate CagriSema. Novo said it expects revenue growth between 2026 and 2030 to be in line with industry peers," UBS analyst Nana Antiedu wrote in a note.

Novo has been pursuing a turnaround effort this year, already leading to substantial restructuring. Doustdar has cut as many as 9,000 jobs and removed several management layers, with total cuts reaching about 13,000. Novo is also pursuing new therapeutic areas and using AI to accelerate drug development.

Tyler Durden Mon, 09/21/2026 - 06:55

CNN, MS NOW and Politico are filing a First Amendment lawsuit against the Trump administration after being barred from White House grounds.

Ukraine Pounds Major Moscow Refinery As Global Diesel Crisis Threatens Economic Shock

Military conflicts, economic wars, and resource wars are converging ahead of the Northern Hemisphere winter.

Export restrictions on critical materials and energy products are adding economic pressure worldwide, raising the risk that supply disruptions and retaliatory measures widen existing conflicts. With no clear path to de-escalation, the potential for spillover from active war zones remains top of mind.

The most pressing news so far this morning is that Ukraine launched a major overnight drone strike on Russia, hitting a Moscow refinery despite President Trump's request for Ukraine to stop striking Russian energy infrastructure as a global refining crisis deepens.

Bloomberg reports that the Gazprom Neft-owned Moscow Oil Refinery, about 16 miles from the Kremlin, was struck by drones. The facility has a processing capacity of around 245,000 barrels a day and supplies fuel to the surrounding metro area.

Ukrainian President Volodymyr Zelenskyy wrote on X, "One of Russia's key oil industry facilities and the aggressor’s logistics facility were hit. These are billions of dollars that sustain the war machine. The systems used included FP-1, RZ-100, MICH-2000, Palianytsia, Vendetta, Liutyi, Bars, Flamingo, Sichen, and Pelican."

Our long-range responses had a very significant impact in the Moscow region last night. One of Russia’s key oil industry facilities and the aggressor’s logistics facility were hit. These are billions of dollars that sustain the war machine. The systems used included FP-1, RZ-100,… pic.twitter.com/ka5mlDSgb7

— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) September 20, 2026

Last week, diesel futures and refining spreads climbed to record highs as worsening supply disruptions in the Gulf and Russia tightened availability of the industrial fuel that powers the global economy.

Potential export restrictions, or extensions of existing restrictions, are compounding the squeeze. A report on Tuesday said Moscow was considering extending its diesel export ban, while Senate Majority Leader John Thune told reporters that day he was "open to exploring" a US diesel export ban.

The squeeze was even more severe in refining spreads. The US heating oil crack, which measures the difference between fuel and crude prices, surged to $117 a barrel on Wednesday, the highest level in Bloomberg data going back to 2009.

Bloomberg Intelligence senior commodity strategist Mike McGlone has warned that the diesel price shock echoes similar moves in gasoline during the 2008 energy shock.

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Tyler Durden Mon, 09/21/2026 - 06:45

VW Supervisory Board Recommends Another 4,100 Job Cuts At Porsche

Submitted by Thomas Kolbe

The hailstorm of bad news from Germany’s auto industry simply refuses to end. Again and again, heavy hailstones from corporate press offices crash down on anxious workforces at the automakers, ruining politicians’ election campaigns and destroying the last hopes of those still clinging to the promise of an electric car made in Germany.

The latest impact: According to a report by Handelsblatt, citing an internal recommendation by Volkswagen’s Supervisory Board, the personnel scalpel is once again being applied to the “Sport Luxury” division, meaning Porsche. Another 4,100 jobs are to be eliminated at Porsche, after it had already become clear that a total of 9,000 positions would disappear over the coming years. Porsche currently still employs 41,800 people.

According to the Supervisory Board’s proposal, Porsche is supposed to improve its operating profit by €3.8 billion by the end of the decade. In overhead costs alone, the Supervisory Board’s calculation shows a gap of around €700 million. That gap is to be closed through the additional job cuts. Volkswagen’s austerity program now seems to be updated almost weekly.

The notion that Volkswagen’s luxury brand Porsche could shield itself from the group-wide restructuring — or, better put, the clear-cutting — is now finally gone. The crisis runs deep, it is comprehensive, and it has already cost 150,000 jobs across the automotive sector. For consulting firm Roland Berger, there is still no end in sight. Berger expects another 200,000 jobs to disappear from Germany’s automotive sector by 2030. Entire value chains — and with them purchasing power, knowledge and prosperity — are disappearing.

A catastrophe for suppliers, for entire regions and for municipal treasuries that had relied so heavily on revenues from what was once Germany’s flagship industry. But that is what happens when you become ideologically entrenched …

Stuttgart is the blueprint for industrial locations across the republic that until recently threw themselves with fervor into the warm, ecologist current. The home of Porsche and Mercedes-Benz closed the last fiscal year with a deficit of €712 million — and the comfortably wealthy city could become a poorhouse if nobody pulls the emergency brake. Residents of these regions will have to prepare for public services — well-equipped schools, municipal sports facilities, swimming pools and recreational centers — to become luxury goods. The automotive industry is leaving; it is leaving behind empty coffers and high unemployment. A German Rust Belt is emerging before our eyes.

The downward spiral has engulfed every segment of Germany’s automotive industry: intense competitive pressure from China, tariff tensions with the United States, towering energy costs at home and an endless regulatory frenzy are all battering the business. It was therefore only a matter of time before even a luxury brand like Porsche would come under the wheels. And the company’s communications strategy seemed strangely familiar: In a kind of salami tactic, common in politics, the company has been announcing since 2024 that Porsche would initially allow temporary production contracts to expire. Around 1,500 employees were affected that year. In February 2025 came the announcement that around 1,900 jobs in Zuffenhausen and Weissach would be eliminated by 2029. Another 500 temporary contracts were not to be renewed.

In May 2026, it continued: Porsche announced the closure of its subsidiaries Cellforce, eBike Performance and Cetitec. More than 500 jobs were lost. At the end of July this year, the future package was finally presented: Another 5,000 jobs are to be eliminated by 2035, naturally in a socially responsible manner. So much should the future be worth.

Taken together, that amounts to around 9,000 jobs — meaning that more than one in three positions at the home location will disappear. Now another 4,100 new job cuts are being added — the company is being ground down further and further.

Volkswagen’s decline is accelerating. A look at its compressed margins is more than alarming: Originally, management had calculated on an operating margin of between 4 and 5.5 percent this year. It has now shrunk to 1 percent. A €10 billion special effect is weighing on the result. The ailing group is in intensive care.

What is happening at Volkswagen is the great mirror image of German industry: poor domestic conditions and excessively high energy costs following disastrous political decisions are making industrial production at home almost impossible. Since 2018, around 15 percent of German industrial production has disappeared. Around 420,000 jobs in manufacturing have been lost since 2019. With these jobs, engineering expertise is disappearing as well — expertise that is indispensable to a society. Disastrous construction projects such as Berlin Brandenburg Airport, Stuttgart 21 or the Hamburg Opera, where costs and schedules regularly spiral out of control, loudly testify to Germany’s brain drain.

Germany in 2026: Some are no longer capable of organizing infrastructure projects, while others, representatives of business and labor unions, are incapable of anticipating trends in global markets. Together, in their hour of need, they strike up a hymn to moralism, in a green overtone, always self-assured and arrogant toward dissenting criticism. A melody of decline.

* * * 

About the author: Thomas Kolbe, a graduate economist, has worked for or over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Mon, 09/21/2026 - 06:30

Dear Abby gives advice to a teacher who believes their is a link between her students misbehaving in class and their parents not paying enough attention to them.

The most exciting beauty haul you'll find.

The state-funded cash infusion, touted by Gov. Hochul in December as a way to keep a surge of uniformed officers in the subway system, was zeroed out by July.

It would be easy and pat to dismiss Nike's debacle as the business world’s latest example of “go woke, go broke.” But the truth is more complicated.

It all starts in October, so don’t let all of the noise over inflation, oil and war distract you from missing out on this party.

An inside look at Sunday’s Giants-Rams Week 2 matchup at Sofi Stadium:

Insiders claim judges bypass strict rules by declaring candidacy yearly, allowing them to donate perpetually to party events.

Is your racing heart a sign of panic — or something more serious? Wellness Editor Carly Stern sits down with NYU Langone Health cardiologist Dr. Sunil Rao to break down what can cause your heart rate to spike, and when it may be time to seek medical attention. Plus, Dr. Rao explains why it can...

A Florida couple were hit by lightning while walking hand in hand – and they hailed a quick-thinking group of Good Samaritan hikers who helped save their lives.

Venezuela's Oil Revival Faces "Decade Or Two" Climb Back To Record Output, Piper Sandler Warns

President Trump's "Donroe Doctrine" positions energy security in the West as a key pillar of US national security. 

The removal of socialist Nicolás Maduro and the subsequent massive Venezuelan oil deal represent the opening act in a longer-term effort to rebuild production and secure supplies closer to the Gulf of America. 

Piper Sandler global energy strategist Jan Stuart's view, however, highlights the time required for these new Venezuelan supplies to ramp up: any meaningful recovery in Venezuelan output could take years, with a return to historic production highs potentially requiring a decade or two. That timeline clashes with the view that additional Venezuelan barrels could provide near-term relief to US refiners amid the global diesel crisis.

"We'll stay tuned but suspect that reaching the old record highs will take a decade or 2 and oodles of good fortune," Stuart wrote in a note. 

Trump described the US-Venezuela deal as the "biggest oil deal in history" and said it would amount to control of 65 billion barrels of oil reserves.

North American Blue Energy Partners is set to develop the oil fields, with the Department of War holding a 35% stake in the venture and rights to a portion of its production. Venezuelan royalties and taxes could total roughly $200 billion over 25 years.

A Reuters report last week said ExxonMobil was negotiating a return to Venezuela's Orinoco Belt for the first time in nearly two decades.

Venezuelan bonds have rallied around these developments but the risk to investors is for a prompt revival. 

Beyond energy supplies, Venezuela reportedly prepared its first aluminum shipment to the US in years last week: 15,000 metric tons from state-owned Venalum, facilitated by Mercuria Energy Group and Heeney.

The cloud hanging over Venezuela's resources revival is the outcome of the US midterms. Stuart questioned whether US military backing for the oil deal would survive the next US election. Rebuilding production could take a decade or two. Investors now have to ask whether Trump's commitment can last that long.

Tyler Durden Mon, 09/21/2026 - 05:45

Jack Osbourne and wife Aree are raising five kids with no nanny, finding a rhythm while the family navigates grief after Ozzy Osbourne's death.

Jack Osbourne and wife Aree are raising five kids with no nanny, finding a rhythm while the family navigates grief after Ozzy Osbourne's death.

Utah Valley University Faculty's Sickening Post-Assassination Emails About Charlie Kirk Exposed

New public records indicate that faculty members at Utah Valley University sent hostile messages regarding Charlie Kirk to the university's administrators in the weeks following his assassination on the UVU campus, even though the university had previously issued public statements advocating civility and free expression.

Utah Valley University campus

Judicial Watch obtained the 133 pages of emails and text messages through a Utah Government Records Access and Management Act request. The records went to then-UVU President Astrid S. Tuminez and other administrators.

Kirk, the founder of Turning Point USA, was assassinated on the UVU campus while launching a nationwide campus speaking tour. University administrators spent the following months talking about healing and dialogue. Some of the correspondence flowing into the university president's inbox tells a different story.

On September 22, 2025, a UVU instructor wrote to Tuminez, framing Kirk as a threat to "students we are trying to educate." Kirk "appealed to the worst of us," the instructor wrote, adding that he "spoke his prejudices openly, not to test free speech, but to shape minds," and that he "targeted impressionable youth, feeding on their fears and anxieties."

The email continued:

The hidden message in his rants was clear: hate is natural, and to resist it is to deny who you are. Hate masquerading as justice is nothing of the sort. True justice seeks fairness, accountability, and protection for all, while hate targets, divides, and destroys....

That is why we must resist any effort to memorialize him or turn him into an icon.... Charlie Kirk did not stand for civility, compassion, or truth. There was nothing civil about him.

The instructor closed by warning that "to memorialize him would be a grave mistake."

A second email, dated November 4, 2025 and signed as a "faculty member," escalated the anti-Kirk venom.

I've had a hard time dealing with the aftermath of the shooting on our campus, and in particular, I cannot understand how people could support or mourn someone who was so divisive and spewed such vituperation in his "debates." I regret that he was invited to UVU at all, and wish you had rethought the decision to allow him a forum on our campus.

That faculty member then turned to the proposed campus memorial, warning administrators that the Utah legislature holds "enormous power" and predicting a mass faculty exodus if UVU honored Kirk.

"Should a memorial to him be erected on our campus, I fear you will lose many faculty members, including myself," the email said. The same faculty member closed with a threat dressed as principle, writing, "I would not work at a university that supports Charlie Kirk's ideals in any way."

Nine days after the assassination, someone whose name Judicial Watch redacted from the release pitched the university on a different project. The pitch called for a $1 million fundraising drive named "Our Better Selves for a Better America."

"I would like to raise $1 million for this proposal," it read. "I have one pledge for $100k. I would like to raise the other $900k quickly."

UVU ran with it. The university launched Our Better Selves for a Better America as an official presidential initiative built around civil dialogue, conflict navigation, and peacemaking.

"The killing of Charlie Kirk on September 10, 2025, was a grievous tragedy that reverberated through the Utah Valley University (UVU) community and nation. It challenged civility, respectful disagreement, and freedom of speech - core freedoms written in the United States Constitution," the university's webpage about the initiative reads. "In the wake of this tragedy, UVU President Astrid S. Tuminez, Ph.D., asked, 'What is this moment asking of us? Of UVU? Of the nation?'"

While the university publicly promoted civility and open discourse, the correspondence landing in its president's inbox ran the other way.

"Charlie Kirk was assassinated while exercising his right to speak on a college campus," Judicial Watch President Tom Fitton said in a statement. "These records reveal that, even as Utah Valley University publicly called for free expression and civil discourse, some faculty members were making hateful and vicious comments about him, objecting to his invitation to campus, and threatening to leave if his memory were honored."

Charlie Kirk's family moved this month to put Utah Valley University and state officials on notice that it intends to sue, accusing the school of security failures that let his assassination happen.

"Placing a politically controversial figure like Charlie Kirk in an outdoor event in the quad surrounded by tall buildings and other elevated observation platforms is accurately described as walking him into a fishbowl," the notice of claim read.

🚨🚨🚨NEW this morning: Charlie Kirk’s family has filed a notice of claim against UVU, the state of Utah and some current and former university leaders over security failures that they allege allowed Charlie’s murder to happen.

Among the allegations is that campus TPUSA… pic.twitter.com/jj9k77yLqi

— Michael Ruiz (@mikerreports) September 16, 2026

"Through a series of stunning failures and reckless decisions, the UVU Parties created a foreseeable danger to Charlie," the document continued. "Those decisions ultimately rendered Mr. Kirk helpless to the rooftop shooter in an assassination that could have been avoided had the UVU Parties only taken reasonable steps to plan and oversee a safe event, steps outlined below that have been standard practice for other universities hosting controversial speakers."

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Tyler Durden Mon, 09/21/2026 - 05:15

College Walk — the stretch of 116th Street between Broadway and Amsterdam Avenue — has been open to pedestrians since at least 1953, when the city sold it to Columbia with an easement guaranteeing public access.

European Central Bank President Blocked Binance's EU Entry: Report

Authored by Mathew Di Salvo via Bitcoin Magazine,

European Central Bank President Christine Lagarde stopped Binance from operating in the European Union, according to a Wall Street Journal report.

The newspaper on Thursday reported that the top crypto exchange was on the cusp of operating in the trading bloc but then was told it couldn't after the central bank chief waded in.

EU law requires that local Crypto-Asset Service Providers (CASP) have a MiCA license.

Binance does not.

Binance in June withdrew its MiCA application in Greece.

"Lagarde wanted to keep the controversial crypto exchange, which pleaded guilty to financial-crime violations in the U.S., out of the European Union," the newspaper report said, citing interviews with officials.

Lagarde has long been anti-Bitcoin and pro-central bank digital currencies. Back in 2021, Lagarde said that the leading cryptocurrency was "a highly speculative asset" used for money laundering. She also criticized cryptocurrencies as a whole and said central banks would never hold bitcoin.

On CBDCs, though, Lagarde takes a different approach.

A CBDC is a digital form of fiat money, like the US dollar or euro; nations around the world are in different stages of researching and releasing them.

The EU under Lagarde is fast moving forward with a digital euro. Lagarde has described the digital euro as key to Europe's financial autonomy while taking aim at privately issued stablecoins.

CBDCs have been criticized by bitcoiners and others in the crypto industry who think they could be used to surveil citizens.

U.S. President Donald Trump signed an executive order banning CBDCs when he took office.

The WSJ report added, citing various interviews, that Lagarde was worried Binance would embed the dominance of dollar-based stablecoins in Europe, instead of encouraging euro counterparts.

Binance is the world's biggest crypto exchange and billions of dollars in stablecoins are traded on its platform daily.

A controversial company, Binance and its CEO, Chanpeng Zhao, in 2023 pleaded guilty to anti-money-laundering violations and paid a record $4.3 billion fine.

Binance in June said it was still working to pursue MiCA authorization in another EU Member State.

Tyler Durden Mon, 09/21/2026 - 05:00