Eli Lilly Drops on Weight Loss Results; Fortinet Tumbles; Airbnb Lower
On this episode of Stock Movers:
- Eli Lilly (LLY) is lower on news its experimental pill helped patients shed roughly 11% of their body weight in a late-stage study. The result falls on the lower end of Wall Street's expectations, as investors had hoped the pill would be as effective as Novo Nordisk A/S's Wegovy. Full year revenue did come in higher in Eli Lilly's earnings today as well.
- Novo Nordisk (NVO) shares are rising on the Eli Lilly news. Investors had hoped Lilly’s pill, called orforglipron, would be as effective as Wegovy — the blockbuster weight-loss shot made by Novo Nordisk A/S. Novo rose as much as 8.4% in Copenhagen on the Eli Lilly results, the most in almost four months.
- Fortinet (FTNT) tumbled after the software company gave an update to its firewall refresh cycle. At least three analysts downgraded their rating on the stock saying the product refresh cycle is now looking like a “much smaller catalyst than expected.”
- Airbnb (ABNB) are lower after issuing a better-than-expected outlook for the third quarter due to encouraging summer travel demand. The company expects growth rates to be "relatively stable" from the 7.4% achieved in the second quarter, but warned of tougher year-over-year comparisons later in the year.
- Doordash (DASH) is higher as it issued an outlook for orders in the third quarter that surpassed Wall Street’s expectations, with a gross order value range of $24.2 billion to $24.7 billion. The company attributed its better-than-expected second-quarter results to a growing number of active customers and increased engagement, with "high levels of consumer engagement in the US" evident across many metrics.
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