Market Updates
U.S. Movers: Apple, Eli Lilly, RXO, ResMed, UPS
Scott Peters
24 Jun, 2024
New York City
RXO soared 10.6% to $22.35 after the trucking company said it plans to acquire Coyote Logistics, a freight brokerage business, from UPS for $1.03 billion.
"The addition of Coyote’s customer base will diversify RXO’s vertical mix and will increase the number of customers that do more than $1 million in business with us by approximately 80%.
This acquisition will provide RXO with both immediate and long-term opportunities for revenue and earnings growth and will generate significant returns for shareholders," said Drew Wilkerson, chief executive of RXO.
UPS jumped 0.4% to $137.30.
Apple Inc. declined a fraction to $207.49 after regulators in the European Union said that the company is in breach of the new Digital Markets Act.
The regulators said that Apple's App Store rules "prevent app developers from freely steering consumers to alternative channels for offers and content."
Resmed Inc. declined 6.2% to $193.02 on the news last week that Eli Lilly's tirzepatide weight loss drug lowered the severity of obstructive apnea.
Eli Lilly rose 0.4% to $887.64.
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