Market Chatter: PepsiCo, Monster Beverage Sue India Food Regulator Over Energy Drink Tag Ban

October 7 – Halozyme (HALO.O) shares rose 1.4% pre-market to $111.24. Halozyme announced it had obtained an injunction from a Dutch court (link), prohibiting Merck MRK.N from manufacturing, selling, and importing subcutaneous Keytruda in eight European markets. The court determined that Merck had infringed Halozyme’s EP622 patent and rejected Merck’s claims that the patent was invalid. Halozyme stated that patients will still have access to the intravenous version of Keytruda, which is not affected by the injunction. As of the close of the previous trading day, HALO shares have risen 62% this year. (For non-English speakers, Reuters automatically translates its reports into several languages. Due to possible errors or missing context in automated translations, Reuters does not guarantee the accuracy of such translated texts, which are provided for readers’ convenience only. Reuters assumes no liability for any damages or losses caused by use of the automated translation function.)

On October 7, KeyBanc upgraded the rating of agricultural technology company Corteva Inc (CTVA.N) from "Sector Weight" to "Overweight." CTVA rose 1.6% in pre-market trading to $14.1. The brokerage pointed out that new product launches, cost reductions, and improvements in farmers' economic conditions will be strong growth drivers for 2028-2029. The company’s ample cash reserves enable it to flexibly fund growth initiatives, stock buybacks, and potential acquisitions. Out of 23 brokerages, 16 have given the stock a "Buy" or higher rating, and 7 have rated it "Hold." The median target price is $18. As of the previous trading day's close, the stock had gained 38.3% year to date.

Musk clarified that Terafab will be independently constructed and operated, with TSMC possibly subleasing part of the site; Intel will be involved in technology development and will supply Tesla and SpaceX AI.