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McCormick Climbs, ServiceNow Rises, Paramount Drops as $41 Billion of M&A Bonds Slump
Description
On this episode of Stock Movers:
- McCormick (MKC) reported its fastest sales growth since 2021, with third-quarter net sales increasing 17% to $2.02 billion. Consumers are cooking more at home to save money, and while higher prices for some ingredients have impacted demand for certain spices, McCormick's consumer business has gotten an overall boost from the trend. McCormick expects sales volumes in the Americas to improve in the near-term, but sees pressures persisting in its flavor solutions business due to softer demand from quick-service restaurant customers.
- ServiceNow (NOW) shares rise. Software stocks rose as investors received news the FTC launched an investigation into frontier AI developers.
- Paramount Skydance (PSKY) shares drop. Paramount ’s $41 billion of US dollar bonds to finance its takeover of Warner Bros. Discovery Inc. sold off to start their first full day of trading while default-protection expenses surged to a 17-year high.
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