GoodRX-CVS partnership, Redfin stock slumps, DraftKings rises: Trending tickers
The S&P 500 is in the green as June's CPI report showed inflation continuing to cool. GoodRX shares rise as the company partners with CVS to launch a new product to help consumers save on generic drugs. Redfin stock falls after an analyst from D.A. Davidson said the stock rallied too much. DraftKings shares rise after the company received a bullish call from an analyst at Bank of America and an upgrade from "neutral" to "buy." Yahoo Finance Live takes a look at some of the trending tickers of the day.
Video Transcript
BRAD SMITH: So let's take a look at how stocks are faring right now. The S&P 500 moving higher after consumer prices rose at the slowest rate since March, 2021. Core inflation accelerated 4.8%, still above the Fed's target, but low enough to make investors more confident that an eventual end to the hiking cycle could be upon us. We are still awaiting for some Fed speak, as well as the Beige Book this afternoon set to come.
JULIE HYMAN: Looking at individual names, shares of GoodRx are surging today on news. They're joining forces with CVS Caremark, the duo launching a new product, Caremark Cost Saver. They aim to help customers save on generic drugs at all eligible pharmacies. That new plan taking effect next January. That gives plan sponsors and employees time to opt in. GoodRx co-founder Doug Hirsch told Yahoo Finance that this new relationship gives the company access to 70% of commercially-insured Americans, following their partnership with Cigna's Express Scripts.
BRAD SMITH: And Redfin is pulling back from a 15-month high this morning after D.A. Davidson analyst Tom White wrote in a note that the stock rallied too far and it's time to sell. He said the real estate services company made progress towards its profitability goal, and it is now fully reflected in Redfin's current valuation so it doesn't have much farther to go, also saying that the three rounds of layoffs won't be enough to improve the downturn in home listings.
JULIE HYMAN: And we're also watching shares of DraftKings. They are surging about 5% today after Bank of America analysts said the company is reaching an inflection point. The bank upgraded the gambling company to buy from neutral, saying that revenue momentum and market share gains could drive that inflection in margins and profitability. DraftKings has already outperformed year to date, the stock up over 170%.