Inspire Medical Systems and ResMed took a hit, with a 14% and 11% drop respectively due to news about Eli Lilly’s weight loss drug tirzepatide showing positive effects on treating obstructive sleep apnea. This resulted in a drop in their stock prices. Eli Lilly stock, however, saw a 2% increase following the announcement.
RXO
Shares of RXO surged by 23% after announcing the acquisition of Coyote Logistics from UPS for over $1 billion. This move was well-received in the market, as UPS also saw a 1.5% increase in its stock price.
Alnylam Pharmaceuticals experienced a significant increase of 37% after a phase three study revealed positive results for its drug vutrisiran in reducing deaths and cardiovascular events in patients with ATTR amyloidosis with cardiomyopathy.
Despite recent declines, Nvidia’s stock price saw a 5% decrease. Last week, it had a 4% drop, breaking its eight-week winning streak. Nvidia briefly held the title of the most valuable company in the U.S., surpassing Microsoft.
Affirm
The buy now, pay later company, Affirm, saw a 10% increase in its stock price after Goldman Sachs initiated coverage with a buy rating. Analyst Will Nance highlighted the company’s strong fundamentals as a reason for the positive outlook.
Cinemark’s stock rose by more than 5% after Roth MKM upgraded its rating to buy from neutral. The firm cited upcoming positive market conditions and a potential box office improvement as reasons for the upgrade.
Anheuser-Busch InBev
Following an upgrade by UBS to buy from neutral, Anheuser-Busch InBev saw a 3% increase in its stock price. The bank highlighted the company’s growth potential and positive outlook for consumer staples.
IBM spiked by nearly 3% after Goldman Sachs issued a buy rating with a price target of $200. The firm believes that IBM is on track for sustainable growth, driven by AI products, consulting services, and core software portfolio.
Ryder System
Ryder System’s stock price increased by almost 3% after Morgan Stanley initiated coverage with an overweight rating. The firm mentioned cycle changes, regulatory shifts, and outsourcing trends as potential catalysts for growth.
Carrier Global
With a 3% rise in stock price, Carrier Global benefitted from a Citi upgrade to buy from neutral. The company is seen as a strong player in the HVAC market with improvement in multiple areas post-business transformation.
Planet Fitness
Following an upgrade to buy from hold by TD Cowen, Planet Fitness saw a 1% increase in its stock price. The firm named Planet Fitness a top pick and recognized it as an early turnaround candidate in the fitness industry.
Ferrari
Ferrari experienced a nearly 2% increase in its stock price after UBS raised its price target to $478 from $448, indicating a 15% upside potential. The luxury automaker recently unveiled plans for a new electric vehicle factory.
Several energy companies, including SLB, APA, and Baker Hughes, saw a boost in their stock prices as crude oil futures showed an increase. Both West Texas Intermediate and Brent futures are set for significant monthly gains.
The market saw a mix of positive and negative movements among different sectors and companies. It is essential for investors to closely monitor these changes and stay informed about the factors driving the market trends.