View the companies grabbing attention during noon trade.
Warby Parker – The eyewear manufacturer saw a 6% increase after Evercore ISI upgraded shares from in line to outperform. According to the company, Warby Parker should see a “fundamental inflection year” in 2024.
Trex – Even after Goldman Sachs launched Trex with a buy recommendation, shares of the manufacturer of wood-alternative decking fell 3.9%. The company is “well-positioned,” according to the bank, to spur growth and profitability.
Eli Lilly, Point Biopharma — Following the pharmaceutical giant’s announcement that it would be buying cancer medicine company Point Biopharma for $12.50 per share in cash, or around $1.4 billion, shares of Eli Lilly fell 3.7%. Shares of Point Biopharma increased by more than 85%.
Rivian Automotive Despite Rivian’s deliveries exceeding expectations and demonstrating ongoing demand, the electric vehicle manufacturer’s stock fell 5%. Prior to this, Morgan Stanley reaffirmed that the company was overweight, stating that Rivian’s FY23 production guidance of 52,000 units supports the firm’s delivery forecast of 48,000 units. There are still concerns about the U.S. EV market slowing down due to increasing borrowing prices.
Airbnb – After KeyBanc cut the stock from overweight to sector weight, the short-term rental firm saw a more than 5% decline. As post-pandemic travel demand slows, KeyBanc predicted that Airbnb’s margins will be squeezed.
After McCormick announced earnings of 65 cents per share, excluding adjustments, for the most recent quarter on revenue of $1.68 billion, shares of the spice manufacturer fell 9%. This was basically in line with StreetAccount’s surveyed analyst predictions of 65 cent earnings per share and $1.7 billion in revenue.
Meta — Following rumours that the firm is thinking about charging Facebook and Instagram users in the European Union a $14 monthly subscription to access both platforms without adverts, shares of the social media juggernaut fell more than 2%.