Midday stock movers include Meta, Warby Parker, McCormick, and others.
Parker Warby Evercore ISI upgraded shares to outperform from in line, causing the eyeglasses manufacturer to rise 3.4%. According to the company, 2024 will be a “fundamental inflection year” for Warby Parker.
Trex shares fell 3.8% after Goldman Sachs started coverage of the wood-alternative decking producer with a buy rating. According to the bank, the firm is “well-positioned” to achieve growth and profit.
Point Biopharma by Eli Lilly Shares of Eli Lilly fell 2.4% after the pharmaceutical company announced intentions to buy cancer therapy developer Point Biopharma for $12.50 per share in cash, or around $1.4 billion. Point Biopharma’s stock increased by over 85%.
Rivian Automotive Inc. Even though Rivian’s deliveries exceeded expectations and indicated continued demand, the company’s stock fell 8.3%. Morgan Stanley previously confirmed its overweight rating for the company, stating that Rivian’s FY23 production guidance of 52,000 units supports the firm’s delivery expectation of 48,000 units. Concerns continue about EV demand in the United States dwindling due to rising financing prices.
Airbnb The shares of the short-term vacation rental firm slumped 6.5% after KeyBanc cut it from overweight to sector weight. According to KeyBanc, as post-pandemic travel demand eases, Airbnb’s margins will be stretched.
McCormick McCormick shares fell 8.5% after the company announced earnings of 65 cents per share, excluding adjustments, for the most recent quarter on revenue of $1.68 billion. This was about in line with StreetAccount’s surveyed analysts’ expectations of 65 cents per share and $1.7 billion in revenue.
Meta shares fell more than 1.9% following rumors that the social media juggernaut is considering charging European Union Facebook and Instagram users a $14 monthly charge to use both sites without adverts.
Fiverr International shares increased 0.5% after Roth MKM upgraded the business from neutral to buy. The Wall Street company is “incrementally positive” on the stock, citing a freelancer poll that backs up Fiverr’s dominance among gig workers.
Ally Finance The home and auto industry fell by 3.2%. Evercore ISI upgraded the company to tactical outperform earlier in the day, stating that it looked oversold in the immediate term. Evercore ISI, on the other hand, retained a long-term in-line rating on Ally and reduced its 12-month price target.