Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Tuesday April 30th and I'm your host Kim Khan. Our top story so far.

The DEA is set to reclassify marijuana as a less dangerous drug. That's according to the

AP who cited people familiar with the matter.

The DEA's proposal will still have to undergo the review of the White House Office of

Management and Budget. If approved, Cannabis, which is currently categorized under Schedule 1 alongside drugs like heroin and LSD,

will be part of Schedule 3 of the Controlled Substances Act, reserved for medications such as ketamine and Tylenol with codeine.

But the move would not legalize pot for recreational use.

Cannabis stocks like Tylray, canopy growth, and Aurora Cannabis all shot up around 20% after the report came out.

Meanwhile, a flood of earnings and economic reports dominated Wall Street's attention.

Eli Lillie Shares rose after the company boosted its

full year outlook above consensus signing a strong performance in its

weight loss products in Q1. The drugmaker lifted its outlook for revenue to

42.4 billion to $43.6 billion,

topping consensus of $41.4 billion, an adjusted EPS of $13.50 to $14 ahead of the 1246 estimate.

Sales for Zeppetine, marketed as Mongero for diabetes, fell shy of the consensus as demand

outstripped supply.

Its sister drug Zeppbound, indicated for weight loss, top forecasts.

Paypal's earnings top estimates on better than expected total payment volumes and rising transactions for active account.

The company guided for 2024 adjusted EPS of

around 383, but that's not comparable to forecasts as it changed the way it

calculates non-gap earnings. 3M's results beat the average estimates of Wall Street forecasts.

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