Stocks making the biggest moves midday: Paramount, Eli Lilly, Netflix, Hershey and more
Here’s a roundup of companies that are the talk of the town in today’s trading session:
Paramount Global’s shares took a 5% hit after Edgar Bronfman Jr. decided to give up his takeover bid, signaling Skydance to move ahead with its previously agreed $8 billion merger planned to finalize in the first half of 2025.
Hain Celestial Group’s shares skyrocketed by over 23% after their fiscal Q4 earnings exceeded what was expected. The food company, known for Terra chips and Garden Veggie Straws, reported adjusted earnings of 13 cents, surpassing the FactSet projected earnings per share of 8 cents.
JD.com, the e-commerce giant based in China, witnessed a 3% hike in its shares. The firm revealed plans to repurchase shares worth $5 billion between September 2024 and August 2027.
Hershey’s shares dipped 2% following Citi’s downgrade from neutral to sell, citing potential impacts on future earnings due to volume softness and escalating cocoa inflation.
Shares of Trip.com, the Chinese travel firm, soared by 9% as Q2 revenue beat predictions, and the company reported a 42% increase in packaged-tour revenue year over year.
Eli Lilly’s shares showed a near 1% rise following the introduction of a more affordable version of their weight loss drug Zepbound aimed at providing affordable healthcare to patients not covered by insurance.
Heico witnessed a drop of almost 1% in shares due to its Q3 revenue falling slightly short of predictions, but earnings per share surpassed projections.
Cava Group’s shares declined by 5% on news of CEO Brett Schulman and other insiders selling off a portion of their stake, according to the U.S. SEC filings.
Nvidia’s stock rose by 1.2% as investors anticipated the company’s earnings report on Wednesday with optimism for continued rapid growth.
Ferrari’s shares rose 2% following Morgan Stanley’s persistent overweight rating and a new high price target set at $520.
Netflix’s shares surged 2.5% as Evercore ISI suggested further upside potential than previously expected due to its strong competitive position, solid financials, and robust fundamentals.
Insulet, an insulin producer, saw its shares leap nearly 8% after the FDA approved the use of its Omnipod 5 automated delivery system for adults afflicted with Type 2 Diabetes.
Shares of Hanesbrands, the apparel manufacturer, advanced by 7% as UBS declared it a “stock to watch” for 2025, despite maintaining a neutral rating.
Energizer Holdings’ shares rallied about 7% after Truist upgraded its rating to buy from hold, citing its meaningful discount compared to other consumer staple peers.
