Inspire Medical Systems and ResMed have experienced significant drops in their stock prices, with decreases of 14% and 11% respectively. This decline came after the announcement that Eli Lilly’s weight loss drug, tirzepatide, showed promising results in reducing the severity of obstructive sleep apnea. Eli Lilly has even applied for approval from the FDA for the drug’s treatment of sleep apnea, causing an increase in their stock by 2%.
RXO saw a 23% increase in their stock after the announcement of acquiring Coyote Logistics from UPS for over $1 billion. This acquisition led to a 1.5% increase in UPS’s stock as well.
Alnylam Pharmaceuticals experienced a significant surge of 37% in their stock after a phase three study showed that their drug vutrisiran had a substantial impact on reducing deaths and cardiovascular events in patients with ATTR amyloidosis with cardiomyopathy.
Conversely, shares of Nvidia decreased almost 5% following a 4% drop the previous week, interrupting an eight-week winning streak. This decline came despite the company briefly surpassing Microsoft as the most valuable company in the U.S. last week.
Affirm’s stock witnessed a 10% increase after Goldman Sachs initiated coverage with a buy rating. The strong fundamentals of the company, including a unique credit underwriting approach, were cited as reasons for the positive outlook on the stock.
Shares of Cinemark rose over 5% after Roth MKM upgraded the movie theater chain to a buy rating from a neutral one. The upgrade was based on the expectation of headwinds transforming into favorable tailwinds, along with a predicted increase in box office performance.
Anheuser-Busch InBev’s stock rose by approximately 3% following an upgrade to buy from neutral by UBS. The bank highlighted the company’s potential for strong consumer staples growth and noted an expected uptick in growth, margins, and cash returns.
IBM saw a nearly 3% spike after Goldman Sachs initiated coverage with a buy rating and a price target of $200. The firm cited the company’s sustained growth potential in revenue and free cash flow, driven by advancements in AI products, consulting services, and core software offerings.
Ryder System’s stock increased by almost 3% after Morgan Stanley assigned an overweight rating. The firm pointed to favorable industry dynamics, regulatory changes, and outsourcing trends as factors driving the positive outlook on the company.
Carrier Global experienced a 3% rise in its stock price after a buy rating upgrade from Citi. The company’s potential as a leading HVAC provider and an improving valuation following its business transformation plan were highlighted as reasons for the upgrade.
Following an upgrade to buy from hold by TD Cowen, Planet Fitness saw a 1% increase in its stock price. The firm identified the fitness club franchise as an early turnaround opportunity and a top pick in the market.
Shares of Ferrari rose nearly 2% after UBS raised its price target on the stock to $478, indicating a 15% potential upside. The luxury automaker’s unveiling of a new factory for electric vehicles also contributed to the positive sentiment surrounding the company.
A rally in energy stocks was observed as crude oil futures surged at the start of the last week of June. West Texas Intermediate and Brent futures were on track for monthly gains of over 5%, leading to notable increases in the stock prices of companies like SLB, APA, and Baker Hughes by more than 3% each.