McCormick spices are displayed on a shelf at a supermarket in San Anselmo, California, on March 28, 2023.
Justin Sullivan | Getty Images News | Getty Images
Explore the latest market movers.
Warby Parker saw a 3.4% increase in its stock price after Evercore ISI upgraded the shares to outperform. The firm predicts that 2024 will be a transformative year for Warby Parker.
Trex experienced a 3.8% decline in its stock price despite Goldman Sachs initiating coverage with a buy rating. The bank believes Trex is well-positioned for growth and profitability.
Eli Lilly plans to acquire cancer therapy developer Point Biopharma for $12.50 per share in cash, totaling approximately $1.4 billion. As a result, Eli Lilly saw a 2.4% drop in its stock price, while Point Biopharma’s shares skyrocketed by nearly 85%.
Rivian Automotive reported better-than-expected deliveries and strong demand, yet its stock price plummeted by 8.3%. Morgan Stanley, however, remains bullish on Rivian, reiterating an overweight rating and citing positive production forecasts.
Demand concerns for electric vehicles (EVs) in the U.S., resulting from higher borrowing costs, continue to plague Rivian Automotive.
Airbnb suffered a 6.5% decrease in its stock price as KeyBanc downgraded the company to sector weight. KeyBanc anticipates that Airbnb’s profit margins will be squeezed as the post-pandemic travel demand subsides.
McCormick experienced a significant decrease of 8.5% in its stock price following its quarterly earnings report. The company’s earnings per share and revenue were in line with analysts’ expectations.
Meta is considering introducing a monthly fee of $14 for European Union Facebook and Instagram users who want to access both platforms ad-free. This news contributed to a 1.9% decrease in Meta’s stock price.
Fiverr International saw a 0.5% increase in its stock price as Roth MKM upgraded the company to a buy rating. The firm cites a survey among freelancers that supports Fiverr’s leading position in the gig economy.
Ally Financial shares dropped by 3.2%. While Evercore ISI added a short-term outperform rating on the stock, the firm maintained a long-term in-line rating and reduced its 12-month price target.
— CNBC’s Alex Harring, Brian Evans, Samantha Subin, and Jesse Pound contributed to this report.
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