Why Eli Lilly Stock Jumped as Much as 5.1% Today Then Gave Up Its Gains

Shares of Eli Lilly (LLY -1.08%) jumped as much as 5.1% on Tuesday. However, as of 11:37 a.m. ET, the big pharma stock was down by 0.5%.The initial spike came after Lilly announced its 2023 fourth-quarter and full-year results. The company reported Q4 revenue of $9.35 billion, up 28% year over year. This result came in well above the average analysts' revenue estimate of $8.93 billion. Lilly posted Q4 earnings of $2.19 billion, or $2.42 per share, based on generally accepted accounting principles (GAAP). It ...