Top Movers in Stock Market: HP Inc., WK Kellogg, McCormick, Point Biopharma, Oddity, + More

Date:

Stocks experienced a decline on Tuesday due to increasing bond yields. The 10-year Treasury yield reached 4.801%, its highest level since 2007. HP Inc. saw a rise in its stock price after being upgraded to Buy by BofA, citing an improving PC market backdrop and tighter cost controls. However, Warren Buffett’s Berkshire Hathaway continued to reduce its stake in HP by selling 5.1 million shares. WK Kellogg received a Sell rating from Goldman Sachs and fell 16%, following its spinout from the former Kellogg. McCormick reported fiscal third-quarter earnings that matched estimates but fell short in terms of revenue, causing a drop in stock price.

Oddity Tech predicted that its third quarter would be the strongest ever, with expected net revenue growth of 29-31%. Truist also upgraded the recommendation on Oddity to Buy. Eli Lilly agreed to acquire radiopharmaceutical company Point Biopharma Global for $1.4 billion, causing shares of Point Biopharma to surge. Warby Parker experienced a rise in stock price after being upgraded to Outperform by Evercore ISI. Clean Energy Fuels rose after being upgraded by Raymond James to Strong Buy. However, Airbnb was downgraded by KeyBanc as analysts anticipate a potential deceleration in revenue growth.

Ford and General Motors have laid off an additional 500 workers combined due to the ongoing strike by the United Auto Workers. GM received a counteroffer from the UAW in response to the company’s proposal, though significant gaps remain. Krispy Kreme announced that it is exploring strategic alternatives for Insomnia Cookies, including an all-cash sale. The company anticipates revenue of approximately $230 million in fiscal 2023.

In summary, stocks slumped on Tuesday due to rising bond yields. Several companies experienced stock price changes as a result of upgrades, downgrades, acquisitions, and layoffs.

Source link

DMN8 Partners
DMN8 Partnershttps://salvonow.com/
DMN8 Partners utilizes a strategy of Cross Channel marketing including local search engine optimization, PPC, messaging and hyper-targeted audiences allow our clients to experience results and ROI that fuel growth and expansion in their operations. There are a lot of digital marketing options across the country but partnering with an agency that understands multiple touches on multiple platforms allows your company’s message to be seen at the perfect time, on the perfect platform, by your perfect prospect. DMN8 Partners has had years of experience growing businesses. Start growing your business today and begin DOMINATE-ing your market.

More like this
Related

Fed Offers Bleak Outlook, Yet One Mysterious Holdout Predicts Growth

In its latest report, Federal Reserve officials generally projected...

Lifetime Access to AI Plant Identifier App for A$23

Plantum's premium plan for plant identification is currently available...

Titan Machinery Aims for $100M Inventory Cut by FY2026 Due to Demand Challenges

Titan Machinery has set a goal to reduce its...

Federal Cuts Delay Texas Grid Expansion and Advanced Energy Options

Efforts to usher in a "Golden Era of American...