— Shares of the wood-alternative decking manufacturer declined by 3.9% even after Goldman Sachs initiated Trex with a buy rating. The bank said the company is"well-positioned" to drive growth and profitability.— Eli Lilly shares slumped 3.7% after the pharmaceutical giant announced plans to purchase cancer therapy developer Point Biopharma for $12.50 a share in cash, or about $1.4 billion. Point Biopharma shares surged more than 85%.
Morgan Stanley earlier reiterated the company as overweight, saying the Rivian's FY23 production guide of 52,000 units supports the firm's delivery forecast of 48,000 units. Concerns— Shares of the spice maker slipped 9% after McCormick reported earnings of 65 cents per share, excluding items, for the recent quarter on revenues of $1.68 billion. That came in roughly in line with the earning-per-share of 65 cents and $1.7 billion in revenue expected by analysts polled by StreetAccount.
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