
McCormick, Point Biopharma, and More: Insights from Investing
Stocks experienced a significant downturn on Tuesday, driven by rising Treasury yields that have reached multi-year highs, causing concern among investors.
Here are the key stock movements for the day:
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McCormick saw its stock decline by 8.7% following disappointing net sales for the last quarter and a larger-than-expected drop in product volume, largely due to reduced demand in the Asia-Pacific region.
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Airbnb shares dropped 5.8% after KeyBanc Capital Markets downgraded the short-term rental company, attributing the decision to a decline in post-pandemic travel activity.
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Point Biopharma witnessed an impressive 85% increase in its stock price after Eli Lilly & Co announced plans to acquire the cancer biotech firm for approximately $1.4 billion, aiming to enhance its oncology therapies with radioligand treatments that target tumor cells more directly.
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ALX Oncology shares surged 50.9% after the company released interim mid-stage trial data for its treatment targeting advanced gastric cancer.
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Warner Music Group experienced a 0.7% increase in its stock after UBS upgraded their rating for the entertainment company from neutral to buy.
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HP shares rose by 2.5% following an upgrade from Bank of America analysts, who changed their rating from underperform to buy.
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Oddity Tech Ltd. stock climbed 6% after Truist Securities raised their rating to buy from hold, citing the beauty and wellness platform’s favorable valuation.
- Fiverr International shares increased by 0.9% after Roth MKM upgraded their rating from neutral to buy, indicating a more optimistic outlook among corporate buyers and freelancers regarding gig platforms compared to earlier in the year.