Shares of cruise line stocks Carnival Corp. (CCL), Royal Caribbean (RCL), and Norwegian (NCLH) close lower on Tuesday as Morgan Stanley analysts slash their price targets, citing rising fuel costs in travel demand headwinds. Recently spun-off companies Vestis Corporation (VSTS), Veralto (VLTO), and WK Kellogg Co. (KLG) slide lower following their listing debuts. Lastly, pharmaceutical giant Eli Lilly (LLY) is set to acquire Point Biopharma (PNT) in a $1.4 billion deal. Yahoo Finance Live takes a closer look at several of Tuesday's trending stocks after the closing bell from the New York Stock Exchange. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Eli Lilly's (LLY) acquisition of POINT Biopharma, if successfully closed, is likely to bolster its portfolio of cancer drugs.
After announcing that it signed a deal to acquire Point Biopharma Global (NASDAQ: PNT), its share price headed south to end the day 2.4% lower. Before market open, Eli Lilly divulged that it has agreed to acquire Point for a total of roughly $1.4 billion in cash, or $12.50 per share. The latter is nearly double Point's closing share price on Monday.