America

Bank

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<p class="has-drop-cap">As markets opened on Tuesday, August 20, 2024, we are closely monitoring three major stocks: Eli Lilly and Company (<a href="https://tokenist.com/investing/how-to-buy-stocks/" rel="noopener noreferrer nofollow" class="deco-link">NYSE: LLY</a>), Tesla, Inc. (<a href="https://tokenist.com/investing/how-to-invest-in-stocks/" class="deco-link" rel="noopener noreferrer nofollow">NASDAQ: TSLA</a>), and Bank of America Corporation (<a href="https://tokenist.com/investing/how-to-buy-shares-online/" class="deco-link" rel="noopener noreferrer nofollow">NYSE: BAC</a>). Each company has made headlines with significant developments that are likely to impact their stock performance and broader market trends.</p>
<h3 id="eli-lilly-lly-shares-gain-follow-news-on-tirzepatide">Eli Lilly (LLY) Shares Gain Follow News on Tirzepatide</h3>
<p>Eli Lilly’s stock surged 4.66% to $964.82 in early trading following <a href="https://investor.lilly.com/news-releases/news-release-details/tirzepatide-reduced-risk-developing-type-2-diabetes-94-adults" target="_blank" aria-label="groundbreaking news (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">groundbreaking news</a> about its drug tirzepatide. The company announced that its 176-week SURMOUNT-1 Phase 3 study showed tirzepatide reduced the risk of developing type 2 diabetes by 94% in adults with pre-diabetes and obesity or overweight. <br><br>The study, involving 1,032 adults, also demonstrated sustained weight loss, with the 15 mg dose leading to a 22.9% average decrease in body weight by the end of the treatment period.</p>
<p>Tirzepatide, approved as Mounjaro for type 2 diabetes and Zepbound for weight management, works by activating hormone receptors that regulate appetite and caloric intake. This latest data reinforces the drug’s potential as a long-term therapy for obesity and pre-diabetes. <br><br>Eli Lilly’s stock has shown remarkable performance, with a year-to-date return of 65.96% and a five-year return of 816.55%, reflecting investor confidence in the company’s innovative pipeline.</p>
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<h3 id="tesla-tsla-stock-can-gain-from-reduced-eu-tariff">Tesla (TSLA) Stock Can Gain from Reduced EU Tariff</h3>
<p>Tesla’s stock saw a modest increase of 0.13% to $223.01 in morning trading, buoyed by news of <a href="https://www.reuters.com/business/autos-transportation/eu-slashes-planned-tariff-teslas-china-made-evs-9-2024-08-20/" target="_blank" aria-label="reduced tariffs on its China-made vehicles (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">reduced tariffs on its China-made vehicles</a> exported to the European Union. The EU has lowered the planned tariff on Tesla’s Chinese-built cars to 9%, down from the previously indicated 20.8% in July. This decision comes as part of the EU’s investigation into alleged Chinese subsidies for electric vehicle makers.</p>
<p>The reduced tariff could significantly impact Tesla’s competitiveness in the European market, potentially allowing the company to price its China-made vehicles more aggressively. <br><br>Despite this positive development, Tesla’s stock has faced challenges this year, with a year-to-date return of -10.23%. However, the company’s long-term performance remains strong, boasting a five-year return of 1,375.00%.</p>
<h3 id="bank-of-america-bac-stock-slides-as-berkshire-continues-to-trim-stake">Bank of America (BAC) Stock Slides as Berkshire Continues to Trim Stake</h3>
<p>Bank of America’s stock declined 2.48% to $38.69 in early trading, following news that Warren Buffett’s Berkshire Hathaway <a href="https://www.barrons.com/articles/berkshire-hathaway-sells-bank-of-america-stock-buffett-590598d8" target="_blank" aria-label="had sold over $550 million worth of BAC shares (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">had sold over $550 million worth of BAC shares</a>. The sales, which occurred on August 15, 16, and 19, reduced Berkshire’s stake in the bank to about 12%. Shares were sold at prices ranging from $39.2719 to $39.6454 per share.</p>
<p>This move by Buffett, known for his long-term investment strategy, has caught the attention of market watchers. It appears to be part of a broader trend of Buffett reducing stakes in some long-held investments. <br><br>Despite this news, Bank of America’s stock has shown resilience, with a year-to-date return of 16.41% and a one-year return of 36.85%. The bank’s current market capitalization stands at $300.179 billion, with a price-to-earnings ratio of 13.92.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em><br></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/stocks-to-watch-today-tesla-lly-and-bank-of-america/">Stocks to Watch Today: Tesla, LLY, and Bank of America</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Stocks to Watch Today: Tesla, LLY, and Bank of America

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