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:

• 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.

• 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.

• 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.

• ALX Oncology shares surged 50.9% after the company released interim mid-stage trial data for its treatment targeting advanced gastric cancer.

• Warner Music Group experienced a 0.7% increase in its stock after UBS upgraded their rating for the entertainment company from neutral to buy.

• HP shares rose by 2.5% following an upgrade from Bank of America analysts, who changed their rating from underperform to buy.

• 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.