PARA, LLY, NFLX, HSY and more
Check out the companies making headlines in midday trading: Paramount Global — The media conglomerate’s stock dropped more than 5% after Edgar Bronfman Jr. abandoned his pursuit of a takeover, clearing the way for Skydance to follow through on its roughly $8 billion acquisition deal reached in July. The Skydance deal, expected to close in the first half of 2025, included a “go shop” window that allowed Paramount to seek other buyers. Hain Celestial Group — Shares surged more than 23% after the food company behind Terra chips and Garden Veggie Straws posted fiscal fourth-quarter earnings that beat expectations. Hain Celestial Group posted adjusted earnings of 13 cents, easily topping the FactSet consensus estimate for earnings of 8 cents per share. On the other hand, revenue of $418.8 million came in slightly below the anticipated $419.4 million. JD.com — Shares of the China-based e-commerce stock added about 3%. The company said it plans to repurchase $5 billion worth of shares between September 2024 and August 2027. Hershey — Shares of the chocolate maker fell 2% after Citi downgraded the stock to sell from neutral. The firm said future earnings could be hit by volume weakness and higher cocoa inflation. Trip.com — U.S. shares of the China-based travel company popped 9% after second-quarter revenue surpassed expectations. Trip.com posted 12.77 billion yuan in revenue, slightly above the 12.76 billion yuan forecast from analysts polled by FactSet. Elsewhere, the company said packaged-tour revenue increased 42% compared to a year ago. Eli Lilly — The drugmaker’s stock rose close to 1% following the launch of a cheaper version of its weight loss drug. Eli Lilly announced Tuesday that the new single-dose vials of Zepbound would have a list price that is lower by roughly 50% and are aimed at patients whose insurance does not cover weight loss injections. Heico — The aerospace and defense company shed nearly 1% after revenue for the third fiscal quarter came in at $992.2 million, under the consensus forecast of $995.3 million. However, the company earned 97 cents per share during the period, topping the 92 cent estimate from Wall Street. Cava Group — The fast-casual restaurant chain shed 5% after CEO Brett Schulman and other corporate insiders sold off some of their shares, according to filings with the U.S. Securities and Exchange Commission. Nvidia — The artificial intelligence darling ticked higher by 1.2% as investors gear up for earnings due Wednesday. Truist lifted its price target ahead of the report, noting that there is still reason to expect “rapid growth” after the stock’s strong performance. Ferrari — Ferrari shares gained 2% after Morgan Stanley analyst Adam Jonas reiterated his overweight rating and raised his price target to a Street high of $520. The stock has fit into a trend toward “ultra-premiumisation” among personal luxury goods brands driven by high net worth individuals, he said. Netflix — The streaming stock popped 2.5% after Evercore ISI said it sees more upside than previously expected. The firm, which also reiterated its outperform rating, said the company is in a historically strong position when it comes to competition, financials and fundamentals. Insulet — The insulin maker jumped almost 8% after the U.S. Food and Drug Administration cleared use of the Omnipod 5 automated delivery system for adults with Type 2 Diabetes. Hanesbrands — The clothing maker climbed 7% after UBS called it a “stock to watch” for 2025. Still, the firm reiterated its neutral rating on shares. Energizer Holdings — The battery maker rallied nearly 7% on the heels of a Truist upgrade to buy from hold. Truist said the stock is trading at a “meaningful discount” to consumer staple peers. — CNBC’s Yun Li, Pia Singh, Jesse Pound, Hakyung Kim, Sarah Min, Samantha Subin and Sean Conlon contributed reporting.
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