Eli Lilly Drug Test Result; AbbVie Beat; WBD Layoffs
On this episode of Stock Movers:
- Eli Lilly (LLY) shares are moving on news the company's diabetes drug Mounjaro was as good at preventing heart attacks and strokes as its older medicine Trulicity in a head-to-head study. According to Bloomberg Intelligence analyst Michael Shah, the study's results will "likely be received negatively by the market" because Mounjaro was not meaningfully better than Trulicity.
- AbbVie (ABBV) shares are getting a lift after AbbVie raised its full-year profit forecast due to booming sales from newer immunology drugs that beat Wall Street's estimates. The company's quarterly sales were $15.42 billion, above the average analyst estimate of $15 billion, with adjusted earnings of $2.97 a share, a 12% increase.
- Warner Bros Discovery (WBD) shares are moving on news it is enacting a round of layoffs that will see jobs cut across its marketing, production strategy, operations and theatre ventures divisions. Roughly 10% of the studio’s workforce will be impacted, according to Variety.
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