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Midday movers: Estee Lauder, Eli Lilly and more

Published 02/06/2024, 12:52 AM
Updated 02/06/2024, 12:52 AM
© Reuters.

(Updated - February 5, 2024 11:47 AM EST) -- Main U.S. indexes declined Monday as higher bond yields weighed on sentiment and investors continued to trim bets on a March rate cut from the Fed following comments from Chairman Powell and other officials.

Here are some of the biggest U.S. stock movers today:

Shares in Boeing (NYSE:BA) fell 1.6% after the embattled planemaker warned that a fresh issue in some fuselages of its 737 jets could lead to the "near-term" delivery delays.

McDonald's (NYSE:MCD) fell 3.5% after reporting fourth-quarter sales growth that missed Wall Street estimates as violence in the Middle East dented its overseas operations. But the burger chain predicted that it would register operating margin in the "mid- to high-40%" range in 2024, implying an improvement versus the prior year's mark of 45.7% at the upper-end of the guidance.

Caterpillar (NYSE:CAT), the machinery manufacturer that is often viewed as a bellwether for the American industrial sector, gained 1.3% after it posted fourth-quarter adjusted per-share profit that topped expectations, as higher prices helped offset a dip in sales volume. Shares in the company rose in premarket U.S. dealmaking.

Catalent (NYSE:CTLT) shares jumped 9.8% after Novo Nordisk-parent Novo Holdings agreed to buy the contract drugmaker for $11.5 billion.

Estee Lauder 's (NYSE:EL) stock price surged 13% after the beauty products group announced plans to cut as many as 3,000 roles as part of a broader restructuring push.

Everbridge (NASDAQ:EVBG) shares rose 18% after the software company said it would be bought by U.S. private equity firm Thoma Bravo in an all-cash deal worth about $1.5 billion.

Cano Health (CANO) declined an was later halted after primary care provider filed for Chapter 11 bankruptcy late on Sunday.

Haynes International (NASDAQ:HAYN) gained 6% after the corrosion-resistant alloy producer agreed to be bought by Spanish steelmaker Acerinox.

Air Products and Chemicals (NYSE:APD) stock dipped 14% after the company posted weaker-than-anticipated first-quarter profit and reduced its annual adjusted earnings per share guidance.

Onsemi (ON) stock rose 8% after the semiconductor manufacturer posted better-than-expected fourth-quarter earnings and revenue. Outlook missed estimates but was better than feared, analysts said.

Zscaler (NASDAQ:ZS) stock fell 5.4% after the company announced the departure of its Chief Operating Officer. The change was seen as a significant executive leadership shake-up.

GlobalFoundries (NASDAQ:GFS) declined 5% after JPMorgan downgraded the stock to ‘neutral’ from ‘overweight’ with a price target of $56.00 (from $65.00). Analysts think the stock will perform, at best, line-line with peers.

Eli Lilly (NYSE:LLY) climbed 5.8% on reports its diabetes drug Mounjaro is in short supply. Mounjaro’s sister drug Zepbound has the same active ingredient and is approved for weight loss but it is not listed on the FDA’s database.

MorphoSys AG (MOR) climbed 40% following a report from Reuters that said drug maker Novartis (SIX:NOVN) (NVS) is in advanced talks to acquire the company.

Tesla (NASDAQ:TSLA) declined another 5%, extending its 30-day slump to 25%. Its status as a so-called "magnificent seven" stock is in doubt.

Additional reporting by Louis Juricic

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