Midday movers: Macy’s, Broadcom, Eli Lilly and more

December 11, 2023 8:45 AM EST
(Updated - December 11, 2023 12:16 PM EST) -- Main U.S. indexes were mixed on Monday as investors geared up for the Federal Reserve's upcoming two-day policy meeting later this week.

Here are some of the biggest U.S. stock movers today:

Macy’s (NYSE: M) shares surged 19% on reports of a $5.8 billion buyout offer from real estate-focused investing business Arkhouse Management and global asset manager Brigade Capital Management.

U.S. health insurer Cigna (NYSE: CI) shares gained 16% after it reportedly ended talks to acquire peer Humana (NYSE: HUM), pulling the plug on a deal that would have created an insurance behemoth worth over $140 billion. Cigna also unveiled an additional $10 billion in share buybacks.

Sea Ltd ADRs (NYSE: SE) dropped 6.2% after ByteDance's TikTok said it will merge its Indonesian e-commerce business with GoTo's Tokopedia. The announcement fueled concerns around increased competition for the tech conglomerate's e-commerce subsidiary in Indonesia.

Nike (NYSE: NKE) shares climbed 2.5% after Citi improved its rating of the athletic apparel business to "buy" from "neutral," citing signs of margin recovery in a "choppy" macroeconomic environment.

Snap (NYSE: SNAP) shares were higher by 4.6% after Wells Fargo analysts raised their recommendation of the social media platform to "overweight" from "equal-weight."

Affimed (NASDAQ: AFMD) shares slumped 7%, paring back earlier gains, after the drugmaker said it would discontinue enrollment in two trial cohorts for its AFM24-102 lung cancer treatment.

Broadcom (NASDAQ: AVGO) climbed 7% following a new Buy rating and $1,100 price target from Citi. Analysts said AI tailwinds offset the semiconductor downturn.

Eli Lilly (NYSE: LLY) declined 4% after full results from the SURMOUNT-4 study were published in The Journal of the American Medical Association. People on Zepbound who were randomized to placebo following the lead-in period experienced mean weight regain of 14.8% at 88 weeks.

By Louis Juricic and Scott Kanowsky

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