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5 Top Stories

Alibaba Shake-up; Huawei Joint Venture; Mediatek Pops

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Tech Giant Shake-up Continues

Alibaba [BABA] has closed its quantum computing research laboratory, the company announced on Monday; the lab’s equipment will be donated to Zhejiang University in Hangzhou, where it is based. Bloomberg reported that the closure was part of an ongoing overhaul by new bosses Joseph Tsai and Eddie Wu, who earlier this month surprised investors by cancelling the spinoff of the firm’s cloud division.

Huawei Smart Transport Joint Venture

Huawei has signed a memorandum of cooperation with Chongqing Changan Automobile [000625:SZ]. The two firms will invest in a new start-up which will design and produce intelligent automotive systems and parts. Huawei is to establish the company, and Changan Auto will take up to a 40% stake, with the latter saying this move will help it in its shift towards low-carbon, smart transport.

Mediatek Outpaces Rivals

Taiwan-based chipmaker MediaTek [MDTKF] has seen its share price climb nearly 40% since the end of June, a rally driven by growing demand for mobile devices that use its chip. The firm has stolen a march on US rival Qualcomm [QCOM], and its Dimensity 9300 chip has been hailed as a game changer which will cement its lead in the space, according to Bloomberg.

$10bn Black Friday

Black Friday shoppers drove US e-commerce sales up 7.5% year-over-year, to a record $9.8bn according to a report by Adobe Analytics. The record could have to do with increased price consciousness leading into the holiday season, said Bank of America analyst Jason Hass. Among the top retailers were Amazon [AMZN], Target [TGT] and Walmart [WMT].

Novo Weighs “Flexible” Pricing Schemes

Danish pharma group Novo Nordisk [NVO] is in discussions with healthcare bodies to develop pricing schemes for its Wegovy weight loss drug, with a view to expanding its use by the general population. “We are open to what types of arrangements we can make with healthcare systems that could help them serve the patients who need it the most,” Novo Nordisk CEO Lars Fruergaard Jørgensen told the Financial Times.

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