Market Updates
U.S. Movers: Eli Lilly, Macy's, McCormick, Point Biopharma
Scott Peters
03 Oct, 2023
New York City
Tech stocks led the decliners on Wall Street after Treasury selloff deepened and spread to longer dated maturities.
The S&P 500 index edged up 0.006% to 4,288.39 and the Nasdaq Composite rose 0.7% to 13,307.77.
The yield on 2-year Treasury notes increased to 5.11%, 10-year Treasury notes inched lower to 4.72% and 30-year Treasury bonds edged down to 4.85%.
Macy's Inc declined 0.5% to $11.49 after the department store operator said it plans to open 30 smaller stores in strip malls over the next two years.
The retailer hopes that smaller stores with limited merchandise and modern look will appeal to younger customers who do not frequent large malls.
Point Biopharma Inc soared 84% to $12.23 after the company agreed to be acquired by Eli Lilly for $12.50 a share in cash or $1.4 billion.
Eli Lilly & Company decreased 1.1% to $532.39.
McCormick & Company Inc dropped 7.8% to $68.86 after the spice maker reported quarterly results.
Revenue in the third quarter ending in August increased 6% to $1.7 billion from $1.6 billion and net income dropped to $170 million from $222.9 million and diluted earnings per share dropped to 63 cents from 83 cents a year ago.
The company reiterated its sales and operating earnings outlook for 2023.
Revenue in 2023 is expected to increase between 5% and 7%, primarily driven by price increases and operating income is expected to increase between 11% and 13% from $864 million and diluted earnings per share between $2.46 and $2.51 compared to $2.52 in 2022.
Annual Returns
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Earnings
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