Midday movers: McCormick Airbnb, Point Biopharma and more
Investing.com -- Stocks are sharply lower on Tuesday as rising Treasury yields, to multiyear highs, spook investors.
Here are the stocks that are making moves on Tuesday.
McCormick (NYSE:MKC) stock slid 8.7% after the spice maker posted weaker-than-expected net sales for the recent quarter and a bigger-than-anticipated drop in product volume due in part to flagging demand in its Asia-Pacific operations. Airbnb (NASDAQ:ABNB) shares fell 5.8% after analysts at KeyBanc Capital Markets lowered their rating of the short-term home rental business, citing an easing in post-pandemic travel activity. Point Biopharma (NASDAQ:PNT) shares spiked 85% after Eli Lilly & Co (NYSE:LLY) announced that it had agreed to buy the cancer biotech for around $1.4 billion to expand its oncology therapies into radioligand treatments, which deliver radiation to tumor cells at a closer range. ALX Oncology (NASDAQ:ALXO) shares soared 50.9% after it unveiled interim mid-stage data for a trial of its drug treating advanced gastric cancer. Warner Music Group (NASDAQ:WMG) shares moved 0.7% higher after analysts at UBS raised their rating of the entertainment firm to buy from neutral. HP (NYSE:HPQ) shares gained 2.5% following a decision by Bank of America analysts to upgrade their rating of the stock to buy from underperform. Oddity Tech Ltd. (NASDAQ:ODD) stock climbed 6% after analysts at Truist Securities improved their rating to buy from hold, citing the beauty and wellness platform's "compelling" valuation. Fiverr International (NYSE:FVRR) shares rose 0.9% after analysts at Roth MKM upgraded their rating to buy from neutral, saying corporate buyers and freelancers have a slightly more positive outlook on gig platforms compared to earlier in the year.
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