Tesla, Bristol Myers-Mirati deal, Alnylam Pharma: Top Tickers
Tesla (TSLA) shares are in focus as China-made EV demand drops by 10%, affecting Model 3 and Y sales. Tesla's delivery and production data declined from last quarter following a report by the China Passenger Car Association.
Bristol-Myers Squibb (BMY) moves forward with plans to acquire Mirati Therapeutics (MRTX) for $4.8 billion in a deal that would expand Bristol-Myers Squibb's cancer drug portfolio.
Alnylam Pharmaceuticals (ALNY) shares move lower ahead of Monday's closing bell after regulators denied an application to support the expansion of its drug Onpattro.
Yahoo Finance's Josh Lipton and Julie Hyman break down the top trending stocks of the day.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Video Transcript
JOE LIPTON: Moving on, Tesla stock has taken a dip today after new data from China shows that the appetite for its electric vehicles made in the country has decreased by 10%. Actually, the stock there now you see battling back to the flat line in the last year. New report by the China Passenger Car Association found sales were down for both the Model 3 and Y cars and it comes after the company had a difficult run last week also reporting delivery and production data that was less than the previous quarter.
So this is interesting. Tesla, we know, Elon Musk not shy about the strategy. He's been cutting prices hard. It's a volume game even if that means, Julie, dispense of profit margins.
JULIE HYMAN: Yeah and it's interesting too that Tesla has sort of followed the shape of the market today. In other words, it was falling more this morning--
JOE LIPTON: Yeah, then battles back.
JULIE HYMAN: --in part on this China data and now seems to have come back. But at the same time, if you look at the China EV makers, they have been under a lot of pressure today. And I don't believe that we have seen the same kind of recovery when it comes to those stocks.
I've been watching the likes of NIO, and Xpeng, and Li Auto today and indeed, they're still down on the day. So not catching a bid as the day has gone on like Tesla has.
JOE LIPTON: Yep.
JULIE HYMAN: And also we've been watching health stocks today. A couple of different movers within that space. Let's start with Bristol Myers Squibb. Those shares are trading lower after it announced plans to buy the drug maker Mirati Therapeutics for $4.8 billion.
The move will see the company expand its aging portfolio of cancer drugs it had to slash its revenue outlook this year after sales of blood cancer drugs fell against other generic rivals. Mirati shareholders are going to get 58 bucks a share in cash. By the way, Mirati shares are also falling today because there's some talk about the price potentially that Bristol Myers is paying for it. So that's something that we're watching.
And then also in health care, we're watching another company in that space as well called Alnylam Pharmaceuticals. Those shares down by 5 and 1/2% after US regulators denied an application for one of its drugs that would have expanded the use of that drug. So those are some of the health care.
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JOE LIPTON: Bristol is really interesting because Bristol is-- I guess the strategy there, Julie, is so we're going to build out and broaden our portfolio here of oncology treatments because we're dealing with these patent expirations. But it's interesting not a lot of enthusiasm from investors here.
JULIE HYMAN: Not a lot of enthusiasm. Although I was looking through some of the analyst commentary and they seem to be broadly positive on this. I think there was a little bit of thinking that there could actually be a bidding war for Alnylam.
And now seeing analysts' commentary, there seemed to be less thought that that could happen. So that might be one of the reasons that the shares are trading-- wait, did I say Alnylam? I meant Mirati.
JOE LIPTON: You said it perfectly though. That was what was impressive to me about that.
