Crushed tech stocks bounce — plus, new doctor survey keeps us positive on Lilly — SkimNews
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- Chip stocks bounced Monday with the iShares Semiconductor ETF (SOXX) on pace to snap a nine-session losing streak — its worst stretch since May 2006 — and the Nasdaq up 1%, though the rebound was called "tepid" and CoreWeave flipped negative to hit a new 52-week low under $60.
- Eli Lilly received a Bank of America price target hike to $1,397 from $1,341 after a Q3 physician survey validated oral GLP-1s and Medicare's Bridge program as US category expanders.
- Foundayo now holds 27% of US oral GLP-1 new starts with a projected 40% share by 2028/29, per BofA, while roughly 70% of its volumes come from patients new to GLP-1s and rival Novo Nordisk's Wegovy pill remains "a more formidable competitor than expected."
- Oil prices rose about $2 to roughly $103 per barrel for WTI crude, stoking inflation concerns and pushing the 10-year Treasury yield higher after last week's flight-to-safety rally.
- The Dow was near flat as money rotated out of last week's defensive winners — healthcare and consumer staples — into beaten-down semiconductor stocks.
Why it matters: Eli Lilly shareholders get a constructive setup ahead of the October 29 Q3 print, with BofA's expansionary call hinging on Foundayo drawing roughly 70% of volumes from patients new to GLP-1 therapy — not just cannibalizing injectable users — reinforcing the market-growth thesis CEO David Ricks made in a September CNBC interview.
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