Top Stock Movers Now: Eli Lilly, Zillow, Bumble, and More

Key Takeaways

• U.S. equities powered higher at midday Thursday after a softer-than-expected report on weekly jobless claims helped ease worries about the health of the economy. 
• Eli Lilly posted better-than-anticipated results and raised its outlook on strong sales of its weight-loss drugs.
• Supply problems with weight-loss drugs hurt McKesson's revenue, sending shares lower.

U.S. equities powered higher at midday Thursday after a softer-than-expected report on weekly jobless claims helped ease worries about the health of the economy. The Dow added over 1%, while the S&P 500 and Nasdaq gained over 2%. 

Eli Lilly (LLY) shares took off after the drugmaker's earnings and revenue blew past estimates. Eli Lilly also boosted its guidance on booming sales of its weight-loss treatments Mounjaro and Zepbound.

Parker-Hannifin (PH) also exceeded profit and sales estimates on high demand for aircraft systems and components, and shares rose.

Zillow (Z) shares climbed after the real estate website reported better-than-expected results and announced a new CEO. 

McKesson (MCK) shares slumped as the healthcare services provider missed revenue forecasts as supply-chain issues for popular weight-loss drugs cut into demand.

Shares of Monster Beverage (MNST) tumbled after the energy drink maker missed earnings estimates as consumers spent less at convenience stores, where many of its products are sold. 

Bumble (BMBL) shares plunged to an all-time low after the online dating service slashed its guidance on lower user revenue.

Oil and gold futures rose. The yield on the 10-year Treasury note was higher. The U.S. dollar advanced on the euro and yen, but fell to the pound. Prices for most major cryptocurrencies jumped.

Read the original article on Investopedia.

Source link