Markets
markets
J. Edward Moreno

Hims’ COO to step into advisory role months after joining the company

Hims & Hers Chief Operating Officer Nader Kabbani — an Amazon veteran who joined the telehealth company in May — will leave his post next month, the company announced in a Thursday regulatory filing.

Kabbani will begin an advisory role with the company starting November 2 and Mike Chi, who is currently the company’s chief commercial officer, will assume Kabbani’s title and duties.

Kabbani, who helped launch Amazon Pharmacy at the robotics company Symbiotic, took over from Melissa Baird, the company’s longtime COO who transitioned to an advisory role earlier this year.

Kabbani joined Hims at a tumultuous time. The company saw explosive growth when it started selling copies of popular weight-loss drugs made by Novo Nordisk last year while they were in shortage. But now that those supply constraints have waned, it’s limited in how much it can continue selling. Meanwhile its core business has slowed down, which resulted in disappointing revenue numbers in its most recent quarterly report.

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J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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