All three major US stock indexes were up in late-morning trading Monday, as investors look ahead to the delayed release of January jobs data from the Bureau of Labor Statistics on Wednesday.

In company news, Novo Nordisk (NVO) said Monday it has filed a lawsuit against Hims & Hers (HIMS) for alleged patent infringement over the telehealth company's mass marketing of unapproved versions of Novo's semaglutide products, Wegovy and Ozempic. In addition, Hims & Hers said over the weekend it would stop offering version of Wegovy. Novo's shares were up 3.5% around midday, while Hims shares were down 24.0%.

Transocean (RIG) has agreed to acquire Valaris (VAL) in an all-stock deal valued at around $5.8 billion, the companies said Monday. Under the terms of the deal, Valaris shareholders will receive 15.235 shares of Transocean stock for each share of Valaris, the companies said. The transaction is expected to close in H2. Transocean shares were up 2.2%, while Valaris shares were up 27.9%.

Apollo Global Management (APO) reported Q4 adjusted net income Monday of $2.47 per share, up from $2.22 a year earlier and above the FactSet consensus analyst estimate of $2.04. Fourth-quarter total revenue was $9.86 billion, up from $5.28 billion a year ago. Separately, Apollo and Schroders said Monday they formed a partnership to develop and offer wealth and retirement investment products to clients. In the UK, the companies said they plan to expand their wealth offerings by jointly developing new investment products that blend public and private fixed income. Apollo shares were up 2.3%.

Eli Lilly (LLY) said Monday it entered into a definitive agreement to acquire biotechnology firm Orna Therapeutics, which focuses on engineering immune cells. Under the agreement, Orna shareholders may potentially receive up to $2.4 billion in cash, inclusive of an upfront payment and clinical development milestone payments, Lilly said. Eli Lilly shares were up 0.1%.

Cleveland-Cliffs (CLF) reported a Q4 adjusted net loss Monday of $0.43 per diluted share, narrowing from a loss of $0.68 a year earlier. Analysts polled by FactSet expected a loss of $0.62. Fourth-quarter revenue was $4.31 billion, down from $4.33 billion and below the FactSet consensus of $4.57 billion. Cleveland-Cliffs shares were down 19.8%.

NatWest Group (NWG) said Monday it has agreed to acquire wealth manager Evelyn Partners from funds advised by Permira and Warburg Pincus for an enterprise value of about 2.7 billion British pounds ($3.67 billion). NatWest shares were down 6.3%.

Kyndryl (KD) reported fiscal Q3 adjusted net income of $0.52 per diluted share, up from $0.51 a year earlier but below the FactSet consensus of $0.60. Fiscal Q3 revenue was $3.86 billion, up from $3.74 billion a year ago but below the FactSet consensus of $3.89 billion. For fiscal 2026, the company said it expects adjusted pre tax income of $575 million to $600 million, down from its previous guidance of at least $725 million. Kyndryl shares were down 55.1%.

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