Investing
Here's Why Eli Lilly (NYSE: LLY). Fidelity National (NYSE: FIS) and Diamondback Energy (Nasdaq: FANG) Are Soaring Today
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The Dow Jones Industrial Average is tumbling by another 440 points in midday trading today, as President Trump criticized Federal Reserve chairman Jerome Powell’s position, but the fact he is not trying to fire him heartened enough investors that the S&P 500 has bounced back into positive territory.
24/7 Wall St. Insights:
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The Dow Jones Industrial Average is falling and the S&P 500 is rising following comments by President Trump he can’t wait for Fed chairman Powell to leave.
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The mixed signaling by the major indexes is impacting Eli Lilly (LLY), Fidelity National Information Services (FIS), or Diamondback Energy (FANG), which are all rising sharply on positive news with their businesses.
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The skinny on Eli Lilly
Some stocks are shooting markedly higher on their own, however, including Eli Lilly (NYSE:LLY), which announced that its oral investigational drug orforglipron for diabetes and obesity treatment showed positive Phase 3 results.
Already a leading provider of diabetes and obesity therapies with Mounjaro and Zepbound, which are once-a-week injections, an oral treatment without food or water restrictions, could be a dramatic game changer for the pharmaceutical giant. LLY stock is up 14% so far today at $839 per share.
Paying up for quality
Shares of Fidelity National Information Services (NYSE:FIS) are also up strongly today, rising 7% after selling its Worldpay business to Global Payments (NYSE:GPN) for $6.6 billion while simultaneously agreeing to buy Global Payments’ issuer solutions business for $12 billion.
Fidelity National says the acquisition of the complementary service “is a strategic and accretive transaction that will expand FIS’ payment product suite and deepen our relationships with financial institutions and corporate clients.”
An oil slick
A third stock zigging while the market is zagging is oil and gas driller Diamondback Energy (NASDAQ:FANG), which provided a first-quarter update that showed a strong results for the period with prices better than expected and an ability to adjust its activity as the market dictates.
Diamondback realized prices of almost $71 a barrel and raised its outlook for the year. Although the driller acknowledges the marketplace is fluid currently, it says it has the “flexibility” to adjust as needed. It also repurchased $575 million in stock in Q1 and has already bought another $200 million worth in Q2.
FANG stock is 6% to $138 a share halfway through the trading day.
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