Three Stocks Reach Yearly Highs Amid Regulatory Approval and Strong Earnings
Shares of Apple Inc. (AAPL), AtaiBeckley Inc. (ATAI), and UnitedHealth Group Inc. (UNH) reached their highest points in a year on Thursday due to various factors.
AAPL stock rose nearly 2% after China's cyberspace regulator approved the registration of Apple Intelligence, a key regulatory hurdle for the launch of Apple's AI features in the country. This approval comes as Apple has seen increased attention in recent weeks after it announced price hikes for several products, including MacBooks and iPads.
HSBC also upgraded AAPL stock to 'Buy' from 'Hold,' with a price target of $366, implying an upside of 10% from the stock's last close. Apple Intelligence is expected to leverage AI models from Baidu and Alibaba.
ATAI stock surged more than 33% after Eli Lilly confirmed its acquisition of the company for $6.75 per share in cash, with shareholders eligible for an additional up to $2.50 per share if certain development and regulatory milestones are achieved. The deal's total potential value is $9.25 per share.
UNH stock gained more than 1% after its second-quarter earnings blew past Wall Street estimates. The company posted revenue of $112.03 billion, up about 0.37% from the prior-year quarter, and beat Wall Street expectations. UnitedHealth Group also raised its full-year profit outlook to $19.50 to $20 per share.