An Uncertain Tuesday in the Stock Market
Stocks took a nosedive this Tuesday, with rising Treasury yields hitting multiyear peaks, causing a ripple of concern among investors.
Today’s Notable Stock Movements
H3: McCormick Feels the Heat
McCormick’s (NYSE:MKC) shares dipped by 8.7% as the spice giant reported sales that fell below predictions for the past quarter. A significant dip in product output, linked partly to dwindling demand in its Asia-Pacific zone, further compounded this.
Airbnb Takes a Dive
Airbnb’s (NASDAQ:ABNB) stock value went down by 5.8%. The dip comes after KeyBanc Capital Markets’ analysts revised their stance on the short-stay home rental company, pointing to a slowdown in travel as the world moves away from the pandemic era.
Point Biopharma Gets a Boost
Point Biopharma (NASDAQ:PNT) witnessed a massive 85% surge in their stock value. This jump follows the announcement from Eli Lilly & Co (NYSE:LLY) that they’ve struck a deal to purchase the cancer research firm for a cool $1.4 billion. The intention? To dive deeper into radioligand therapies, which aim radiation precisely at cancer cells.
ALX Oncology Soars
ALX Oncology (NASDAQ:ALXO) stocks shot up by 50.9%. The buzz? The company recently shared promising preliminary data from a phase of its trial targeting advanced gastric cancer.
Warner Music Group’s Small Jump
Warner Music Group (NASDAQ:WMG) saw a modest rise of 0.7%. Thanks to UBS analysts, who shifted their rating from ‘neutral’ to ‘buy’ for the entertainment powerhouse.
HP Gets a Thumbs Up
HP’s (NYSE:HPQ) stock value increased by 2.5%. The climb is attributed to Bank of America analysts giving a nod of approval, upgrading their stock recommendation from ‘underperform’ to ‘buy’.
Oddity Tech Ltd. on the Rise
Oddity Tech Ltd. (NASDAQ:ODD) experienced a 6% uptick. The reason? Truist Securities analysts gave it a boost, moving their rating from ‘hold’ to ‘buy’, lauding the beauty and wellness platform’s appealing market value.
Fiverr International’s Optimistic Climb
Fiverr International’s (NYSE:FVRR) stock edged up by 0.9%. Analysts from Roth MKM gave the green light, switching their rating from ‘neutral’ to ‘buy’. Their rationale? Both businesses and freelancers seem to be warming up to gig platforms more than they did earlier in the year.