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Eli Lilly Rises, Micron Technology Gains, Redwire Up as SpaceX Kicks Off IPO Process
Description
On this episode of Stock Movers:
- Eli Lilly (LLY) shares rise. Eli Lilly & Co. is buying three clinical-stage vaccine developers for as much as $3.8 billion, leveraging its obesity-fueled dominance to establish itself as a leader in other areas and become a major player in infectious diseases.
- Micron Technology (MU) shares gain. UBS raised its price target on the memory chipmaker to a Street-high view of $1,625, up from $535. The target implies the stock will more than double off its premarket price of roughly $800, and would represent a market capitalization of $1.8 trillion, suggesting Micron will cement its recent status as one of the largest companies in the world, and one of the most important companies of the AI trade.
- Redwire shares rise. Shares in rocket and satellite companies rally Tuesday and are set to extend recent gains. The sector has advanced since SpaceX filed publicly for what stands to be the largest ever initial public offering.
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