Obesity drug makers are the top-performing drug manufacturing stocks. This uptrend may pause. After President Joe Biden demanded that Novo Nordisk (NVO) and Eli Lilly (LLY) cut prices on their blockbuster drugs, shares dipped by around 3% on Tuesday.
Within that sector, Incyte (INCY) may rebound today after BMO Capital Markets downgraded the stock to Underperform. It believes that its recent buyback would hurt its acquisition strategy which would fuel its growth.
Investors should wait for NVO to find support at $135 (50-day moving average) and Eli stock at $815.00.
Buying momentum continued for stocks in the electric vehicle sector. Rivian (RIVN) posted deliveries of 13,790 in the second quarter. It produced 9,612. The truck EV supplier expects to produce 57,000 for the year. Rivian will report Q2 results on August 6.
In China, Li Auto (LI) reported 47,774 deliveries in Q2, up by 46.7% Y/Y. Li Auto has 497 retail stores in 148 cities. Nio (NIO) reported a 98% Y/Y increase in deliveries at 21,209 units. Zeekr (ZK), owned by Geely, reported 20,106 car deliveries last month. It delivered 87,870 units YTD.
In the entertainment sector, watch Paramount (PARA) today. Barry Diller and his firm IAC Inc. (IAC) signed an NDA (non-disclosure agreement). Markets speculate that he will bid for Paramount.
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