Lilly taps obesity windfall for more M&A. Plus, Elon Musk remarks pull GE Vernova lower
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- Stock market broadly lower, with energy as the top performer due to rising oil prices.
- Eli Lilly is acquiring Merida Biosciences for up to $2.875 billion to expand its therapeutic offerings.
- David Ricks, CEO of Eli Lilly, commented on the rising costs of GLP-1 drugs and stated that treating obesity is a 'smarter play' for employers.
- Elon Musk's remarks about SpaceX developing in-house casting for turbine blades negatively impacted GE Vernova and Howmet Aerospace shares.
- Analysts suggest that potential political pushbacks could delay data center projects ahead of midterm elections, impacting GE Vernova.
- Upcoming economic data includes reports on manufacturing PMI, construction spending, and job openings.
- Medtronic is set to report earnings on Tuesday.